万华化学：化工茅涨价，不止“反内卷”

Core Viewpoint - The chemical industry, particularly the polyurethane sector, is experiencing a price increase led by Wanhua Chemical, but a full recovery is still distant due to ongoing challenges in downstream demand and supply chain issues [1][8]. Price Increase Dynamics - Wanhua Chemical has initiated multiple price hikes for its core products, including MDI and TDI, starting from December 2025, following similar moves by global giants like BASF and Dow [1][2]. - The price adjustments include a $200/ton increase for MDI in Southeast Asia and South Asia, and a €300/ton increase for all MDI products in Europe [2][3]. - The price surge is attributed to unexpected production halts and geopolitical factors affecting raw material costs, alongside seasonal maintenance peaks [3][5]. Supply Chain Challenges - Significant production disruptions have occurred, including a one-month shutdown of Hunstman’s MDI facility in the Netherlands and maintenance at Wanhua's 1 million ton/year MDI plant in Ningbo [4][5]. - The ongoing structural shortage of ethylene in Europe and Asia is a critical concern, exacerbated by the permanent closure of several ethylene cracking facilities by major companies [6][7]. Industry Outlook - The chemical industry in Europe faces long-term challenges due to energy structure issues and stringent carbon emission policies, which may weaken its international competitiveness [7]. - Despite the supply issues in Europe and Japan, a complete recovery of the industry hinges on the rebound of downstream demand [8][9]. - Wanhua Chemical's financial performance shows signs of stabilization, with a slight increase in net profit in Q3 2025, although overall revenue remains down year-on-year [11].