Adipic acid 3.2
Adipic acid market review and outlook
1. Market Review
From February 24th to March 13th, the trends of adipic acid (market spot price), pure benzene (market spot price), and styrene (futures main contract intraday settlement price) are as follows:
It has been more than half a month since the start of construction on the eighth day of the new year, and the adipic acid market has fallen into historic fluctuations due to the situation in the Middle East. The escalation of geopolitical conflicts in the Middle East has led to sharp fluctuations in crude oil prices. Pure benzene and styrene, which are raw materials in the upstream of the chemical industry chain, have borne the brunt of the sharp rise in adipic acid. After the year, the adipic acid market is mostly in a high digestion stage, but during the Spring Festival, suppliers accumulated their inventories, and Hualu, the main manufacturer, guided the price to be reduced twice to 8,300 yuan/
On February 28, the sudden escalation of geopolitical conflicts in the Middle East led to a sharp rise in crude oil prices. As the situation in the Middle East continued to ferment, the adipic acid market was closed and waited-and-see. The guiding price of adipic acid and its raw material pure benzene rose side by side for a week. As of March 8, the guiding price of Hualu, the main manufacturer of adipic acid, rose from 8,300 yuan/ton to 10,600 yuan/ton, an increase of 2,300 yuan, and the listing of Sinopec Group pure benzene rose from 6,150 yuan/ton to 8,300 yuan/ton, an increase of 2,150 yuan.
On March 9, it ushered in historic fluctuations. The price of Hualu Hengsheng adipic acid was raised by 1000 to 11,600 yuan/ton on the same day, and the listing of pure benzene was raised by 2700 to 11,000 yuan/ton. However, on March 10, the situation in the Middle East eased. Coupled with the impact of policy intervention and market sentiment and speculative funds taking profits, the market logic reversed. Crude oil and pure benzene skyrocketed to plummet. The listing of pure benzene directly fell by 3000 to 8000 yuan/ton on the same day. Adipic acid was also affected. The main manufacturer Hualu's guiding price was also lowered by 1800 to 9800 yuan/ton. Although practitioners were afraid of another reversal in the market, they were driven by sporadic rigid demand orders in the market.
The current situation in the Middle East is still fermenting, and crude oil continues to rise. On March 12, pure benzene was listed and slightly raised by 400 to 8,400 yuan/ton. The guiding price of Hualu Hengsheng adipic acid was raised by 300 to 10,100 yuan/ton. On March 13, the guiding price of Hualu Hengsheng adipic acid was raised by 100 to 10,200 yuan/ton. The market may return to rationality. The impact of supply and demand still determines the upward trend, and it can be seen from the figure that the price fluctuations of pure benzene and adipic acid are still closely related.
According to third-party statistics, the average market price of adipic acid from February 24 to March 13 was 9143.33 yuan/ton, reaching 900.47 yuan/ton:
According to third-party statistics, the average market price of pure benzene from February 24 to March 13 was 7180.33 yuan/ton, reaching an increase of 1143.19 yuan/ton:
The price guidance of Hualu Hengsheng, the main manufacturer of adipic acid, will be adjusted as follows from February 24th to March 13th:
Pure benzene:
The price of Sinopec Group pure benzene listing will be adjusted as follows from February 24th to March 13th:
Recently, affected by the geopolitical situation in the Middle East, the sharp rise in crude oil has led to a sharp rise in the spot price of pure benzene. Many supply companies consider the increase in the price of raw materials in the future market or the lack of supply. The market circulation has dropped sharply. Market inquiries have followed suit, and prices have continued to rise. The instability of the situation has led to a sharp rise and fall in the price of pure benzene. Driven by the sharp rise in international oil prices and the geopolitical risk premium, the price of pure benzene has continued to rise by the daily limit, and the spot price of pure benzene has risen rapidly. The market is actively buying. However, due to the restriction of the daily limit rules on the disk, the market price has fluctuated sharply up and down, but the downstream is cautious, the profit is sold, the price is quickly corrected, and
Recent pure benzene port stocks are as follows:
As of now, the inventory of pure benzene ports is close to 30.2WT. Recently, the inventory of ports has dropped by nearly 0.2WT. Refer to the recent international pure benzene news and continue to further observe changes.
See the international price trend of pure benzene in US dollars as follows:
Pure Benzene - China CRF
Pure Benzene - US Gulf - FOB
