SunSirs: In the First Week after the Holiday, the Silicone Market Experienced an Upward Trend

Price trend

According to monitoring data from SunSirs, as of January 5, 2023, the domestic market price of silicone was referenced at 14,260 RMB/ton. Compared with January 1 (silicone reference 13940 RMB/ton), the price increased by 320 RMB/ton, a decrease of 2.30%.

Analysis review

From the data monitoring chart of SunSirs, it can be seen that the continuously weak and sluggish silicone market in the past two months had finally ushered in a good start in the beginning of 2024. In the first week of 2024, the domestic silicone market had experienced a steady upward trend. At the beginning of the week, large silicone factories in Shandong province took the lead in raising the price of silicone to around 14,200 RMB/ton. Driven by these factories, the atmosphere on the market gradually warmed up. In the middle of the week, some suppliers also raised the price of silicone by about 300-400 RMB/ton. During the weekend, the focus of the silicone market in Zhejiang and Inner Mongolia regions had also begun to move upwards, with the price of silicone rising to 14,500 RMB/ton. As of January 5th, the domestic market price of silicone was around 14,200-14,500 RMB/ton.

Market outlook

As of January 5th, some devices on the supply side of silicone had been shut down for maintenance, and the overall supply pressure on the site had been released. The supply side provided some support to the market. On the demand side, some downstream silicone units had started to stock up appropriately before the Spring Festival, and the overall trading atmosphere on the site had improved. The demand side had also brought some momentum to the market. In the short term, according to the silicone data analyst of SunSirs, the domestic silicone market will mainly operate with a stable and slightly stronger trend, and more attention needs to be paid to changes in supply and demand news.

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