According to the bulk list data of Business Society, as of October 31, 2023, the reference price for diethylene glycol in the domestic market was 5440 yuan/ton, a decrease of 160 yuan/ton or 2.86% compared to the price on September 30, 2023 (reference price for diethylene glycol is 5600 yuan/ton).
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From the data monitoring of the Business Society, it can be seen that the domestic diethylene glycol market experienced frequent fluctuations in October, with weak and volatile prices. This month, the supply and demand side of diethylene glycol performed reasonably well. During the National Day holiday, the accumulation of stocks was less than expected, and port congestion caused delays in import shipments. The main port inventory gradually decreased, and domestic equipment maintenance and construction remained low. The supply side supported the market. Although port shipments remained at a good level, there was no significant increase in real demand. Diethylene glycol was less affected by fundamentals, and the trend of international crude oil fluctuated more significantly with macroeconomic fluctuations, The market mentality has adjusted accordingly, with prices mainly fluctuating due to weak trends.
In the early part of this month, during the National Day holiday, international crude oil plummeted, and commodities generally showed weakness, with diethylene glycol being mainly affected by its weak and fluctuating trend. After the holiday, the port inventory accumulation did not meet expectations, the supply side pressure was not high, and the demand performance was relatively stable. The market was mainly influenced by macro factors, and the mentality of the operators was average, with prices adjusting weakly in a narrow range. The market rose first and then fell in the middle of the month. The number of port arrivals is limited, the number of shipments has increased, and inventory is showing a downward trend. However, the overall supply and demand pattern has not changed much, and market sentiment is mainly adjusted. There is a lack of clear information guidance, and market prices remain fluctuating. In the second half of the year, the market underwent a weak adjustment, with limited arrival of ships at ports and delayed arrival of some cargo. Inventory at the main port remained low, while domestic plant operations remained low. The supply side provided some support to the market. Although the shipment situation at the port was good, the overall downstream demand remained flat. At the same time, international crude oil prices were unstable, and cost side support was limited. As the market approached the end of the month, the mentality was average, and prices remained weak and volatile.
At present, port inventory remains low, with some imported shipments delayed in October and an increase in expected arrival in November. Domestic production starts are relatively low, and overall supply pressure has not changed much. The downstream unsaturated resin and polyester markets are gradually entering a period of stable demand. At the same time, the international crude oil trend is fluctuating and unstable, which also has a certain impact on the commodity market and diethylene glycol. Business Society’s diethylene glycol analyst believes that overall, the domestic diethylene glycol market will maintain a volatile trend in November, with limited upward adjustment space. We will continue to pay attention to macro, inventory, and demand follow-up.
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