wanhua(SH:600309) Sou Hu Cai Jing·2025-07-29 04:22Core Viewpoint - A global sofa price crisis has emerged due to a fire at a German chemical plant, leading to a significant disruption in the TDI supply chain, which is critical for the production of mattresses and furniture [1] Group 1: Supply Chain Disruption - A fire at the Covestro chemical plant in Germany on July 12 resulted in the immediate loss of 300,000 tons of TDI capacity, affecting global supply chains [1] - Following this, Wanhua Chemical announced a 30-day maintenance shutdown of its Hungarian plant, leading to a combined loss of nearly 25% of global TDI capacity [1] - The crisis has led to a surge in TDI prices in China, with quotes rising by 4,000 CNY per ton, reaching a five-year high [1] Group 2: Market Reactions - In China, TDI prices increased by 25% in a single day, equivalent to the cost of a smartphone, as traders hoarded supplies [1] - The average TDI price in China surged by 1,012 CNY in one day, marking the largest increase in six years [5] - Export orders from Chinese factories have doubled, with TDI exports reaching 51,600 tons in May, reflecting a significant increase year-on-year [5] Group 3: Impact on Industries - The automotive seating industry is facing increased costs, with each seat's production cost rising by 120 CNY, leading to a 20% reduction in orders [5] - European furniture manufacturers are struggling with supply chain issues, with some forced to abandon low-carbon certifications due to the unavailability of TDI from Covestro [5] - The crisis has caused a ripple effect in the global furniture industry, with manufacturers in Southeast Asia reducing production shifts due to raw material shortages [6]