Sulfuric Acid Market in 2023
2023-12-20
The overall performance of sulfuric acid prices in 2023 was weak, with prices significantly lower than last year. As of mid-December, the national average annual price of sulfuric acid was 233.68 yuan/ton, down 63.21 per cent from the same period last year. The price of sulfuric acid reached a market high of 333.13 yuan/ton in late September, while the low point was 153.19 yuan/ton in early June. During this period, the fluctuation range of sulfuric acid price reached 179.94 yuan/ton.
In the first half of the year, the sulfuric acid market experienced a trend of rising first and then falling. This is mainly due to the downstream demand recovery is not as expected, resulting in the peak season is not prosperous phenomenon. At the same time, the supply of sulfuric acid is relatively sufficient, and the oversupply situation is obvious, so the price upward weakness. Among them, in the first quarter, both the supply and demand sides of the sulfuric acid market showed signs of slow recovery, and prices remained stable. In the second quarter, the overall performance of sulfuric acid supply strong demand weak, the price of the following line mainly. In the second half of the year, the overall price of sulfuric acid showed a trend of first up and then down, of which the third quarter by the tightening of sulfuric acid supply, downstream market procurement enthusiasm to enhance the impact of price volatility higher. However, after entering the fourth quarter, affected by the downward consolidation of raw material prices and the easing of supply and demand, the price of sulfuric acid stopped rising and fell, and the overall performance was relatively weak.
From 2019 to 2023, domestic sulfuric acid production showed a year-on-year growth trend, both of which remained above 91 million tons, and the supply continued to be oversupplied. However, due to the large increase in capacity, and with the continuous release of new capacity, domestic supply is becoming more and more sufficient, and some of the new capacity is under-started, so the capacity utilization rate is on a downward trend. In 2023, the overall trading atmosphere of the sulfuric acid market was first suppressed and then rose, with sulfuric acid production estimated at 95.258 million tons, up 0.22 percent from last year, and capacity utilization at 64.67 percent, down 1.35 percentage points from 2022. The overall performance of the supply side is abundant.
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