Since mid-February, the upstream and downstream products of BDO-THF-PTMEG industry chain Showing a continuous downward trend, the price of BDO East China bulk water has dropped from the average price of 13,550 yuan/ton on February 15 to 12,250 yuan/ton on March 15, a month-on-month decrease of 9.6%. Compared with the same period last year, the decline has been even greater More than 50%. The price of THF bulk water in East China fell from the average price of 17,250 yuan/ton on February 15 to 14,250 yuan/ton on March 15, a month-on-month decrease of 17.4%. Although the price of PTMEG is stable, the prices of PTMEG with a molecular weight of 1000 and 2000 in the non-spandex field have been loose recently.
Most of the recent BDO-THF-PTMEG industry chain product prices are below the main, core The reason is that the demand is weak, the profitability of downstream products has been weak recently, and the purchasing sentiment has also declined. Due to the weak downstream demand, it is difficult to ship upstream BDOs, and it is difficult to negotiate orders. Coupled with the recent continuous increase in BDO production capacity: Dongjing Bio’s 280,000-ton/year project has been fully put into production, and Xinjiang Xinye’s 200,000-ton/year project has started construction. The blowout capacity continues to weaken the support of the supply side, and also aggravates the downstream wait-and-see sentiment. So will the bottoming trend of the BDO industry chain continue?
The editor believes that the price shock of the BDO-THF-PTMEG industry chain is the top The performance of downstream profit redistribution. After the price climbed rapidly in early February, the price of BDO put a certain pressure on the downstream. With such a high starting point, the current slow decline has not caused excessive pressure on BDO manufacturers. The prices of calcium carbide and methanol at the raw material end are relatively high. The BDO industry still has considerable room for profit, which is why manufacturers continue to invest in expansion. However, the recovery of terminal demand in the downstream PBT, GBL and other industries was weaker than expected, the shipment price dropped sharply, and the profit margin was rapidly compressed, resulting in low purchasing sentiment. , the link with a larger profit margin is to seek appropriate profit concessions for shipments, forming a vertical profit redistribution of the industrial chain. Therefore, in the short term, the support on the demand side is still very limited. Before such redistribution is completed, BDO still has a continuous downward trend.
微信扫一扫打赏
