SunSirs: Insufficient Demand Led to a Bearish Trend in the MEK Market
March 15 2024 15:22:54 SunSirs (John)
Price trend
According to data monitoring by SunSirs, as of March 14, 2024, the domestic market price of MEK was referenced at 8,266 RMB/ton. Compared with March 10, 2024 (reference price of MEK was 8,316 RMB/ton), the price was reduced by 50 RMB/ton, a decrease of 0.60%.
Analysis review
At the beginning of March, the domestic MEK market saw a slight upward trend. After entering this week, the MEK market's upward trend rebounded, and the focus of market negotiations slightly declined. This week, the overall trading atmosphere in the MEK market was light, with average inquiries and weak downstream demand. The overall support provided by the demand side to the market was insufficient. Part of the MEK factories were shipping first, and the MEK market was beginning to show narrow discounts. The price of MEK had decreased by about 30-100 RMB/ton. As of March 14th, the domestic market price of MEK was based on around 8,100-8,500 RMB/ton.
Market outlook
As of March 14th, the trading atmosphere on the domestic MEK market was average, and the overall support provided to the MEK market on the market was loose. Downstream demand was boosted relatively slowly, and new orders were cautiously traded. SunSirs’ MEK data analysts believe that the domestic MEK market is mainly subject to narrow adjustments, and the specific trend still needs to pay more attention to the specific news changes on the supply and demand side.
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