SunSirs: Under the Support of Cost, the Market Price of Formaldehyde in Shandong Rose Slightly

　　According to the monitoring data of SunSirs, the formaldehyde market in Shandong rose slightly this week. The average price of formaldehyde in Shandong at the beginning of the week was 1,166.67 RMB/ton, and the average price of formaldehyde in Shandong at the weekend was 1,186.67 RMB/ton, an increase of 1.71%. The price fell by 8.25% month-on-month, and the price increased by 7.77% year-on-year.

　　Analysis review

　　This week, the market price of formaldehyde in Shandong was stable and rising. From the monitoring data of SunSirs, it can be seen that after formaldehyde had fallen for three consecutive months, the market rose slightly this week, with a small increase. As of January 20, the mainstream market price of formaldehyde in Shandong was 1,180-1,200 RMB/ton. Qingzhou Hengxing Chemical Co., Ltd. has two formaldehyde plants with an annual output of 120,000 tons shut down for maintenance. Recently, the start-up of formaldehyde enterprises was at a low level, the market trading atmosphere was general, and the market price rose slightly.

　　Upstream methanol situation: the recent average price of domestic methanol from production enterprises was 2,515 RMB/ton. The international oil price was strong, the oil price was firm, the coal price was higher, and the methanol cost was supported. However, the number of logistics vehicles was expected to decrease, and traders operated cautiously. The inventory of downstream raw materials was acceptable, and some of them purchased on demand. In the short term, the domestic methanol market will mainly be consolidating. The rising methanol market can give formaldehyde a certain cost support.This week, as the Spring Festival is approaching, some sheet factories are closed for holidays, while others are operating normally, maintaining just-needed purchases. Formaldehyde manufacturers ship according to orders, and some manufacturers reduce their burdens and plan to overhaul. However, due to the rise in methanol prices, formaldehyde rose slightly.

　　Market outlook

　　Recently, the domestic formaldehyde market has an upward trend, but the downstream demand is difficult to improve. Therefore, the formaldehyde analyst of SunSirs predicts that the recent price of formaldehyde in Shandong will mainly increase slightly.