The latest p-value price of ethylene glycol on August 4 was 4441.67 yuan / ton, down 1.3% from the previous trading day and 20.21% year-on-year.
Upstream, oil prices fell on Wednesday, as data released showed that U.S. crude oil and gasoline inventories increased last week, with obvious negative factors. The Asian naphtha market is still under pressure. Some cracking units are shut down and overhauled in advance. The supply of goods in the market is sufficient and the demand is weak. Spot procurement is expected to slow down.
Meg’s external market weakened today, and the negotiated price was around us $515 / ton. Xinhang 400000 ton ethylene glycol plant is planned to be shut down for maintenance on August 22, and the maintenance is expected to take 15 days. In terms of inventory, as of August 1, the total inventory of ethylene glycol in the main ports of East China was 1.2054 million tons, an increase of 42500 tons, or 3.65%, compared with last Monday, and an increase of 37600 tons, or 3.22%, compared with last Thursday. The downstream polyester construction is still around 80%, the production and sales are low, and the demand side is not expected to improve in the short term.
Prediction: the fundamental performance is still weak, and the short-term low range fluctuates.