Inventory at the main port in East China continues to be reduced. As of the end of November, the inventory at the main port in East China has dropped to 372,000 tons. The price trend has not improved under such a low inventory, and the price has run weakly to around 4,600 yuan/ton. Low inventory is difficult to drive the market.
Recently, inventory in East China’s main ports has continued to be depleted
East China B Glycol main port inventory change trend chart
In recent times, domestic ports have been stranded due to weather and other reasons, and the actual arrival volume is less. In addition, with the polyester start-up load stable, the port continues to destock. . Current data shows that the main port inventory in East China is only 372,000 tons, a decrease of 910,000 tons from 1.282 million tons at the beginning of the year, a decrease of 70.98%.
Due to concerns about the demand side, there are no actual long positions in the market. The cargo rights in the port area are relatively scattered, making it difficult to form a synergy. Low inventory can only form resistance to the market in the short term, and it is difficult to form a driving force.
Polyester end gradually decreases
At present, the overall domestic ethylene glycol load is around 65.3%, and the domestic supply is stable at around 650,000 tons. In the next period of time, there is a large amount of domestic ethylene glycol production capacity planned to be built. Inner Mongolia Rongxin and Hengli Petrochemical started commissioning in December, and Zhejiang Petrochemical, Sinochem Quanzhou, Zhongke Zhanjiang and other units have also been put into operation.
By the middle of next year, new domestic production capacity will reach 3.5 million tons, which will make things worse for ethylene glycol, which already has a sharp contradiction between supply and demand.
Domestic polyester companies are slowly reducing their load in recent times, and the domestic polyester operating load has dropped to 87.06%. Terminal weaving has strong expectations for an early holiday. Under the current high inventory of weaving, polyester factories are more worried about the time to resume work after the holiday, and the mentality of the entire polyester industry chain is pessimistic.
In summary, under the premise that the domestic inventory of ethylene glycol continues to be reduced due to the low concentration of cargo rights, It is difficult to form a driving force for the market and can only play a periodic role in resistance. Under the overall supply and demand pattern such as the increase in the supply side and the weakening of the demand side, market participants are unanimous in their bearish views. As time goes by, there is a higher probability that the inventory in the main port will turn from depletion to accumulation, and the market will become more bearish due to the strong reality of the pattern change. </p
