Last week, the trend of the ethylene glycol market took a turn for the worse. Electronic futures hit the daily limit again on Monday. The market once approached the daily limit on Tuesday, and was subject to short covering just before the end of the day. The impact hovers near the lower limit. From the sharp rise in the ethylene glycol market last week to the current sharp decline in ethylene glycol, the market seems to have experienced a cycle from heaven to hell. Some warehouse receipts were about to be liquidated on Tuesday. With the sharp decline for two consecutive days, the follow-up The downward tone of the ethylene glycol market is basically determined.
Ethylene glycol rose and fell sharply in mid-to-late March. In late March, the role of bulls weakened, and the market’s short-selling atmosphere increased significantly.
In the first half of March, due to the poor demand for downstream polyester, the obstruction of crude oil production cuts, and the news of the US dollar interest rate hike, the market had a strong bearish atmosphere, and the short-selling power became prominent. Ethylene glycol The market fell all the way to around 6550 points. As PTA also experienced a short-term sharp decline in the second week of March, ethylene glycol also showed a rebound turning point. Downstream polyester companies concentrated on replenishing their positions in raw material procurement. At the same time, the polyester filament production and sales rate briefly exploded, reaching 200% of production and sales. level, part of the inventory of polyester yarn factories was digested in time, the ethylene glycol spot market was once prosperous, the trading volume increased significantly, and the port inventory also declined significantly. With the positive dilution, polyester yarn production and sales cooled down in late March, polyester industry inventories were high, short-term destocking was slow, ethylene glycol port inventories were also increasing again, and the ethylene glycol market atmosphere returned to bearish.
In terms of futures, the current premium of ethylene glycol is much higher than that of the previous period. This week, the premium of futures is around 30-40 yuan, and the trading volume in the spot market has shrunk significantly. In the short term, ethylene glycol has fallen too much, the market’s short-selling power has become prominent, and bulls have failed to counterattack. From March 20 to 22, it hit the electronic trading limit continuously. It is expected that the market will continue to be weak and volatile this week, and it is recommended to pay attention to capital trends.
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