Ethylene glycol prices fell in April

The price of ethylene glycol will decrease in April 2025. According to data from Shengyi Society, as of April 30th, the average price of domestic oil to ethylene glycol was 4331.67 yuan/ton, a decrease of 5.25% from the average price of 4571.67 yuan/ton on April 1st.
On April 30, 2025, the spot contract price of ethylene glycol in Zhangjiagang remained relatively stable, with a strengthening basis after a decline in the market. Next week’s spot contract (before 5.9) will have a strong intraday basis, with quotes rising from+37 to+40 to+44 to+45; The basis quotation for spot contracts in May ranges from+48 to+50.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3950-4000 yuan/ton.
In terms of external ethylene glycol, as of April 28th, the landed price of ethylene glycol in China is 486 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 490 US dollars/ton.
Port inventory fluctuated horizontally in April
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to April, the port inventory fluctuated horizontally. On April 28, 2025, the total inventory of ethylene glycol in the main port of East China was 700900 tons, an increase of 29000 tons compared to the total inventory of 671900 tons on March 31; Compared to December 30, 2024, the total inventory was 397300 tons, an increase of 303600 tons.
Expected decrease in import volume
In April, multiple units in Saudi Arabia and the United States underwent maintenance, and there are expectations of a decrease in China’s ethylene glycol imports from March to May. However, with the recovery of subsequent units, the import volume may change.
Demand side: Stable in April, waiting to see the progress of downstream new production capacity in May
In April, the comprehensive load of polyester increased to 93.2%, and the demand for ethylene glycol remained stable. But as we enter May, on the one hand, as the May Day holiday approaches, the decline in terminal operating rates may be more pronounced, which will have a negative impact on demand for ethylene glycol; On the other hand, the polyester industry has new production capacity, and if it can be smoothly put into operation and release demand, it will provide support for ethylene glycol. However, the overall demand growth rate is expected to slow down.
Supply side: Multiple units scheduled for maintenance in April and expected to restart in May
In terms of domestic equipment, multiple sets of equipment were inspected and shut down in April. From May’s perspective, there is a possibility of restarting the pre maintenance equipment. If the device is restarted and loaded as planned, the domestic supply will increase.
Future forecast
The supply and demand variables of ethylene glycol in May are due to the uncertainty on the demand side, while the cost side focuses on changes in crude oil prices. Without the influence of sudden variables, it is expected that the probability of ethylene glycol sideways trading will increase in May.