Ethylene glycol: industry profit continued to be in deficit in May

In May, the price of ethylene fluctuated downward, the price of ethylene glycol remained depressed, and the cash flow loss of ethylene to ethylene glycol narrowed. As of May 31, the real-time cash flow of the internal market was -1026 yuan / ton, the cash flow of the external market was -100.25 dollars / ton, the monthly average cash flow of the internal market was -1488.75 yuan / ton, up 517.35 yuan / ton compared with the previous month, and the monthly average cash flow of the external market was -156.12 dollars / ton, up 96.76 dollars / ton compared with the previous month.

During the month, the cash flow of naphtha to ethylene glycol fell by a narrow margin. As of May 31, the immediate cash flow of Meg's external trading was around USD -198.24/t; The monthly average cash flow was -252.11 USD / ton, down by about 13.38 USD / ton compared with the previous month.

In May, MTO glycol cash flow rebounded significantly. As of May 31, Meg's internal real-time cash flow was -1697 yuan / ton; The monthly average cash flow was -1728.32 yuan / ton, narrowing by 197.87 yuan / ton compared with the loss of the previous month.

Under the background of serious profit loss, the domestic ethylene glycol unit started to operate at a low level. In May, it was around 54%, so it was difficult to significantly improve in the short term. The profits of ethylene process and MTO process both rebounded in the month. In the long term, there will still be some profit restoration. However, considering the current weak demand, the recovery of ethylene glycol market in the short term was weak, and the profit recovery was difficult.