SunSirs: Supply Was Tight, and Domestic Phenol Market Was Rising
June 19 2024 11:28:53 SunSirs (John)
Price trend
Domestic resources were tight, and the market price of phenol was rising. According to monitoring data from SunSirs, the market offer on June 1st was 7,857 RMB/ton, and on June 18th it was 8,215 RMB/ton, an increase of 4.55%.
Analysis review
Sinopec East China phenol prices had increased by 100 RMB/ton, with a execution of 8,200 RMB/ton. The price increase was beneficial for market support, and there was not much supply pressure in the market. Holders opened high prices in the morning to push up prices, and terminals actively followed suit. However, most of the orders were small and cautious, with trading volume waiting to be released.
Downstream bisphenol A fluctuated upwards, with a daily increase of 100-150 RMB/ton. The mainstream negotiated price in East China was between 9,850-10,000 RMB/ton, and the low to medium price market was relatively active. The high transaction situation was average, and overall market trading was limited. On the cost side, the pure benzene market had slightly declined, with a reference price of 9,580-9,600 RMB/ton. Some Shandong refining enterprises had adhered to the price, and some had lowered their prices for shipments, resulting in a limited increase in transactions.
Market outlook
From the perspective of SunSirs, the phenol market will continue to operate at a high price in the short term, with small expectations of growth. The focus will be on the changes in market supply and demand.
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