基础化工周报：聚合MDI价格下降

Investment Rating - The industry investment rating is "Increase" indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [94]. Core Insights - The average prices for pure MDI, polymer MDI, and TDI are 19,300, 18,140, and 12,600 CNY/ton respectively, with changes of +60, -180, and -160 CNY/ton compared to the previous period [2]. - The gross margins for pure MDI, polymer MDI, and TDI are 6,073, 5,958, and 347 CNY/ton respectively, with changes of +76, -209, and -210 CNY/ton [2]. - In the oil, coal, and gas olefin sector, the average prices for ethane, propane, thermal coal, and naphtha are 1,145, 4,494, 655, and 4,571 CNY/ton respectively, with changes of +91, -50, -5, and +6 CNY/ton [2]. - The average price for polyethylene is 8,365 CNY/ton, showing a decrease of 9 CNY/ton, while the theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene are 1,679, 1,889, and -19 CNY/ton respectively [2]. - The average price for polypropylene is 7,300 CNY/ton, remaining unchanged, with theoretical profits for PDH, CTO, and naphtha cracking for polypropylene at -222, 1,378, and -343 CNY/ton respectively [2]. Summary by Sections 1. Basic Chemical Weekly Data Brief - The report provides weekly average prices and gross margins for various chemical products, highlighting significant price fluctuations and their impact on profitability [29][31]. 2. Polyurethane Sector - The report details the price trends for pure MDI, polymer MDI, and TDI, along with their respective gross margins, indicating a mixed performance in the polyurethane sector [41][42][43]. 3. Oil, Coal, and Gas Olefin Sector - The report outlines the price movements of key raw materials such as ethane and propane, and their implications for the profitability of polyethylene and polypropylene production [58][59][60]. 4. Coal Chemical Sector - The report presents the average prices and gross margins for synthetic ammonia, urea, DMF, and acetic acid, indicating varying performance across different products in the coal chemical sector [68][76][80].