China’s polymeric MDI export volume in September 2022
According to the latest data released by China Customs, in September 2022, China’s polymeric MDI export volume was 88,733 tons, a month-on-month increase of 53.2%, and a year-on-year decrease of 1.0%. From January to September 2022, the cumulative export volume of China’s polymeric MDI was 785,282 tons, a decrease of 0.2% compared with the cumulative export volume from January to September last year.
In terms of countries, from January to September this year, the United States and the Netherlands were the main export destinations of China’s aggregated MDI, and the cumulative export volume to these two countries accounted for 39% of the total. The Netherlands is the largest export destination of China’s aggregated MDI to Europe (by export weight). In August, the volume of China’s aggregated MDI exported to the Netherlands was zero, and in September, the export volume rebounded to the level of July.
Europe: The MDI supply side has reduced its burden and production, and the demand side is still restrained by rising inflation
Supply: In September, the export volume of polymeric MDI from China to Europe was 36,183 tons, a month-on-month increase of 243.6%. On the supply side, local MDI plants in Europe are still burdened by high natural gas prices and production costs, and are operating with reduced burdens and reduced production. In October, European natural gas prices fell from high levels. The changes in the operation of local MDI installations still need to be paid attention to.
Demand: In September, the inflation rate in Europe continued to rise, reaching 9.1%, which continued to restrain local consumers’ willingness to purchase and consume end products. Judging from the trend of the PMI index in the euro zone, it is also weakening. As far as the furniture industry, one of the main downstream of polymeric MDI in Europe, is facing the problem of shortage of local TDI raw material supply in addition to the declining demand for terminal consumption, so their demand for raw material procurement and stocking is suppressed. The European construction industry as a whole continued to operate weakly, and the demand for some construction projects was suppressed in the short term due to high inflation and rising raw material costs.
United States: MDI supply is generally stable, while demand is weakening
Supply: In September, the export volume of polymeric MDI from China to the United States was 16,876 tons, a month-on-month increase of 33.0%. In October, the local polymeric MDI supply and market price in the United States were generally stable.
Demand: Although the export volume of aggregated MDI from China to the United States increased month-on-month in September, due to the uncertainty of the U.S. economy, the declining end-consumer demand, the confidence index of U.S. home builders, and the construction The industry’s overall demand for aggregated MDI has weakened and declined.
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