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SunSirs: Recently, the Market for Stearic Acid Had Steadily Risen
March 19 2024 09:44:54SunSirs(John)

Price trend

According to the commodity market analysis system of SunSirs, the domestic price of stearic acid 1840 was 8,530 RMB/ton on March 15th, an increase of 0.24% from last week, 0.95% from March 1st, and 3.37% from January. Since the beginning of 2024, stearic acid had started a steady upward trend.

Analysis review

Cost side: Malaysian palm oil inventories were low in the external market, exports had improved, and the Malaysian palm oil futures market was rising. Supported by bullish sentiment, the domestic palm oil spot market had risen significantly, with the average market price rising to around 8,300 RMB/ton, up 500 RMB/ton. The palm oil market had boosted, with costs facing stronger support from spot prices.

Demand side: The PVC spot market prices had fallen this week, and the overall market trading situation was average. Futures prices had fallen, affecting confidence in the spot market. Downstream procurement was relatively cautious. The spot market price was 5,596 RMB/ton. The load rate of the terminal steel tire industry continued to increase, with the load rate of the semi steel tire industry reaching over 80%, and the load rate of the full steel tire industry exceeding 70%, indicating that the industry's load rate was operating at a high level.

Market outlook

This week, the load rate of the stearic acid industry was 48%, with some imported brands gradually entering the warehouse, and shipments mainly focused on consumption and storage. Due to the continuous rise in raw material palm oil prices, costs had increased and the factory price of stearic acid had risen. Downstream PVC, the market trading situation was average, and futures prices had fallen. The load rate of the terminal steel tire industry was at a high level. However, the upstream had a resistance mentality towards the increase in raw material prices and replenished as needed, resulting in average trading in the stearic acid market recently. SunSirs’ analysts believe that if palm oil prices continue to rise, the market for stearic acid will also rise, leading to a corresponding increase in ship prices.

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