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Home | News |Weekly Polyurethane Market Review (November 11, 2013- November 15, 2013)
Weekly Polyurethane Market Review (November 11, 2013- November 15, 2013)
Updated: 2013-11-18 15:19 Source: PUWORLD share:

Market Review

Weak sentiment dominated PU market this week with most products heading to downswing. There were no supportive factors reported. Approaching traditional off season of chemical industry, overall markets were soft affected by insipid economic situation expect MDI, which increased within a small range. Players were still cautious. Trends in detail:

Isocyanate

Pure MDI: There were limited fluctuations in pure MDI market this week. Demands from downstream application areas were very soft. As downstream PU coating industry enters “winter”, demand downtrend is unlikely to be revised and insiders are having low expectations for market prospect. Raw material benzene price presented stable with a small increase seen at the end of the week.

Pure MDI from Shanghai sources was quoted at Rmb 19200-19300/ton in east China, Rmb 19400-19700/ton in south and Rmb 19300-19500/ton in north. Goods from Wanhua and NPU were heard at Rmb 19800-20000/ton.

Polymeric MDI: Polymeric MDI price increased expectedly this week. Trading value headed down at the beginning of this week following decreasing demand. However, as Rui’an sharply lifted ex-works quotations then, manufacturers lifted prices successively too. Dealers stopped offering quotations to observe the market. Polymeric MDI price will probably keep stable within a short term.

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

Liquefied MDI: Deals were more likely to be closed at low level of negotiation range this week. Restricted by bearish downstream market, holders tried very hard to promote sales.

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 was struggling around low level this week with ample availability and weak demand. Current quotation has already come very close to cost line, thus goods holders are cautious when offering prices.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 19700-19800/ton while homemade goods (with tax) were reported at Rmb 19500-19700/ton. In east China, homemade feedstock (with tax) was heard at Rmb 19300-19500/ton while price for Shanghai goods (with tax) settled at Rmb 19600-19700/ton. In south China, price for homemade materials (without tax) was said at Rmb 18800-19000/ton while Shanghai goods (without tax) were heard at Rmb 19300-19400/ton.

Polyol

AA (Adipic Acid): Adipic acid market presented flat and downstream demand condition continued soft performance. Liaoyang Petrochemical had restarted production and the products targeted at high-end market. Xinjiang material supply tightened thus prices slightly moved up.

Till now mainstream negotiation numbers were heard at Rmb 10100-12400/ton in east China, Rmb 10500-12900/ton in south China while Rmb 10600-12600/ton in north China.

BDO: BDO slid down this week by Rmb 100-200/ton with slack season approaching. Downstream purchasers slowed down buying activities and increased frequency of bargain. Meanwhile, new added capacity is soon to come on stream, the conflict between supply and demand is intensifying.

Spot materials in small orders were negotiated at Rmb 13600-13800/ton by acceptance while Rmb 13400-13500/ton by cash. Drum goods were discussed at Rmb 14500-15600/ton. As to imports, quotations pegged at $1900-3000/ton with room remained.

PO (propylene oxide): Propylene oxide market was in stalemate this week. Upstream propylene and liquefied chlorine firmed at high, giving supports to PO market to some extent. Imports successively arrived at east China but were soon consumed. Befar 80 ktpa new facility was under initial operation and no output was heard.

Propylene oxide was negotiated at Rmb 13600-13800/ton ex-works by acceptance in Shandong and north China, while Rmb 13700-13900/ton delivered by cash in east China.

PPG: Flexible PPG this week kept stable with roll-over heard in both south China and east China, demand into high-priced PPG was limited. In Shandong and north China, wait-and-see sentiment prevailed and players remained prudent.

Flexible PPG was negotiated at Rmb 13900-14000/ton (ex-works b cash) in Shandong and north China, Rmb 14200-14400/ton in south China while Rmb 14300/ton in east China (delivered by cash).

Rigid PPG followed the trend of propylene oxide and kept steady. Pressure from cost remained, while downstream demand exhibited insipid.

In east China, high-end 4110 was heard at Rmb 12500-12800/ton while low-end goods were heard at Rmb 11600/ton. In Shandong and north China, middle-end goods kept at Rmb 12000/ton, while high-end at Rmb 12400-12500/ton (ex-works). 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 performed insipid this week. Upstream methanol continued uptrend, which supported DMF a bit, but downstream coatings market’s entering winter had caused great pressure for DMF players. Till now mainstream quotations pegged at Rmb 5300-5500/ton in Jiangsu and Zhejiang, Rmb 5200/ton (ex-works) in north China and Shandong district, while Rmb 5500-5900/ton in south China.

MEK: MEK exhibited gloomy with thick wait-and-see sentiment prevailing. Quotations were down by Rmb 100/ton per day in east China to Rmb 9300/ton, while numbers reduced by Rmb 200/ton per day to Rmb 9400/ton in south China.

Downstream

PU Coating Systems: PU coating market was mediocre this week. Overall operating rate was heard at 40%.

Wet PU coatings were negotiated at Rmb 9500-10200/ton while traded at Rmb 9200-9700/ton and dry goods were heard at Rmb 10200-10900/ton in Jiangsu and Zhejiang. Nominations of wet goods were Rmb 9800-10600/ton and Rmb 10400-11200/ton for dry goods in north China and Shandong areas. Guangzhou and Fujian market quoted at Rmb 9800-10600/ton for wet goods and Rmb 10400-11200/ton for dry goods.

Spandex: Purchase enthusiasm from downstream weaving industry for raw material spandex cooled down this week as orders from end-user applications decreased. Spandex inventory added slightly. However, as it is getting colder in China, insiders are confident for market prospect. Mainstream prices for 40D were heard at Rmb 50000-55000/ton while 20D were heard at Rmb 59000-66000/ton. For spot trades, shipments from spandex manufacturers were slightly less than last week as downstream enquiries turned quiet. But as inventory level of spandex manufacturers is recorded low for the moment and there are still certain amounts of demands from downstream buyers, spandex market presented stable now.

Sole Resin: Sole resin price was flat. General operating rates were heard at 40-50%. Till now market quotations were heard at Rmb 17000-18000/ton in Jiangsu and Zhejiang while Rmb 17500-18500/ton in Guangzhou and Fujian with negotiation room remained.

TPU: Trading sentiment presented flat in domestic TPU market. Insiders originally thought orders from end-user industries would increase by end of the year, however, facing unstable macro economy and weak sentiment among raw material markets, TPU is surely bearish for lack of positive supports.

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. 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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