China's chemical product prices rebounded
Last week, there was a wave of rebound in international oil prices, and some chemical prices also followed the trend. Among them, with Sinopec significantly raised the ex-factory price of butadiene 12%, the latter average rose by 5% last week, and driven the price of synthetic rubber and natural rubber prices. In addition, PTA, polyester and other prices have also risen to varying degrees. Adipic acid, R22 and other prices fell slightly.
According to data from the China Chemical Weekly report, the average price of butadiene rose by 5% to RMB 16,417/t last week. This is also the reason why butadiene has once again staged a strong market after bottoming out in late June.
“As the domestic market’s trading price continues to climb, Sinopec raised the ex-factory price of butadiene for the second time last week, with an increase of RMB 2,000/ton, which exceeded 12%. For butadiene to maintain the supply side of the positive.†Goldman analyst Gao Hao said.
Previously, due to the unplanned shutdown of the two units of Formosa Plastics in Maiji, Taiwan, the Southeast Asian butadiene price has soared by 19.7% in a short period of time. Driven by this, the domestic butadiene market price also rose, many companies have raised prices by 900-1200 yuan/ton at the end of June.
According to reports, the price of international PX also rose in the last week, boosted by the price of crude oil, and domestic PTA and ethylene glycol prices showed a rebound overall. Among them, PTA rose 5% to 7530 yuan/ton, ethylene glycol rose 4% to 6,914 yuan/ton. Polyester staple fiber was driven by rising raw material prices, with prices rising by 5% to 9900 yuan/ton; polyester chips also rose by 5% to 8,969 yuan/ton.
However, other chemical fiber products did not significantly improve last week, and both viscose and spandex went flat. The fertilizer sector also performed weakly. In the urea market, due to weak demand, prices continued to decline.
Fluoride workers have not yet shaken off the trend for months. Last week, the domestic R22 was trapped by the demand, and it took poor sales. The turnover continued to decline, and the price fell by 1% to RMB 11,050 per ton. The price of R134a fell by 1% to RMB 33,825/t. Due to the slowdown in the production and sales data of the downstream household appliances and auto industries, the tightness of funds for terminal companies has made R134a's procurement more cautious.
The data shows that the chemicals that fell in the previous week were acetic anhydride (-5%), adipic acid (-4%), and PTFE (-3%).
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