化工周报：制冷剂、草甘膦等产品高景气度延续-20250811

Investment Rating - The report indicates a high level of optimism for the refrigerants and glyphosate sectors, suggesting a continuation of high demand and price stability in these markets [7][12]. Core Insights - The glyphosate market is experiencing sustained price increases due to strong downstream demand, particularly from regions like Europe and Africa, leading to tight supply conditions [21][25]. - The refrigerant market is benefiting from seasonal demand spikes and supply constraints due to quota policies, which are supporting higher prices for products like R32 and R134a [28][4]. - The report highlights the potential for growth in the civil explosives sector driven by infrastructure projects and the Belt and Road Initiative, recommending specific companies for investment [5]. Summary by Sections (1) Key Chemical Product Price Tracking - Glyphosate prices rose to 26,399 CNY/ton, up 100 CNY/ton from the previous week, with a weekly production of 0.9 million tons, down 18.5% [21][25]. - Refrigerant prices for R22 increased to 35,500 CNY/ton, R134a to 50,500 CNY/ton, and R32 to 56,500 CNY/ton, reflecting strong demand and tight supply [4][28]. (2) Polyurethane: MDI and TDI Price Movements - MDI prices increased significantly, with the average price for polymer MDI in South China at 16,000 CNY/ton, up 2.24% from the previous week [19]. - TDI prices in East China decreased to 16,750 CNY/ton, down 3.46% due to seasonal demand weakness [19]. (3) Agricultural Chemicals: Glyphosate and Fertilizer Price Trends - Glyphosate's profitability decreased slightly to 3,407.2 CNY/ton, while the market remains tight with reduced inventory levels [21][25]. - Urea prices rose to 1,779 CNY/ton, and potassium chloride prices increased to 3,285 CNY/ton, driven by export policies and supply constraints [25][27]. (4) Fluorochemicals: Refrigerant Price Increases - The report notes that R32 and R134a prices have risen due to increased demand from high temperatures and limited supply flexibility [28]. - The price of raw materials like fluorspar and hydrofluoric acid remained stable, indicating a balanced supply-demand scenario in the upstream market [28].