基础化工行业周报：MDI价格走低

Investment Rating - The industry investment rating is "Increase" with an expectation that the industry index will outperform the benchmark by more than 5% in the next six months [73]. Core Viewpoints - The report highlights a decline in MDI prices, with average prices for pure MDI, polymer MDI, and TDI at 19,130, 17,990, and 12,600 CNY/ton respectively, showing a week-on-week change of -170, -150, and 0 CNY/ton [2]. - The report indicates that the average profit margins for pure MDI, polymer MDI, and TDI are 5,891, 5,734, and -66 CNY/ton, with week-on-week changes of -181, -224, and -413 CNY/ton respectively [2]. - In the oil, coal, and gas olefin sector, the average prices for ethane, propane, thermal coal, and naphtha are 1,199, 4,526, 653, and 4,549 CNY/ton, with week-on-week changes of +54, +32, -2, and -32 CNY/ton respectively [2]. - The report also notes that the average price of polyethylene is 8,400 CNY/ton, with a week-on-week increase of 35 CNY/ton, while the theoretical profits for ethane cracking, CTO, and naphtha cracking to produce polyethylene are 1,658, 1,916, and 26 CNY/ton, with respective week-on-week changes of -18, +30, and +57 CNY/ton [2]. - The average prices for synthetic ammonia, urea, DMF, and acetic acid in the coal chemical sector are 2,620, 1,832, 3,960, and 2,658 CNY/ton, with week-on-week changes of -20, +1, -10, and +46 CNY/ton respectively [3]. Summary by Sections 1. Basic Chemical Weekly Data Brief - The report provides a comprehensive overview of the weekly price changes and profit margins across various segments of the basic chemical industry, including polyurethane, oil, coal, gas, and coal chemical sectors [9][11]. 2. Polyurethane Sector - The report details the price trends and profit margins for pure MDI, polymer MDI, and TDI, indicating a downward trend in prices and varying profit margins [21][24][26]. 3. Oil, Coal, and Gas Olefin Sector - The report outlines the price movements for key raw materials such as ethane and propane, along with the profitability of producing polyethylene and polypropylene from different feedstocks [28][37][40]. 4. Coal Chemical Sector - The report discusses the pricing and profitability of synthetic ammonia, urea, DMF, and acetic acid, highlighting the fluctuations in prices and their impact on profit margins [47][55][58].