Since the adipic acid market began to decline in March, it is still difficult to stop the decline until late April. So far, taking the East China market as an example, it has fallen by 3,400 yuan/ton, a drop of 24.63%. The magnitude and duration are really worrying for the industry. As for the future trend, it is expected that the decline will continue, but the speed will slow down, and falling below the 10,000 yuan mark is just around the corner.
1. Although the raw material pure benzene shows signs of rising, it is difficult to support the market
The rebound of crude oil and the reduction of low-priced supply in the market helped push the center of gravity of pure benzene higher. This week, the sharp rise in crude oil and the opening of the arbitrage window between the United States and South Korea have supported the continued rise in the external market, which has given a certain boost to East China port prices. The price offered by cargo holders has risen strongly to 6200-6250 yuan/ton for spot withdrawal. Due to their low operating rate, sufficient raw material inventory, and East China port inventory of more than 200,000 tons, downstream companies are cautious about accepting high prices. Inquiries are around 6,100-6,150 yuan/ton, and there is a certain gap between buyers and sellers. However, due to the reduced supply of low-price goods from Shandong, it is difficult to find low prices on the market. After Sinopec made a supplementary increase of 150 yuan/ton on Wednesday, the focus of market discussions was consolidated at 6200-6250 yuan/ton. However, it is difficult to form a positive support for the adipic acid market. The cost side has little impact on it, and the main impact is still on the supply side.
2. Construction is starting normally, but the contradiction between supply and demand is increasing
The current operating rate of the factory has reached about 60% and the operation is stable. The supply of goods in the market is gradually loosening, and a weak atmosphere is pervasive in the market. The listed price of the factory in April continued to fall by 1,000 yuan/ton, and middlemen also continued to offer low prices. Terminal slurry, The shoe sole liquid market basically maintains the demand for small orders. Under the bearish atmosphere, many have no awareness of stocking up. The contradiction between supply and demand is becoming increasingly obvious, and the transaction atmosphere on the market is sluggish.
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