October Market Review:
October 8 after the National Day holiday From October 9 to October 9, domestic polymeric MDI continued its small upward trend at the end of September, rebounded to a maximum of 16,800-17,200 yuan/ton, then stopped rising and fell back to 14,600-14,800 yuan/ton on October 31. The monthly drop was 1,900-2,200 yuan/ton.
Supply side: An MDI manufacturer in the north has been overhauling its equipment since mid-October, and other domestic manufacturers have maintained normal production. During the month, manufacturers as a whole maintained normal supply to the market. Since the above-mentioned northern manufacturers’ installation plans will be overhauled until the end of November, it is estimated that the overall domestic MDI output in November will decrease month-on-month.
Demand side: Household appliances: From September to October, the production of domestic refrigerators continued to improve month-on-month, mainly due to the gradual recovery and rebound of domestic sales of refrigerators. Among them, the ice-cold production in October was better than that in September, mainly due to domestic sales and stocking for events such as “Double Eleven”. Construction-related: Cold storage and pipeline-related projects are in progress, driving the demand for polymeric MDI for storage panels and spraying; however, as the heating in the north begins, projects related to thermal insulation pipelines are gradually being completed. Recently, due to the needs of epidemic prevention and control, the production of downstream styrofoam factories in some areas has been blocked, and there are rumors of production reduction. On the whole, the performance of the downstream demand side of aggregated MDI has been mixed recently.
November Market Outlook:
As mentioned above, on the supply side: in November, the production of domestic manufacturers is expected to shrink from the previous month. Wait and see the listing prices of major manufacturers in November this evening. Demand side: The demand side of this year’s “Golden September and Silver October” has improved from the previous few months, but the rebound elasticity is still not as good as that of the same period in previous years. It is expected that the market will fluctuate within a narrow range in November.
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