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 1,193.33 RMB/ton, and on the weekend, the average price of formaldehyde in Shandong was 1,186.67 RMB/ton, a decrease of 0.56%. The price had dropped by 5.32% compared to last year.
Analysis review
Recently, the price of formaldehyde in the Shandong region had fluctuated and fallen. From the above chart, it can be seen that the formaldehyde market had mainly fluctuated slightly in the past two months, with a slight decline this week. As of December 21st, the mainstream market price in Shandong region was 1,100-1,260 RMB/ton. This week, the price of raw material methanol fluctuated and fell, with poor cost support. Downstream sheet factories frequently took vacations, and procurement efforts led to a decline in the formaldehyde market.
Upstream methanol situation: In terms of supply, there was not much pressure on power plant replenishment, and there was a strong wait-and-see attitude. Most of the procurement plans had been postponed, resulting in low market activity. With the start of gas restrictions in Southwest China, there was a downward trend in domestic supply and demand, but there had been no significant change for the time being. SunSirs’Methanol Analyst predicts that the domestic methanol market is mainly weak and consolidating.
Market outlook
Recently, the methanol market had been weak and consolidating, with poor cost support and poor downstream demand. Therefore, formaldehyde analysts from SunSirs predict that the price of formaldehyde in Shandong will mainly decline in the near future.
