Price trend

According to the Commodity Market Analysis System of SunSirs, the formaldehyde market in Shandong had recently declined. At the beginning of the week, the average price of formaldehyde in Shandong was 1,096.67 RMB/ton. On the weekend, the average price of formaldehyde in Shandong was 1,076.67 RMB/ton, a decrease of 1.82%. The price had decreased by 16.10% compared to last year.

Analysis review

Recently, the price of formaldehyde in the Shandong region fluctuated and fell. According to data from SunSirs, it can be seen that in the past two months, the formaldehyde market was mainly downward, and the market continued to decline this week. As of June 14th, the mainstream market price in Shandong region was 950-1,200 RMB/ton. This week, the price of raw material methanol showed a downward trend, with poor cost support. The formaldehyde market had light trading volume and the market continued to decline.

Upstream methanol situation: The domestic methanol market continued to decline, coal prices were falling, and costs support for methanol production weakened. Traditional demand entered the off-season and demand was weak. At the same time, some methanol shutdown devices had recovered, and new investment devices such as Xuzhou Longxingtai and Jiyang New Energy had production plans in the near future. Overall, the supply in the mainland market was still relatively sufficient. Hengxin High Tech, Shenhua Xilaifeng, and a set of devices in Heilongjiang were undergoing maintenance; Guangxi Huayi, Jiuyuan Chemical, and Sinopec SVW units reduced production; Pucheng Clean Energy, Xinjiang Guanghui, and Jinfeng Wenxi devices had been restored. The overall recovery exceeded the loss, so the capacity utilization rate had increased this week. The supply side of methanol had negative effect.

Market outlook

Recently, the methanol market was weak and declining, with poor cost support. Downstream panel factories had poor demand due to the impact of rain and high temperature weather. Therefore, formaldehyde analysts from SunSirs predict that the price of formaldehyde in Shandong will mainly decline in the near future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.