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Insight | Time: Jul 8 2022 9:12AM  Editor:Michael Zhao
MEG rebounds on further output contraction
 
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MEG spot and futures prices increased Thursday on news of further output contraction after hovering low for a while.

 

Besides planned maintenance, some producers were inactive to keep the units running due to poor economics. Operating rate of MEG units in China is expected to fall to a quite low level in mid-August. Coal-based MEG plant operating rate is expected to fell to around 35% or even lower.

 

China domestic MEG supply will further decrease in July-August. Based on the estimation of 81%, 85% and 87% for polyester polymerization rate in July, August and September, total MEG inventory is expected to decrease by around 200kt.

 

However, MEG inventory remains high and the supply-demand structure remains weak. Meanwhile, a lot of MEG cargoes are expected to arrive in end-July. The upward momentum may weaken with the improvement of production margins.


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[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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