The market did not recover, and the price of raw m

2022-06-22
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The price of raw materials for coatings that have not recovered in the market rose first

the price of raw materials for coatings that have not recovered in the market rose first

March 9, 2016

[China coatings information] China's GDP growth of 6.9% in 2015 was indeed hard won. The overall economic growth of the world hit a new low in the past six years, the prices of bulk commodities fell deeply, international trade was greatly impacted, and the downward pressure on the economy was great, Under such circumstances, the sustained growth trend of the coating industry is being greatly impacted

according to the coating special committee of the Chinese society of chemical industry and technology, recently, although the oil price is still hovering at the relative bottom, and there is no obvious sign of recovery in the demand of the coating end market, the prices of some coating raw materials have started to rise in turn, and some other bulk commodities have also seen a general rise

in the past two weeks, the price of toluene in East China has risen from about 4650 yuan/ton to about 5150 yuan/ton on March 7, an increase of more than 10% once approved, the price of solvent grade xylene has risen from about 4580 yuan/ton to about 5100 yuan/ton on March 7, an increase of more than 11%, the price of acrylic acid has risen from 5000 yuan/ton to about 5250 yuan/ton on March 7, and the price of butyl acrylate has risen from about 5800 yuan/ton to about 6500 yuan/ton on March 7, an increase of more than 12%, Other chemicals such as butadiene soared by 33%, ethylene glycol rose by 13%, PTA futures rose by the limit last week, and even ethylene and propylene, which have always been relatively stable, rose by more than 5%. The price of MDI (pm2000) rose from 9800 yuan/ton at the end of February to 10500 yuan/ton on March 7, an increase of 7.1%

in the pigment and filler market, titanium dioxide has experienced several rounds of general rise with the cooperation of the manufacturers. On March 7, longmang titanium notified the dealers that the price of rutile products will rise by 300 yuan/ton from now on. After the rise, the company quoted 10800 yuan/ton for R-996, lr-961 and lr-952, 11100 yuan/ton for lr-997, lr-982 and lr-108, and 10500 yuan/ton for lr-972. After several rounds of price increases, the average price increase of domestic rutile titanium dioxide products has exceeded 12% compared with the price at the beginning of the year

in the metal zinc, metal copper and other futures markets concerned by anti-corrosion coating enterprises, there has also been a continuous upward trend since 2016. For example, the price of Shanghai zinc 1604 soared from 12400 yuan/ton in mid January to 14690 yuan/ton on March 7. In October 2017, the increase reached 18.5%. The price of Shanghai copper 1604 also soared from 34500 yuan/ton to the high of 39000 yuan/ton on March 7, an increase of more than 13%

however, the demand side has not been significantly improved, and this round of chemical price rebound is characterized by a large increase in midstream products. On the contrary, the price increase of downstream products is lagging behind, which is only a passive response to the price increase of raw materials. So, what is the root cause of this rebound? An analysis in wall street news pointed out that its core lies in the fact that the refined oil storage is approaching the limit, resulting in a large-scale reduction of refinery production, which in turn leads to a tight supply of petrochemical products in the midstream. Take the chemical product butadiene as an example. The reason for the sharp rise in butadiene is the decline in supply side output. Almost all butadiene in the world comes from the by-product of ethylene cracking. Since it accounts for only about 4% of the total Petrochemical output, the operating rate of petrochemical units will not be affected regardless of the price. In addition, butadiene is in gaseous state under normal pressure and has strong self polymerization capacity, so it is basically impossible to stock up. Therefore, the price side is very sensitive to the operating rate of petrochemical capacity. Under the background of weak demand at present, the price of butadiene can rise sharply. To a large extent, it can be recognized that the operating rate of petrochemical industry is falling sharply

but then came the problem. Whether in North America or East Asia, the oil refining price difference is now at a historical high. However, due to the fact that the price of refined oil in China has stopped decreasing near $50, compared with the current raw material cost of only $35, the price difference of $15 can basically be fully converted into profits. The gross profit is unprecedented. It is undoubtedly puzzling to choose to stop production at this time

storage capacity limit is the root cause of petrochemical production reduction. Since 2014, the fundamental reason for the sharp decline in oil prices is that the global consumer demand for refined oil is low, while all oil producing countries do not reduce production, and the supply begins to continue to exceed the consumer demand. The difference between the two can only be made up by the inventory demand. This is reflected in two aspects, one is the increase of crude oil inventory, the other is the increase of refined oil inventory

at present, the product oil depot has reached a historical high in all regions of the world. After the peak of heating oil in winter, the monthly product oil consumption has entered a periodic trough. No matter how profitable the refinery is, it can only choose to stop production for maintenance to relieve the pressure of reservoir expansion

to sum up, the high inventory in the second quarter will continue to suppress the operating rate of the refinery, so the price of chemicals will remain relatively strong

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