SunSirs: Weak Decline in China DME Market in March
March 29 2024 14:38:57 SunSirs (Selena)
The domestic DME market continued to decline in March. According to data monitoring from SunSirs, the average price of DME in the Henan market was 3,740 RMB/ton on March 1st, and 3,570 RMB/ton on March 28th. The monthly decline was 4.55%, a decrease of 13.35% compared to the same period last year.
The overall performance of the DME market in March was weak, with a significant decline in the Henan region. At the beginning of the month, the raw material market fluctuated and rose, providing sufficient support for DME. However, the trading atmosphere on the market was poor, and it was not possible to raise the price of DME. The price of DME in Henan region was lowered, and manufacturers offered to sell at a lower price, resulting in lower profits. In late March, the prices of related liquefied gas products continued to decline, and the demand side faced safety inspections, leading to an increase in manufacturer inventories and a broad decline in the Henan region.
The raw material methanol market has fluctuated and fallen, especially with a significant drop in prices at the end of the month. On March 1st, the average price was 2,740 RMB/ton, and on March 28th, the average price was 2,594 RMB/ton, with a monthly decline of 5.3%, which has weakened the support for DME.
Overall, the industry is mostly bearish towards the future market, with slow terminal consumption and a lackluster trading atmosphere. It is expected that the DME market will operate weakly and steadily in the short term.
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