Market Review:
Recently, many BDO factories are under maintenance and shutdown, the operating rate fluctuates slightly, and the total market output is tight. Although the raw material BDO market has fluctuated slightly, the overall price is still at a high level. The operating rate of spandex PTMEG on the demand side is good, and the industry sentiment is positive. The operating rate of PBT is slightly lower, and the price is in a stalemate. The downstream small orders of the terminal followed up and negotiated prices, and the buying momentum was not strong. On the whole, the supply side maintains a supportive attitude towards the market, the demand side rejects high prices and follows up cautiously, and the supply and demand continue to see-saw. As of February 28, 2023, the reference price of bulk water in East China is: 13100-13500 yuan / ton, bulk water acceptance and delivery.
downstream demand side analysis:
1.NMP/PBT
With the rapid development of China’s new energy market, NMP, as another application field of BDO, is gradually being favored by everyone. At the beginning of 2023, Inner Mongolia Jiete Green Energy Technology Co., Ltd. has planned to build a 100,000-ton/year NMP project; Zhongrun Materials also started construction in February to build the world’s largest NMP production base. The PBT market, which is also applied to the new energy field, accounts for nearly 30% of BDO’s terminal downstream. The competition in the BDO market is active and the growth rate is rapid. Although the excessive growth in the early stage has led to poor cost transfer and a price stalemate, based on the wide application in downstream emerging industries, BDO is expected to welcome rapid growth in consumption.
2.spandex market
The spandex market accounts for about 40% of BDO’s terminal downstream applications, and the industry is highly relevant. According to the data of the General Administration of Customs of China, as of September 2022, my country will import 19,000 tons of spandex and export 70,200 tons. The export volume is at a relatively high level in recent years. Since the beginning of this year, Huafon has been actively preparing for an expansion project of 100,000 tons per year; in March, domestic trade orders will be issued soon, and downstream spandex factories will start to operate actively. The load has increased from 60% to about 80%. Manufacturers have sufficient confidence and the attitude of supporting the market continues , the price trend can be expected.
above, the downstream demand side of BDO continues to rise, which will provide a considerable increase in consumption of BDO.
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