In May, the domestic adipic acid price fell sharply, which continued the decline in April. After peaking in March, with the increase of domestic adipic acid supply pressure and relatively weak demand, the price lost support and gradually went down. According to the monitoring of business news agency, adipic acid in East China fell by 8.23% in May, with a cumulative decline of more than 12% in the last two months. At the end of May, the price range of adipic acid was 10000-10200 yuan / ton.

In terms of market supply, in May, adipic acid maintained a high level of operating rate, enterprises gradually accumulated inventory, and inventory pressure was greater. As the market entered the off-season, the speed of delivery decreased significantly, so it was inevitable for enterprises to reduce the price and de inventory. From the perspective of dealers, when the market rose in the first quarter, dealers hoarded a large number of goods. In April and may, the market turned down, and inventory was generally cleared, further forcing enterprises to reduce prices and ship goods.

Pure benzene market trend chart

In terms of cost, the high price of pure benzene fell rapidly in the middle and late May. According to the monitoring of the business community, from May 15 to 28, the price of pure benzene fell by 8.14%, and the cost support weakened, resulting in the linkage decline of adipic acid price.

PA66 market trend chart

As far as downstream demand is concerned, from the perspective of downstream PA66 of adipic acid, PA66 continued its decline in April and continued to decline, resulting in low terminal demand, resulting in little improvement of the whole industry. According to the monitoring of business news agency, as of the 28th, the monthly decline was 3.04%.

In the later stage, the business community believes that the current supply pressure of adipic acid is still large, the time for destocking may be prolonged, the price is easy to fall but difficult to rise, and the market supply pressure in the later stage is difficult to ease in the short term, which is mainly caused by the increase of shipping pressure of enterprises and the slowdown of downstream procurement. It is expected that adipic acid may continue to adjust, and the possibility that the range will continue to move down cannot be ruled out.

1、 Price trend

Taking the rutile titanium dioxide with large domestic market volume as an example, according to the data of the large list of business agencies, titanium dioxide prices rose this month. At the beginning of the month, the average price of titanium dioxide in China was 20266.67 yuan / ton, and the average price at the end of the month was 21566.67 yuan / ton, and the price rose in the month, with an amplitude of 6.41%.

2、 Market analysis

The price market price of titanium dioxide in China continued to rise this month. More than 20 manufacturers including Huiyun titanium industry, Ananda, haifengxin and longpython Bailey have successively increased, with the domestic trade price rising at 1000 yuan / T and the foreign sales price rising at 150 USD / T. In addition, Venato announced on July 12 that the Asia Pacific region will increase by $200 / T since July 1, 2021. KONOS announced on April 30 that the price of titanium dioxide in Asia was increased by 250 euros / ton, 220 pounds / ton and 300 USD / ton, which was implemented since July 1. Up to now, the tax bearing factory quotation of rutile titanium dioxide in China is 21000-19000 yuan / ton; The ex factory quotation of sharp titanium dioxide with tax is 18300-19200 yuan / ton; The ex factory quotation of titanium dioxide containing tax by chlorination method is RMB 22500-24000 / ton.

According to customs data, China’s titanium dioxide exports reached about 107200 tons in April 2021, an increase of 21.63% year-on-year, and a 15.52% decrease on a month-on-year basis; The cumulative export volume from January to April was about 435100 tons, an increase of 5.78% year-on-year, and an increase of 23800 tons from January to April 2020.

In April 2021, China’s titanium dioxide imports amounted to 18700 tons, an increase of 52.05% year-on-year, and a 15.64% year on month increase; From January to April, the total import volume was about 65300 tons, an increase of 31.46% year-on-year, and the import volume increased by about 17500 tons from January to April 2020.

In terms of raw materials, titanium prices continued to rise this month. In some areas, the start-up of titanium ore is still low, the manufacturers have more orders in the early stage, and the market spot supply is tight. Up to now, the price of 46,10 titanium ore from small and medium-sized manufacturers is 2400-2450 yuan / ton; The price of 47 and 20 mines is about 2500 yuan / ton, and that of 38 and 42 mines is 1630-1670 yuan / ton without tax. In the short term, most miners are willing to rise. The spot of titanium concentrate continued to be tight, and some miners were reluctant to sell it. The miners had no intention of shipping at a low price, so the actual price was discussed in a single way.

According to customs data, in April 2021, China imported 367200 tons of titanium ore, with a year-on-year increase of 58.98% and a month on month decrease of 7.27%; The total import from January to April was about 1.3942 million tons, up 37.46% year on year, and the total import from January to April 2020 was about 379900 tons year on year.

In April 2021, China exported 4375.5 tons of titanium ore, with a year-on-year growth of 256.89% and a month on month growth of 81.26%; From January to April, the total export was about 1.43 tons, up 9.92% year on year.

3、 Future forecast

Analysts of titanium dioxide in business agency believe that: at present, the upstream titanium ore is constantly in high price, and the demand of foreign titanium dioxide market is stable and replenishment is required. The overall inventory of titanium dioxide market is low, but the domestic and downstream high price receipt slightly contradicts, and the transaction price is discussed more. In the short term, the supply side is strong, the demand side is contradictory, and the price of titanium dioxide is still strong between the supply and demand games.

According to the data monitored by the business community, as of May 26, the average quotation price of domestic premium DMF enterprises was 10700.00 yuan / ton, and the overall market was weak. In the short term, it maintained the early trend, the focus of negotiation was stable, and the downstream demand was weak.

There is a strong wait-and-see atmosphere in the market, and the willingness to stock up is not strong. Replenishment is the main demand, and the support from the cost side is general. The overall market trend is weak, and the number of transactions is limited. Most of them are contract customers, with 10700-10900 yuan / ton in East China market and 11100-11200 yuan / ton in South China market.

Manufacturer / Region Specifications Quotation (yuan / ton) date

Hualu Hengsheng DMF eleven thousand and five hundred May 26th

Luxi Chemical DMF ten thousand and three hundred May 26th

Shanxi coal sun and moon DMF ten thousand and three hundred May 26th

Anyang Jiutian DMF ten thousand and three hundred May 26th

Xinghua, Shaanxi DMF ten thousand and five hundred May 26th

The trend of methanol in the upper reaches of Shandong Province is stable. The mainstream of methanol market in central Shandong Province is 2470-2500 yuan / ton, which is sent to cash. The transaction situation is general. The factory quotation of enterprises in southern Shandong Province is reduced by 90 yuan to 2570 yuan / ton. Linyi local delivery offer 2540-2560 yuan / ton, downstream just need to purchase, industry more wait and see. The ex factory quotation of enterprises in the Middle East of Shandong Province was reduced by 80 yuan, around 2720-2800 yuan / ton. Methanol commodity index: on May 25, the methanol commodity index was 92.21, up 0.26 points from yesterday, down 27.58% from 127.32 points (December 11, 2013), the highest point in the cycle, and up 67.35% from 55.10 points, the lowest point on April 1, 2020（ Note: period refers to the period from September 1, 2011 to now

Business agency DMF analysts believe: it is expected that the DMF market will remain weak in the short term, with a narrow range of shocks（ For more information on the latest industry chain, welcome to pay attention to official account of business community, obtain commodity information, and grasp commodity price.

Recent trend of sulfuric acid price

As can be seen from the above figure, the distribution price of sulfuric acid in Shandong Province fell this week, with the quoted price falling from 573.33 yuan / ton at the beginning of the week to 543.33 yuan / ton at the end of the week, a decrease of 5.23%, and a year-on-year increase of 84.18%. Overall, the sulfuric acid market fell this week, with the sulfuric acid commodity index at 84.56 on May 21.

The downstream market is depressed and the purchase intention is not strong

From the quotation of manufacturers, the prices of mainstream sulfuric acid manufacturers in Shandong fell this week, the inventory of manufacturers was general, and the downstream demand weakened. Heze Jiangyuan quoted 600 yuan / ton over the weekend, down 50 yuan / ton compared with the beginning of the week; Zouping Tianlu quoted 380 yuan / ton this weekend, down 40 yuan / ton compared with the beginning of the week; Jinan Yuanfei quoted 650 yuan / ton, which was temporarily stable compared with that at the beginning of the week.

From the perspective of the upstream and downstream industry chain, the sulfur market in the upstream has recently been consolidated at a high level, with weak rise and general cost support. The downstream isopropanol, hydrofluoric acid market fell sharply, on the whole, had a negative impact on the price of sulfuric acid.

Weak and stable operation in the future

In late May, the sulfuric acid Market in Shandong Province may fluctuate and fall slightly. The price of sulfur in the upper reaches has been consolidated at a high level recently, but the rise is weak. The market in the lower reaches is poor. The purchasing enthusiasm of sulfuric acid in the lower reaches is general, and the product trend is downward under the contradiction between supply and demand. Business community sulfuric acid analysts believe that the short-term Shandong market in the supply and demand and raw materials and other aspects of the impact of the sulfuric acid market or small shocks down.

1、 Price trend

According to the data of the business club’s block list, the price of mixed xylene rose first and then fell this week, which was lower than that of last week. On May 16, the price of mixed xylene was 5990 yuan / ton; The price of this Sunday (May 23) was 5960 yuan / ton, down 30 yuan / ton or 0.5% from last week; It was 64.64% higher than that of the same period last year.

2、 Analysis and comment

Prophase good news support is insufficient, downstream demand is still weak, mixed xylene prices rose first and then fell this week. In terms of external market, as of May 14, the price of imported mixed xylene from South Korea was 786 US dollars / ton, down 4 US dollars / ton or 0.52% compared with May 14; The reference price of domestic imported mixed xylene was 788 US dollars / ton, down 7 US dollars / ton or 0.88% on May 14.

In terms of crude oil, crude oil rose first and then fell continuously during the week. In the early stage, driven by the optimistic prospect of demand recovery in Europe and the United States, international oil prices rose; However, we heard that the nuclear talks between the United States and Iran have made progress, and the market is worried about the supply of crude oil or the increase of bad oil price, so the oil price turns down. Compared with May 14, Brent fell by $2.15/barrel, or 3.11%; WTI fell $1.78 per barrel, or 2.72%.

Downstream, PX market, domestic PX prices remained stable this week, at 6400 yuan / ton, up 60% year on year. Recently, the domestic PTA market price has fallen sharply, and the downstream market is not good, which has a negative impact on the PX market. As of May 21, the closing prices in Asia were US $814-816 / T FOB Korea and US $832-834 / T CFR China.

In terms of PTA market, the price of PTA in East China fell sharply this week. On Sunday (May 23), the price was 4598.18 yuan / ton, down 1.42% from last week and up 29.16% from the same period last year. Recently, the PTA plant has been overhauled and restarted, and the supply side has increased. This week, the PTA operation rate is about 85%. The PTA delivery situation is general, and the price is high.

In terms of ox market, the price of ox this week was flat compared with last week. On Sunday, the price of ox in East China was 6200 yuan / ton, up 5.08% compared with last week and 55% compared with the same period last year. The domestic market of o-xylene is temporarily stable with sufficient supply; The external quotation fluctuated and rose; The cost fluctuates and falls; The downstream market fluctuated and fell, the demand was mainly rigid demand, and the trading enthusiasm of o-benzene was general.

3、 Future forecast

Xylene analysts from business society chemical branch think: first, look at the supply cost side, the implementation of OPEC + production reduction, the total number of oil drilling platforms in the United States, and weekly EIA and API inventory data. Second, on the demand side, the impact of the global epidemic on crude oil demand, the progress of industrial chain recovery, and the economic and trade situation in Europe and the United States. Third, look at the geopolitical situation in the Middle East, China and the United States, the progress of new technology, the dollar index and stock market linkage.

The recent nuclear discussions in the United States and Iran may be negative for oil prices. The crude oil market is full of uncertainty and may decline in the short term. The crude oil market is full of uncertainty, the downstream follow-up is general, and the good news brought by the consumption tax is short-term, and the short-term trend of mixed xylene is weak. We will continue to pay attention to the impact of crude oil and gasoline blending price trend, xylene blending unit maintenance trends, port inventory and downstream demand changes on xylene blending price.

According to the data monitoring of business news agency, the trichloromethane market was strong this week (5.17-5.21). The price of trichloromethane was 3995 yuan / ton on the third day of the week, and 4030 yuan / ton on the third day of the week, with an overall slight increase of 0.88%.

This week, the overall operation rate of domestic methane chloride plant is stable, and the pressure of supply side is not big. According to the business news agency, Jinling Dongying plant is in full load operation, Dongyue methane chloride plant is in operation for 50-60% of the time, Jinmao methane chloride plant is in parking, and about 90% of the time is in operation in Luxi, Jiangsu Liwen and Jiangxi Liwen are in full load operation, and Meilan Juhua is in operation for 70% of the time.

The price of raw material liquid chlorine was at a low level, the price of methanol fell slightly, and the cost support weakened. According to the business news agency, as of May 21, the price of methanol was 2717 yuan / ton, slightly down from 2737 yuan / ton at the beginning of the week; As of May 21, the main factory price of liquid chlorine for tank cars in Shandong Province was about 1150 yuan / ton.

Finally, the foreign trade orders of downstream refrigerants were stable this week, and the expected sales volume of domestic trade increased as the weather turned hot. The overall start-up sometimes increased compared with the earlier stage, and the demand for trichloromethane formed a support.

Business community methane chloride data analysts believe that at present, the cost side of the impact is mainly empty, but the downstream refrigerant has a certain support in the demand side, and it is expected that the price of chloroform will fluctuate in a narrow range in the short term.

On the night of the 18th, the US dollar index was lower, while most LME metals were stronger. Shanghai lead continued last night’s trend in early trading today. It was the main trading partner at the beginning of trading, and then fell back. By the end of the 19th, the main contract 2106 of Shanghai lead was settled at 15580 yuan / ton, up 1.63%.

The spot market was driven by the high morning futures market, and most of the morning quotations rose. The quotation range of domestic lead ingot was about 15350-15500 yuan / ton, with an average price of 15425 yuan / ton, up 225 yuan / ton from the previous trading day. Spot market prices rose for two consecutive days, market traders have a strong wait-and-see mood, most of the downstream fear high, market wait-and-see mainly, the actual transaction is limited.

In the near future, the futures market has strengthened, focusing on the actual transaction situation of the market. The downstream batteries are still in the off-season, and the rising space is expected to be limited in the future.

Recent trend of sulfuric acid price

As can be seen from the above figure, the distribution price of sulfuric acid in Shandong Province fell this week, with the quoted price dropping from 620.00 yuan / ton at the beginning of the week to 600.00 yuan / ton at the end of the week, a decrease of 3.23%, and a year-on-year increase of 103.39% over the same period last year. Overall, the sulfuric acid market fell this week, with the sulfuric acid commodity index at 93.39 on May 14.

The downstream market is depressed and the purchase intention is not strong

From the quotation of manufacturers, the prices of mainstream sulfuric acid manufacturers in Shandong fell this week, the inventory of manufacturers was general, and the downstream demand weakened. Heze Jiangyuan quoted 6800 yuan / ton over the weekend, down 20 yuan / ton compared with the beginning of the week; Zouping Tianlu quoted 470 yuan / ton this weekend, down 40 yuan / ton compared with the beginning of the week; Jinan Yuanfei quoted 650 yuan / ton, which was temporarily stable compared with that at the beginning of the week.

From the perspective of the upstream and downstream industry chain, the sulfur market in the upstream has recently been consolidated at a high level, with weak rise and general cost support. However, the downstream formic acid and isopropanol markets fell slightly, while the price of hydrofluoric acid fell significantly, which had a negative impact on the price of sulfuric acid on the whole.

Weak and stable operation in the future

In late May, the sulfuric acid Market in Shandong Province may fluctuate and fall slightly. The price of sulfur in the upper reaches has been consolidated at a high level recently, but the rise is weak. The market in the lower reaches is poor. The purchasing enthusiasm of sulfuric acid in the lower reaches is general, and the product trend is downward under the contradiction between supply and demand. Business community sulfuric acid analysts believe that the short-term Shandong market in the supply and demand and raw materials and other aspects of the impact of the sulfuric acid market or small shocks down.

Last week (5.10-14), the domestic liquid ammonia market fell slightly, after a horizontal market from late April to early May, the market was loose, and the weekly increase of liquid ammonia was -0.69% according to the monitoring of the business agency. Last week, liquid ammonia manufacturers generally cut their prices, Hebei and Shandong factories all fell more than 100 yuan. With the slowdown of the shipping speed, supply pressure increased, prices lost support, and all regions fell steadily.

The liquid ammonia in Shandong is mainly light and stable, and the current pressure of the source of goods is still available in the region, but the region is in the stage of accumulation. The price of some major factories in Shandong Province has slightly decreased at the beginning of the week, with the range of 50 yuan / ton, while the other trading days are stable, and the manufacturer’s inventory pressure is still acceptable. The main flow price in this area is 3650-3750 yuan / ton. At present, the production of liquid ammonia from the plant in this area is moderate, the overall inventory pressure of the region is stable, and the supply and demand are basically balanced in the later period.

The price of liquid ammonia in Hebei Province is also loose. The current pressure of the supply inventory in the region is not changed much compared with the previous period. On Tuesday, the price of large factories declined, but the range is not large. Within 50 yuan / ton, the manufacturer’s inventory pressure is still acceptable, and the mainstream price in the region is 3600-3700 yuan / ton. At present, the liquid ammonia discharged by the plant is moderate, the overall storage pressure of the region is not large, and the supply pressure in the later period is general.

The market outlook, at the beginning of this week, 17, the domestic liquid ammonia manufacturers concentrated on the rise, the market slightly back to temperature, on the one hand, by the early urea rise, manufacturers concentrated production, liquid ammonia reduction, the current effect appears, ammonia is low support, in the short term, liquid ammonia prices still have upward space, but considering that the downstream demand is not much improvement, liquid ammonia will not have much market.

In May, the domestic dimethyl ether market continued its rise in April and continued to be the main market. After the May Day holiday, the market of dimethyl ether in Henan Province is getting better and the center of gravity is moving up. According to the data monitoring of business news agency, the average price of dimethyl ether in Henan market was 3185.00 yuan / ton on May 6 and 3727.50 yuan / ton on May 13, with an increase of 7.73% and 17.03% compared with April 1. As of May 13, the domestic market prices of dimethyl ether are as follows:

region Specifications date offer

Shandong Province Mass fraction of dimethyl ether: ≥ 99.0% May 13th 3900 yuan / ton

Jiangxi Province Mass fraction of dimethyl ether: ≥ 99.0% May 13th 3750 yuan / ton

Henan Province Mass fraction of dimethyl ether: ≥ 99.0% May 13th 3780-3850 yuan / ton

After the May Day holiday, the price of dimethyl ether in the domestic market continued to rise and could not stop. Taking Henan xinlianxin as an example, the ex factory quotation of Henan xinlianxin dimethyl ether was 3450 yuan / ton on May 6, and 3830 yuan / ton on May 14. The price was increased every day, with an overall increase of 380 yuan / ton. Other manufacturers have also increased mainly, dimethyl ether quotation center up.

region enterprise Production capacity (10000 tons / year) Device condition

Henan Province LAN Kao Huitong ten Maintenance on May 7, restart time not determined

Henan Province Yima Kaixiang twenty Maintenance on May 10, restart time not determined

Henan Province Qinyang Shengxin ten It was overhauled on March 5, but the restart time was not determined

Looking at the reasons for this rise, there are mainly the following points. The most obvious one is the raw material methanol market. The recent rise in coal prices has led to a sharp rise in methanol. Methanol futures and spot go up hand in hand, bringing obvious benefits to the dimethyl ether Market. The second is the market supply. At present, most manufacturers are in the state of maintenance, and the market supply is reduced, which brings some support to the dimethyl ether Market. Finally, in terms of demand, after the festival, there is a certain demand for replenishment in the downstream, which mainly focuses on replenishment in the market, and the market is more favorable. Under the mentality of buying up but not buying down in the downstream, it is more active to enter the market, the market supply exceeds demand, and the price rises continuously.

In the cost methanol market, the strong coal market on the cost side strongly drives the expectation of methanol futures market. At the same time, the macro side is good, and the methanol futures market is still bullish for a short time under the background of product fundamental preference. At the same time, the methanol spot market is rising slowly. According to the monitoring of the business agency, as of May 12, the average price of domestic methanol manufacturers in Shandong was 2625 yuan / ton, with a month on month rise of 11.68% and a year-on-year rise of 23.32%. In terms of methanol spot market, the new prices of production enterprises in the main production areas of Northwest China were significantly increased to drive the market, while the production enterprises in the inland areas were gradually rising. At present, the social inventory of methanol market is fair, and the price of downstream products is up and down. Most enterprises purchase on demand.

At present, the raw material methanol market is still rising, which brings obvious benefits to the market. However, the trend of the civil LPG market is relatively weak, with a partial downward trend, which has a certain constraint on the rise of dimethyl ether. In the later stage, as the weather heats up, the downstream demand is expected to weaken, bringing bad news to the market. In the short term, the market supply is low, the manufacturers’ inventory is on the low side, and the market price of dimethyl ether is mainly firm, which is expected to reach the 4000 yuan / ton mark. But in the long run, the dimethyl ether Market is likely to fall.