The price of dimethyl ether has continued to fall sharply, hitting record lows as the domestic market remains in a deep slump. According to recent data, the price dropped from a yearly high of 4,150 yuan/ton in late February to 3,817.75 yuan/ton at present, marking a decrease of 331.25 yuan/ton or 7.98%. This downward trend has persisted for months, with little sign of recovery.
In early April and mid-May, the market saw a brief fluctuation, but prices still fell significantly. Although some manufacturers raised their factory prices, actual transaction prices continued to decline due to weak demand and poor shipping conditions. The ongoing price drop created a sense of uncertainty among market participants, with prices reaching their lowest point in recent history.
As of June 4th, the price of dimethyl ether reached a new all-time low of 3,818 yuan/ton. With no signs of improvement in the domestic market, many local dimethyl ether producers are now operating at a loss. Analyst Liu Keqin from DME reported that some manufacturers have suffered losses of up to 200 yuan/ton, forcing them to cut production due to unsustainable costs.
According to industry statistics, the operating rate of dimethyl ether plants dropped from 37% in March to just 28% in May. The sharp decline in prices has led to a widespread wait-and-see attitude among traders. With an oversupply of products in the market, downstream demand has plummeted, and most users are purchasing only what they need.
Liu Keqin also pointed out that the consumption of dimethyl ether remains sluggish. A large portion of the domestic production is used for blending with liquefied gas, and the downstream demand is limited. Although there are reports that new blending standards will be introduced this year, repeated incidents of illegal blending have made it difficult for the industry to gain confidence. While the new standards may provide legal recognition, they may not significantly boost sales.
Additionally, the development of new application areas for dimethyl ether has been slow. Issues such as overcapacity, cost transfer, and lack of clear regulations continue to weigh on the industry. As a result, the market remains in a state of decline.
Looking ahead, Liu Keqin believes that the current supply-demand imbalance, along with expected declines in methanol and liquefied gas prices, will further pressure the cost structure of dimethyl ether. This is likely to keep the bearish outlook intact. In the short term, the market is unlikely to reverse its downward trend and is expected to continue falling.
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