In 2019, China’s ethylene glycol port inventory generally showed a peak-like operation. After reaching its highest point at the end of April this year, the inventory in East China’s main port has been on a downward trend. East China ports have been experiencing constant turmoil recently, with record lows recently. How is the inventory in December? When will the predicted accumulation of inventory arrive?
China’s ethylene glycol port inventory in 2019 generally showed a peak-like operation, and the average level was much higher than last year At the same time, at the beginning of the year, affected by the traditional off-season in the downstream, inventory in the main port continued to accumulate. After the Spring Festival, although the downstream polyester production resumed, the pressure on the ethylene glycol supply side became prominent. The ethylene glycol inventory continued the trend of accumulation before the holiday. Inventory The level has reached a new record high, reaching 1.239 million tons at the end of April. The storage capacity of the main port has reached its limit. Some goods have been delayed in arriving at the port due to saturated inventory. The trend of ethylene glycol has also entered the weakest state in history. Against this background, Domestic and foreign ethylene glycol plants passively reduced production. Finally, this high inventory situation gradually eased from July, and entered a destocking cycle in August. In September, under the influence of factors such as the replenishment of downstream factories and the continued low level of ethylene glycol plant operations, , inventories in main ports dropped sharply to normal or even low levels. Until December, downstream polyester production capacity continued to expand. Although ethylene glycol production companies rebounded, they were still at a low level. Coupled with the reduction in actual arrivals due to the closure of the Yangtze River and other reasons, ethylene glycol inventory in East China hit a record low.
Data source: Jin Lianchuang
According to the latest data from Jin Lianchuang, East China’s ethylene glycol inventory on December 5 A total of 340,000 tons, an increase of 6,000 tons from November 28, including 174,000 tons in Zhangjiagang (the average daily shipment of a certain warehouse is about 10,555 tons); 45,000 tons in Taicang; 40,000 tons in Ningbo; and 36,000 tons in Jiangyin. Yangshan 45,000 tons.
With the new production capacity in the fourth quarter, the commissioning of Inner Mongolia Rongxin and Hengli, and the delay in the arrival of goods at the Yangtze River port, it will be difficult for ethylene glycol companies to start up in the later period, and downstream polyester factories will undergo intensive maintenance at the end of the year. , the overall operating rate of the polyester industry has declined, and the operating rates of texturing and weaving companies have continued to decline. Demand has gradually shrunk, and polyester production and sales have been under pressure. In addition, market expectations at the end of the year are generally pessimistic, and overall demand is insufficient. The original inventory accumulation in November may be postponed. to mid-December.
Summary of recent polyester factory maintenance status in 2019
Unit: 10,000 tons Data source: Gold Lianchuang</p
