机翻 · 通用领域
On February 26th, the diethylene glycol market was weak and volatile, with spot prices in East China closing at 3205 yuan/ton and -25 yuan/ton; South China closed at 3300 yuan/ton, with stable market prices. The situation of downstream resumption of work and production after the holiday is average, and there is a lack of actual order negotiations in the market.
Fundamental analysis:
Supply: As of February 23, the inventory of diethylene glycol at ports in East China was 52100 tons, an increase of 9300 tons from the previous cycle. This week (February 24th March 2nd), Zhangjiagang Diethylene Glycol is expected to arrive at a ship of 14787 tons, with a significant increase in expected port arrivals. However, there will be some replenishment behavior in the market after the holiday, and coupled with the gradual resumption of work and production downstream, port shipments may increase. The inventory changes at the main ports in East China this week are not significant.
Demand: Downstream demand still needs to recover. Unsaturated resin plants will gradually resume operation within the week, with an average of 15% of domestic unsaturated resin factories operating, a decrease of 5 percentage points from before the holiday. The resumption of work and production is slow, and there is pressure on traders to ship. On February 25th, a total of 496 tons were shipped from the two storage areas in Zhangjiagang, an increase of 68 tons compared to the previous day.
Cost: The increase in US commercial crude oil inventories exceeded expectations, coupled with a generally wait-and-see attitude in the market before the US Iran talks, resulting in mixed fluctuations in international oil prices.
Market expectation: Port arrivals are relatively concentrated in the near future, downstream resumption of work and production is slow, and there is still a strong expectation of inventory accumulation in the main port. There are many external unstable factors, and the market lacks substantial driving force. In the short term, the ethylene glycol market maintains a volatile pattern, and downstream purchasing sentiment is cautious.