SunSirs: Demand Dragged Down, and the MEK Market Had Been Weak Since March (March 1-28)
March 29 2023 10:44:23 SunSirs (John)
Price trend
According to data monitoring by SunSirs, as of March 28, 2023, the domestic market price of MEK was referenced at 8,300 RMB/ton. Compared to March 1, 2023 (the reference price of MEK was 8,766 RMB/ton), the price was reduced by 466 RMB/ton, a decrease of 5.32%.
Analysis review
As can be seen from the data monitoring chart of SunSirs, since March (3.1-3.28), the overall domestic MEK market had shown a weak and declining trend. In early March, supported by the high cost of raw materials, the MEK market experienced a brief upward movement. As of March 10, MEK rose slightly by 1.14% in early March. However, downstream demand for MEK had consistently underperformed, with limited new orders and a weak market atmosphere. Therefore, due to the continued drag of insufficient demand side, the MEK market fell into a continuous downward trend in the middle and late March, and the market gravity continued to decline. As of March 28, the domestic market price of MEK was around 7,800-8,600 RMB/ton, with a decrease of around 300-500 RMB/ton compared to the beginning of the month.
Market outlook
As of the 28th, the overall transaction of MEK on the market remained cautious, and the downstream wait-and-see mood was relatively strong. Buying and purchasing were mainly based on strict stock preparation. The MEK statistician of SunSirs believed that in the short term, the domestic MEK market will mostly be subject to narrow adjustment, and the specific trend still needs to pay more attention to the specific news changes on the supply and demand side.
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- 2024-04-03 SunSirs: Poor Demand Support, MEK Market Ended with a Decline in March
- 2024-03-26 SunSirs: Demand Was Weak and the Focus of the MEK Market Was Downward
- 2024-03-15 SunSirs: Insufficient Demand Led to a Bearish Trend in the MEK Market
- 2024-03-08 SunSirs: Supported by Supply and Demand, the Center of MEK Continued to Move Upwards at the Beginning of the Month
