<b>Hexamethylenediamine continues to be tight, HDI curing agent may continue to increase prices</b>

So far, the global HDI has been in a technology monopoly, and there are only a few in the world The company masters the technology of industrialization. They are Covestro and BASF from Germany, Kangrui from France, Asahi Kasei, Tosoh and Mitsui Chemicals from Japan, and Wanhua Chemical from China. In 2018, the domestic HDI curing agent market was tight and the price was rising, but before 2018, the domestic HDI curing agent market is mostly in a situation of oversupply. Taking this opportunity, the editor of Tiantian Chemical Network sorted out the domestic HDI curing agent market for industry reference.

In 2015, the domestic HDI curing agent market remained sluggish, and the market price fluctuated between 46,000-49,000 yuan/ton. Among them, at the end of the first quarter, due to the instability of Wanhua's single unit after restarting, the supply of its curing agent continued to be tight, and when the downstream peak season came, merchants in the venue could not offer low prices, and the quotations rose slightly. After the second quarter, with the normal supply of Wanhua's equipment resumed, although other merchants also intend to increase prices during the peak season, but the supply is sufficient, and the depreciation of the renminbi prevents the US dollar quotations of Japanese imports from being raised temporarily, so the on-site prices Steady transition into the fourth quarter. In the fourth quarter, due to the continued sluggish demand in the market and the sharp drop in crude oil, the cost pressure became smaller. Wanhua and BASF had sufficient supplies and continued to ship at low prices, which made the price in the market continue to drop.

In 2016, the domestic curing agent market price fluctuated between 42,000-44,400 yuan/ton, and the domestic HDI curing agent market price can be said It falls first and then rises, with frequent fluctuations. In February, as HDI curing agent suppliers signed new orders and a new round of orders with downstream major customers, the price fluctuated greatly. Taking the price of 100% solid HDI trimer as an example, the new average price dropped from 44,331 yuan/ton to 42,237 yuan/ton. The average price fell by more than 2,000 yuan/ton. Since the end of March, the peak season has increased the demand of downstream small and medium customers, coupled with the support of suppliers' optimism, the transaction price has bottomed out and rebounded slightly. Then until the end of September, the overall market price remained relatively stable during the period. Entering October, with the extraordinary boom in the chemical raw material market, the price of HDI curing agent also ushered in a small rebound. Generally rose about 5%, after which the market returned to silence.

In 2017, the price of domestic HDI curing agent was at a low level, and the operating range was 38,000-43,000 yuan/ton, and the lowest price occurred at 2 Month, the highest price occurred in October. In 2017, the average price of HDI curing agent reached about 42,881 yuan/ton, which was about 355 yuan/ton lower than that in 2016. In the first half of 2017, the overall supply of China's HDI curing agent market was abundant, and the growth rate of domestic demand was limited. Domestic manufacturers increased their export efforts, and the export market grew rapidly. It must have eased the production pressure of manufacturers. In terms of prices, under the stimulation of the traditional peak production season, domestic and foreign manufacturers have a strong attitude of raising prices in March-April, and they usually raise prices by 10-15%. However, due to the slow growth of demand, in March HDIThe center of gravity of curing agent transactions is rising slowly, mainly stabilizing from April to June, and the rise is weak. With the arrival of the traditional peak production season from September to October, HDIThe supplier of curing agent also intends to increase the price, but under the constraints of sufficient supply, the effect is small, and the overall situation remains relatively stable.

In 2018, the domestic HDI curing agent changed its low-key and steady style in recent years, and began to slowly raise its head upwards, which is quite interesting It's surprising. In 2018, major upstream raw material hexamethylenediamine major giants suffered force majeure one after another, global supply was tight and prices soared. The supply has decreased compared with 2017. Since February 2018, domestic HDI suppliers have started to adjust prices. China's HDIThe spot price of curing agent rose slowly from 43,000 yuan/ton at the end of January to 54,000-62,000 yuan/ton at the end of August, an increase of 35%. However, the spot price of hexamethylenediamine in China climbed from 25,000 yuan/ton at the end of January to the current 45,700 yuan/ton, an increase of 83%. It can be seen that the increase of hexamethylenediamine is far greater than HDI curing agent.

Looking forward to the September-December market in 2018, the price of domestic HDI curing agent still mainly depends on the supply of upstream raw material hexamethylenediamine. The downstream of hexamethylenediamine mainly includes nylon 66, HDI, epoxy resin curing agent, etc. More than 80% of hexamethylenediamine is mainly used in nylon 66 , compared to HDI curing agent, nylon 66 is more affected by the raw material of hexamethylenediamine. In 2018, there are many news headlines about nylon 66, which is constantly rising due to the rise of raw material hexamethylenediamine. According to some industry insiders It is estimated that the tight supply of hexamethylenediamine may continue until 2019, which will restrict the operating rate of HDI manufacturers to a certain extent, plus HDI curing agent has almost no alternative products, and it is estimated that under the constraints of the supply of hexamethylenediamine raw materials, domestic HDI curing agent start-up load is limited, the short-term supply side is difficult to alleviate temporarily, and September-December as HDI In the traditional peak season of curing agent downstream, there is a strong willingness to stock up on the spot. Therefore, it is expected that HDI curing agent manufacturers will continue to raise prices in the later period. HDI hardener prices are expected to rise further.

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