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Home | News |Weekly Polyurethane Market Review (March 31, 2014- April 4, 2014)
Weekly Polyurethane Market Review (March 31, 2014- April 4, 2014)
Updated: 2014-04-08 16:49 Source: PUWORLD share:

Market Review

Ups and downs reflected this week with downstream sectors improving slowly. Trends in detail:

Isocyanate

Pure MDI: Pure MDI suppliers pushed quotations up early this week since Wanhua increased its list and settlement prices. However, downstream players just kept prudent on their procurement for rejecting buying at high prices. In the mid week, Lianheng mother liquor facility and BASF rectification facility went into maintenance, while NPU facility would restart production approaching weekend. Market prices firmed.

Mainstream negotiations pegged at Rmb 19500-19800/ton in east China, Rmb 19600-20000/ton in south China and Rmb 19550-19800/ton in north China. Feedstock from NPU and Wanhua was negotiated at Rmb 20000/ton in east China and north China, while Rmb 20000-20300/ton in south China.

Polymeric MDI: PMDI rolled over at weak stance this week. Upstream benzene went up and firmed, while aniline also followed the uptrend. However, entering Q2, demand actually kept insipid still and eyed no apparent improvement. News that Bayer and BASF are to implement maintenance on MDI facilities had no effect on market prices. Wanhua announced its April list at Rmb 18000/ton. Market was expected to roll over at weak stance in the near term.

PM 200 was quoted at Rmb 16500/ton in east China, Rmb 16500-16700/ton in north China and south China. Shanghai materials were priced at Rmb 16000/ton in east China, Rmb 15800-15900/ton in north China and Rmb 16200-16300/ton in south China. Feedstock from South Korea and Japan pegged at Rmb 15800-16000/ton in east China, Rmb 15800-15900/ton in north China and Rmb 16000-16200/ton in south China.

Liquefied MDI: Liquefied MDI market was stable and middlemen were active in shipments, but downstream players still kept purchasing at a hand-to-mouth basis. Mainstream negotiations moved up a bit due to tight availability.

BASF MM103C was quoted at Rmb 21800/ton this week with limited goods supplied to the market. Wanhua announced its April list price at Rmb 23700/ton, up by Rmb 500/ton compared to previous month. Bayer CD-C was mainly negotiated at Rmb 20900/ton. Negotiations of Kumho LL and NPU were respectively pegged at Rmb 21000/ton and $2750/ton.

TDI: TDI price slid down partly as downstream PPG producers kept prudent on procurement and partly due to ample supply. Market was expected to roll over at weak stance in the near term.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 19000-19200/ton while homemade goods (with tax) were reported at Rmb 18500-18600/ton. In east China, homemade feedstock (with tax) was heard at Rmb 18100-18500/ton while price for Shanghai goods (with tax) settled at Rmb 18800-19000/ton. In south China, price for homemade materials was said at Rmb 17200-17500/ton while Shanghai goods (without tax) were heard at Rmb 18200-18400/ton.

Polyol

AA (Adipic Acid): Adipic acid market presented stable-to-soft this week. Buyers had weak intention in placing orders and negotiation level for Xinjiang goods was relatively low. Shandong Haili announced list price at Rmb 10700/ton in midweek, down by Rmb 400/ton compared to last month. Prices were unlikely to dip further thanks to strong raw material benzene.

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 10400-10800/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 10400-10800/ton in east China, Rmb 10600-11000/ton in south China.

BDO: BDO market was mediocre. Quotations in early April tended to go downward. Sales of goods at high-end quotations were blocked. In addition, negotiation sentiment of April orders was quite weak. Insiders were not very positive about market prospect. Phase two unit of Shaanxi BDO has already started output and will probably be able to supply goods to the market in mid or late this month while downstream Fujian Meizhouwan PBT also finished test run and started output. Although there were new capacities in both supply and demand, supports from buyers were relatively weak. Insiders were expecting price to go down.

In east China, spot materials were heard at Rmb 13250-13450/ton (small order, by acceptance). In south China, bulk goods were heard at Rmb 13300-13450/ton (by acceptance) while drummed goods at Rmb 14000-14700/ton. For import goods, most suppliers were dealing with contract orders. Quotations from Japan Mitsubishi were heard at $ 2600/ton, negotiation room remained.

PO (propylene oxide): Manufacturers were working hard to keep stable prices this week. At the beginning of this week, price dropped further. Manufacturers tried hard to stop price from declining and some of them lifted quotations slightly. However, downstream market didn’t show much response to this adjustment. As inventory of downstream PPG market was at high level, there were limited rigid demands for raw material PO. Market price will probably keep stable within a short period.

Currently PO prices were heard at Rmb 13300-13500/ton (delivered, by cash) in east China; price in Shandong and north China was reported at Rmb 13500/ton (ex-works) and Rmb 13000/ton (by cash). Cargoes in northeast China were traded at Rmb 13200/ton (by cash, delivered).

PPG: Softness dominated flexible PPG market. PO manufacturers would like to keep stable quotations. But PPG inventories piled up due to blocked sales and there are very limited demands from end-user industry now. PPG market will keep soft in near term. Common flexible PPG was heard at Rmb 13500-13600/ton (ex-works, by cash) in Shandong and north China, Rmb 13500-13600/ton in south China and Rmb 13600-14000/ton (delivered, by cash) in east China.

Rigid PPG market hovered around low level this week. Raw material PO producers tried to firm prices but buyers didn’t want to purchase raw material at high level and most of them chose to keep on the fence. Downstream manufacturers were mainly consuming previous inventories and affected by previous sharp decrease in PO, they had little intention in placing orders. Rigid PPG market will stay low in near term.

In east China, high-end 4110 was reported at Rmb 12500-12800/ton (ex-works, barreled goods) while low-end goods were heard at Rmb 12100/ton. In Shandong and north China, middle-end goods kept at Rmb 12100/ton (ex-works by acceptance), while high-end at Rmb 12400-12600/ton. In south China, high end product of 4110 was heard at Rmb 13000/ton and middle-end at Rmb 12600-12800/ton.

Solvent

DMF: Generally speaking, DMF market was stable this week. Luxi chemical and Shaanxi Xinghua restarted. Operating rates in downstream industries were low and manufacturers had limited intention in buying raw material DMF. Suppliers offered stable quotations and traders worked hard to sales goods.

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 was quite strong. MEK quotations climbed up at the beginning of this week. Viewing tight supply, traders lifted quotations and market price went up accordingly. Downstream buyers placed orders on a hand-to-mouth basis. April maintenance of Fushun Petrochemical helped quotation to stay firmed.

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

Downstream

PU Coating Systems: Coatings market kept stable. Large plants were heard of high operation rates while medium and small-sized of low rates. Downstream facilities were restrained by limited orders from end sectors and mainly purchased materials based on contract.

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: Domestic spandex market was reported as stable, the large plants kept running at full capacity, while small ones at 70% capacity or lower. However, current inventory was available for more than 30 days. Downstream plants kept stable procurements. Prices for 40D were heard at Rmb 48000-52800/ton while 20D at Rmb 59000-66000/ton, and 30D at Rmb 55000-58000/ton.

Sole Resin: Market was reported as stable this week. This year sole resin market has eyed falling orders from export market, meanwhile met pressure from RMB appreciation. 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%-70%, and some were higher. Downstream players remained stable procurement.

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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