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Home | News |Weekly Polyurethane Market Review (March 17, 2014- March 21, 2014)
Weekly Polyurethane Market Review (March 17, 2014- March 21, 2014)
Updated: 2014-03-24 16:44 Source: PUWORLD share:

Market Review

The traditional peak season failed to brace up market demand. Mainstream producers still stabilized quotations, while market revealed softness. Trends in detail:

Isocyanate

Pure MDI: Pure MDI market continued stable performance although market has entered traditional busy period. Most downstream plants have resumed productions, but still purchased materials on a hand-to-mouth basis. NPU facility in Rui’an was expected to recover soon in the following week. Approaching weekend, traders fimred quotations and plants made shipments based on contract.

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

Polymeric MDI: PMDI market continued the soft performance this week affected by weak aniline and benzene market. Meanwhile, downstream players also kept purchasing materials at a hand-to-mouth basis due to ample supply. In the near term, market was expected to roll over at weak stance.

In east China, PM200 from Wanhua was heard at Rmb 16800-17000/ton, goods from BASF were heard at Rmb 16500-16600/ton, goods from Japan and south Korea were heard at Rmb 16300-16400/ton; In north China, PM200 from Wanhua were reported at Rmb 16800-16900/ton, goods from Shanghai sources were reported at Rmb 16400-16500/ton, goods from Japan and south Korea were reported at Rmb 16300-16400/ton; in south China, PM200 from Wanhua kept at Rmb 17000/ton, goods from BASF were heard at Rmb 16500-16700/ton while goods from Japan and south Korea were settled at Rmb 16400-16500/ton.

Liquefied MDI: Liquefied MDI market was stable and marketers were waiting for the announcements of settlement and list prices in the following week.

BASF MM103C was quoted at Rmb 21300/ton this month with limited goods supplied to the market. Wanhua announced its March list price at Rmb 23200/ton, up by Rmb 500/ton compared to previous month. Bayer CD-C was mainly negotiated at Rmb 20500/ton. Negotiations of Kumho LL and NPU were respectively pegged at Rmb 20500/ton and $2750/ton.

TDI: TDI price slid down as downstream PPG producers kept prudent on procurement. Market was reported of unsmooth shipment and softening condition.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 19600-19700/ton while homemade goods (with tax) were reported at Rmb 19000-19200/ton. In east China, homemade feedstock (with tax) was heard at Rmb 18800-19000/ton while price for Shanghai goods (with tax) settled at Rmb 19500-19600/ton. In south China, price for homemade materials (without tax) was said at Rmb 18000-18100/ton while Shanghai goods (without tax) were heard at Rmb 18600-18700/ton. Imports were quoted at Rmb 18500-18600/ton with no tax.

Polyol

AA (Adipic Acid): There were no obvious improvements of supply-demand condition in adipic acid market early this week. Most deals were supported by rigid demands. Haili lifted settlement price to Rmb 11000/ton at the end of the week, which helped insiders to firm market price. However, downstream buyers were not very happy about that and raw material benzene price kept softening. Insiders were still very cautious.

Till now, goods from Shandong Haili were negotiated at Rmb 10400-10900/ton in east China, Rmb 10600-11000/ton in south China and Rmb 10500-10900/ton in north China. Feedstock from Liaoyang Petrochemical was mainly negotiated at Rmb 12000-12200/ton in east China, Rmb 12800-12900/ton in south China while Rmb 12000-12200/ton in north China. Cargoes from Xinjiang sources were heard at Rmb 10700-10900/ton in east China, Rmb 10900-11100/ton in south China.

BDO: Trading in BDO spot market was thin this week. Most manufacturers were executing contract orders now and downstream placed orders on hand-to-mouth basis. PTMEG market maintained stable consumption for raw material BDO supported by high operating rate, but PTMEG buyers showed resistance to increasing raw material price. Negotiation price of PBT dropped again due to ample inventory this week and PBT market failed to offer supports to raw material BDO. Manufacturers still intend to firm market price but they are very careful when adjust quotations now.

In east China, spot materials were heard at Rmb 13450-13550/ton (small order, by acceptance). In south China, bulk goods were heard at Rmb 13450-13600/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): Market presented stable-to-soft this week. Profit room of polyether manufacturers was severely squeezed under pressure from both upstream and downstream industries. Polyether manufacturers were not happy about high raw materials price and they only placed small orders to meet demands. PO sales turned weak compared to previous days. PO producers were eager to keep price stable but negotiation price still rolled over around a low level.

Currently PO prices were heard at Rmb 14800-15000/ton (delivered, by cash) in east China; price in Shandong and north China was reported at Rmb 14600-14700/ton (ex-works, by acceptance) and Rmb 14200-14400/ton (by cash). Cargoes in northeast China were traded at Rmb 14300/ton (by cash, ex-works).

PPG: Flexible PPG price was down adjusted in a small range this week. Gaoqiao Petrochemical lifted quotations by Rmb 100/ton in east China but downstream buyers wouldn’t like to place orders at high level in east China. South China market was relatively stable. Although CSPC undertook maintenance, market availabilities were still ample. There might be some adjustments in price after industrial conference. PPG price will probably fluctuate within a small range in near term. Common flexible PPG was heard at Rmb 14600-14800/ton (ex-works, by cash) in Shandong and north China, Rmb 15100/ton in south China and Rmb 15000-15200/ton (delivered, by cash) in east China.

Rigid PPG market presented stable this week. Raw material PO price moved up slightly last Friday, which dragged down downstream buying enthusiasm. Most downstream buyers chose to consume inventories or place orders according to demands. Facing increasing raw material pressure and weak downstream demand, polyether producers chose to keep on the fence and offer stable quotations.

In east China, high-end 4110 was stabilized at Rmb 13100-13300/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 13500-13700/ton and middle-end at Rmb 13000-13300/ton.

Solvent

DMF: Generally speaking, DMF market was stable this week. Manufacturers offered stable quotations early in the morning and downstream placed orders on a hand-to-mouth basis. In traditional busy season, manufacturers were eager to push price up, but viewing slow downstream demand, ample supply and restart plan of Luxi Chemical and Shaanxi Xinghua, DMF manufacturers were going to face intensifying competition.

Till now, mainstream trading values were heard at Rmb 5300-5500/ton in east China while Rmb 5500-5600/ton in south China.

MEK: MEK market softened further this week. Downstream demands were really weak and traders sold goods at a low price. Negotiation sentiment was depressed with low prices popping up.

Mainstream negotiation numbers were heard at Rmb 8850-8900/ton in east China while Rmb 9050-9100/ton in south China.

Downstream

PU Coating Systems: Coatings market was restrained by limited orders from end industry even in this busy period.

Wet PU coatings were negotiated at Rmb 9300-9700/ton and dry goods were heard at Rmb 9800-10200/ton in Jiangsu and Zhejiang. Nominations of wet goods were Rmb 9500-10100/ton and Rmb 10000-10700/ton for dry goods in north China and Shandong areas. Guangzhou and Fujian market quoted at Rmb 9500-10100/ton for wet goods and Rmb 10000-11000/ton for dry goods.

Spandex: Spandex plants remained high operations thus consumption of raw materials kept stable. However, downstream demand seemed not so good as far as now. There were no large orders for spandex market to ramp up, some producers slightly cut down their quotations to stimulate shipment.

Prices for 40D were heard at Rmb 47800-53500/ton while 20D at Rmb 59000-66000/ton, and 30D at Rmb 55000-58000/ton.

Sole Resin: During this traditional peak season plants had no plans for price adjustment. Market eyed limitation from end sectors. Overall operation rates were heard at 50%.

Goods are quoted at Rmb 17000-18000/ton in Jiangsu and Zhejiang while Rmb 17500-18000/ton in Guangzhou and Fujian.

TPU: Stable performance reflected in TPU market this week. Overall operation rates were heard at 50%-60%, and some were at 70%-75%.

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 40000-60000/ton in south China.

 

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