Market stagnation limits transaction volume.

1. Today's Summary

① Mediators including Qatar continue to push for US-Iran negotiations, easing market concerns and causing international crude oil prices to fall.

② East China closed at 7,040 yuan/ton (unchanged); South China closed at 7,200 yuan/ton (-45); CFR China closed at $872/ton (-0.5).

③ On November 10, total shipment volume from the two Zhangjiagang storage areas was 545 tons, a decrease of 156 tons compared to the previous day. As of now, the combined inventory at Changjiang International and Fubao storage facilities stands at 13,300 tons.

Table 1: Domestic Diethylene Glycol (DEG) Price Summary (Unit: Yuan/Ton)

East China closed at 7,040 yuan/ton (unchanged); South China closed at 7,200 yuan/ton (-45); CFR China closed at $872/ton (-0.5). The domestic DEG market trended sideways today, opening and closing flat. Intraday spot price fluctuations were limited, with offers mainly in the range of 7,050–7,100, bids mainly at 7,020–7,050, and actual transactions occurring between 7,020 and 7,060.

3. Shipment and Inventory Dynamics

On November 10, total shipment volume from the two Zhangjiagang storage areas was 545 tons, a decrease of 156 tons compared to the previous day. As of now, the combined inventory at Changjiang International and Fubao storage facilities stands at 13,300 tons.

4. Market Sentiment

Table 2: Sentiment Forecast by Upstream and Downstream Participants in the Domestic DEG Market

5. Price Forecast

International crude oil has continued to decline in recent days, significantly impacting bulk commodity markets. Currently, DEG prices have not yet fallen below the key support level of 7,000. Tight supply provides some support to the market. Short-term trends are expected to fluctuate within a range, with a low probability of a broad-based decline.

6. Related Product Updates

Monoethylene Glycol (MEG) Market: On November 11, the closing price for MEG in Zhangjiagang was 5,660 yuan/ton (+191), while the delivered closing price in South China was 5,800 yuan/ton (+120). The USD-denominated closing price was $690/ton (+30). The MEG market showed a clear upward trend today. At the morning open, spot prices in Zhangjiagang opened high around 5,600. Buying sentiment remained decent during the session, with the center of gravity for negotiations shifting upwards. In the afternoon, both futures contracts and basis strengthened, driving spot prices higher. By the afternoon close, spot negotiations were in the range of 5,750–5,760. The spot basis strengthened, opening near Jan+700 in the morning and rising to approximately Jan+840 by the afternoon close. The South China market followed suit but saw limited buying follow-through, resulting in a stalemate in trading activity.

7. Data Calendar

Table 3: Domestic DEG Data Overview (Unit: Ten Thousand Tons)