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Home | News |Weekly Polyurethane Market Review (November 4, 2013- November 8, 2013)
Weekly Polyurethane Market Review (November 4, 2013- November 8, 2013)
Updated: 2013-11-11 16:38 Source: PUWORLD share:

Market Review

Raw material markets reflected various trends this week but mainly remained weak under impact of conflict between demand and supply. Producers showed great willingness for price firming, but to maintain customers, they had to adjust price levels. Trends in detail:

Isocyanate

Pure MDI: Pure MDI market rolled over at weak stance, upstream benzene prices in east China stabilized at Rmb 9000-9050/ton picked up by customers, while downstream coatings sector was now piling up raw materials or had finished stock-up. Market in the following week was expected to roll over.

In east China, pure MDI was mainly quoted at Rmb 19300-19800/ton, among which goods from NPU and Wanhua were at Rmb 19800/ton while Shanghai goods were at Rmb 19300-19500/ton. In south China, mainstream quotations were heard at Rmb 19500-20200/ton, among which goods from Shanghai were reported at Rmb 19500-19700/ton while that from Wanhua and NPU were priced at Rmb 19800-20200/ton.

Polymeric MDI: Polymeric MDI market maintained stable with decreasing demand. Distributors reported steady shipments and low quotations.

In east China, PM200 from Wanhua has been adjusted from Rmb 15,700-15,800/ton to Rmb 15600-15700/ton, goods from BASF were adjusted from Rmb 15300-15500/ton to Rmb 15200-15400/ton, goods from Japan and south Korea were heard at Rmb 15000/ton; In north China, PM200 from Wanhua has been adjusted from Rmb 15800-15900/ton to Rmb 15700-15800/ton, goods from Shanghai sources were heard at Rmb 15300-15500/ton, goods from Japan and south Korea were reported at Rmb 15200-15300/ton; in south China, PM200 from Wanhua has been adjusted from Rmb 15800-16000/ton to Rmb 15700-15800/ton, goods from BASF were heard at Rmb 15400-15500/ton while goods from Japan and south Korea were heard at Rmb 15200-15300/ton.

Liquefied MDI: This week liquefied MDI market softened entering slack season. Stable supply and weakening demand restrained players’ purchasing activity.

BASF MM103C was quoted at Rmb 20800/ton, slightly down over last month. Wanhua announced its November list price at Rmb 21800/ton, down by Rmb 400/ton compared with last month, but the price had not been confirmed yet by manufacturer. Bayer CD-C was mainly negotiated at Rmb 20200-20400/ton. Negotiations of Kumho LL and NPU were respectively pegged at Rmb 20300-20500/ton and $2650/ton.

TDI: TDI market rolled over this week. In south China, traders slightly increased quotations by Rmb 100-200/ton at first, but as downstream players kept prudent, quotations dropped back. In east China and north China, market continued the small decreases, glut stance remained still.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 0,200-20,500/ton while homemade goods (with tax) were reported at Rmb 20,000-20,200/ton. In east China, homemade feedstock (with tax) was heard at Rmb 19,500-19,700/ton while price for Shanghai goods (with tax) settled at Rmb 19,800-19,900/ton. In south China, price for homemade materials (without tax) was said at Rmb 19,000-19,200/ton while Shanghai goods (without tax) were heard at Rmb 19,300-19,500/ton.

Polyol

AA (Adipic Acid): Domestic adipic acid market tended to be stable this week. It is said that there were less orders for Sinopec this month and it would be difficult for adipic acid price to turn upward. Downstream buyers offered limited demands for adipic acid. Upstream material benzene price is likely to keep stable within a short period. Imbalance between supply and demand remains to be a critical factor to domestic adipic acid market.

Till now, in east China, mainstream price was heard at Rmb 10000-12400/ton while goods were negotiated at Rmb 10300-12900/ton in south China.

BDO: First week in traditional offseason, domestic BDO market appeared flat as expected. Mainstream negotiation price moved down slightly as downstream buyers tried very hard to force raw material BDO price down. Some goods holders had to down regulate their quotation.

As to prices, spot materials were heard at Rmb 13700-13900/ton (small order, by acceptance). Drum goods were heard at Rmb 14500-15600/ton. Imports were hovered at $1900-3000/ton with negotiation room remained, high price for drummed goods while low price for bulk cargoes.

PO (propylene oxide): There was no adjustment of PO quotation heard this week. Producers were free of inventories for the moment. Factories which took maintenance previously began to lift operating rate gradually. In addition, Shandong Befar plans to release its new capacity next Monday and imports are going to arrive in eastern ports successively. Downstream buyers mainly place orders to satisfy rigid demand.

Currently PO prices were heard at Rmb 13600-13800/ton (delivered, by cash) in east China; price in Shandong and north China was reported at Rmb 13600-13800/ton (ex-works, by acceptance).

PPG: Flexible PPG market presented stable. As raw material PO firmed at current level, PPG producers are under heavy cost pressure. In consideration of downstream receptivity, PPG manufacturers chose to offer stable quotations. Downstream buyers place small orders to meet rigid demands. Flexible PPG price will probably keep firmed within a short period.

Common flexible PPG was heard at Rmb 13900-14000/ton (ex-works, by cash) in Shandong and north China, Rmb 14200-144300/ton in south China and Rmb 14100-14200/ton (delivered, by cash) in east China.

Condition in rigid PPG market was similar to that in flexible PPG market. Prices were heard stable for the moment and players mainly pay attention to raw material PO trend.

In east China, high-end 4110 was lifted to Rmb 12500-12800/ton (ex-works, barreled goods) while low-end goods were heard at Rmb 11600/ton. In Shandong and north China, middle-end goods kept at Rmb 12000/ton (ex-works by acceptance), while high-end at Rmb 12400-12500/ton. In south China, high end product of 4110 was heard at Rmb 12600-12800/ton and middle-end at Rmb 12400/ton.

Solvent

DMF: DMF market was mediocre this week. Raw material carbinol firmed at a high level, but downstream PU coating buyers have already finished stocking up. There was no inventory in Anhua Huaihua while unit in Luxi chemical was still shut down. Other mainstream factories operated at normal level.

Till now, goods were quoted around Rmb 5,300-5,600/ton (delivered, by acceptance) in Jiangsu and Zhejiang. Quotations and negotiations were reported at Rmb 5350-5500/ton in north China and Shandong. Homemade goods were settled at Rmb 5,400-5,600/ton (delivered, by acceptance) in Guangzhou and Fujian.

MEK: There is no price adjustment heard in domestic MEK market. Fushun Petrochemical’s 30 ktpa unit restarted after maintenance and added to market availability. But there were still limited supplies. Goods holders offer quotations according to market dynamic and negotiation level was kept stable. Downstream factories were mainly consuming previous inventories.

Quotation in east China was heard at Rmb 9600/ton (bulk, ex-works) this week while price in south China was heard at Rmb 9700/ton.

Downstream

PU Coating Systems: Market is entering slack season, and plants are stocking materials up or had completed the pile-up. Overall operation rates were at 50%.

Wet PU coatings were negotiated at Rmb 9700-10200/ton and dry goods were heard at Rmb 10200-10900/ton in Jiangsu and Zhejiang. Nominations of wet goods were Rmb 9800-10700/ton and Rmb 10400-11200/ton for dry goods in north China and Shandong areas. Guangzhou and Fujian market quoted at Rmb 9800-10700/ton for wet goods and Rmb 10800-12000/ton for dry goods.

Spandex: Orders from end industries gradually reduced, and some weaving mills reported decreasing operation rates. Operations in warp knitting and circular knitting sectors also eyed weak performance. However, limited inventory in plants side still supported market to some extent. Till now, 40D and 20D were respectively heard at Rmb 50000-55000/ton and Rmb 59000-66000/ton. Spot market is witnessing depressed deals.

Sole Resin: In this week sole resin operations mainly kept at 30%-40%. In medium-sized and large plants, operations were heard at 60%. Market remained insipid and insiders would keep wait-and-see attitude in the near term.

TPU: Negotiation sentiment presented soft and orders from end sectors actually remained flat. The peak season actually should have appeared at this moment, but suppressed by weak economic conditions, TPU insiders mainly kept on the fence.

Pure polyester (80A-95A) BG TPU was quoted at Rmb 23,000-24,500/ton while pure EG TPU was quoted at Rmb 18500-19000/ton. Mainstream price moved up slightly. Polyester TPU used in cable was quoted at Rmb 25000-27000/ton while that applied in film was heard at Rmb 25000-26000/ton. Polyether TPU used in cable industry was heard at Rmb 37000-38000/ton. Polyether TPU was quoted at Rmb 40000-60000/ton in south China. Manufacturers offer specific price for each order.

 

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