Coal-based MEG operating rate drops on massive turnaround

The operating rate of coal-based MEG units in China decreased apparently in May due to seasonal turnaround and weakening profits. And the rate has decreased to around 47% last Friday. 

The turnaround season came later than in the previous years with delayed turnarounds as coal to MEG profits improved on rising oil prices in the first half of 2022. Meanwhile, some coal-based units were shut for a long period due to hiking coal price in H2 2021.