Formic acid market conditions are mainly stable
The formic acid market price is mainly stable after the holidays, and individual companies can flexibly adjust their quotations according to their own conditions. After the holiday, the upstream sulfuric acid market price is stable, the upstream methanol market is consolidating within a narrow range, the cost support is acceptable, the downstream demand is gradually recovering, inquiries and purchases are mainly followed up, and the market transactions are orderly.
At present, the impact of costs is not significant. Market transactions are mainly based on demand, and cargo holders are actively shipping. It is expected that 85% of the domestic industrial grade formic acid market may be stable in the short term. More market news guidance needs to be paid attention to.
Aniline prices rose slightly this week
Aniline prices rose slightly this week. Prices increased by 0.21% from last week and fell by 9.84% from the same period last year.
Analysis and Commentary
Pure benzene: Yesterday, the negotiated price of pure benzene in the East China market rose slightly, and the transaction atmosphere was average. Transactions in recent months were mainly short-filling, and downstream factories purchased on demand. Due to weather conditions in Shandong, transportation is somewhat limited. In addition, the price difference between East China and Shandong is inverted, and the market is buying more gas than necessary. On Friday (February 23), the price of pure benzene increased by 1.11% from last week and 23.76% from the same period last year.
Nitric acid: Domestic nitric acid prices fell slightly this week. Prices fell 0.8% from last week and 21.32% from the same period last year.
Market outlook
Cost support is strong, some aniline factories are shut down, and the spot sales of aniline are reduced. The price of aniline rose slightly today.
MTBE market conditions are weak
According to the commodity market analysis system of SunSirs, the domestic MTBE market is weakly consolidating. From February 18 to 23, the price fell by 0.76% during the cycle, with a maximum amplitude of 0.95%, a month-on-month increase of 2.14%, and a year-on-year decrease of 6.70%.
Domestic MTBE prices have pushed up on the first day after the holiday, but after the push, downstream purchasing enthusiasm has been weak, and the market has slightly corrected. At the same time, due to widespread rain and snow, and logistics obstruction, manufacturers have increased their profit margins. After the holiday, the recovery of gasoline terminal demand is less than expected. The industry’s enthusiasm for purchasing related gasoline raw materials is average, and the wait-and-see mentality is strong. MTBE is mainly in a stalemate and consolidating.
On the cost side, crude oil: Tension in the Red Sea region has raised crude oil risk premiums, but a significant increase in U.S. crude oil inventories has limited crude oil gains. As of February 22, the settlement price of the main Brent crude oil futures contract was US$83.67/barrel, an increase of US$0.64 or 0.8%.
On the demand side, in terms of gasoline, after the long Spring Festival holiday, people traveled less and there was widespread snowfall in the northern region. Retail gas station shipments were average, and gas station customers mainly purchased on demand. The short-term MTBE demand side is affected by negative factors.
On the supply side, facilities such as Dongying Qifa, Minghao Chemical, Zhonghaojian, and Shandong Chengtai are still shut down. The short-term domestic MTBE supply is affected by positive factors.
The market outlook predicts that there is a certain positive trend in the market at present. Manufacturers are mainly shipping goods at high prices, but the demand is still weak. In the short term, the domestic MTBE market will mainly consolidate.
Post time: Feb-23-2024