Short-term ethylene glycol market expected to be weak

Last week, the futures market shocks down, the general atmosphere of negotiation, the actual transaction stalemate, East China market closing price in 4090-4100 yuan / ton near.

Raw materials: strong U.S. economic data boosted energy demand expansion is expected, the market digested the prospect of interest rate hikes dollar retreat to support risk assets, foreign time March 10, Europe and the United States oil prices rebounded more than 1%. April WTI: 76.68 up 0.96 or 1.27%; May Brent: 82.78 up 1.19 or 1.46%.

Supply: the recent rate of port shipments began to decline, the port is expected to be a small accumulation of storage. Imports in March imports will return to the market with Iranian sources to a modest increase to about 520,000 tons of scale, in April the United States South Asia glycol plant restarted, is expected to start arriving at the end of April in succession to the Chinese market.

Demand: Downstream polyester plants recently poor willingness to receive goods, this week a set of device maintenance, a few sets of devices open, polyester load as a whole to enhance.

Forecast: Overall, international oil prices fell cost-side support weakened, the overall mood of the commodity is low, downstream just demand support, but inventory is at a high level. The short-term ethylene glycol market is expected to be weak.