Short-term domestic ethylene glycol market maintains rebound

1, although the U.S. bipartisan agreement on debt ceiling negotiations to avoid the risk of default, but the Fed June interest rate hike probability still exists, international oil prices rose slightly.

2、East China main port inventory was 933,100 tonnes on May 29, down 64,500 tonnes from the last statistical cycle.

3, Glycol capacity utilization rate remained near 49.87%.

4, polyester integrated capacity utilization rate at 89.42%.

Market outlook: the US debt ceiling agreement was reached, commodity sentiment eased and the spot of ethylene glycol in Zhangjiagang closed up to RMB 3997/ton in the last trading day. Although the terminal is mainly small and medium-sized orders, the market lacks speculative demand, but the polyester end load continues to rise, the immediate demand is stable, the supply and demand maintain tight balance, and the macro sentiment eases in the phase, the short-term domestic ethylene glycol market maintain rebound expectations, is expected to East China spot price negotiation range in 3900-4100 yuan / ton.