The market is consolidating within a narrow range, maintaining a consistent unidirectional trend.

1. Daily Summary

① Iran stated it is not in a rush to initiate negotiations until relevant conditions are met, and the Strait of Hormuz remains closed for now, leading to a rise in international crude oil prices.

② East China closed at 6,850 RMB/ton (-115); South China closed at 6,665 RMB/ton (-235); CFR China closed at $787.5/ton (+2.5).

③ On September 23, total shipments from the two Zhangjiagang storage areas amounted to 867 tons, an increase of 601 tons compared to the previous day. As of now, inventory at Changjiang International and Fubao terminals stands at 3,600 tons.

Table 1: Domestic Diethylene Glycol (DEG) Price Summary (Unit: RMB/ton)

East China closed at 6,850 RMB/ton (-115); South China closed at 6,665 RMB/ton (-235); CFR China closed at $787.5/ton (+2.5). Today, the trading range for the DEG market was relatively clear, with most actual transactions concentrated between 6,820 and 6,880 RMB/ton. Overall transaction volume remained moderate.

3. Shipment and Inventory Dynamics

On September 23, total shipments from the two Zhangjiagang storage areas amounted to 867 tons, an increase of 601 tons compared to the previous day. As of now, inventory at Changjiang International and Fubao terminals stands at 3,600 tons.

4. Market Sentiment

Table 2: Domestic DEG Upstream and Downstream Stakeholder Sentiment Forecast (Updated on Mondays)

5. Price Forecast

The market is fluctuating around the 7,000 RMB/ton level for DEG. Traders are following market trends, but downstream participation pace has been mediocre amid rapid price swings. Refinery terminal shipment volumes have not shown significant increases. The market may continue to oscillate in the near term, with limited impact from crude oil and broader commodity trends.

6. Related Product Status

Ethylene Glycol (MEG) Market: On September 24, MEG spot prices in Zhangjiagang closed at 7,035 RMB/ton, up 175; delivered prices in South China closed at 6,925 RMB/ton, up 100; USD-denominated closing prices were at $780/ton, up 35. The MEG market rebounded today. Early morning trading opened higher near 6,950 RMB/ton in Zhangjiagang due to renewed geopolitical tensions. During the session, short-covering demand pushed prices temporarily to around 7,200 RMB/ton. However, lack of follow-through buying caused prices to retreat from highs after short-covering activity subsided. The afternoon market saw strong volatility, settling near 7,070 RMB/ton by close. Spot basis fluctuated sharply, starting around Oct+1250, peaking intraday near Oct+1500 before falling back to around Oct+1200. The South China market appeared sluggish with a holiday atmosphere prevailing, resulting in low transaction volumes.

7. Data Calendar

Table 3: Domestic DEG Data Overview (Unit: 10,000 tons)