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Home | News |Weekly Polyurethane Market Review (March 24, 2014- March 28, 2014)
Weekly Polyurethane Market Review (March 24, 2014- March 28, 2014)
Updated: 2014-03-31 16:45 Source: PUWORLD share:

Market Review

Downward trend dominated PU products market this week. Buying enthusiasm presented quite low in traditional peak season of downstream industries. Deliveries were blocked. Trends in detail:

Isocyanate

Pure MDI: Pure MDI price fluctuated around the high level. Traders lifted quotations slightly at the beginning of this week, waiting for announcement of list and settlement prices from Wanhua. In addition, restart plan of NPU Rui’an unit was put off to mid April. NPU has already stopped quoting for now. However, downstream buying sentiment was really soft. Wanhua announced to lift both settlement and list prices by Rmb 500/ton towards week end, indicating its strong intention to push price up.

In east China, mainstream quotation was heard at Rmb 19400-19700/ton. NPU and Wanhua quoted at Rmb 19600-19700/ton. In south China, mainstream quotation was heard at Rmb 19500-19800/ton while NPU and Wanhua quoted at Rmb 20000/ton. In north China, mainstream quotation was settled at Rmb 19450-19800/ton while NPU and Wanhua quoted at Rmb 20000/ton.

Polymeric MDI: PMDI market headed to downswing. For raw materials, benzene price managed to keep stable after previous continuous down adjustments. Both aniline and liquid chlorine prices were hovering around the low level, offering no supports to polymeric MDI. For demands, major factories delivered goods directly to clients and maintained a stable operating rate while conditions for small factories were flat. Despite of shutdown in NPU and maintenance plan of Bayer, availabilities remained ample in polymeric MDI market. Under financial pressure, traders were eager to promote sales and negotiation price starts to look wobbly. April list price from Wanhua kept at Rmb 18000/ton, which to some extent, supports market confidence.

In east China, PM200 from Wanhua was heard at Rmb 16600-16800/ton, goods from BASF were heard at Rmb 16200-16400/ton, goods from Japan and south Korea were heard at Rmb 16000-16100/ton; In north China, PM200 from Wanhua were reported at Rmb 16600-16700/ton, goods from Shanghai sources were reported at Rmb 16200-16400/ton, goods from Japan and south Korea were reported at Rmb 16000-16100/ton; in south China, PM200 from Wanhua kept at Rmb 16800/ton, goods from BASF were heard at Rmb 16400-16500/ton while goods from Japan and south Korea were settled at Rmb 16200-16300/ton.

Liquefied MDI: Liquefied MDI market was stable with most insiders keeping on the fence. Manufacturers were mainly dealing with contract orders. Some traders were still facing unsmooth deliveries as downstream recovery presented rather slow. Sales condition varies in different downstream applications, but generally speaking, most deals were closed at low end.

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: Small down adjustments were witnessed in domestic TDI market. Buyers became more and more cautious in purchasing TDI as polyether prices stayed high while downstream operating rate presented flat. It was difficult for traders to promote sales and market price softened a little bit. TDI price will probably keep low in near term.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 19500-19600/ton while homemade goods (with tax) were reported at Rmb 18800-19100/ton. In east China, homemade feedstock (with tax) was heard at Rmb 18500-18900/ton while price for Shanghai goods (with tax) settled at Rmb 19200-19400/ton. In south China, price for homemade materials (without tax) was said at Rmb 17500-18000/ton while Shanghai goods (without tax) were heard at Rmb 18500/ton.

Polyol

AA (Adipic Acid): Adipic acid market rolled over at weak stance. Earlier this week, no distinct improvement appeared in terms of trade even if Haili had announced its settlement price. Overall production still kept low although market now was in busy season. Meanwhile, upstream benzene continued being sluggish.

Till now, goods from Shandong Haili were negotiated at Rmb 10300-10700/ton in east China, Rmb 10500-10900/ton in south China and Rmb 10400-10900/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 10800-10900/ton in east China, Rmb 10900-11100/ton in south China.

BDO: BDO market slid down this week impeded by soft demand. Middlemen even cut down quotations to stimulate shipment, but negotiation sentiment remained insipid still. Downstream PTMEG sector bargained for lower quotations, PBT slid down further, while GBL market remained insipid.

Bulk spot BDO was negotiated at Rmb 13350-13500/ton in east China, Rmb 13400-13500/ton in south China. Contract formulate bulk was heard at Rmb 13300/ton while drum at Rmb 14000-14700/ton. As to imports, Mitsubishi quoted in March at $2650/ton, down by $100/ton compared with last month.

PO (propylene oxide): Propylene oxide market this week eyed plummet. Plants quotations were reported of reduction of Rmb 1200/ton in Shandong area, then plants in east China followed the activity and cut down prices by Rmb 800/ton. Market was expected to roll over in the weak stance in the near term under impacts of soft raw materials and limited demand.

Till now, propylene oxide in Shandong and north China was quoted at Rmb 13500/ton (acceptance) and Rmb 13000-13100/ton by cash. Negotiations in east China pegged at Rmb 13400-14000/ton (delivered by cash), while mainstream negotiations in northeast hovered at Rmb 13300/ton.

PPG: Flexible PPG market headed towards downside as upstream PO weakened and downstream operations were at mediocre level. Approaching weekend, Gaoqiao Petrochemical cut down PPG prices by at most Rmb 1000/ton. Flexible PPG was quoted at Rmb 14100-14200/ton (ex-works by cash) in Shandong and north China, Rmb 14300/ton (delivered by cash) and Rmb 14500-14600/ton delivered in south China.

Rigid PPG market exhibited weak performance. Some plants downward adjusted ex-works prices due to softening upstream market. In east China, high-end 4110 was heard at Rmb 13000-13300/ton while low-end goods were heard at Rmb 12400/ton. In Shandong and north China, middle-end goods kept at Rmb 12400/ton, while high-end at Rmb 12600-12900/ton. In south China, high end product of 4110 was heard at Rmb 13400-13500/ton and middle-end at Rmb 13000-13200/ton.

Solvent

DMF: DMF market kept stable this week. Downstream players kept prudent since Luxi Chemical and Shaanxi Xinghua Chemistry restarted their facility. As far as now, mainstream trading values pegged at Rmb 5300-5500/ton in Jiangsu and Zhejiang, while Rmb 5500-5600/ton in south China.

MEK: MEK market turned up early since downstream marketers piled materials up. Meanwhile, Fushun Petrochemical was heard to implement maintenance in the near term, which would tighten supply up.

Till now, mainstream negotiation numbers were heard at Rmb 9300-9400/ton in east China and Rmb 9550-9600/ton in south China.

Downstream

PU Coating Systems: Coatings market remained stable. Manufacturers were not eager to adjust quotations and most of them supplied goods according to contracts.

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: Trading sentiment was mediocre in this week’s spandex market. There were limited orders from downstream weaving industries and most users were consuming previous inventories. In addition, there were no supports from raw material PTMEG and pure MDI markets as both of the two ran weakly. 40D were traded at Rmb 47800-53500/ton, 20D were negotiated at Rmb 59000-66000/ton and 30D were dealt at Rmb 55000-58000/ton.

Sole Resin: Market was stable. It was difficult for manufacturers to lift operating rate as orders from downstream and end-user industries failed to spring up as expected in traditional busy season.

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

TPU: Domestic TPU market ran stably this week. Polyester TPU manufacturers ran at 40-60% while polyether TPU producers were mainly dealing with contract orders. There are some individual foreign companies running high but it didn’t reflect mainstream condition. In addition, viewing weak raw material condition and ample supply, most TPU producers were mainly executing contract orders.

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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