Group 1 - Since mid-May, the recovery of spot prices for ethylene glycol has improved the operating conditions of domestic production enterprises, with coal-based ethylene glycol producers turning from a loss of 300 yuan/ton to a profit of 125 yuan/ton [1] - As of June 25, domestic ethylene glycol operating load was 62.97%, an increase of 3.1 percentage points year-on-year and up 8.75 percentage points from the low in early May [1] - Domestic ethylene glycol imports increased significantly, with 322.77 million tons imported from January to May, a year-on-year increase of 25.05% [1] Group 2 - The East China ethylene glycol market has been in a destocking phase since mid-April, with port inventory as of June 19 at 531,000 tons, down 28.69% year-on-year [2] - As of June 25, downstream polyester enterprises' operating load was 88.53%, down 4.88 percentage points from the May peak, indicating a decline in production activity [2] - Polyester industry inventory levels are low, with POY, FDY, and DTY stocks at 16.3 days, 19.8 days, and 25.6 days respectively, all lower than the previous year [2] Group 3 - The demand for ethylene glycol is expected to decline due to the seasonal slowdown in the garment weaving industry and insufficient orders in the polyester sector [3] - The recent price increase of ethylene glycol was mainly driven by geopolitical instability in the Middle East and cost support, but this support is weakening as the situation stabilizes [3] - Increased profits for ethylene glycol enterprises are leading to higher production and supply, suggesting a downward trend in ethylene glycol prices moving forward [3]
成本支撑减弱、需求转入淡季 乙二醇将延续回落态势
Qi Huo Ri Bao·2025-06-30 23:28