Group 1 - The TDI market has experienced a significant price increase in July, with prices rising from 11,700 CNY/ton to 16,400 CNY/ton, marking a 39.8% increase [1] - The price stabilization in August has seen the TDI benchmark price at 16,100 CNY/ton as of August 18 [1] - Supply constraints due to multiple production facilities being offline have contributed to the price surge, with significant outages reported in both domestic and international markets [2][3] Group 2 - The TDI supply-demand relationship has been tight, with prices previously reaching highs of 40,000 CNY/ton during the 2016-2018 period, but dropping below 20,000 CNY/ton in recent years [2] - The shutdown of major production facilities, including a 300,000-ton facility in Germany and various plants in Asia, has created a global supply shortage, leading to price increases [2][3] - Domestic production facilities that remain operational include those from BASF and Covestro, but overall supply has been significantly impacted by the shutdowns [3] Group 3 - Analysts predict that TDI prices will remain elevated in August, with domestic prices expected to range between 15,500 CNY and 19,000 CNY, while Shanghai prices may range from 16,000 CNY to 19,500 CNY [4] - The market is currently experiencing a high price environment, but there is a growing resistance from downstream consumers against high TDI prices, leading to a lack of actual transactions [5] - The anticipated recovery of several production facilities in August may lead to a stabilization of TDI prices in the near term [5] Group 4 - China is the largest TDI producer globally, with domestic production capacity expected to reach 1.85 million tons by 2025, while global capacity is projected at 3.58 million tons [6][7] - Wanhua Chemical is the largest TDI supplier, with a production capacity of 1.11 million tons per year, and has recently completed a new 360,000-ton facility [7] - By 2025, global TDI demand is expected to reach 2.17 million tons, leading to a surplus in production capacity and a projected decline in operating rates to around 61%, the lowest in 15 years [7]