Price trend of adipic acid market in East China
Adipic Acid East China Market Price K Bar Chart
According to the monitoring of SunSirs, in July, domestic adipic acid continued to decline, with a monthly decline of 16.32%. At the end of the month, the market price range of adipic acid was 9600-9800 yuan/ton. On the one hand, due to the negative cost, the upstream pure benzene market is weak, and cyclohexanone continues to decline. In addition, ample supply, weak market demand, poor shipments by manufacturers, and obvious inventory pressure have caused the market for adipic acid to retreat.
From the perspective of market supply, this month, the operating rate of adipic acid dropped slightly compared with the previous month, and basically remained below 60% for the whole month. The inventory pressure of manufacturers has accumulated seriously in the early stage, and the prices of major manufacturers have significantly lowered their listing prices and collection prices. In order to clear inventory and maintain profits, enterprises can only operate at a reduced rate. In terms of construction, within the month, Shandong Haili and Hongding will be overhauled, and Chongqing Huafeng Phase 5 will be shut down; in addition, Shenma, Zhonghao, and Yangmei will all operate at a reduced rate, and the Liaohua line will operate. Although the operating rate fell in July, the market and business inventories are still in the process of being depleted.
Adipic Acid Industry Chain Trend
The above chart shows that this month, the adipic acid industry chain has shown a decline across the board, and the decline in the middle and lower reaches is obviously stronger. Adipic acid (-16.32%), PA66 (-11.7%). Indicates that terminal demand is very weak. The decline of upstream products such as pure benzene and cyclohexanone slowed down significantly compared with the previous month. It shows that the profit pressure of adipic acid manufacturers is becoming more and more prominent.
Adipic Acid Upstream Pure Benzene Market Trend
Adipic acid upstream cyclohexanone market trends
Crude oil fluctuated and rose in July, which brought some support to pure benzene. However, due to the impact of lower downstream operating rates, demand for pure benzene continues to weaken, and prices are also difficult to perform well. According to the monitoring of Sunrise, pure benzene fell by 4.91% in July. Upstream still has a negative effect on adipic acid.
The domestic cyclohexanone market continued to decline in July. According to the monitoring data of SunSirs, the average price of domestic cyclohexanone market at the beginning of the month was 11,016 yuan/ton, and at the end of the month (as of July 28), the average price of domestic cyclohexanone market was 10,180 yuan/ton, a decrease of 7.59% within the month and a year-on-year decrease of 2.49. %. The price of pure benzene is going down, and the downstream demand is weak, coupled with the impact of sufficient supply, the market price of cyclohexanone is going down all the way, and it is difficult to boost it.
Adipic Acid Downstream PA66 Market Trend
Terminal demand: The downstream performance of adipic acid is weak. Downstream procurement continued to slow down. In July, the domestic PA66 market fell at a low level, and the spot prices of all grades were lowered. As of July 29, the ex-factory price quotations of Sunsirs’ PA66 medium-viscosity injection molding grade sample companies averaged around 21,000 yuan/ton, which was -11.7% higher than the average price level at the beginning of the month. Due to the continued pressure on the profits of PA66 companies, the load level of the domestic PA66 industry continued to decline in July, but the spot supply in the market is still abundant, and the supply pressure is difficult to solve. In terms of ports, the inventory position is acceptable, and the arrival volume of overseas goods is average. On the demand side, the current terminal enterprises follow up with the purchase of goods and tend to just need to maintain production, and the resistance to high-priced supply is relatively strong. In the traditional off-season, the demand of downstream factories has shrunk, the contradiction between supply and demand is prominent, and merchants have greater resistance to shipments. The turnover on the market has declined, and the sellers are not in a good mood, and they are gradually trying to reduce the profit and take orders.
Looking at the later stage, SunSirs believes that in the later period, crude oil may rise with the tightening of supply and energy shortage, pure benzene is expected to stop falling and stabilize, and the negative cost side may ease. Under the current situation, manufacturers are willing to raise prices, and prices may gradually stabilize in the later period. However, considering that Tianli, Zhonghao and other devices may resume one after another, the supply may increase in the later stage, and the downstream demand is difficult to improve in the short term, comprehensively considering that it is more likely that adipic acid will stop falling in the short term, but it will rebound sharply unlikely.
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