Propylene oxide: short-term stable digestion, the market outlook is weak
Recently, the domestic propylene oxide market is relatively calm, the overall offer is maintained at 9,000 yuan / ton, the factory shipments are relatively stable, the inventory is low, no pressure, coupled with the high price of raw material liquid chlorine at the beginning of the week, the propylene price continues to rise slightly, compressing PO profit There is no downward pressure. However, the terminal demand continued to weaken, suppressing the market mentality, coupled with the recent restart plan of Jilin Shenhua and Nanjing Hongbaoli. Under the risk aversion, the operation of the operators is still relatively conservative.
On Tuesday and Wednesday, the price of liquid chlorine dropped slightly. Today, the mainstream price in Shandong market is 100-200 yuan/ton, and the profit of PO has risen to around 1000 yuan/ton. The cost support has slightly weakened, but today Xinyue Power Plant accident The caustic soda plant is parked, and it will gradually be lifted tonight. The amount of external coal will increase tomorrow, and the liquid chlorine price will increase. Since last week, the domestic propylene market has been dominated by a narrow upward trend, with a range of 50 yuan/ton. Although the range is narrow, the continuity is still strong. The short-term propylene market still has upside but narrow range, followed by propylene. The trend still needs to pay attention to the downstream trend, whether it can rely on each other again or rely on each other.
Since last Saturday, with the short-term stabilization of PO, the polyether market in the northern region has stabilized. The local reference for soft foam is RMB 9600-9800/ton, but the overall order of the factory is higher than last Thursday and Friday. The decline, until this Tuesday, the new singles shrink, the stage replenishment ended. The current market for CMC is hard to rise, and the low inventory of PO factories and the cost side are slightly supported. However, the supply of polyether is abundant, and the suppliers are still actively shipping. It is expected that the short-term market will be weaker.
Today, Jinling and Xinyue devices have short-term stops. This afternoon and evening plans to gradually resume recovery. The overall supply side has limited impact. At present, the Tianjin Daxie installation in the field has dropped to 20% of the operation, and the short-term parking is expected in early June. Zhonghai Fine's set of equipment was restored today, with a daily output of 130 tons. At the end of the month, Hangjin Technology will have a one-week maintenance plan. Sanyue plans to stop and repair a set of equipment for 3-5 days at the beginning of June, and the specific time has not yet been determined. The recent Jilin Shenhua HPPO device restart plan still aggravates market sentiment.
Overall, the liquid chlorine price may rebound in tomorrow, and continue to provide cost support. There is no pressure on the factory inventory, and there is no risk of lowering the price. However, the demand for the terminal is weak, the demand surface is limited and the amount of release is limited, and the Jilin Shenhua installation restart plan. To curb the market trend, the short-term PO market is difficult to rise and fall. In the medium and long term, the demand side support is still insufficient, and the weak expectations are compiled.
