Short-term domestic ethylene glycol market narrowly oscillating

Yesterday's market was strong and oscillating, the negotiation atmosphere was general, the actual transaction was still acceptable, as of 3:00 pm the East China market closing price was around RMB 4110-4120/ton.                                                                                Raw materials: tightening supply and Asian fuel demand is strong, while investors expect the Fed is about to end the interest rate hike cycle, the dollar fell back to support commodities, foreign time April 11, Europe and the United States oil prices rebounded broadly. May WTI: 81.53 up 1.79 or 2.24%; June Brent: 85.61 up 1.43 or 1.70%.

Supply: On the device side, a 400,000 ton/year syngas to ethylene glycol plant in Xinjiang has recently restarted and discharged material, and the load is expected to gradually increase next week. Despite the April Hengli Petrochemicals overhaul, Zhejiang Petrochemicals overhaul is expected to reduce the volume, but the overall supply is still at a high level. Imports in April, the import volume down slightly.

Demand: downstream polyester start again difficult to raise, just demand for procurement.

Forecast: From a comprehensive point of view, the domestic supply continues to reduce, but the downstream purchase will not be strong, the terminal order situation is not good, the port inventory remains high, and there are more macro instability factors, the short-term domestic ethylene glycol market narrowly oscillating