1、 Price trend

This week, the domestic market of cyclohexanone was mainly consolidated. According to the monitoring data of the business agency, the average price of domestic producers of cyclohexanone at the beginning of the week was 5533 yuan / ton, and the price of cyclohexanone at the end of the week was 5566 yuan / ton, up 0.60% in the week, 21.60% lower than that of the same period last month and 42.01% lower than that of the same period last year.

2、 Market analysis

Product: this week, the market of cyclohexanone was narrowed and consolidated, Sinopec’s listing of pure benzene slowly rose to 3050 yuan / ton, with certain support in cost. In the early stage, due to the positive market push, the downstream solvent was mostly prepared at low price, and the factory’s shipment was acceptable. With the promotion of cost and the cooperation of downstream, the external offer actively rose to 5900 yuan Yuan / ton, but the demand of the terminal market has not improved significantly, the confidence of the market is insufficient, the enthusiasm of downstream procurement is weakened, the market transaction atmosphere is general, and the factory price drops to about 5500 yuan / ton. Because some chemical fiber factories enter the market for procurement, the market is slightly supported, and the market of cyclohexanone is weak and stable.

Industrial chain: raw materials, pure benzene: this week, the price of pure benzene in East China rose first and then fell. In the week, due to the shortage of pure benzene in Shandong, some of the lower reaches of Shandong Province entered the eastern China port area to search for goods, which led the spot market negotiation to strengthen to 3500-3600 yuan / ton. At the same time, due to the recovery of downstream styrene operating rate, the industry believes that the subsequent decline of pure benzene is limited, and the short covering sentiment drives the transaction. The industry has a good intention to buy pure benzene in the far month, which also supports the firmness of spot price. Due to the sharp drop of crude oil price, the center of gravity of East China market fell, and spot negotiation weakened to 3350-3450 yuan / ton.

Caprolactam: this week, the main driving force of caprolactam is the change of supply-demand relationship and the firmness of pure benzene market. In terms of supply and demand: in recent years, caprolactam plants have been shut down for more maintenance, including Lanhua science and technology innovation, Tianchen Yaolong, Shijiazhuang refining and chemical industry, Hubei sanning short-term maintenance, Shanxi Lubao short-term load reduction, and caprolactam overall starting load is not high. In the aspect of downstream polymerization, due to the increase of slice orders last week, the current starting load has increased to support the demand for caprolactam. Moreover, the demand for nylon elastic yarn is boosted by the heat of the ear band of the mask, and the increase in the consumption of nylon elastic yarn, to a certain extent, promotes the expansion of PA6 high-speed spinning chips and caprolactam. Cost: Although the crude oil price fell back and WTI fell below $20, the price of pure benzene was still strong, and the cost of caprolactam was not bad. In April, Sinopec’s listing price of caprolactam was increased by 600 yuan / ton to 9000 yuan / ton. The spot price in East China also rose to a high of 9000 yuan / ton. However, due to the drop in crude oil price and the decline in the enthusiasm for speculation in the market, there was not much high price trading. The spot price of caprolactam in North China was still 8700-8800 yuan / ton.

Adipic acid: the adipic acid market is stronger this week. Crude oil shocks down, while raw material benzene trend is strong, the industry continues to wait and see the market, downstream replenishment enthusiasm from strong to weak. Middlemen offer to explore the rise carefully, waiting for the guidance of raw material information. At present, the mainstream negotiation in East China focuses on 5900-6200 yuan / ton acceptance or self delivery. The average weekly price of East China market was 5800 yuan / ton, up 3.57% on month.

3、 Future forecast

From the cost point of view, crude oil is running at a low level, the main refining plant of pure benzene has a high load, the spot delivery pressure is still there, the long-term market is still short-term or weak shocks. From the supply side, Chongqing Huafeng plans to overhaul next week, and cyclohexanone spot starts to decline, but the market spot supply is abundant, and the terminal market demand is low, and the downstream purchase demand is relatively small. Although there are a small number of chemical fiber orders this week, it is still difficult to support the market, and the operators are cautious. Business community cyclohexanone analysts expect the market to be weak in the short term. Pay attention to the raw material pure benzene market.