<b>Recent TPU Market Review and Prospect</b>

1. TPU Market Review

1, review of the upstream main raw material market

The crude oil market has continued to fluctuate sideways recently, and the main continuous futures of WTI have been operating in the price band of 70-80 US dollars for more than two months . Prices continued to fall in the last week, mainly because the US Department of Energy said it would sell 26 million barrels of crude oil from the Strategic Petroleum Reserve from April to June this year to increase crude oil supply in the market. In addition, the increase in U.S. crude oil inventories also led to a decline in international oil prices. U.S. commercial crude oil inventories rose by 16.28 million barrels to 471.39 million barrels recently, the highest level since June 2021, EIA data show.

Recently, the domestic pure MDI market price trend is relatively stable, and the market transaction volume has not changed much. Market turnover is still in the doldrums. On the supply side, manufacturers are more willing to ship goods, and their sales efforts have been significantly strengthened. However, in the case of price increases, the difficulty has also increased to a certain extent. In terms of downstream procurement, the demand continues to pick up, but the process is still slow. The enthusiasm of customers to purchase has yet to be slowly improved by the recovery of the overall downstream consumption. However, the recovery of the terminal market is relatively slow, and further recovery of the overall economy is still needed.

Recently, the domestic adipic acid market price has rebounded, showing signs of a slight decline. On the supply side, some adipic acid plants have recently restarted, leading to an increase in industry output, increased sales pressure, and some manufacturers have slightly lowered prices. On the demand side, it will take time to restore the market's purchasing willingness, the overall transaction volume has not increased, and there are still many waiters.

Recently, the rebound momentum of domestic BDO market has weakened, and the market price has fluctuated slightly. On the supply side, BDO devices have been overhauled, and the overall operating rate has declined. Manufacturers have become cautious about optimistic expectations for the market outlook. On the demand side, the willingness to purchase downstream has declined, the market’s gaming sentiment has risen, and the market situation is average. The market maintained stable operation.

2, recent TPU market review

Recently, the price trend of the domestic TPU market has stabilized, and the fluctuation has further narrowed. In the context of the slowdown in the price rise of major raw materials, the TPU market price is expected to change, and the overall market transaction continues the previous situation, which is relatively flat. On the supply side, the production and operation of manufacturers are more active, the output is further enlarged, and the inventory increases slightly. The purchase of downstream customers continued to be stable in the previous period, and the recovery of demand was still slow, but the recovery trend was still on an upward path.

Second, the future outlook of the TPU market

At present, after the previous rebound in the TPU market price trend, the price upward trend has obviously weakened. The previous rise is more the market's good expectations for future economic recovery. At this stage, the market rebound is likely to stagnate for a period of time in order to follow up the improvement of the market fundamentals later. From the current point of view, the market's expectations for future economic recovery have not changed significantly. From the last week's economic data,��, the huge amount of social financing credit in the early stage has begun to reflect on the real estate chain and infrastructure chain, and the consumption data has also begun to recover. As the two sessions approach, the policy side will also be in the continuous implementation stage. We expect that for some time to come, the price trend of the TPU market will still be in a window of steady growth.

Recent TPU Market Review and Prospect

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