The price of stearic acid is relatively strong, and the downstream has a strong wait-and-see sentiment
2023/8/15
At the end of July, the price of stearic acid climbed, but the willingness of downstream users to stock up became more and more cautious. During the week, the inventory of stearic acid factories increased slightly, and the shipment data has always been difficult to follow the trend of rising prices. However, the downstream is mainly receiving small orders, and the terminal load is still relatively low, and most manufacturers are not willing to raise the burden. With the support of the cost side, the price of stearic acid is relatively firm, and the downstream wait-and-see sentiment is becoming stronger.
This week, the start of PVC product enterprises has improved slightly compared to last week. The off-season of domestic trade has gradually passed. Although the housing reform has not driven it, the completion is still expected in the later stage. Some product enterprises are expected to improve in the later stage of orders. From the perspective of domestic PVC profile companies, the start-up of profile companies has little fluctuation during the week, and their own orders are used as a reference for start-up. In terms of raw materials, the inventory cycle continues to be maintained at 15-30 days, and product companies are cautious in receiving goods this week, partly digesting the previous inventory, and some are mainly in demand. In terms of product inventory: the inventory cycle ranges from 15-25 days, some are pending orders, some large-scale enterprises have high product inventory, and small and medium-sized enterprises mostly order production based on sales. At present, domestic sheet, film materials, etc. are expected to improve in the market outlook, but attention needs to be paid to sustainability.
This week, the capacity utilization rate of China's all-steel tire sample enterprises was 63.36%, +1.75% month-on-month, and +5.66% year-on-year. The production scheduling of the pre-maintenance enterprises has basically returned to the normal level, driving the capacity utilization rate of the sample enterprises to rise slightly. The performance of domestic sales of enterprises was mediocre, and the inventory of finished products rose slightly. In terms of all-steel tires, the transaction prices in the replacement market during the week did not change much from the previous month. The prices of most products continued to be stable, and agents in some regions had their own promotion activities. There has been no significant change in terminal demand, but after the beginning of autumn, the high temperature weather has gradually decreased, which is good for the logistics and transportation industry and the replacement market for terminals.
On the whole, industries such as terminal PVC and tires are still in the recovery stage. There are expectations and hopes, but the cautious attitude has increased compared with previous years. In terms of anti-risk capabilities and adjustments to start-up load operations, downstream manufacturers are well prepared. Always follow the market demand to adjust the rhythm.
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