According to the commodity analysis system of Shengyi Society, the overall domestic market for maleic anhydride rose in January. As of January 30th, the average quoted price of maleic anhydride was 5262.50 yuan/ton (including tax), an increase of 2.93% from 5112.50 yuan/ton on January 1st.
In terms of supply: In mid to early January, the maleic anhydride market saw a narrow adjustment, with Wanhua’s auction prices falling and the transaction situation being average. This limited support for the maleic anhydride market, coupled with downstream digestion of early raw material orders, resulted in limited new orders being signed; In late January, with the low price of maleic anhydride, there were limited and closed trading operations in the main production areas, and the spot market tightened, which was favorable for the maleic anhydride market. Wanhua’s auction improved, and the transaction price continued to rise, leading to an increase in the maleic anhydride market. As of January 30th, the solid anhydride market in Shandong Province operates around a factory price of 5000 yuan/ton, while the liquid anhydride market operates around a factory price of 4750 yuan/ton.
Upstream: In January, the market price of pure benzene in Shandong continued to rise. On January 1st, the price was 5268.67 yuan/ton; On January 30th, the price was 6186.67 yuan/ton, an increase of 17.42% from the beginning of the month. International crude oil futures have risen, and the price of pure benzene in foreign markets has increased, driving confidence in the domestic pure benzene market and encouraging buying. Pure benzene prices continue to rise. Shandong Pure Benzene Refinery is boosted by the rise in oil prices, boosting confidence and leading to a wide range of price increases. The price of pure benzene in Sinopec’s refineries in East and South China has remained stable at 6000 yuan/ton, and will be implemented on January 28th.
The n-butane market fluctuated upward in January, and the Saudi CP price continued to rise by $20 to $540/ton in February. The naphtha market in January first fell and then rose, and as of January 30th, the n-butane price in Shandong was around 4520 yuan/ton.
Downstream: The unsaturated resin market rose in January, with prices of maleic anhydride and styrene on the raw material side increasing and supported by costs; But the downstream industry has poor order volume, with a focus on essential procurement. At the end of the month, downstream vehicles will gradually stop for holidays, making it difficult to actively stock up and purchase goods. Many are adopting a wait-and-see attitude towards resin price increases, and there will be no significant improvement before the Spring Festival holiday. Trading volume is unlikely to increase significantly.
The analyst of Shengyi Society’s maleic anhydride products believes that as the Spring Festival approaches, the main downstream unsaturated resin of maleic anhydride will gradually shut down and take a break, resulting in a gradual decrease in demand for maleic anhydride; At present, the stock delivery of maleic anhydride factories is still tight, and there is no pressure to sign orders at the moment; Wanhua’s auction transactions have improved, and it is expected that the maleic anhydride market will experience narrow fluctuations in the near future.
| http://www.pva-china.net |