Market Overview: According to the bulk list data of Business Society, as of February 18, 2024, the reference price of diethylene glycol in the domestic market was 5565 yuan/ton, an increase of 25 yuan/ton or 0.45% compared to February 8, 2024 (reference price of diethylene glycol was 5540 yuan/ton).

Before and after the holiday, the arrival of ships at the main port:

Holiday market situation: During the Spring Festival, diethylene glycol is in a closed state, with a shortage of shipments. During the holiday, 8000 tons of ships arrived, and the accumulated inventory is within the expected range. The actual pressure on the fundamentals is average. According to data statistics, from February 1st to 17th, 10000 tons of ships arrived at the main port, with a shipment volume of 3500 tons. During the Spring Festival period, only 690 tons were shipped from the two storage areas, with an arrival volume of 8000 tons, indicating a significant increase in inventory in the short term. During the Spring Festival, it is mostly a regular accumulation period, and the main downstream has a shortage of parking and shipping during holidays. Business owners pay more attention to the situation of entering ships. During the holiday, crude oil showed a strong trend with significant cost support. Despite the increase in commercial crude oil inventories in the United States and the continuous decline in refinery operating rates, market concerns about demand prospects have not been eliminated. However, the situation in the Middle East still concerns the market and OPEC+’s stance on reducing production is firm. As of February 18th, Jiangsu spot goods closed at 5640-5660 yuan/ton, an increase of 25 yuan/ton compared to the previous period; The delivery price of spot goods in South China closed at 5590-5610 yuan/ton, unchanged from before the holiday.

Post holiday forecast: Currently, the supply increment has been clarified, and there is still room for upward adjustment in domestic equipment production. The short-term import contraction is not significant, and the pace of destocking is relatively slow. After the holiday, the demand side will recover and adjust. The increase in downstream factory orders this week may not be clear, but the replenishment of raw materials will have a certain impact on the market. After the demand increases, there is room for the market to explore. Analysts from Shengyishe Diethylene Glycol believe that it is difficult to see a clear market trend in the short term, and prices may fluctuate and adjust with changes in demand.