SunSirs: The Market Price of Formaldehyde in Shandong Province Rose

Price trend

According to the Commodity Market Analysis System of SunSirs, the formaldehyde market in Shandong has recently risen. At the beginning of the week, the average price of formaldehyde in Shandong was 1,110.00 RMB/ton, while at the end of the week, the average price of formaldehyde in Shandong was 1,140.00 RMB/ton, an increase of 2.70%. The price had decreased by 5.53% compared to last year.

Analysis review

Recently, the price of formaldehyde in the Shandong region increased. From the above chart, it can be seen that the recent trend of formaldehyde was mainly upward, and the market continued to rise this week. As of July 20th, the mainstream market price in Shandong region was 1,100-1,200 RMB/ton. This week, the price of raw material methanol rose, with strong cost support. Formaldehyde was mainly driven by cost increases, and manufacturers led the market to rise.

Upstream methanol situation: The domestic methanol market was fluctuating and rising, with the resumption of multiple production units in the northwest region delayed, supply growth was less than expected, and a combination of multiple positive factors such as good macro perspective. The market mentality was rapidly improving, and prices were driving up. Large MTOs in Zhejiang were actively inquiring about US dollar supply, and market demand was expected to improve. The atmosphere was boosted, and the domestic methanol market atmosphere had significantly increased, and prices continued to rise.

Market outlook

Recently, the methanol market rose and cost support was good. However, poor demand from downstream panel factories had limited the increase in formaldehyde. Therefore, formaldehyde analysts from SunSirs predict that the formaldehyde prices in Shandong will mainly fluctuate and rise in the near future.

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