Ethylene glycol, as a representative variety in the chemical industry, as of the close of Tuesday, January 26, 2021, the main 05 contract of ethylene glycol futures was quoted at 4,310 yuan, down slightly by 0.37%. From the perspective of the supply side, according to relevant news, Fujian United Ethylene Glycol Plant restarted this week (January 18-January 22), but Fude Energy and Tongliao Jinmei Plant were shut down for maintenance, and the ethylene glycol operating rate was affected by This impact declines. According to other data, as of January 22, the operating load of domestic ethylene glycol was approximately 55.68%, a decrease of 2.56 percentage points from the previous Friday; the operating load of non-ethylene glycol was approximately 43.39%, which was lower than the previous Friday. It fell 2.6 percentage points on Thursday.
On the other hand, Tongliao Gold Coal, Ningbo Fude, Duzishan Petrochemical and other units will restart one after another next week, and domestic supply will tend to recover slightly. In terms of new devices, the 300,000-ton unit of Shaanxi Weihe Binzhou Chemical Co., Ltd. is scheduled to be put into trial operation at the end of January and is expected to be discharged in February; the 300,000-ton unit of Jianyuan Coal Coking Co., Ltd. is planned to be put into operation in February, and remote supply pressure is increasing.
In terms of downstream demand, the domestic polyester comprehensive operating load is stable at 85.46%, the domestic weaving load has declined, and the weaving operating load has declined. This is mainly due to the fact that the Spring Festival is approaching, and there are expectations for seasonal reductions in polyester and terminal manufacturing. Specifically, the comprehensive operating rate of polyester staple fiber was 84.23%, down 4.87% from last week; the operating rate of Jiangsu and Zhejiang weaving fell by 24.05% to 50.35%.
Since mid-to-late 2020, due to the centralized maintenance of overseas equipment and the decline in imports, destocking at the main port in East China has continued to this day, and the current inventory is still declining. According to data, as of January 21, the total inventory of MEG ports in the main port area of East China was 667,300 tons, a decrease of 53,500 tons from Monday this week and a decrease of 41,100 tons from last Thursday.
With the resumption of production of old devices, the restart of new devices and the expected existence of accumulated libraries, the outlook for ethylene glycol is still not optimistic. </p
