PARAFFIN WAX MARKET NEWS ON SEP 18TH, 2018
As new week sets in, we have stepped into the second half of September and the third of quarter of this year is very likely to be over soon. So it is a very crucial stage for us for us to discuss what is going up.
In Asia countries, now the price of paraffin waxes with China origin across all grades and regions are in the high level after several rounds of price increasing due to tight supply as a result of refinery maintenance. This month the Jingmen refinery has announced a short term maintenance and the monthly production has decreased sharply which will remain around only over 1000mts. So the tight supply has lead to the price increase. JIngmen refinery, one of the subsidiary of Sinopec group, is very likely to stern the market mood. Some believe that refineries from PetroChina will follow up the trends and so far not yet confirmed. In Indonesia and Malaysia area, the palm waxes and stearic acid is more popular due to much better price but paraffin waxes as a core raw material is still imported as per the statistics.
In American countries, the trade conflicts is becoming more serious and US government has issued the policy to increase the tariff of waxes with China origin. China has also increased up the tariff by 25%. So we should attach great importance to it. Latin Americans, due to limited wax sources, paraffin waxes with China origin is fancied. For one thing, the price is good; for another, the quality is widely approved. Yes, all these years, most of the refineries are adopted the hydro-finishing process, the wax with China is more stable both in light stability but also thermal stability.
In European countries, the demand is recovering as the traditional peak season for candle is approaching. The REACH standard is strictly effected and wax quality is taken into great consideration.
Chinese National holiday is approaching and based on previous years of experience, the price will go up a little bit and it is time for you guys to consider the purchasing before the holiday in case of any delay.
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