聚醚产业周报

Investment Rating - The report does not explicitly provide an investment rating for the polyurethane industry Core Insights - The polyurethane market is experiencing mixed trends with some products seeing price increases while others are declining, indicating a volatile market environment [7][8] - The overall operating rate for polyether production is at 57%, with some major manufacturers experiencing fluctuations in their operations [18][49] - Demand is expected to remain limited due to seasonal factors and a lack of significant improvement in downstream consumption [8][25] Summary by Sections 1. Market Analysis - The soft foam polyether market shows a slight increase in prices, with current trading in East China at 7200-7550 CNY/ton [24] - The overall market sentiment is cautious, with limited demand and a focus on inventory digestion [25][26] - The price of propylene in Shandong is reported at 6550 CNY/ton, reflecting a slight decrease of 0.53% from the previous week [11] 2. Supply and Production - Polyether production is estimated at approximately 112,000 tons for the week, with an operating rate of 57% [49] - The report notes that several major plants are undergoing maintenance, which may impact supply in the near term [18][49] - The supply of epoxy propylene remains stable, with prices around 7570-7600 CNY/ton in Shandong [53] 3. Profitability Analysis - The profitability of the polyether chain remains under pressure, with most products reporting losses except for soft foam POP polyether, which shows a profit of 92 CNY/ton [15][44] - The theoretical profit for soft foam polyether is reported at -260 CNY/ton, indicating a slight improvement from the previous week [15][44] - The overall market is characterized by a lack of significant price recovery, with many manufacturers facing cost pressures [8][44] 4. Raw Material Trends - The price of TDI is reported to be stable at around 12000-12300 CNY/ton, with a slight increase of approximately 3.38% [56] - The market for MDI is experiencing fluctuations, with prices showing a downward trend due to low demand and increased supply [61] - The report highlights that the cost of raw materials such as propylene and liquid chlorine is affecting the overall profitability of the polyether products [53][56] 5. Shipping and Trade - There has been a steady influx of shipping for both domestic and foreign trade, with cargo arriving as scheduled [45] - The report indicates that the shipping schedule for polyether products remains stable, with no significant disruptions noted [45]