The short-term ethylene glycol market is expected to oscillate in a narrow range

On Friday, the main market stability and adjustment, the general atmosphere of negotiation, the actual transaction stalemate, East China market closing prices at 4025-4035 yuan/ton near.

Raw materials: Although the coalition of oil-producing countries will continue to support the bottom of the oil market prices, but the European and American banking crisis continues to ferment, foreign time March 17 European and American oil prices closed lower. April WTI: 66.74 down 1.61 down 2.36%; May Brent: 72.97 down 1.73 down 2.37%.

Supply: In terms of overseas imports, with the increase in Iranian sources and the upcoming start-up of the US South Asia plant at the end of March, imports will be further boosted to 560,000-580,000 tonnes/month range. The production reduction brought by the load reduction of the domestic plant will exceed 150,000 tons, which can offset the increase in imports. Foreign installations, Malaysia, a 750,000 tons / year MEG plant jumped at the end of February after a poor restart commissioning, currently in a parking state, restart time to be determined.

Demand: Despite the polyester plant start-up rate slightly exceeding market expectations of 89%, it is difficult to absorb the incremental supply of glycol.

Forecast:. From a comprehensive point of view, the main port inventory continued to fall to near one million tons, despite the crude oil price shock, but the news of the domestic device load reduction boosted the ethylene glycol plate, polyester load as a whole continued to improve. The short-term ethylene glycol market is expected to oscillate in a narrow range.