Mentality panic might push crude anhydride price to fall further
Release time:
2024-07-09
Author:
Source:
This week, the crude anhydride market fell sharply, down 2.73%, and now the mainstream transaction price of the crude anhydride market is 7800-7950 yuan/ton.
Market analysis:
This week, the crude anhydride market plunged sharply. The price of crude anhydride in mainstream areas fell by about 1000 yuan/ton than prices in the previous high. By the end of this week, the mainstream offering price of crude anhydride in Shandong was 7900-7950 yuan/ton and the actual transaction was difficult. Low-level supply of goods in Shanxi continues to emerge, with an offering price of 7400 yuan/ton. There are few transactions in Hebei, with a small number of transactions at the price of 7,400-7,600 yuan/ton. Prices in Inner Mongolia fell slightly to about 7,400 yuan/ton.
The reason for this significant downward adjustment of crude anhydride price is mainly due to the impact of Shanxi Daitouhe 7,800 yuan / ton abortive auction, coupled with the petrochemical pure anhydride price falling by 300 yuan/ton on Wednesday, which undoubtedly makes it worse. Downstream hydrogenated anhydride, methyl anhydride, dimethyl anhydride market by the low level of crude oil shock and the impact of the decline in the foreign market quotes slipped significantly, the crude anhydride market stops trading to wait and see, and the transaction is scarce. And the downstream Hengfeng chemical anhydride and hydrogenated has long endured the pain of high prices of crude anhydride raw materials since the second half of last year, and their operation was miserable and it was difficult for them to make profits. With the prices of Hengfeng chemical anhydride and hydrogenated anhydride fell, the downstream merchants are taking the opportunity to suppress the price of pure anhydride.
Outlook Forecast:
To sum up, Liu Meili, a crude anhydride analyst at the Chemical Branch of the Shengyishe Information Service, believes that at present, the crude anhydride is dominated by bearish sentiment, the short-term crude anhydride market is bearish and it’s difficult to change, and the mentality of the crude anhydride and the downstream market is panic. It is expected that price of crude anhydride still has room to fall in the short-term.
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