According to the Commodity Market Analysis System of Shengyi Society, from December 1st to 5th, the domestic aggregated MDI market prices showed a strong upward trend, with an average price of 14533 yuan/ton at the beginning of the week and 14666 yuan/ton at the end of the week. During the period, the price increased by 0.92% and decreased by 19.19% year-on-year. During the week, there were frequent reports of major foreign companies undergoing maintenance and price increases. At the same time, domestic companies also added new maintenance, increasing expectations of tight supply and boosting market confidence. Downstream demand is the main factor, cautious entry into the market, with small transactions and a large number of individual units, and the aggregated MDI market slightly rising.

Supply side: Maintenance will begin in Ningbo on November 15th and is expected to last for about 55 days. BASF Chongqing plant and Covestro Shanghai plant both have maintenance plans for December. Huntsman Netherlands’ 280000 tons/year MDI plant unexpectedly shut down in late November and is expected to continue until mid December, with the remaining production lines operating at low load. The 400000 ton/year MDI plant in Saudi Arabia is scheduled to shut down for maintenance in January 2026.
On the cost side, the pure benzene market fluctuated within a range this week. The main ports in East China will enter a continuous accumulation phase. In addition, with the weather turning cold, there is a shortage of terminal orders, and the enthusiasm for downstream production is not high, which still puts pressure on the price repair of the industrial chain. Under the long short game, it is expected that the pure benzene market will operate in a range consolidation. This week, the aniline market fell from a high level. On December 5th, the market price of aniline was 7970 yuan/ton, and on December 1st, the price was 8145 yuan/ton, a decrease of 2.15% during the period.
On the demand side, downstream demand enters the market on demand, increasing resistance to high priced goods and making it difficult to increase transaction volume.
Future forecast: The current supply of aggregated MDI market is tightening, and there is a strong wait-and-see atmosphere in the market. We will closely monitor the market transaction situation and expect the aggregated MDI market to operate strongly in the short term.