SunSirs: The Market Price of Formaldehyde in Shandong Was Consolidating

Price trend

According to the Commodity Market Analysis System of SunSirs, the formaldehyde market in Shandong recently stabilized. This week, the average price of formaldehyde in Shandong was 1,216.67 RMB/ton, an increase of 4.89% month on month. The price had decreased by 4.45% year-on-year.

Analysis review

Recently, the price of formaldehyde in the Shandong region fluctuated and consolidated. From the data from SunSirs, it can be seen that the recent formaldehyde market mainly experienced slight fluctuations, and the market continued to stabilize this week. As of September 7th, the mainstream market price in Shandong region was 1,150-1,300 RMB/ton. This week, there was a downward trend in the price of raw material methanol, but formaldehyde did not keep up with the increase in methanol in the early stage, and the price was still at a low level. The downward trend this time was not obvious, and the market trading sentiment was average. Formaldehyde manufacturers were shipping normally, and the market fluctuation was not significant.

Upstream methanol situation: The domestic methanol market was declining, and the Xinhang’s unit in Inner Mongolia was undergoing maintenance; Yantai Wanhua, Shanxi Coking, Shanxi Junjie, Shanxi Jinxiang, Shanxi Orchid, and a set of units in Inner Mongolia had reduced production; The units of Yanchang Zhongmei, Shenglong Chemical, Xinjiang Xinye and Zhongmei Yuanxing recovered. The overall recovery was greater than the loss, and the capacity utilization increased. The supply side of methanol was negative for the market. Short-term cost support was limited, supply changes were not significant, and demand was expected to increase. Methanol analysts from SunSirs predict that the domestic methanol market will tentatively rise.

Market outlook

Recently, the methanol market fluctuated slightly, with average cost support. Downstream delivery sentiment was more rational, and the atmosphere for formaldehyde transactions was flat. Therefore, formaldehyde analysts from SunSirs predict that the formaldehyde price in Shandong will mainly fluctuate and consolidate in the near future.

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