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SunSirs: The Domestic MIBK Market Saw a Broad Decline

November 07 2023 15:46:14     SunSirs (John)

Price trend

The focus of the domestic MIBK market was declining. According to the Commodity Analysis System of SunSirs, the market quoted 15,600-15,800 RMB/ton on November 3rd, a decrease of 7.07% during the week.

Analysis review

The MIBK market had seen a broad decline, with mainstream negotiated prices in East China dropping to 15,600-15,800 RMB/ton. As of November 6, the operating rate of the MIBK industry was at 65%, and downstream buying and wait-and-see were the main factors in the declining market. The demand for goods was limited, and traders' enthusiasm for shipping was not high, resulting in a bearish market.

The cost side was bearish, and the domestic acetone market fell broadly during the week. With the concentration of imported goods arriving at the port, inventory increased to 22,000 tons, and the market's spot circulation increased. In addition, at the beginning of the month, downstream large factories mainly consumed contract volume, with little intention of restocking in the market. Traders were under pressure to sell at low prices. During the week, Sinopec lowered the listing prices of factories in East China and North China, boosting the market's decline, As of the morning of November 6th, the listing price of LihuaYi Weiyuan’s acetone continued to be lowered by 100 RMB/ton to execute 6,700 RMB/ton. The mainstream reference price in East China was around 6,500 RMB/ton, and the national acetone market fell by an average of 6.57% during the week, with acetone in East China dropping by 9%.

From a terminal perspective, the demand was mostly for small orders to follow up. As the market enters the off-season, the operating rate of the downstream antioxidant industry had declined, and the overall demand for raw materials was relatively low. The market's bearish mentality had increased. Large enterprises entered the market with caution and operate under targeted contracts, resulting in a lack of positive support for the industrial chain.

Market outlook

SunSirs predicts that the MIBK market will continue to decline in the short term, with traders mainly reducing inventory through profit margins. The market will continue to bottom out in November. Focus on the support from the raw material end.

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