SunSirs: Demand Was Weak and the Focus of the MEK Market Was Downward
March 26 2024 14:21:50 SunSirs (John)
Price trend
According to data monitoring by SunSirs, as of March 22, 2024, the domestic market price of MEK was referenced at 8,066 RMB/ton. Compared with March 17, 2024 (reference price of MEK was 8,233 RMB/ton), the price decreased by 167 RMB/ton, a decrease of 2.02%.
Analysis review
Entering late March, the domestic MEK market had shown a weak downward trend. Entering this week, the decline of MEK had intensified. Under the influence of insufficient demand, the overall negotiation focus of the MEK market continued to move towards a low level, and the low price of MEK in Shandong had fallen below 8,000 RMB/ton. As of March 22, the trading atmosphere on the MEK exchange was quiet, new inquiries were relatively light, the mentality of operators was average, and the overall pace of market shipments was slow. As of March 22, the domestic market price of MEK was based on around 7,800-8,400 RMB/ton, with a price reduction of 100-300 RMB/ton within five days.
Market outlook
As of March 22nd, the effective support in the MEK market was limited, and the overall supply and demand circulation in the South and East China markets was weak. Downstream was cautious with a strong wait-and-see sentiment. SunSirs ‘MEK data analysts predict that in the short term, the domestic MEK market will mainly adjust in a narrow range, 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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