Short-term domestic ethylene glycol market may be under pressure gradually

The market was weak and consolidating yesterday, and the market trading atmosphere was still acceptable. As of 3:00 pm, the market price in East China was around RMB 4220-4230/ton.  Supply: Sanjiang Petrochemical 1 million ton EG plant will be put into operation soon, the marginal supply and demand for ethylene glycol turned weak. The trend of ethylene glycol is weakening as the forecast for next week increases sharply/the supply of EG is increasing as a large number of EO units are switching to production.

Demand: Rigid demand supported by the port is still expected to depot, the terminal order situation is poor, polyester production and sales can not be sustained, the demand side of the dragging market lacks sustainable power.

Forecast: the phase of supply and demand to maintain a tight balance, international oil prices rebound commodity overall mood easing, supply and demand still maintain a tight balance, but the demand side of the drive is not enough, the port pre-arrival increase, the phase of depot came to an end. Downstream polyester demand off-season, short-term domestic glycol market or will gradually under pressure.