In March 2023, China’s polymeric MDI export volume was 101,846.28 tons, a decrease of 12.4% month-on-month and a year-on-year increase of 1.5%. From January to March 2023, the cumulative export volume of China’s polymeric MDI was 309,483.75 tons, a year-on-year increase of 28.0% compared with the cumulative export volume from January to March last year.
Figure 1: 2021-2023 China’s monthly export volume of polymeric MDI (unit: tons)
Strong growth in exports to European countries
In terms of countries, in March, the Netherlands was the largest export destination of Chinese aggregated MDI (in terms of export volume), and aggregated MDI exported to the Netherlands MDI was 18,418 tons, a year-on-year increase of 66.5%, and the export volume of aggregated MDI from China to the Netherlands accounted for 22.6% of the total export volume. In addition, during the same period, the export volume of polymeric MDI from China to Belgium, Turkey and the Russian Federation grew stronger year-on-year, all showing triple-digit growth rates. The export volume of aggregated MDI from China to Belgium increased by 610.1% year-on-year, the export volume to Turkey increased by 146.4% year-on-year, and the export volume to the Russian Federation increased by 317.1% year-on-year. Although the export volume of the United States decreased both month-on-month and year-on-year in March, it is still China’s largest export destination.
In March, the import of polymeric MDI in the United States decreased, mainly due to the significant decline in the sales of existing homes in the United States, and the largest year-on-year decline in housing prices since early 2012. According to the Federal Reserve’s economic data (FRED), the number of new housing starts in March was only 1.42 million sets, down 17.2% year-on-year, and the demand for aggregated MDI also decreased. In March, some countries in Europe saw a large increase, mainly because some European MDI devices were overhauled/shut down, or the burden was reduced, and the supply of local manufacturers to the European market decreased. On the other hand, as the weather gradually warms in Europe, building construction projects have also increased and the use of construction materials has also increased.
The spot price in the European local market remains stable at 2150-2350 Euro/ton. will run weakly. In addition, the market demand in the Middle East performed well, and the market supply remained stable.
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