On June 26th, the price of ethylene glycol remained stable
In late June, the price of ethylene glycol rebounded, and on June 26th, the price of ethylene glycol remained stable. According to data from Business Society, as of June 26th, the average price of domestic oil to ethylene glycol was 4523.33 yuan/ton, which is 0.09% lower than the average price of 4526.67 yuan/ton in the East China market on June 1st. The prices for each region are as follows:
The price range for spot goods executed by mainstream manufacturers in East China is between 4400-4690 yuan/ton; The spot price of ethylene glycol in the South China market is 4450 yuan/ton, and the price range for mainstream manufacturers in Central China is 4300 yuan/ton; The mainstream manufacturers in North China offer a spot price of 4500 yuan/ton for external transactions.
On June 26, 2024, the trading price of ethylene glycol basis spread at the port was between -15 and -12, and the futures market was volatile. The basis spread quotation in East China remained relatively stable during the day. At present, the basis of forward contracts remains in a near low and far high pattern. The spot price of ethylene glycol at the port ranges from 4550 to 4580 yuan/ton.
Reduced inventory at ports with low arrivals
This week, there was a significant decrease in port inventory. As of June 24th, the total spot inventory of ethylene glycol in the main port of East China was 708500 tons, a decrease of 41100 tons compared to the total spot inventory of ethylene glycol in the main port of East China on June 20th, which was 749600 tons. On June 25th, the inventory outflow situation in East China was as follows: around 6400 tons of MEG were shipped from the mainstream storage area of Zhangjiagang; About 4200 tons of MEG were shipped from the two mainstream storage areas of Taicang.
June spot forward contract delivery, spot strength
Approaching delivery, there are rumors in the spot market that there will be a delivery, and starting from last Thursday, the ethylene glycol basis spread has been climbing all the way. The expected receipt of goods, combined with the strengthening of the futures market, has led to a surge in the spot price of ethylene glycol. Some oil to ethylene glycol manufacturers in the Jiangsu and Zhejiang regions mainly contract shipments. Currently, orders are scheduled until November, with an external quotation of 2409 contracts+30, and the market port cargo’s July basis quotation range is between -12 to+3 (2409 contracts); Port contracts are near low and far high.
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