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According to CGS-CIMB, the asking price for dimethylformamide in Southern China – as quoted by Oilchem.net, an online platform for energy and chemical information in China – was RMB10,200 a tonne. The price is inclusive of 13% value added tax and represents a year-to-date increase of 25% and y-o-y jump of 82%, it says.
SEE: Jiutian Chemical Group posts record FY20 net profit of $35.5 mil on surge in gross profit, other income and absence of impairment losses
“We remain positive as near-term ASP outlook remains strong,” CGS-CIMB analyst Lim Siew Khee, Ong Khang Chuen and Kenneth Tan write in a note dated Feb 24. The brokerage has forecast the company to record earnings of RMB222 million, up 28% y-o-y, in FY2021. As at 4.13 pm, Jiutian Chemical Group was down 0.6 cent or 6.3% at 8.9 cents with 95.4 million shares changed hands.