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Chang Zhongzhi, a researcher in the chemical industry of China Investment Advisors, pointed out that because most domestic methanol production enterprises mainly use coal as a raw material for production, the current domestic coal supply is relatively tight, and their prices have been running at a high level; at the same time, the rising trend of domestic natural gas prices is also very high. Obviously, this makes the price of methanol have a certain cost support. Therefore, the overall downward price of the methanol market in the near future is mainly affected by the weak demand in the downstream market.
The “Investment Analysis and Forecast Report of China's Methanol Industry in 2011-2015†published by the China Investment Advisor shows that there are various types of raw materials for methanol production and the sources are extensive. At present, the majority of Chinese enterprises’ methanol production raw materials are coal-based. The methanol production capacity of various coals accounts for more than 60% of the total domestic methanol production capacity. In coal-to-methanol process, the cost of coal accounts for more than 70% of the total cost of methanol production. Coal prices have a greater impact on the cost of methanol production.
In terms of downstream demand, the market for downstream applications of methanol, such as formaldehyde, dimethyl ether, and acetic acid, is sluggish, which has led to limited growth in demand for methanol, which has led to a decline in the price of methanol. Formaldehyde is the main application field of methanol in China, and about 80% of the formaldehyde is used in the artificial board market. Now that the domestic real estate market is in a weak state, the demand for man-made boards has grown at a limited rate, affecting the demand for formaldehyde, and the demand for methanol will also be lower. As a result, methanol prices have fallen.
In the dimethyl ether market, due to the competition of liquefied petroleum gas, the price of dimethyl ether has shown a downward trend, and now the domestic dimethyl ether production enterprises have a low operating rate, which will also affect the demand for methanol, which will lead to a drop in the price of methanol. In the acetic acid market, as the current price of acetic acid continues to maintain a weak consolidation, it will also play a role in suppressing the rise in domestic methanol prices.
Since the beginning of this year, the overall domestic methanol market price has been stable, but recently it has shown an overall downward trend. According to relevant data, methanol prices in Shandong, Jiangsu, Zhejiang, and Guangdong regions have recently been consolidating; methanol prices in Henan, Shanxi, and Heilongjiang have declined slightly.