SunSirs: China Domestic Corn Starch Prices Weakened and Declined in March
April 03 2024 10:39:01 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the price of domestic corn starch was weak and declined in March 2024. On March 1st, the average price of edible grade one corn starch was 3,198.00 RMB/ton, and on March 29th, it was 3,130.00 RMB/ton, a decrease of 2.13% within the month.
In March, the domestic corn market continues to increase in market volume, causing fluctuations in domestic corn market prices. The raw material cost and interest rate are weak, and the price of corn starch market is also under pressure. In addition, downstream demand for starch is lower than expected, and downstream trading entities are more cautious in purchasing. To stimulate shipping enterprises to continuously lower the ex factory price of corn starch, the domestic corn starch market prices are fluctuating weakly.
Data shows that as of the end of March, the national corn starch inventory exceeded 1.1 million tons, reaching a new high in 20 months. The pressure on the accumulation of stocks in the corn starch industry has increased significantly. Downstream procurement is on demand, and under strong market supply and weak demand pressure, the domestic corn starch market prices will continue to be under pressure.
The domestic corn market prices continued to be weak in March, and the situation of strong supply and weak demand in the domestic corn market in April is expected to be alleviated. At that time, the overall decline in domestic corn prices will stabilize, and the stabilization of raw material costs will form a bottom support for the future corn starch market prices.
The corn starch product analyst of SunSirs believes that the raw material cost continues to operate at a low level, the overall inventory of starch is sufficient, and downstream demand continues to be sluggish, with negative news gathering. In April, the domestic corn starch market prices will continue to be under pressure and operate weakly.
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