China’s ethylene glycol port inventory generally showed a peak-like operation in 2019. After reaching its highest point at the end of April this year, the inventory at 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 generally showed a peak-like operation in 2019, and the average level was much higher than the same period last year. At the beginning of the year, affected by the traditional off-season downstream, the main port inventory continued to accumulate. After the Spring Festival, Although the downstream polyester production has resumed, the pressure on the supply side of ethylene glycol has become prominent. The inventory of ethylene glycol has continued the trend of accumulation before the holiday. The inventory 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 At the limit, some goods were delayed in arriving at the port due to inventory saturation. The trend of ethylene glycol has also entered the weakest state in history. Against this background, domestic and foreign ethylene glycol plants have passively reduced production. Finally, this high inventory state has gradually begun to decline since July. After being relieved, the destocking cycle entered in August. In September, under the influence of factors such as the replenishment of downstream factories and the continued low start-up of ethylene glycol plants, the main port inventory dropped significantly 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.
According to the latest data from Jin Lianchuang, the inventory of ethylene glycol in East China totaled 340,000 tons on December 5, which was higher than that of 11 There was an increase of 6,000 tons on March 28, including 174,000 tons in Zhangjiagang (the average daily shipment of a certain warehouse is around 10,555 tons); 45,000 tons in Taicang; 40,000 tons in Ningbo; 36,000 tons in Jiangyin and 45,000 tons in Yangshan.
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 is easy for ethylene glycol companies to start up in the later period, but it is difficult to downgrade, and the downstream polyester Factories are undergoing intensive maintenance at the end of the year. The overall operating rate of the polyester industry has declined. The operations 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 the overall demand is insufficient. The original inventory estimate for November The inventory may be postponed to mid-December.
Summary of recent polyester factory maintenance status in 2019
Unit: 10,000 tons
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