Oct 08, 2023
As of early this week, MEG tank inventories at major ports in East China have increased to approximately 1.17 million tons, marking a new peak for the year. The week has seen a concentrated influx of MEG cargo arrivals, with an estimated quantity of around 260,000 tons expected to dock at both the main and subsidiary ports. Notably, there is still room for inventory accumulation at the ports.
In August, there is a notable concentration of foreign vessels arriving with MEG cargoes. This trend can be attributed to a robust overseas supply, notably a substantial influx of U.S. products. Conversely, some vessels faced delays in docking at the end of July due to adverse weather conditions. By the end of last week, arrivals at the primary port had already reached approximately 550,000 tons, with a smooth arrival process observed at subsidiary ports such as Jiangyin, Changshu, Changzhou, and South China. The trend of vessels smoothly entering the port is expected to persist through the month's end. As such, it's anticipated that MEG imports in August could approach nearly 800,000 tons, marking the year's peak.