Category Archives: Uncategorized

The formic acid market remained stable and low in early July

According to the Commodity Market Analysis System of Shengyi Society, as of July 15th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 2687 yuan/ton, which was basically the same as Monday’s price.

 

In early July, the formic acid market was mainly stable, with some enterprises adjusting their prices. The mainstream quotation range for industrial grade 85% formic acid enterprises was between 2800-3200 yuan/ton. Recently, the market price of methanol, the main raw material, has fluctuated and risen narrowly. Some units are expected to undergo maintenance, and the low inventory of production enterprises has supported the improvement of the mainland market.

 

The formic acid analyst from Shengyi Society believes that the current market supply and demand performance is deadlocked, with production and sales balanced, and there are no favorable factors in the short term. It is expected that the formic acid market will fluctuate, and specific changes in supply and demand still need to be monitored.

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The ammonium sulfate market is operating in a narrow range of fluctuations (7.8-7.12)

1、 Price trend

 

According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on July 12th was 956 yuan/ton, which is 0.17% higher than the average price of 955 yuan/ton on July 8th.

 

2、 Market analysis

 

This week, the domestic ammonium sulfate market price first rose and then fell, with narrow fluctuations being the main trend. This week, the operating rate of coking enterprises has remained stable, while the operating rate of domestic enterprises has increased. At present, the market supply is sufficient, and downstream inquiries have a good enthusiasm. Manufacturers prioritize price hikes, while distributors maintain a cautious attitude and buy at low prices. As of July 12th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 920 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 930-960 yuan/ton.

 

3、 Future forecast

 

An ammonium sulfate analyst from Shengyi Society believes that the ammonium sulfate market has been operating steadily in recent days. At present, although there has been an increase in on-site inquiries, there is still a high inventory of ammonium sulfate in the market, and the industry is adopting a wait-and-see attitude. It is expected that in the short term, the domestic ammonium sulfate prices will remain stagnant and the main focus will be on consolidation and operation.

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Maintenance news drives up ABS prices in early July

In early July, the domestic ABS market saw an increase at a low level, with some brands experiencing a narrow increase in spot prices. According to the Commodity Market Analysis System of Shengyishe, as of July 10th, the average price of ABS sample products was 11850 yuan/ton, a decrease of+0.21% from the price level on July 1st.

 

Fundamental analysis

 

Supply level: At the beginning of this month, the domestic ABS industry’s load was roughly 70% of the operating level at the end of last month. Within ten days, companies such as North Huajin and LG Yongxing will undergo varying degrees of maintenance and load reduction. However, due to the improvement in profitability and increased production in early June, the overall supply on site was abundant. Manufacturers tend to output confidence in their operations, resulting in a slight increase in product pricing. Merchants are offering price differentials and slightly increasing shipments. The overall inventory of the industry has been digested, and there is a speculative atmosphere in the market regarding the contraction of future supply. Overall, the supply side has increased its support for ABS spot prices.

 

Cost factor: In early July, the upstream three material trend of ABS may rise or fall, providing sufficient support for the cost side of ABS. The domestic market for acrylonitrile remains stagnant at a low level. The upstream raw material propylene market is fluctuating and consolidating, with average cost support. Downstream demand continues to be weak. With sufficient supply of goods on site and low profits. Acrylonitrile factories have a clear willingness to raise prices, and the focus of market transactions has limited changes. Most operators maintain the previous quotation as the main focus, and still maintain a cautious attitude towards the future market.

 

Recently, the domestic butadiene market has been on the rise, mainly due to the tight supply of goods in Shandong region, which has boosted the demand. Holders have a strong willingness to hold up prices. As prices rise, it becomes more difficult to shift profits downstream and the enthusiasm for entering the market weakens. The trading atmosphere on the exchange has cooled down to some extent, forming a generally sideways trend after the rise.

 

In early July, the market price of styrene slightly increased. The dominant factor is the significant digestion of styrene storage, while the low load of the unit leads to an expectation of further decrease in supply. Currently, styrene trading is active and the market momentum is good.

 

In terms of demand: Entering July, the main terminal demand for ABS is weak. Some home appliance manufacturers have closed down during the holiday, and the overall load position of downstream factories is low, with weak stocking operations and strong demand. Last week, traders were sheltered by producers and sold at high prices. The current market momentum has returned to calm, and the speed of goods circulation has slowed down. Overall, the demand side has not provided good market support.

 

Future Market Forecast

 

In early July, domestic ABS prices showed a narrow range of upward movement. The overall increase in upstream three materials is relatively small, and the cost support for ABS is generally strong and stable. The ABS polymerization plant is operating steadily with a slight decline, and there is ample supply of goods on site. There is an expectation of a slight contraction in future supply, but based on the overall production capacity loss, the changes in supply pressure may be limited. The demand side has weak demand, and the market trend is showing in the off-season, with weak trading. In summary, it is expected that the ABS market will maintain a consolidation trend in the short term.

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Downstream procurement is poor, and formic acid prices are weak and declining in early July

According to the Commodity Market Analysis System of Business Society, as of July 9th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 2680 yuan/ton, a decrease of 8.38% compared to June 9th.

 

Cost side: The domestic methanol market is mainly characterized by weak fluctuations and overall sufficient supply, resulting in a decrease in capacity utilization. The supply side of methanol is influenced by favorable factors.

 

Supply and demand side: On the supply side, the main manufacturers of formic acid are producing normally, and the market circulation of goods is relatively sufficient. On the demand side, the downstream purchasing atmosphere of formic acid needs to be improved, and the transaction orders are limited. Overall, both supply and demand have no positive support for the formic acid market.

 

Business Society formic acid analysts believe that the current formic acid market has sufficient supply and weak downstream demand. It is expected that in the short term, the formic acid market may continue to consolidate weakly, and more attention needs to be paid to downstream market demand.

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Narrow range consolidation of the market for butadiene rubber

Recently (July 1st to July 8th), the market price of butadiene rubber in East China has narrowed down. According to the Commodity Market Analysis System of Business Society, as of July 8th, the market price of butadiene rubber in East China was 15280 yuan/ton, a decrease of 0.20% from 15310 yuan/ton on July 1st. Narrow range consolidation of high prices for raw material butadiene; The production of butadiene rubber continues to remain low; Downstream tire production has been generally stable in recent days, but overall inquiries are cautious and slightly resistant to high priced sources. The futures of butadiene rubber have consolidated at a high level, and market trading is flat.

 

Recently (July 1st to July 8th), the price of butadiene has stabilized at a high level, and the cost support for butadiene rubber remains strong. According to the Commodity Market Analysis System of Shengyishe, as of July 8th, the price of butadiene was 13725 yuan/ton, an increase of 0.18% from 13700 yuan/ton on July 1st.

 

Recently (July 1st to July 8th), the production of domestic butadiene rubber plants remained at a low level, and as of July 7th, the production of domestic butadiene rubber was around 60%.

 

Demand side: Downstream tire production is temporarily stable, with demand facing strong support from the butadiene rubber market. Downstream inquiries are resistant to high priced sources, and the price of butadiene rubber is consolidating at a high level. As of July 7th, the operating load of semi steel tires for domestic tire enterprises is around 790%; The operating load of all steel tires for tire enterprises in Shandong region is about 6.2%.

 

Market forecast: From a fundamental perspective, analysts from Business Society believe that the price of raw material butadiene is still at a high level, and the cost support for butadiene rubber is strong; The production of butadiene rubber remains low, and the market supply is tight; Recently, downstream tire companies have temporarily stabilized their production, but there is still a fear of high prices for butadiene rubber. Overall, the butadiene rubber market has remained strong in the near future under the support of cost and low production. We still need to pay attention to the downstream stocking situation in the future.

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