化工行业周报：生物质能源（SAF）再迎政策利好；氯化钾价格上涨

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - Biomass energy (SAF) receives favorable policy support, with the Ministry of Finance and the State Taxation Administration announcing the cancellation of export tax rebates for chemically modified oils starting December 1, 2024. This is expected to benefit domestic SAF and biodiesel producers by improving raw material accessibility [1][10] - The price of potassium chloride has increased due to normal inventory levels but tight supply during winter shipping. As of December 1, 2024, the price of potassium chloride is 2,578 RMB per ton, up 3.04% from the previous week [1][38] Summary by Sections 1. Key Chemical Product Price Tracking - Among 58 monitored products, methanol (3.03%), potassium chloride (2.84%), and R134a (2.63%) saw the highest price increases, while octanol (-3.24%) and hydrofluoric acid (-2.79%) experienced the largest declines [16][21] 2. Biomass Energy (SAF) - SAF can reduce carbon emissions by over 50% compared to traditional jet fuel, making it a key choice for environmental reduction in aviation. The recent policy changes are expected to enhance the market potential for SAF [1][10] 3. Potassium Chloride - The domestic potassium market is experiencing tight supply due to difficulties in winter shipping, with a reported price increase to 2,578 RMB per ton as of December 1, 2024 [1][38] 4. Agricultural Chemicals - Glyphosate prices have decreased, with a reported price of 24,101 RMB per ton as of December 1, 2024, down 100 RMB from the previous week. The production cost has increased due to rising prices of raw materials [24][34] 5. Polyurethane - MDI prices have decreased while TDI prices have slightly increased. The average price for polymer MDI in South China is 17,900 RMB per ton, down 100 RMB from the previous week [21][22] 6. Fertilizers - Urea prices have increased slightly to 1,835 RMB per ton, while potassium chloride prices have risen to 2,578 RMB per ton, reflecting a tightening supply situation [38][39]