wanhua(SH:600309) Zheng Quan Shi Bao Wang·2025-07-21 11:28Group 1 - The price of TDI (Toluene Diisocyanate) has been continuously rising, with a recent average price of 15,900 CNY/ton, marking an increase of 1,012 CNY/ton or 6.79% from the previous working day [1] - The recent surge in TDI prices is attributed to a significant reduction in global production capacity due to an accident at Covestro's facility in Germany, which has affected the supply of TDI and related chemicals [1] - TDI prices have increased by over 3,900 CNY per ton this month, with a year-to-date increase of approximately 23% and a year-on-year increase of about 20% [1] Group 2 - The Asian region is currently in a maintenance season, with multiple production facilities undergoing repairs, leading to a severe tightening of global TDI supply [2] - Wanhua Chemical, the largest global supplier of MDI and TDI, is expected to increase its TDI capacity to 1.44 million tons per year after the commissioning of a new project [2] - The recent supply disruptions and the upcoming peak demand season are expected to improve profitability for TDI producers, resulting in a rapid increase in stock prices for related companies [2] Group 3 - As of July 21, Wanhua Chemical's stock has risen nearly 10% over the past three trading days, while Cangzhou Dahua and Hualu Hengsheng have seen increases of approximately 29% and 10%, respectively [3] - Analysts believe that the reduction in overseas supply, combined with the peak demand season and domestic maintenance, will enhance TDI market conditions [3] - The "anti-involution" policy is encouraging factories to maintain price increases, leading to a strong upward trend in market pricing [3]