SunSirs: The Silica Market Had Been Operating Steadily This Week (April 12-19)
April 23 2024 11:18:58 SunSirs (John)
Price trend
According to the analysis system of the commodity market of SunSirs, as of April 19th, the average price of high-quality rubber grade silica in China was 5,866.67 RMB/ton. This week, the silica market maintained stable operation, with overall market prices remaining stable. Market supply and demand was mainly balanced, inventory was consumed normally, and mainstream prices remained around 6,000 RMB/ton.
Analysis review
This week, the stable operation of the silica market was the main focus, with limited price fluctuations. As of April 19th, upstream cost support was limited, and downstream demand was average, mainly through rigid demand procurement. Latest quotations from enterprises: Wuhan Hengjiu Chemical Co., Ltd. offered a price of 6,000 RMB/ton, Shandong Haideng New Materials Co., Ltd. offered a price of 6,600 RMB/ton, Jinan Century Lianxing Economic and Trade Co., Ltd. ed a price of 6000 RMB/ton, and Jinan Xinhou Trading Co., Ltd. offered a price of 5,500 RMB/ton. Most of the enterprise quotations were based on stability, with limited fluctuation range.
Technical analysis: Since March 31, 2024, the 7-day moving average had crossed the 30 day moving average and started an upward trend. As of April 19th, the two moving averages continued to rise in the same direction. On April 19, 2024, it is estimated that the probability of a change in operating trend (i.e. a 7-day moving average crossing the 30 day moving average) occurring within the next 7 days was 37.65%.
Market outlook
SunSirs' silica analyst believes that as of April 19th, silica had weak cost support, average downstream demand, and sufficient inventory. It is expected that the mainstream price will be around 6,000 RMB/ton in the short term.
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