Basf’s North American isocyanate plant resumes operation, recent isocyanate market share

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At the beginning of last week, Tiantian Chemical Network reported that North American isocyanate manufacturers were affected by the local cold wave and extremely cold weather, resulting in force majeure shutdown or production reduction. After a week, the editor of Tiantian Chemical Network recently heard that BASF's isocyanate plant in Geismar has resumed normal operation, and the recovery status of other local manufacturers has yet to be tracked.

It is reported that in the Gulf of Mexico hit by the cold wave this time, factories located in it were forced to cut off power, transportation and logistics were interrupted, production was suspended or reduced, and production in some production bases Facilities were even damaged by freezing. Similar situations occurred in mid-January 2018 and the first week of February 2012. Combined with the situation at the time, it will take about two to three weeks for the factory's supply chain to return to normal and stable. The production network along the US Gulf Coast is closely linked and intertwined. Before the publication of this article, we had just reported that North American petrochemical producers have emerged from the impact of the cold wave and restarted or resumed production (see the tweet "Petrochemical production in North America after severe cold" on March 2, 2021 on WeChat official account of Tiantian Chemical Network Businesses are restarting one after another"). Subsequently, BASF's isocyanates plant in Geismar has just returned to normal operations, according to BASF's latest results-earnings conference call.

The BASF spokesperson also pointed out that the North American isocyanate factories are affected globally by the cold wave force majeure, although the isocyanate and its upstream raw material manufacturers in North America are currently in The isocyanate supply in Europe seems to be relatively stable at present, but in the second quarter of this year, the isocyanate manufacturers in this region will have maintenance plans.

According to Tiantian Chemical Network recently learned that recently, isocyanate manufacturers in the Asia-Pacific region also have equipment maintenance or load reduction plans:

Device Overhaul:

Korea OCI – The TDI production unit with an annual capacity of 50,000 tons has been shut down for maintenance on February 15th, and the maintenance will be around March 10th;

Korea Hanwha – TDI production facility with an annual capacity of 150,000 tons, initially scheduled for maintenance in April;

BASF Korea – TDI production plant with an annual capacity of 160,000 tons, the market heard that it may be overhauled in the near future;

BASF Chongqing – The MDI production unit with an annual capacity of 400,000 tons was shut down for maintenance last weekend, and the maintenance lasted about one month.

Tosoh, Japan – The MDI production unit with an annual capacity of 200,000 tons will be overhauled in May, and the overhaul will last for one month or more.

Load down operation:

Kumho Mitsui – The MDI production facility with an annual capacity of 400,000 tons is scheduled to be held from March 9 to 4 On March 11, the load will be reduced, and the output will be reduced by 15-20% at that time.

Korea BASF – an MDI production facility with an annual capacity of 250,000 tons, due to the Due to the impact of equipment maintenance on its upstream raw material suppliers, it is planned to reduce the load in March-April.

A brief overview of the recent domestic TDI/MDI market:

TDI – Boosted by the sharp increase in the new moon price guidance of major manufacturers last week, this week domestic TDI traders’ offers were firm, and the market offer continued to rise. Dealers mostly remain reluctant to sell bullish. Today (March 2, the same below) Shanghai goods have been quoted as high as 20,000 yuan/ton. The offers in foreign TDI markets also continued to increase, and today the TDI offers in the Southeast Asian market pushed up to US$2,750-3,100/ton. Under the influence of factors such as factory maintenance (supply continues to be tight), traders are mostly bullish on the market in March.

MDI – Recently, the price of domestic polymeric MDI has been digested and sorted out, and the mainstream market offer in early trading today is 25,500-26,000 yuan/ton. Compared with the high price of 27000-27500 yuan / ton before the middle of last week, there is a slight correction. In the middle of last week, the news of Wanhua Yantai’s capacity expansion was announced. From the next day, the price increase in the domestic aggregated MDI market switched from the “singing and advancing” mode to the “digesting and finishing” mode. Subsequently, the listing price of major domestic MDI manufacturers in March was around 28,000 yuan/ton, which was relatively close to the current market price, but significantly higher than the listing price in February. From the above capacity expansion news and the new moon listing guide price, we can see that most of the recent manufacturers have adopted a rational attitude to control the market in order to ease the cost pressure on the downstream and the risk to the later market due to the sharp rise in prices, so that aggregated MDI ( and other MDI products) the price trend is more rational and stable. Downstream demand side: Downstream engineering manufacturers just started to resume work after the Lantern Festival. Currently, they are mainly consuming pre-holiday inventory. Combined with the background of the surge in prices of polymeric MDI and other raw materials in the past two weeks, downstream manufacturers of polymeric MDI are currently following up cautiously. Therefore, the inquiry and trading volume have decreased, which is another reason for the digestion and consolidation of the aggregated MDI price in recent days. Looking forward to March, as the downstream demand gradually picks up and the supply side continues to be tight, we expect the price trend of aggregated MDI to be consolidated within a narrow range in the short term, with a strong upward trend.