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SunSirs: Supported by Both Domestic and Foreign Trade, MEK Rose 21.35% This Month

November 27 2020 11:35:31     SunSirs (John)

Price trend

According to the data monitoring of SunSirs, as of November 26, the average ex-factory price of  MEK in the domestic market was referenced at 7,766.67 RMB/ton. Compared with the price on November 19, the average price was increased by 333 RMB/ton, an increase of 4.48%; Compared with the price on November 1, the average price was raised by 1,366.67 RMB/ton, or 21.35%.

Supported by both domestic and foreign trade, the price of MEK finally broke through 8,000 RMB/ton   

This month, the domestic market for  MEK has steadily increased after a slight fluctuation in the early stage. Last weekend, on the 21st and 22nd, the ex-factory offer price of MEK factory increased significantly by 300-500 RMB/ton. Then this week, the factory inventory was low, the number of new domestic orders was good, and the foreign trade market was smoothly placed. Supporting the overall high and stable operation of the MEK market, the current mainstream regional offer prices are around 7,600-8,200 RMB/ton, and the on-site inventory is low. The new orders decreased slightly this Thursday, but the export trend was still positive.

On the upstream side, starting from mid-November, the liquefied gas market took a "slide" and showed a continuous downward trend. Until the 23rd, the market stopped falling and rising. According to the data monitoring of SunSirs, the average price of liquefied gas in the Shandong market on November 15 was 3,233.33 RMB/ton, and the average price on November 23 was 3,080.00 RMB/ton, which fell by 4.74% during the period and rebounded on the 24th, with a single-day increase of 1.95%. The quotation was 3,140.00 RMB/ton, and the market continued its upward trend on the 25th, ranging from 50-100 RMB/ton. The market transaction atmosphere was mild. The current mainstream transaction prices are mostly around 3,100-3,150 RMB/ton. Manufacturers' inventories were released, and most of them were in the middle position.

Internationally, on November 25, the price of the US WTI crude oil futures market rose, and the settlement price of the main contract was reported at 45.71 US dollars/barrel, an increase of 0.80 US dollars. Brent crude oil futures market prices rose, and the main contract settlement price was reported at 48.53 US dollars per barrel, an increase of 0.75 US dollars. Oil prices continued to rise on Wednesday, reaching their highest level in eight months, mainly due to an unexpected drop in crude oil inventories last week, and the previous vaccines were positive to boost fuel demand.

Downstream new orders have been reduced, and  MEK may loosen slightly

At present, the overall inventory of MEK market is low, and foreign trade orders can still be supported. However, on the 26th, it was heard that the increase in new domestic downstream orders has decreased compared with the previous days. Therefore, the MEK data engineer of SunSirs believes that in the short term, the domestic MEK market may loosen affected by the reduction in demand, and it will decline slightly. It is necessary to pay more attention to raw materials and changes in demand.

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