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Market watchers said that most of the ethylene glycol buyers in 2010 were speculators who were accumulating inventory and believed that prices would continue to rise. A major Japanese trader said that ethylene glycol supply will be tight next year, and no new capacity will be put into operation before 2013. In early November, spot prices in Asia reached US$1,150 to 1,180/tonne (CFR, China’s main port), the highest price in 29 months. In terms of demand, the downstream polyester industry will expand its capacity in 2011.
Due to the strong downstream demand and tight supply, industry insiders predict that the strong Asian ethylene glycol price situation will continue into 2011. Affected by the good outlook for 2011, the current spot ethylene glycol price in Asia is firm. Last week, the price reached 1075 to 1083 US dollars / ton (CFR, China's main port), compared with November increased by 68 to 90 US dollars / ton.