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SunSirs: The Formaldehyde Market Price in Shandong Fluctuated Slightly

March 14 2024 13:51:15     SunSirs (John)

Price trend

According to the commodity market analysis system of SunSirs, the formaldehyde market in Shandong had recently risen. At the beginning of the week, the average price of formaldehyde in Shandong was 1,193.33 RMB/ton, and on the weekend, the average price of formaldehyde in Shandong was 1,196.67 RMB/ton, an increase of 0.28%. The price had dropped by 6.02% year-on-year.

Analysis review

Recently, the price of formaldehyde in the Shandong region had slightly increased. From the above chart, it can be seen that the formaldehyde market had been mainly fluctuating slightly, with a narrow increase this week. As of March 13th, the mainstream market price in Shandong region was 1,150-1,240 RMB/ton. This week, the price of raw material methanol was relatively stable, and cost support was still acceptable. Downstream demand was gradually recovering, and formaldehyde manufacturers were shipping normally, with a slight rebound in the market.

Upstream methanol situation: The domestic methanol market was operating in consolidation. In terms of supply, global coal supply was stable, domestic imports had increased, and the increase in domestic demand was not enough to support coal prices to continue operating at high levels; In terms of demand, the temperature had risen, the civilian electricity load had fallen, and the overall pressure on power plant inventory was relatively small. As of March 13th, terminals mainly relied on long-term cooperative replenishment, and replenished warehouses according to demand. The demand for coal in the market was relatively flat, and the overall sentiment was more wait-and-see. The short-term thermal coal market may maintain a volatile and weaker operation. The cost side of methanol was negative for the market.

Market outlook

Recently, the price of raw material methanol had risen, with good cost support. However, the supply of formaldehyde in the market exceeded demand. Therefore, formaldehyde analysts from the SunSirs predict that the price of formaldehyde in Shandong will mainly fluctuate and consolidate in the near future.

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