On June 22, methanol futures of Zhengzhou Commodity Exchange closed at 2,526 RMB/ ton, up 2.93%. Crude oil prices hit a new high, boosting the domestic futures market. According to the monitoring of SunSirs, as of June 22, the average price of domestic methanol production enterprises in Shandong was 2,050 RMB/ ton, with a month on month decrease of 7.10% and a year-on-year increase of 55.32%.
In terms of spot market, production enterprises in the main production areas of Northwest China quoted about 2,050 RMB/ ton last week, with different performances in various regions in China. The market atmosphere in Henan, Shanxi and Lianghu regions was good, with the market quotation rising about 50-80 RMB/ ton on the same day. The implementation of environmental protection policies has an impact on the operating rate of formaldehyde industry in some areas. In terms of downstream products, the market prices of DME, formaldehyde and acetic acid are mostly down, while MTBE is finishing after rising.
On the downstream side, the formaldehyde market was stable and declining; The DME Market was stable and down, the shipment was still weak, and the overall atmosphere was flat; The domestic acetic acid market fell, and the early market price was on the high side, which led to the downstream conflict and the insufficient transaction of new orders in the market; The northern market of MTBE declined slightly, while the southern market was mainly stable.
In the external market, as of June 21, the closing price of CFR China methanol was 305.00-306.00 USD/ ton; CFR Southeast Asia methanol market closing price 354.00-355.00 USD/ ton. The US Gulf methanol market closed at 107.00-108.00 cents/ gallon, up 1 cent/ gallon; FOB Rotterdam methanol market closed at 313.0-314.00 euro/ ton, up 0.5 euro/ ton.
The higher futures market is expected to further boost the spot market, but the downstream demand is relatively rigid. SunSirs methanol analysts expect that China spot market of methanol mainly focuses on finishing in the later stage.