SunSirs: Under the Influence of Multiple Negative Factors, the Domestic Refined Glycerol Market Operated Steadily

Price trend

Recently, the domestic glycerol market prices had remained stable. According to the monitoring system of SunSirs, as of April 10th, the benchmark price of glycerol in SunSirs was 4,500.00 RMB/ton, an increase of 1.41% compared to the beginning of this month (4,437.50 RMB/ton). As of April 10th, the reference price for industrial grade 99.5% glycerol in the domestic market was around 4,400-4,600 RMB/ton.

Analysis review

On the raw material side, after the Qingming Festival, the price of CBOT soybean futures in the external market rose moderately, with an estimated increase in Malay palm oil production and a decrease in futures prices. The boosting effect of the external futures market was limited, and the soybean oil and palm oil futures market of Dalian Commodity Exchange declined. The demand for terminal catering was stable, with high inventories of soybean oil and palm oil. Multiple bearish factors suppressed the weak spot market of soybean oil and palm oil. According to the monitoring of SunSirs, the benchmark price of palm oil in SunSirs was 8,440.00 RMB/ton, an increase of 2.43% compared to the beginning of this month (8,240.00 RMB/ton). The inventory of crude glycerol abroad was relatively low, and the quoted price was firm. Overall, the high support from raw material prices was relatively stable.

Downstream: The market for ECH was weak, with slow demand growth and no positive news at the moment.

Market outlook

According to glycerol data analysts from SunSirs, the raw materials of soybean oil and palm oil had been suppressed by multiple negative factors, resulting in a weak and downward price trend. However, the inventory of crude glycerol in the external market was low and the price was strong at a high level. Domestic refining enterprises were under pressure on procurement costs, and most were mainly wait-and-see. In addition, the downstream chlorine market was weak and demand was low. In the near future, domestic glycerol prices may remain stable, and more information needs to be paid attention to market guidance.

If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.