According to the Commodity Market Analysis System of Business Society, the domestic aggregated MDI market fluctuated and declined in April. From April 1st to 29th, the domestic aggregated MDI market price increased from 16500 yuan/ton to 16866 yuan/ton, with a monthly price increase of 2.22% and a year-on-year price increase of 6.75%.

In the first half of the month, the domestic aggregated MDI market situation was sorted and operated, and suppliers continued to maintain a proactive attitude, controlling the quantity of shipments. Although the current supply side’s main factories maintain a low volume, the downstream market’s consumption capacity is limited.

In mid month, the domestic aggregated MDI market prices rose, boosting new orders and prices, releasing social inventory, limited supply of new goods from suppliers, tightening spot prices, and boosting focus, resulting in higher prices.

In the latter half of the month, the domestic aggregated MDI market saw a narrow upward trend, with a strong follow-up. After the demand side gradually entered the warehouse in the early stage, it has recently concentrated on digesting the increase and inventory, and its buying ability is average. Insufficient follow-up ability in downstream markets. But the supplier continues to maintain a proactive attitude, on the one hand, offering higher prices, and on the other hand, controlling the quantity of shipments.

The supply side is affected by favorable factors such as reduced supply from production enterprises.

On the cost side, raw material pure benzene: The domestic supply of pure benzene has decreased, and traders are actively shipping at high prices, shifting the focus of negotiations. However, downstream demand for pre holiday replenishment is approaching, procurement enthusiasm has decreased, and the price drop has not met downstream expectations, creating a sticky trading atmosphere. As of April 28th, the benchmark price of pure benzene for Shengyishe is 8750.50 yuan/ton. Raw material aniline: Currently, the supply and demand logic of aniline in China continues to be weak. As of April 28th, the benchmark price of aniline in Shengyishe is 12067.50 yuan/ton. The cost impact of aggregating MDI is mixed.

On the demand side, the May Day holiday is approaching, and downstream buyers are gradually entering the warehouse in the early stage. In the near future, buying and watching will be the main focus, considering an overall strong follow-up, combined with reserve warehouse demand, or a small amount of follow-up orders expected. The short-term aggregate MDI demand side is influenced by favorable factors.

In the future market forecast, the domestic aggregated MDI market price has reached a high level, with traders mostly adopting a wait-and-see attitude, and suppliers continuing to maintain a price stance. Business Society’s aggregated MDI analyst predicts that the domestic aggregated MDI market is mainly strong and consolidating.

Recent trends in urea prices

This week, the domestic urea market is poised to rise and slow down. At the beginning of the week, the urea market was affected by bearish news from India, with exports being suppressed and the urea market falling. But after mid week, the market returned to fundamentals, and urea production remained generally low. With the support of factory orders, urea prices slightly surged, but still did not break through the previous decline. According to the Commodity Analysis System of Business Society, the price of urea in Shandong dropped from 2444 yuan/ton at the beginning of the week to 2434 yuan/ton at the end of the week, a decrease of 0.41%.

From the supply side, the current operating rate of urea enterprises is around 80%, and the daily production of urea in China is about 180000 tons, with little change in supply compared to the previous period. Within the week, the factory prices of mainstream urea manufacturers in Shandong rebounded after falling, and the overall change was not significant, with the fluctuation controlled at around 20 yuan/ton.

From the upstream market perspective:

Liquefied natural gas: As of April 28th, the average price of liquefied natural gas in China was 4104 yuan/ton, an increase of 1.33% compared to the average price of 4050 yuan/ton on April 22nd. Traffic has resumed smoothly, and market trading has increased. The combined decrease in import volume, the decline in US exports, and the shutdown of some Russian facilities. Under tight supply conditions, low liquid prices are pushing upwards.

Coal: Coal has been operating weakly this week, while thermal coal has maintained normal production and sales overall, and the market has been operating weakly overall. Still focusing on implementing long-term cooperative shipping. Some coal mines have completed their production tasks this month, and the overall coal supply level has slightly decreased. Traders tend to maintain a cautious wait-and-see attitude due to their average willingness to ship due to their uncertainty about the future market.

Liquid ammonia: This week, liquid ammonia in Shandong region rose. According to the Commodity Analysis System of Business Society, the weekly increase in liquid ammonia was 3.8%, mainly due to a significant decline in the previous period. Manufacturers showed a clear attitude of price support this week, and prices slightly rebounded. During the week, prices of a large factory in Shandong generally fell and rebounded, with an increase of over 100 yuan/ton. The supply and demand fundamentals remain stable. Although the peak season for agricultural procurement is approaching, factory orders remain high, and industrial demand remains in high demand. At present, the mainstream quotation in Shandong region is between 2850-3000 yuan/ton.

From the perspective of downstream demand: agricultural demand has weakened, while industrial demand is average. Spring plowing is gradually coming to an end, with sporadic fertilization as the main focus. Composite fertilizer, board, and melamine enterprises have started production at a low level, and the industry lacks confidence in trading and investment, with a focus on essential procurement. This week, the downstream price of melamine in urea is still hovering at the bottom, and the price remains unchanged from last week. There has been no improvement in the price this week.

Looking at the future: Business Society urea analysts believe that in early May, it is expected that the urea market in Shandong will maintain a narrow adjustment pattern. Although upstream raw material support for urea is strong, downstream agricultural demand may slow down with seasonal weakening, and industrial rigid demand will be the main focus. Especially, exports may be affected by insufficient Indian procurement, and prices may loosen.

According to monitoring data from Business Society, as of April 23, the domestic price of n-butanal was 7903 yuan/ton, a decrease of 1.51% compared to 8025 yuan/ton on April 1.

Upstream aspect:

The raw material propylene experienced a wave of rise in the first half of April and then cooled down. Due to the impact of the supply chain, inventory remained low, and downstream polypropylene demand was strong, leading to further price increases. With the increase in quotation, downstream product cost pressure increased, procurement sentiment weakened, and prices subsequently declined.

In terms of raw material hydrogen: In April, the domestic hydrogen market had sufficient supply of goods. Except for the northern Jiangsu region, which was driven by the photovoltaic action and had strong demand support and strong prices, other regions basically bottomed out and operated.

Downstream aspect:

In April, the n-butanol market showed an overall volatile and declining trend, with weak demand. Purchasing was based on essential needs, and market inquiries were relatively cautious.

Business Society’s butyraldehyde data analyst believes that supply and demand are weak, and the price of butyraldehyde is falling again and again. In the future, the market will tend to consolidate weakly, and the specific trend needs to pay attention to supply and demand information.

This week, the price of plasticizer DOTP stopped falling and rebounded

According to the Commodity Market Analysis System of Shengyishe, as of April 22, the price of DOTP was 9925 yuan/ton, an increase of 0.25% compared to the fluctuating price of 9900 yuan/ton on April 15. The price of raw material isooctanol has risen, the price of phthalic anhydride has fluctuated and risen, PTA prices have weakened and consolidated, and the cost of plasticizers has increased; Plasticizer DOTP manufacturers are operating steadily, with sufficient supply of DOTP. Downstream enterprises are undergoing maintenance, resulting in a decrease in demand for plasticizers and a decrease in demand for cost increases. As a result, DOTP prices have fluctuated and risen this week.

The price of isooctanol fluctuated and rose this week

According to the Commodity Market Analysis System of Business Society, as of April 22, the quotation for isooctanol was 9640 yuan/ton, an increase of 1.26% compared to the quotation of 9520 yuan/ton on April 15; Compared to April 1st, the price of isooctanol fluctuated and decreased by 4.17% to 10060 yuan/ton. This week, the price of isooctanol has fluctuated and risen, while the price of raw material propylene has fluctuated and risen. With cost support, the downward pressure on isooctanol has weakened, and the upward momentum has increased; Downstream customers still have purchasing enthusiasm, while iso octanol manufacturers are actively shipping. The positive support for iso octanol is significant.

The price of phthalic anhydride fluctuated and rose this week

According to the Commodity Market Analysis System of Shengyishe, as of April 22, the quotation for phthalic anhydride was 7737.50 yuan/ton, an increase of 0.16% compared to the price of 7725 yuan/ton on April 15; Compared to April 1st, the price of phthalic anhydride fluctuated and increased by 1.98% to 7587.50 yuan/ton. The price of crude oil continues to rise, the cost of phthalic anhydride has risen, the price of nefa phthalic anhydride has risen, and the support for the rise of ortho phthalic anhydride has increased. The supply and demand situation of phthalic anhydride is temporarily stable, and the price of phthalic anhydride will remain stable in the future. The cost support of phthalic anhydride for plasticizer DOTP is limited.

Downstream enterprises have less than expected maintenance

This week, the capacity utilization rate of PVC production enterprises decreased month on month, but the maintenance of enterprises did not meet expectations, and the capacity utilization rate of enterprises increased year-on-year. The maintenance is mainly concentrated in mid April, and the expected start of construction in the next week is expected to increase, with an increase in production and an increase in demand for plasticizers.

Future expectations

Business Society plasticizer product data analysts believe that in terms of cost, the price of isooctanol fluctuates and rises, the price of phthalic anhydride fluctuates and rises, and the cost of plasticizer DOTP increases; On the supply side, the production of plasticizer DOTP is at a high level, and there is an oversupply of plasticizer DOTP; In terms of demand, PVC manufacturers have seen a decrease in production, with an expected increase in production in the next week, and an expected increase in demand for plasticizer DOTP. In the future, the cost of plasticizer DOTP raw materials has risen, and demand has rebounded. It is expected that DOTP prices will fluctuate and rise in the future.

1、 Price trend

Taking the sulfuric acid method rutile type titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market price fell this week. The average price of titanium dioxide on Monday was 17266.67 yuan/ton, and on Friday it was 17133.33 yuan/ton, with a price reduction of 0.77%.

2、 Market analysis

The domestic titanium dioxide market prices have fallen this week. The overall trading situation on the domestic exchange is average, with limited new orders and a downward focus on trading on the exchange. Downstream wait-and-see sentiment is strong, demand is weakening, and procurement is cautious. The export market has performed well. As of now, domestic prices for rutile type titanium dioxide are mostly between 16700 and 18300 yuan/ton; The quotation for rutile titanium dioxide is around 15500 yuan/ton. The actual transaction price is negotiable.

In terms of titanium concentrate, the focus of the titanium concentrate market in Panxi region has slightly declined this week. There is a strong wait-and-see sentiment in the market, and there is significant cost pressure in the downstream titanium dioxide market. Purchasing is cautious, and the prices of high priced goods on the market have slightly adjusted downwards. As of now, the tax-free quotation for grade 38-42 titanium ore is around 1600-1650 yuan/ton, the tax-free quotation for grade 46 10 titanium concentrate is around 2300 yuan/ton, and the tax-free quotation for grade 47 20 titanium concentrate is around 2350-2480 yuan/ton. In the short term, the market price of titanium concentrate is temporarily stable, and the actual transaction price is negotiable.

In terms of sulfuric acid, the domestic sulfuric acid market prices have remained stagnant this week. According to data monitoring from Business Society, the average price of sulfuric acid this week was 328.75 yuan/ton. The market price of sulfuric acid has been stable recently, and the actual transaction price is mainly negotiated.

3、 Future Market Forecast

Business Society Titanium Dioxide Analyst believes that currently, the price of titanium concentrate in Panxi region has slightly decreased, sulfuric acid prices are temporarily stable, titanium dioxide costs are under pressure, and downstream market demand is weak. It is expected that in the short term, the market situation for titanium dioxide will be mostly wait-and-see, with weak and stable operation as the main focus, and the actual transaction price will be negotiable.

This week, the domestic titanium tetrachloride market maintained stable operation. According to the monitoring system of Shengyishe, as of April 18th, the benchmark price of titanium tetrachloride in Shengyishe was 10825.00 yuan/ton, an increase of 1.41% compared to the beginning of this month (10675.00 yuan/ton).

High cost support for titanium tetrachloride, limited market circulation, and downstream rigid demand procurement as the main focus.

Business Society’s titanium tetrachloride analyst believes that the high cost of titanium tetrachloride is under pressure, and downstream rigid demand procurement is the main focus, which may remain stable in the near future.

According to the commodity market analysis system of Business Society, the market price of n-butanal continued to decline weakly in mid April. As of April 16th, the average price of domestic n-butanal was 7940 yuan/ton, a decrease of 85 yuan/ton from the beginning of the month, which was 8025 yuan/ton.

From the perspective of downstream demand, on April 15th, the price of n-butanol was 7833 yuan/ton, and the market situation of n-butanol in Shandong region showed a downward trend. The trading atmosphere on the n-butanol exchange was light, with weak downstream demand and some users buying on dips. Overall, new orders on the exchange were relatively lackluster.

The recent trend of trimethylolpropane has declined, with some factories experiencing poor shipments, inventory pressure, and weak downstream demand.

Business Society’s butyraldehyde analyst believes that the downstream demand is decreasing, which lacks support for the butyraldehyde market. It is expected that the butyraldehyde market will experience a slight decline next week.

According to monitoring data from Business Society, as of April 15, 2024, the reference market price for domestically produced industrial grade propylene glycol was 7666 yuan/ton. Compared with April 9 (reference price for propylene glycol was 7700 yuan/ton), the price decreased by 34 yuan/ton, a decrease of 0.43%. Compared to April 1st (reference price of propylene glycol at 7733 yuan/ton), the price has been reduced by 70 yuan/ton, a decrease of 0.86%.

From the data monitoring system of the Business Society, it can be seen that by mid month, the overall domestic propylene glycol market has once again experienced a slight decline. Some propylene glycol factories in Shandong region have slightly lowered the ex factory price of propylene glycol under pressure, with a reduction of about 50-100 yuan/ton, while other factories mainly maintain stable prices in multiple dimensions. On April 15th, the domestic propylene glycol market price was around 7500-7800 yuan/ton.

Analysis of influencing factors

At present, the overall supply and demand of propylene glycol in the field are slow. Firstly, in terms of demand, the downstream demand side of propylene glycol has shown poor performance, and the downstream demand market is generally weak and weak, providing sustained insufficient support for propylene glycol demand. Secondly, in terms of supply, currently, some propylene glycol factories are facing difficulties in reducing supply pressure, and the supply side is also unable to provide effective support to the market.

Future analysis

At present, the trading atmosphere of propylene glycol on the exchange is light, and the mentality of the operators is average. The wait-and-see attitude on the exchange is strong, and some operators have certain concerns about the future market. The propylene glycol data analyst of Shengyi Society believes that in the short term, the domestic propylene glycol market will mostly be weak and adjust its operation. The specific trend still needs to pay more attention to changes in supply and demand news.

Price trend

According to the bulk list data from Business Society, the vitamin market remained stable this week, with a decent market atmosphere and average overall market performance.

According to price monitoring by Business Society, the vitamin C market has remained stable this week, with mainstream quotes for feed grade vitamin C ranging from 25 to 28 yuan/kg. The vitamin C market is operating strongly, with downstream procurement on demand and upstream suspension of reporting, resulting in average overall market trading.

This week, the price of vitamin A remained stable, with the mainstream price of feed grade vitamin A in the market being 87-90 yuan/kg, and the European market quoting 19-21 euros/kg. It is reported that BASF’s German factory plans to undergo maintenance for two months starting from the end of March. Market attention has increased, inquiries are active, and actual transactions are limited.

This week, the price of vitamin E remained stable, with the current mainstream VE market quotation ranging from 66 to 70 yuan/ton. The European market quotation is 7-7.4 euros per kilogram. There has been an increase in on-site inquiries, but the actual increase in market transactions is limited. The transaction atmosphere has improved, and traders are actively pushing up their prices.

Future Market Forecast

Vitamin analysts from the Chemical Branch of Business Society believe that the current market news is full of positive news, demand is following slowly, and the market atmosphere has weakened. It is expected that the vitamin market will consolidate and operate in the short term, and close attention will be paid to enterprise production, sales, and market trends in the future.

1、 Price trend

According to the analysis system of the commodity market of Shengyishe, the average PS quotation at the beginning of this week was 10066 yuan/ton, and the average PS price over the weekend was 10100 yuan/ton, with a price increase of 0.33% and a year-on-year increase of 6.31%.

2、 Market analysis

Due to strong cost support, there is great pressure to ship at high prices, leading to a weakening of styrene futures. Coupled with the wait-and-see atmosphere in the theater, businesses operate according to market trends, resulting in tight market supply. The mainstream price of GPPS (polyphenylene sulfide) in the East China market is between 10000-11400 yuan/ton, and the mainstream price of HIPS (polystyrene) is between 10600-11600 yuan/ton.

3、 Future Market Forecast

The merchant’s quotation is firm, coupled with tight market supply, and it is expected that the short-term PS price may be mainly volatile and strong.