Price trend
According to data from SunSirs, as of February 25, the average price of maleic anhydride was 12,750.00 RMB/ton (both including tax), an increase of 53.00% from the 8,100.00 RMB/ton on February 1.
On February 25, the maleic anhydride commodity index was 120.11, an increase of 9.42 points from previous day, a decrease of 2.88% from the highest point in the cycle of 123.67 points (2017-12-26), and an increase of 134.68%from the lowest point of 51.18 points on April 14, 2020. (Note: Period refers to 2011-09-01 to present)
Analysis review
After the Spring Festival, the market price of maleic anhydride has risen sharply, and the current spot circulation is tight. The factory has no pressure on inventory, and large factories have entered the maintenance cycle one after another, and the supply is tight. As of the 25th, the price of solid maleic anhydride in Shandong was about 12,000 RMB/ton, the price of solid maleic anhydride in Jiangsu was about 12,000 RMB/ton, the price of solid maleic anhydride in Shanxi was about 12,000 RMB/ton, and the price of solid maleic anhydride in Hebei was about 12,000 RMB/ton. The price of solid maleic anhydride in South China is about 12,500 RMB/ton.
According to the monitoring of SunSirs, the prices of WTI and Brent crude oil have both increased by more than 16% since February. Good news in the international crude oil market continues to spread, and inventories in the United States and China have fallen. In addition, OPEC+ is still strictly implementing the production reduction agreement, and the effect of oil-producing countries' production control is satisfactory. At the same time, the U.S. cold wave restricted the supply of U.S. shale oil and gas fields, and accidental factors helped to increase crude oil prices. The main factor for the sharp increase in maleic anhydride prices is that the rise in crude oil prices has led to a sharp rise in commodity prices.
At present, after the Spring Festival, downstream unsaturated resins have gradually entered the stage of resumption of production and production. The rise of raw materials has increased pressure on resin costs and boosted the resin market.
According to the monitoring of SunSirs, the price of hydrogenated benzene has risen sharply after the holiday. As of February 25, the mainstream price range of hydrogenated benzene market in East China was 6,500-6,600 RMB/ton, with an average price of 6,550 RMB/ton. During the Spring Festival, crude oil and pure benzene rose sharply in the external market, supporting the rise of domestic pure benzene prices; downstream styrene also benefited from rising, which boosted pure benzene prices. The price of n-butane is high.
Market outlook
The maleic anhydride product analyst of SunSirs believes that the current inventory of maleic anhydride factories is low, and the factories are entering the maintenance phase one after another, supply and demand are tight, and downstream resins continue to resume production The price of maleic anhydride is expected to fluctuate upward in the short term..
