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Home | News |Weekly Polyurethane Market Review (March 3, 2014- March 7, 2014)
Weekly Polyurethane Market Review (March 3, 2014- March 7, 2014)
Updated: 2014-03-11 13:33 Source: PUWORLD share:

Market Review

Market this week reflected insipid performance although the traditional peak season is arriving. Plants were mainly upward adjusting quotations, but they were meeting with difficulty as lacking demand. Trends in detail:

Isocyanate

Pure MDI: MMDI market prices went up this week supported by plants’ adjustment and NPU facility problem. However, downstream players were resistant to high cost thus deals were limited. As far as now, mainstream negotiations pegged at Rmb 19400-19700/ton in east China, Rmb 19500-19800/ton in south China and Rmb 19500-19800/ton in north China. Materials from NPU and Wanhua were quoted at Rmb 19600-19700/ton in east China, Rmb 20000/ton in south China and north China.

Polymeric MDI: PMDI list prices were significantly increasing under cost pressure, but downstream customers had limited demand and negotiation sentiment seemed insipid. Market prices kept flat.

Till now, PM 200 was quoted at Rmb 17100-17300/ton in east China, Rmb 17000-17200/ton in north China and Rmb 17200-17300/ton in south China. Shanghai goods were priced at Rmb 16600-16900/ton in east China, Rmb 16700-16900/ton in north China while Rmb 16700-16900/ton in south China. Feedstock from South Korea and Japan was heard at Rmb 16500-16700/ton in east China, south China and north China.

Liquefied MDI: Liquefied MDI market turned towards upside with March list prices slightly moved up, coupled with demand warmed up. However, downstream players mainly kept purchasing materials at a hand-to-mouth basis. Middlemen were reported as active in shipment with negotiation room remained.

BASF MM103C was quoted at Rmb 21300/ton with limited availability, Wanhua announced March list at Rmb 23200/ton while February settlement at Rmb 21000/ton, Bayer CD-C and Kumho LL were mainly negotiated at Rmb 20500/ton, while NPU quoted its mateirals at $2750/ton.

TDI: TDI market rolled down this week. Downstream sectors kept slow recovery although suppliers controlled shipment under cost support. The oversupplied condition coupled with lack of demand. Till now, homemade materials were negotiated at Rmb 19500-19600/ton in Shandong and north China, Rmb 19200-19300/ton in east China, while Rmb 18600-18700/ton (without tax) in south China. Shanghai goods were heard at Rmb 20000-20100/ton in Shandong and north China, Rmb 19700-19800/ton in east China, and Rmb 19000-19100/ton in south China.  

Polyol

AA (Adipic Acid):  Early this week, Haili announced list price and intended to keep quotation firmed, however, adipic adpic market was filled with negative news and it was heard that price may dip further. Market came to a deadlock. Downstream were cautious in placing orders while suppliers chose to keep on the fence. Approaching traditional peak season, players’ expectations vary. Some are saying price may turn bullish while some think price will probably dip. Tianli and Liaoyang Petrochemical units are stopped while Jiangsu Haili and Hualu-hengsheng operate on two production lines.

Till now, goods from Shandong Haili were negotiated at Rmb 10600-10900/ton in east China, Rmb 10700-11000/ton in south China and Rmb 10800-10900/ton in north China. Feedstock from Liaoyang Petrochemical was mainly negotiated at Rmb 12000-12300/ton in east China, Rmb 12800-13000/ton in south China while Rmb 12000-12300/ton in north China. Cargoes from Xinjiang sources were heard at Rmb 10800-10900/ton in east China, Rmb 10900-11100/ton in south China.

BDO: Unlike previous years, BDO price didn’t move up after Spring Festival this year. Supplies increased stably. Although Changlian chemical Panjin-based unit operated low, it has already started outputting. Downstream negotiation for March orders showed rather soft. Non spandex PTMEG market headed to downswing while spandex PTMEG and PBT market rolled over around low level. New capacity of Fujian Meizhouwan added to market availability. Although goods-holders tried to firm quotation, it is difficult for market price to go upward.

In east China, spot materials were heard at Rmb 13500-13650/ton (small order, by acceptance). In south China, bulk goods were heard at Rmb 13500-13700/ton (by acceptance) while drummed goods at Rmb 14200-15500/ton. For import goods, most suppliers were dealing with contract orders. Quotations from Japan Mitsubishi were heard at $ 2650/ton, negotiation room remained.

PO (propylene oxide): Domestic PO price continues to go up this week. Maintenance of Shandong Xinyue units intensified tightness of market availability. Most PO factories are free of inventory for the moment, which lifts manufacturers’ confidence. They up adjusted their quotations several times in one week’s time. Most downstream buyers place orders according to demands and they are not able to follow up with PO price trend. Strong sentiment will probably continue into next week.

Currently PO prices were heard at Rmb 14650-14800/ton (delivered, by cash) in east China; price in Shandong and north China was reported at Rmb 14600-14700/ton (ex-works, by acceptance).

PPG: Small increases were reported in domestic flexible PPG market. Price in Shandong and north China increased by Rmb 200/ton early in the week, but downstream price didn’t follow up. Market in east China was generally stable, however, under cost pressure Sinopec Gaoqiao lifted price by Rmb 200/ton. Southern China market was relatively quiet. CSPC plans to undertake maintenance next week but it won’t affect supply-demand balance. PPG price will probably increase together with PO next week. Common flexible PPG was heard at Rmb 14700-14800/ton (ex-works, by cash) in Shandong and north China, Rmb 15000/ton in south China and Rmb 15000-15100/ton (delivered, by cash) in east China.

Rigid PPG market firmed at the high level after small increase this week. Supported by strong raw material PO and smooth trading sentiment, rigid PPG manufacturers lifted quotations. Regional prices followed upward trend. Recovering condition of downstream demands didn’t reach previous expectations as most buyers were consuming inventories and placed orders to meet rigid demands. In east China, high-end 4110 was stabilized at Rmb 13000-13300/ton (ex-works, barreled goods) while low-end goods were heard at Rmb 12600/ton. In Shandong and north China, middle-end goods kept at Rmb 12600/ton (ex-works by acceptance), while high-end at Rmb 12900-13100/ton. In south China, high end product of 4110 was heard at Rmb 13400-13600/ton and middle-end at Rmb 12800-13000/ton.

Solvent

DMF: There were only a small amount of deals closed in domestic DMF market. Early in the week, there were several sources tried to lift quotations slightly but price then fell back restricted by soft trading condition. Manufacturers offered stable quotations and downstream buyers placed order to meet rigid demands. As supplies increase gradually while demands from end-user industry are still in slow recovery, it will be difficult for market price to go up.

Till now, mainstream trading values were heard at Rmb 5400-5600/ton in east China while Rmb 5600-5700/ton in south China.

MEK: MEK quotations moved up following up-adjustment of Sinopec quotations. In addition, availabilities in east China were tight. Despite of active enquiries, amounts of real deals were still flat.

Mainstream negotiation numbers were heard at Rmb 9400-9600/ton in east China while Rmb 9500-9700/ton in south China.

Downstream

PU Coating Systems: Coatings market rolled down partly due to payment problem in end sectors and partly on account of low operations.

As far as now, wet PU coatings were negotiated at Rmb 7700-8500/ton and dry goods were heard at Rmb 8700-9200/ton in Jiangsu and Zhejiang. Nominations of wet goods were Rmb 8200-8700/ton and Rmb 9000-10000/ton for dry goods in north China and Shandong areas. Guangzhou and Fujian market quoted at Rmb 8000-8700/ton for wet goods and Rmb 9000-9800/ton for dry goods.

Spandex: This week spandex market eyed good trading sentiment and stable shipment. Some downstream large factories were on the way of recovery, thus demand for spandex increased. Till now, 40D was mainly heard at Rmb 48000-53500/ton, while 20D and 30D were respectively pegged at Rmb 59000-66000/ton and Rmb 55000-58000/ton.

Sole Resin: Sole resin market this week continued the weak performance. The overall sector made readjustments after Wenling fire accident, which killed 16 people. Currently there were more than 3000 shoe factories resumed production, but sentiment seemed very glummy. Till now, general sole resin was negotiated at Rmb 17000-18000/ton in Jiangsu and Zhejiang, while Rmb 17500-18000/ton in Guangzhou and Fujian.

TPU: TPU market was stable as a whole due to slow downstream recovery and soft upstream markets. South China market was in trouble of labor short.

Pure polyester (80A-95A) BG TPU was quoted at Rmb 22,500-24,500/ton while pure EG TPU was quoted at Rmb 18000-18500/ton. 65E pure BG from Baoding Bangtai was negotiated at Rmb 26000/ton while 66 series was heard at Rmb 27000-28000/ton; UT 590 with medium transparency was heard at Rmb 40000/ton while goods with high transparency were reported at Rmb 42000/ton; polyether TPU used in cable was quoted at Rmb 37000-38000/ton. Polyether TPU was quoted at Rmb 40000-6000/ton in south China.

 

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