The contradiction between supply and demand is severe epoxy resin upside or short-lived
2023/6/26
The raw material bisphenol A market was fast moving upward before the festival, and the market negotiation was pulled up to RMB 9,000-9,100/ton. Before the holiday along with the upstream phenol / acetone market push up, cost pressure highlighted, the field auction rounds of continuous increase in confidence, bisphenol A factory positive price, and intermediate traders and downstream factories to enhance the enthusiasm of positive stocking, market transactions, activity increased, but the first day after the holiday raw material side down, the market trading rhythm cooled down, the factory pressure is not much, the offer remains stable. In East China, the quotations were at RMB 9100-9200/ton.
On the contrary, the raw material epichlorohydrin market is in the doldrums, traders are pessimistic, because the demand is weak, manufacturers are under pressure to ship, they have the intention to ship at concessions, and new orders are scarce. At present, the mainstream negotiation price in Shandong is 7800 yuan/tonne delivered on exchange.
In the future, the supply side is expected to increase, the short-term domestic load is running smoothly, but in the third quarter, according to the plan, the epoxy plant of Tongling Hengtai will be commissioned at the end of the month, and with the commissioning of several new units in the later period, the domestic epoxy resin production capacity will be increased to 3.3 million tons per year, exceeding the actual demand by more than one million tons, and the domestic epoxy resin will still be affected by the imbalance between supply and demand in the third quarter. The contradiction between growing production capacity and persistently low demand will continue to plague the domestic epoxy resin industry. On the demand side, the end demand is not obvious, and most of them are digesting inventory. The current epoxy resin price follows the raw material cost, but the comprehensive support of double raw materials is not enough after the festival, and in the cruel competition, we can't rule out the possibility that some stockholders will give out profit to seize the market share, and the market will become turbulent and unstable. It is expected that the field is mainly stable in the short term, continue to pay attention to the changes in the cost side, long-term supply is sufficient, the market may continue the downward trend.
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