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Home | News |Weekly Polyurethane Market Review (April 21, 2014- April 25, 2014)
Weekly Polyurethane Market Review (April 21, 2014- April 25, 2014)
Updated: 2014-04-28 15:23 Source: PUWORLD share:

Market Review

There were ups and downs in PU market. Towards the end of traditional busy season, downstream buyers were very cautious when place orders. Trends in detail:

Isocyanate

Pure MDI: Pure MDI market was quiet this week. Trading presented light and was mainly supported by rigid demand. As traditional busy season is about to end, orders turned less and most of them were closed under the payment of acceptance. Negotiation level of high-end range dropped slightly.

In east China, mainstream quotation was heard at Rmb 19500-20000/ton. NPU and Wanhua quoted at Rmb 20300/ton. In south China, mainstream quotation was heard at Rmb 19700-20600/ton while NPU and Wanhua quoted at Rmb 20400-20600/ton. In north China, mainstream quotation was settled at Rmb 19600-20500/ton while NPU and Wanhua quoted at Rmb 20500/ton.

Polymeric MDI: Domestic PMDI market is still on a downward trend this week. Raw material benzene prices were firm due to tight supply. In addition, Sinopec up adjusted list price by Rmb 100/ton. However, downstream demands remained weak and most buyers were keeping on the fence and waiting for May list price. Market price will probably fluctuate around current level.

In east China, PM200 from Wanhua was heard at Rmb 15800-15900/ton, goods from BASF were heard at Rmb 15500-15600/ton, goods from Japan and south Korea were heard at Rmb 15700/ton; In north China, PM200 from Wanhua were reported at Rmb 15800-15900/ton, goods from Shanghai sources were reported at Rmb 15500-15600/ton, goods from Japan and south Korea were reported at Rmb 157000-15800/ton; in south China, PM200 from Wanhua kept at Rmb 16000-16200/ton, goods from BASF were heard at Rmb 15800/ton while goods from Japan and south Korea were settled at Rmb 15800-16000/ton.

Liquefied MDI: Liquefied MDI market was stable. Negotiation sentiment presented flat in spot market and most insiders were mainly busy with contract orders. Restricted by weak overseas economics, downstream buyers arranged procurement on a hand-to-mouth basis. Downstream buyers reacted differently to increasing April list price, but generally speaking, there were no significant improvement in terms of demands.

BASF MM103C was quoted at Rmb 21800/ton this month 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: Slight decline was witnessed in TDI market this week as supplies remained ample while demands stayed weak. Market price will probably presented stable-to-soft in near term.

In Shandong and north China, prices for Shanghai goods (with tax) were heard at Rmb 18400-18600/ton while homemade goods (with tax) were reported at Rmb 17500-17600/ton. In east China, homemade feedstock (with tax) was heard at Rmb 17300-17600/ton while price for Shanghai goods (with tax) settled at Rmb 18200-18500/ton. In south China, price for homemade materials (without tax) was said at Rmb 16800/ton while Shanghai goods (without tax) were heard at Rmb 17600-17800/ton.

Polyol

AA (Adipic Acid): This week adipic acid market rolled over at weak stance with negotiations in south China weakened due to limit demand. On Thursday upstream benzene continued the uptrend, making plants feel pressurized in terms of sales. Shanxi Yangquan Coal has been maintaining off stance since last Friday due to electric power, while Xinjiang Tianli restarted this week.

Till now, goods from Shandong Haili were negotiated at Rmb 10000-10400/ton in east China, Rmb 10300-10600/ton in south China and Rmb 10200-10500/ton in north China. Feedstock from Liaoyang Petrochemical was mainly negotiated at Rmb 12000-12200/ton in east China, Rmb 12500-12600/ton in south China while Rmb 12100-12300/ton in north China. Cargoes from Xinjiang sources were heard at Rmb 10400-10600/ton in east China, Rmb 10600-10800/ton in south China and Rmb 10500 by cash in north China.

BDO: BDO market softened further with negotiations continued being loose due to severe conflict between demand and supply. Spandex market was affected by slow operations in its downstream sectors, while PTMEG and PBT mainly kept stable.

In east China, spot materials were heard at Rmb 13000-13200/ton. In south China, bulk goods were heard at Rmb 13000-13250/ton while drummed goods at Rmb 14000-14500/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): Propylene oxide market presented an upside picture this week. Raw material propylene firmed at high place while liquefied chlorine eyed significant growth. Under the circumstance, propylene oxide plants upward adjusted quotations by twice totally around Rmb 400/ton, followed PPG market. However, players in end industry turned to be prudent due to increasing cost.

Currently PO prices were heard at Rmb 12300-12500/ton (delivered, by cash) in east China; price in Shandong and north China was reported at Rmb 11800-12200/ton (by cash) and Rmb 12200-12400/ton (by acceptance, ex-works).

PPG: Flexible PPG market this week went up under supports of propylene oxide cost. Currently plants in end industries were mainly destocking raw material inventory, meanwhile the industry would enter slack season. However, PPG inventory had been in low level since last week and players expected the market to slightly move up in the near term.

Till now, goods were priced at Rmb 12600-12800/ton (bulk, by cash, ex-works) in Shandong and north China, Rmb 12900-13200/ton (by cash, bulk, delivered) in east China while Rmb 12900-13100/ton in south China.

Rigid PPG quotations also reflected upward tendency. Upstream PO prices ramped up while negotiation sentiment in PPG market improved, and downstream sectors were starting procurement as well. Currently PPG prices kept steady.

In east China, middle-end 4110 was reported at Rmb 12000-12400/ton (by cash) while low-end goods were heard at Rmb 11000/ton. In south China, high end product of 4110 was heard at Rmb 12500/ton and middle-end at Rmb 12,200-12,300/ton, low-end goods were heard at Rmb 11000/ton. In Shandong and north China, middle-end goods kept at Rmb 11800-12000/ton (ex-works by acceptance), while low-end at Rmb 11000/ton.

Solvent

DMF: DMF plants firmed quotations early this week, and then with market continued presenting glut stance, traders got busy in shipments. In the mid week, market turned to be insipid on account of seasonal reason. Downstream players were keeping prudent on procurement.

As far as now, materials were mainly dealt at Rmb 5200-5500/ton in Jiangsu and Zhejiang, while Rmb 5450-5550/ton in south China.

MEK: MEK rolled over at high stance. Last Friday Hebei Zhongjie Petrochemical and Shandong Dongming Petrochemical upward adjusted prices, which braced traders’ confidence up. Meanwhile, downstream plants started piling inventory up. In the mid week, CNPC increased its quotations in south China by Rmb 200/ton and Lanzhou Petrochemical announced at Rmb 9500/ton in east China. Approaching weekend, market continued the firm performance and was heard of tight supply in some areas.

Till now, mainstream negotiations pegged at Rmb 9550-9600/ton in east China and Rmb 10000-10100/ton in south China.

Downstream

PU Coating Systems: Coatings market remained stable. Wenzhou government has carried out synthetic industry regulation scheme, aiming to control pollution concentration. According to the scheme, more than a half of current production line will be cut off by end of next year.

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 manufacturers were keeping at a high operating rate now but downstream demands still presented sluggish, which resulted in increasing inventory pressure. Mainstream prices kept stable but there were low-price deals closed. 40D were traded at Rmb 48000-52800/ton, 20D were negotiated at Rmb 59000-65500/ton and 30D were dealt at Rmb 55000-58000/ton.

Sole Resin: Sole resin market was stable with steady operating rate and flat sales. In the newly held leather industrial conference, authorities have worked out new policies to help improve industrial condition. Some non-standard companies will be shut down and some illegal buildings will be pulled down. In the meantime, the government will help some of the companies develop e-business.

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 was quite healthy this week with most factories running at 50-70%. According to feedback from week’s CHINAPLAS, demands were quite good. Weak raw material markets restricted TPU profits.

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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