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Home | News |Weekly Polyurethane Market Review (November 25, 2013- November 29, 2013)
Weekly Polyurethane Market Review (November 25, 2013- November 29, 2013)
Updated: 2013-12-02 16:44 Source: PUWORLD share:

Market Review

Last week in November, market sentiment sharply cooled down. All other products ended up with mediocre performance except Polymeric MDI, of which market price was lifted slightly supported by strong list price. Trends in detail:

Isocyanate

Pure MDI: Manufacturers mainly arranged delivery for contract orders this week as there were limited enquiries and downstream buying enthusiasm presented quite low. Wanhua (Ningbo) is about to start maintenance on 2 December, which is predicted to have limited effect on the market. Wanhua (Yantai) announced November settlement and December list price. Market will probably stay stable in near future. Raw material aniline price kept balanced this week while benzene moved up a little bit.

In east China, mainstream quotation was heard at Rmb 19200-19300/ton. NPU quoted at Rmb 19800/ton while traded at Rmb 19600/ton. In south China, mainstream quotation was heard at Rmb 19400-19700/ton while NPU quoted at Rmb 20000/ton. In north China, mainstream quotation was settled at Rmb 19300-19500/ton while NPU quoted at Rmb 19700-19800/ton.

Polymeric MDI: Polymeric MDI price firmed at a high level this week as manufacturers controlled availability. With announcement of December list price from Wanhua, producers tended to firm quotations. Polymeric MDI price will probably keep unchanged in short term.

In east China, PM200 from Wanhua has been adjusted from Rmb 16500/ton to Rmb 16500-16000/ton, goods from BASF were heard at Rmb 16100-16300/ton, goods from Japan and south Korea were heard at Rmb 16000/ton; In north China, PM200 from Wanhua has been adjusted from Rmb 16500/ton to Rmb 16500-16600/ton, goods from Shanghai sources were reported at Rmb 16000-16300/ton, goods from Japan and south Korea were reported at Rmb 15900-16000/ton; in south China, PM200 from Wanhua has been adjusted from Rmb 16500/ton to Rmb 16500-16600/ton, goods from BASF were heard at Rmb 16200/ton while goods from Japan and south Korea were settled at Rmb 16000/ton.

Liquefied MDI: New order negotiation price headed to downswing for lack of supportive news and downstream demands. Producers declared their quotations for the coming month after Wanhua announced November settlement and December list prices. The whole market is running softly for the moment.

BASF MM103C was quoted at Rmb 20800/ton this month. Wanhua announced its December list price at Rmb 21800/ton, same as last month. 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 $2600/ton.

TDI: Early in the week, most insiders chose to keep on the fence, waiting for settlement price. Once it was announced, low-end prices started to disappear. However, dragged down by weak downstream industries, there were limited orders closed. Market will probably keep weak within a short period.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 2010-20200/ton while homemade goods (with tax) were reported at Rmb 19700-19800/ton. In east China, homemade feedstock (with tax) was heard at Rmb 19500-19600/ton while price for Shanghai goods (with tax) settled at Rmb 19700-19800/ton. In south China, price for homemade materials (without tax) was said at Rmb 19000-19200/ton while Shanghai goods (without tax) were heard at Rmb 19300-19400/ton.

 Polyol

AA (Adipic Acid): Adipic acid market remained stable this week, with downstream plants purchased on formulated contract basis. As to settlement price, Shandong Haili announced at Rmb 10500/ton, Xinjiang Dushanzi pegged at Rmb 10500/ton in east China and north China while Rmb 10600/ton in south China, Liaoyang Petrochemical settlement firmed at Rmb 12300/ton in east China and Rmb 12000/ton in north China.

Till now, mainstream negotiations were heard at Rmb 10200-10500/ton in east China, Rmb 10300-10700/ton in south China and Rmb 10300-10500/ton in north China.

BDO: BDO market was in stalemate in the last week of November. New orders were under discussion in downstream sectors, but meeting with soft end industries, new order volume was limited, players mainly kept prudent.

Spot materials negotiations reduced as of high-end from Rmb 13500-13750/ton to Rmb 13500-13650/ton, drum goods were heard at Rmb 14300-15400/ton. As to imports, demand was frigid since downstream players preferred to homemade materials.

PO (propylene oxide): PO market this week was flat supported by rigid demand. Plants saw smooth shipment due to low inventory. The new built 80 ktpa facility of Shandong Befar impacted market little.

As to market price, negotiations were heard at Rmb 13600-13700/ton ex-works by acceptance in Shandong and north China, while Rmb 13700-13900/ton delivered by cash in east China.

PPG: PPG market firmed at high mainly supported by raw material market. Negotiations were heard at Rmb 13900-14000/ton ex-works by cash in Shandong and north China, Rmb 14300/ton in south China, and same Rmb 14300/ton delivered by cash in east China.

Rigid PPG market this week continued steady performance. Most plants destocked inventory to control cost pressure. In east China, high-end 4110 was stabilized at 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 stabilized as a whole with negotiation room expanded. Meeting with conflict between up-going raw material cost and soft demand, DMF plants are facing great pressure of profit squeeze.

Till now mainstream quotations pegged at Rmb 5200-5300/ton in Jiangsu and Zhejiang and Rmb 5350-5550/ton in south China.

MEK: Tightness stimulated distinct price increase but downstream players rejected to purchased at high. Inventory level in sells side was mediocre. Quotation in east China was heard at Rmb 10100-10200/ton (bulk, ex-works) this week while price in south China was heard at Rmb 10000-10100/ton.

Downstream

PU Coating Systems: PU coating market was still mediocre as downstream industry enters off season. Insiders arranged delivery for contract orders.

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. In the meantime, part of Zhejiang province controlled electricity approaching end of the year, resulting shutdowns in some of downstream buyers. Although there are some spandex producers who also stopped operating due to limited power, it failed to support overall market. Spandex inventories are still relatively low. Therefore we saw small down adjustment in mainstream negotiation price while mainstream settlement price still kept stable. Mainstream prices for 40D were heard at Rmb 50000-55000/ton while 20D were heard at Rmb 59000-66000/ton. For spot trades, shipments were mainly propped by rigid demands.

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: Negotiation sentiment was quite good in domestic TPU market as there were stable consumption from pipe and wire. Operating rate kept stable as well. However, as raw materials presented weak and there was no significant improvement of downstream demand expected, TPU manufacturers were mainly delivering goods to long term orders. Opinions for market prospect varied.

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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