1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of October 29th, the average quotation price of domestic high-quality DMF enterprises was 4000 yuan/ton. The DMF market was mainly weak in October, with prices falling narrowly. The overall price in October fell by 0.99%, with a decline of about 40 yuan/ton,
2、 Cause analysis
Market wise: In the first half of October, domestic DMF prices showed a stable to weak trend, with mainstream quotes ranging from 5500-6000 yuan/ton (in East China). Some companies slightly lowered prices due to inventory pressure. In late October, due to fluctuations in raw material methanol prices and weak downstream demand, prices were further pressured, with some manufacturers’ quotes falling to 5300-5800 yuan/ton, and high-end transactions were rare.
Supply and demand relationship: raw material costs, fluctuating methanol prices (with an average price of about 2400-2600 yuan/ton in October), limited support for DMF costs. On the demand side, downstream industries such as PU pulp and electronic chemicals have average operating rates, and procurement is mainly based on essential needs, lacking centralized replenishment power. On the supply side, some equipment maintenance has ended, market supply has increased, and inventory pressure has become apparent.
In terms of cost, domestic coal to methanol project approvals are becoming stricter, coke oven gas routes are affected by steel production cuts, Iran’s unstable natural gas supply is causing delays in new production capacity, green methanol has become a new demand highlight due to the International Maritime Organization’s zero emission policy, and MTO plant restarts and some downstream new production support demand.
3、 Future forecast
DMF analysts from Shengyi Society believe that the DMF market is operating weakly, with insufficient price increases and weak downstream demand. It is expected that prices will maintain their current trend in the short term.