According to the data of business agency, on June 24, the average p value of oil based ethylene glycol was 4900 yuan / ton, down 260 yuan / ton compared with the previous trading day, a year-on-year decrease of 5.04%.

In terms of units, the 400000 ton unit of Sinopec refining and Chemical Co., Ltd. was shut down yesterday. It is estimated that the ethylene glycol unit of Shanghai Petrochemical Co., Ltd. was shut down on June 18 due to an accident; Shanxi woneng 300000 ton plant was shut down on June 15, with a plan of about 20 days; Xinjiang Tianye 300000 ton plant is planned to restart at the end of June; The 450000 ton unit of far east alliance is planned to be restarted in early July.

On the upstream side, there is a game between supply and demand of crude oil. Brent and WTI crude oil are still in a serious spot premium state, and the oil supply is still as tight as before. However, it is expected that the increase in inventories and investors’ concern that the Federal Reserve’s interest rate hike may plunge the US economy into recession, thus curbing the demand for fuel.

The supply of goods in the ethylene glycol market is sufficient, and the market mentality is generally bearish, resulting in a depressed atmosphere of goods inquiry and low intention of terminal buyers to receive goods. As of June 23, the total inventory of ethylene glycol in the main ports of East China was 1.247 million tons, an increase of 68500 tons over last Thursday, an increase of 5.81%, and an increase of 29600 tons over this Monday, an increase of 2.43%. There is no sign that the inventory will decline significantly in the short term. Buyers and end users are not keen on purchasing imported goods at present. Downstream demand is sluggish, polyester and polyester production and sales are still light, the trading atmosphere is poor, and the actual orders are generally promoted. Traders maintain a wait-and-see attitude.

Forecast: Although the current ethylene glycol price is close to the support level, the prospect of ethylene glycol market is still weak due to high port inventory and concerns about demand.