The price of phthalic anhydride has risen significantly
As of July 20th, the price of phthalic anhydride from neighboring countries was 8666.67 yuan/ton, a significant increase of 12.07% compared to the price of 7733.33 yuan/ton on July 6th, and a significant increase of 10.40% compared to the price of 7850 yuan/ton on July 10th. In mid July, the geopolitical conflict in the Middle East resurfaced, causing a sharp rise in crude oil prices, which was transmitted downstream. Industrial naphthalene prices rose sharply, neighboring benzene prices rose sharply, cost support increased, and phthalic anhydride prices rose sharply.
Phthalic anhydride market stops falling and rises
Geopolitical conflicts resurface: the situation in the Middle East is heating up again, Iran is once again closing the Strait of Hormuz, international oil prices have risen sharply, the cost transmission of the entire aromatic hydrocarbon industry chain from crude oil to xylene to ortho benzene has increased, Sinopec has raised the listing price of ortho xylene, the cost of ortho phthalic anhydride has risen, industrial naphthalene has risen sharply, and the cost of phthalic anhydride raw materials has risen; DOP、 The unsaturated resin market has rebounded, with downstream centralized replenishment and increased production to around 60%, supported by demand for phthalic anhydride; The international crude oil prices have fluctuated and risen, greatly boosting market confidence, and the phthalic anhydride market has risen.
Rising cost of phthalic anhydride
After the intensification of the US Iran conflict, international crude oil prices have risen sharply, directly transmitted to the aromatic hydrocarbon industry chain: as of July 20th, the listed price of ortho xylene was 8200 yuan/ton, an increase of 400 yuan/ton from the price of ortho benzene on July 10th, which was 7800 yuan/ton, and the price of industrial naphthalene was 5400 yuan/ton. Raw material prices have risen sharply, and the cost of phthalic anhydride has increased; In addition, the rise in crude oil prices has increased expectations of a rise in raw material prices, and the cost support for phthalic anhydride has been strengthened.
Low level supply of phthalic anhydride
On the supply side, the production of phthalic anhydride enterprises has slightly increased, and the overall operating rate of the industry has risen to less than 60%. The overall low opening inventory has been consolidated, and the overall factory and port inventories are low. Manufacturers have a strong willingness to raise prices.
Demand support for phthalic anhydride still exists
As of July 20th, the DOP quotation was 8717.50 yuan/ton, a significant increase of 9.30% compared to the DOP price of 7975.84 yuan/ton on July 6th. The off-season in the downstream plasticizer industry has ended, and production has slowly increased to 60%. Downstream demand for phthalic anhydride has strengthened, and the rise in downstream DOP product prices has provided some support for phthalic anhydride procurement prices.
Future forecast
Analysts believe that on the cost side, crude oil and ortho xylene have significantly increased, while the rise in raw materials has supported the significant increase in phthalic anhydride; Demand side: The traditional off-season downstream is coming to an end, and downstream manufacturers are slowly increasing their production. Overall, with the significant increase in costs and the rebound in demand, the phthalic anhydride market is expected to fluctuate and rise in the short term.
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