Returning to Fundamentals: Ethylene Glycol Prices in April Show Volatile and Weak Trends

April 23 news

April ethylene glycol prices in China fluctuated with a weak trend.

In April 2026, the ethylene glycol price fluctuated and showed a weak trend. According to the data, as of April 23, the average price of oil-based ethylene glycol in China was 5058.33 CNY/ton, a decrease of 1.21% from the average price of 5120.33 CNY/ton on April 1.

In terms of ethylene glycol at Chinese ports, as of the 23rd, the basis quotes for spot contracts (starting from 500 tons) fluctuated with the market. The basis quotes for this week's spot contracts (before April 24th) ranged from +26 to +35 during the day, and closed at +28 (Changjiang International Warehouse). The basis quotes for dual warehouses were slightly lower, ranging from +24 to +25. The basis quotes for May contracts (before May 25th) ranged from +73 to +75. The market basis first increased and then decreased, forming a "V" shape during the day.

The ex-factory price for spot Chinese coal-based polyester-grade ethylene glycol (bulk, tax included, self-pickup) is 4500-4650 CNY/ton.

Regarding ethylene glycol on the international market, as of April 22, recent spot prices for delivered cargoes were negotiated and concluded around USD 615 per ton.

April 2026: Changes in Ethylene Glycol Port Inventory:

On April 23, 2026, the total spot inventory of monoethylene glycol in the main ports of East China was 843,000 tons, a decrease of 110,000 tons from the total spot inventory of 953,000 tons on March 30, 2026, in the main ports of East China.

Analysis of the reasons for the weak and volatile ethylene glycol prices in April:

In April 2026, the price of monoethylene glycol (MEG) showed a weak and volatile trend. The main reasons were the weakening cost support, increased supply, and intensified negative feedback on the demand side. The market shifted from the strong expectations triggered by previous geopolitical conflicts to a focus on the real supply and demand dynamics.

Demand from end-users is weak, and there is negative feedback in the polyester sector in April. The overall operating rate of polyester in China decreased from 88% at the beginning of the month to 2-85% at the end of the month, with the most significant reduction in filament production, where major manufacturers cut output by 15%-20%. High inventories of polyester filament and persistently low sales (FDY/DTY only 20%-30%) forced factories to reduce production to clear inventory, leading to a weakening of the demand for ethylene glycol.

On the supply side, while ethylene glycol imports have decreased, domestic supply in China has rebounded, leading to a relatively looser market. The situation in the Middle East cooled down temporarily in mid-April, and shipping through the Strait of Hormuz resumed, alleviating fears of import disruptions. Although the volume of ethylene glycol arriving in April remains low, there is an expectation that import volumes will recover later, which puts pressure on future ethylene glycol prices. In terms of Chinese supply, coal-to-ethylene glycol plants have completed their spring maintenance and improved their profitability, with operating rates rising to 60%-65%, becoming the main source of supply. Although oil-based ethylene glycol production is still suffering from high crude oil prices and significant losses, with operating rates at only 53%-55%, some facilities restarted in late April, leading to an overall increase in supply.

Future Market Forecast

Recently, the Middle East situation, crude oil volatility, polyester plant operating rates, and the pace of inventory reduction at ports remain key variables. We expect ethylene glycol (EG) to follow a “first decline, then rise, with overall volatile but relatively strong” trend in May 2026. The core drivers are continued inventory destocking, bottoming-out costs, and tight supply; however, weak demand and cautious capital conditions will likely constrain price increases.