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SunSirs: The DMF Market Operated to Be Weaker Narrowly (February 22-29)

March 04 2024 11:54:18     SunSirs (John)

Price trend

According to data monitored by SunSirs, as of February 29th, the average price of premium DMF quoted by domestic DMF enterprises was 4,587.5 RMB/ton. This week, DMF prices were mainly weak, with a narrow downward trend. As of February 29th, the mainstream price was around 4,600 RMB/ton, and the overall market supply and demand was balanced. Enterprises mainly offered discounts for sales, with smooth logistics and stable operating rates.

Analysis review

This week, the overall DMF market was mainly weak and downward, with a narrow decline of 1.34% compared to the same period last week. As of February 29th, the mainstream price range was 4,600.00 RMB/ton, and manufacturer quotations had declined. Recently, the demand for upstream methanol market had improved, with stable to stronger fluctuations, and the synthetic ammonia market had also shown a trend of adjustment. As of February 29th, the cost side of DMF provided slight supports, and the downward space was limited. It will continue to operate steadily in the near future. Downstream enterprises purchase mainly on demand, the transaction atmosphere is slightly dull, and currently the overall market supply and demand balance is the main focus. Latest quotes from manufacturers: Shandong Luoheng Chemical Products Co., Ltd. quoted 4,600 RMB/ton, Jinan Jinrihe Chemical Co., Ltd. quoted 4,500 RMB/ton, and Shandong Jiufu Biotechnology Co., Ltd. quoted 5,200 RMB/ton.

Chemical index: On February 28, the chemical index was 869 points, a decrease of 1 point from the previous day, a decrease of 37.93% from the highest point of 1,400 points in the cycle (2021-10-23), and an increase of 45.32% from the lowest point of 598 points on April 8, 2020. (Note: The cycle refers to 2011-12-01 present).

Market outlook

SunSirs’ DMF analysts believe that in the short term, the DMF market will maintain a stable, and weaker operation, with prices remaining around 4,600 RMB/ton, and limited room for price increase.                                       

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