On March 22, Sinopec's acetone listing price in East China was lowered by 150 to 6,000 RMB/ton, while Sinopec's acetone listing price in North China was lowered by 100 to 6,100-6,150 RMB/ton. The listing price of petrochemical enterprises was lowered, and the profits of phenol and ketone enterprises declined again. According to the monitoring of SunSirs, the price in the East China market has been reduced by 50 RMB/ton, with the negotiated mainstream of 5,900-5,950 RMB/ton. Other major mainstream markets also have room for a decline of 50-100 RMB/ton.
Analysis review
The market continued to be sluggish, mainly due to poor procurement from downstream terminal factories and scarce actual orders. The source of imported goods was limited and the supply was not loose, but demand was difficult to improve. The pressure on traders to ship goods was high, and the quotation had declined in a narrow range. In addition, Sinopec had intensively lowered its prices, resulting in a significant lack of confidence in the future market. Market transactions were mostly followed up by small orders.
Market outlook
It is estimated that the acetone market in East China will negotiate around 5,850 RMB/ton on the 23rd.
