In April 2026, the price of ethylene glycol fluctuated weakly. According to data from Shengyi Society, as of April 23, the average price of domestic oil to ethylene glycol was 5058.33 yuan/ton, a decrease of 1.21% from the average price of 5120.33 yuan/ton on April 1.
In terms of port ethylene glycol, as of the 23rd, the basis price of the port ethylene glycol spot contract (starting from 500 tons) fluctuated with the market. This week’s spot contract basis price operated within the range of+26 to+35. As of the close, the basis price of this week’s contract (before 4.24) was+28 (Changjiang International Warehouse), and the basis price of the dual warehouse was slightly lower at+24 to+25; The basis quotation for the contract in May (before May 25th) is+73 to+75. The market basis rose first and then fell during the day, running in a “V” pattern.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) for whole vehicle manufacturers is 4500-4650 yuan/ton.
In terms of external ethylene glycol, as of April 22, the recent negotiations on the landed price of ship cargo have been concluded at around 615 US dollars per ton.
Changes in Ethylene Glycol Port Inventory in April 2026:
On April 23, 2026, the total spot inventory of ethylene glycol in the main port of East China was 843000 tons, a decrease of 110000 tons from the total spot inventory of ethylene glycol in the main port of East China on March 30, which was 953000 tons.
Analysis of the reasons for the weak fluctuation of ethylene glycol prices in April:
In April 2026, the price of ethylene glycol (MEG) showed a fluctuating and weak trend, with the core being the combination of weakened cost support, loose supply margins, and intensified negative feedback on the demand side. The market shifted from strong expectations caused by previous geopolitical conflicts to a real supply-demand game.
The demand terminal is weak, and polyester has negative feedback in April. The comprehensive operating rate of polyester in April decreased from 88% at the beginning of the month to 82% -85% at the end of the month, with the most significant reduction in production in the filament link, and a decrease of 15% -20% in mainstream large factories. The inventory of polyester filament remains high and production and sales continue to be sluggish (FDY/DTY only 20-30%), forcing factories to reduce their burden to digest inventory and weakening the demand for ethylene glycol.
On the supply side, the import of ethylene glycol has decreased but domestic supply has rebounded, with relatively loose margins. In April, the situation in the Middle East temporarily cooled down, and navigation in the Strait of Hormuz resumed, leading to the easing of market panic over import supply disruptions. In April, the arrival of ethylene glycol at the port was still relatively low, but the expected recovery of import volume in the later period has increased, suppressing the forward price of ethylene glycol. In terms of domestic supply, the spring inspection of coal to ethylene glycol has ended, profits have been restored, and the operating rate has rebounded to 60% -65%, becoming the main supply force. Although the production rate of ethylene glycol from oil was only 53% -55% due to high crude oil prices and severe losses, some units were restarted in late April, resulting in an overall increase in supply margin.
future market forecast
The recent situation in the Middle East, fluctuations in crude oil, polyester production, and port destocking speed remain key variables. It is expected that ethylene glycol (EG) will show a trend of “first suppression and then rise, with strong fluctuations” in May 2026, driven by continued destocking, bottoming out costs, and tight supply, but weak demand and cautious capital restrictions on growth.