Ethylene glycol price bottom support strengthened

According to the data from the business community, the average price of domestic oil to ethylene glycol was 3983.33 yuan/ton on November 24, up 0.63% from the previous trading day. In terms of futures, the 24 day main contract eg2301 closed at 3933 yuan/ton, up 3.15% daily.

On November 24, the spot price of ethylene glycol in East China market was weak and stable, and the external quotation of mainstream manufacturers in East China was basically stable, with the spot price of 3850 yuan/ton; At the trade flow end, the spot negotiation price of Zhangjiagang market rose slightly compared with yesterday, with a range of 50 yuan/ton. The spot negotiation price of the week of the 24th was around 3850 yuan/ton, and the forward spot contract was about 3875 yuan/ton in December. The MEG shipment volume of the two mainstream reservoirs in Taicang was about 3200 tons, a year-on-year decrease of 28.89% and a month on month increase of 3.23%.

On November 24, the external quotation of the mainstream ethylene glycol manufacturers in the South China market was basically flat, with the spot price of 4000 yuan/ton, and the downstream just needs to purchase mainly.

The recent market trend is good, mainly based on the following factors:

1. On the news side of unplanned maintenance, the unplanned maintenance of ethylene glycol increased due to the large loss of domestic production profits. At present, the overall operating rate remains at a low level, while overseas operations are also low under the influence of poor efficiency.

2. The price of ethylene glycol dropped to a low level. At present, the price of ethylene glycol is relatively low, and the cost support is strengthened.