Production: The monthly output was 120,100 tons, representing a decrease of 3.38% month-on-month.
Demand: Domestic demand has not significantly improved, with only a small amount of follow-up purchases being necessary.
Export: Melamine exports were 37,500 tons, down 14.58% from the previous month; the average export price was US$810.29 per ton, down 6.39% from the previous month.
In November, the average spot price of melamine in China was 5,853 yuan per ton, down 3.48% from the previous month and 20.84% year-on-year. Throughout the month, market dynamics were influenced by several factors.
Despite low overall capacity utilization in the northern regions, there was an increase in capacity utilization in Xinjiang and the southwest at the beginning of the month, leading to a rise in supply from these areas. However, sluggish downstream demand pressured manufacturers to continue shipping, contributing to a decline in prices in the northern market. By mid-month, maintenance shutdowns in Shandong reduced supply from the north, slightly narrowing the price gap between the north and south.
Meanwhile, enterprises in the southwest and Xinjiang regions experienced a modest improvement in sales, resulting in a gradual decline in inventories. By the end of the month, there was an increased willingness among enterprises to raise prices, although some high-end prices in the north were slightly adjusted downward. As of November 29, ex-factory prices in the north and south were nearly aligned.
In November, the domestic urea market remained volatile at a low level, with minor fluctuations controlled within a range of 50 yuan per ton.
Downstream demand continues to be sluggish, contributing to a slow decline in the melamine market.
The capacity utilization rate in the melamine industry decreased compared to the previous month.
In December, melamine supply is expected to gradually recover; however, downstream demand remains unpromising. Under these loose supply and demand conditions, the market may continue to operate weakly.
Remark: The analysis is based on transaction in China’s Melamine domestic market, it’s only for reference.
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