Price trend
According to the commodity market analysis system of SunSirs, the formaldehyde market in Shandong had recently declined. At the beginning of the week, the average price of formaldehyde in Shandong was 1,237.50 RMB/ton, and on the weekend, the average price of formaldehyde in Shandong was 1,252.50 RMB/ton, a decrease of 1.21%. The price had increased by 7.97% year-on-year.
Analysis review
Recently, the price of formaldehyde in the Shandong region had risen and fallen. From the above chart, it can be seen that the formaldehyde market had mainly fluctuated slightly in the past two months, and this week's market had risen. As of May 23rd, the mainstream market price in Shandong region was 1,250-1,360 RMB/ton. This week, the price of raw material methanol had skyrocketed, with strong cost support. Mainstream downstream plate factories had maintained a high demand for procurement, and their enthusiasm for receiving goods was high. The overall market transaction was still good, and the market was mainly upward.
Upstream methanol situation: The domestic methanol market was on the rise. On the cost side, the available resources at ports were gradually decreasing, especially due to the tight supply of some high-quality chemical coal. In addition, the market still had expectations for the upcoming peak season, and traders had a strong sentiment of price support. In mid month, most coal mines maintained normal production status, mainly focusing on fulfilling long-term agreements, and the coal supply was relatively stable. With the rise in temperature and the demand for electricity, downstream power plants may gradually replenish their warehouses, providing some support for coal prices. The cost of methanol influenced the market with favorable factors.
Market outlook
In recent times, the price of raw material methanol had mainly fluctuated at high levels, and there was an expectation of a decline in the operating rate of downstream sheet factories. Market transactions may weaken. Therefore, formaldehyde analysts from SunSirs predict that the price of formaldehyde in Shandong will mainly decline in the near future.
