Price trend
According to data from SunSirs, as of March 31, the average price of maleic anhydride was 10,500.00 RMB/ton (both including tax), a decrease of 17.65% from the 12,750.00 RMB/ton on March 1.
The Maleic Anhydride Commodity Index was 98.91 on March 31, the same as previous day, a decrease of 20.02% from the highest point in the cycle at 123.67 points (2017-12-26), and an increase of 93.26% from the lowest point at 51.18 points on April 14, 2020. (Note: Period refers to 2011-09-01 to present)
Analysis review
Entering March, the market price of maleic anhydride dropped sharply, and the market had a strong wait-and-see sentiment. On-demand procurement was the main focus. The operating rate increased this month and the supply increased. As of the 31st, the price of solid maleic anhydride in Shandong was about 8,800 RMB/ton, the price of liquid maleic anhydride in Jiangsu was about 9,000 RMB/ton, the price of solid maleic anhydride in Shanxi was about 9,000 RMB/ton, and the price of solid maleic anhydride in Hebei was about 9,000 RMB/ton. The price of solid maleic in South China was about 9,200 RMB/ton.
As the OPEC production cut conference is approaching, there are uncertainties about whether the production cut policy will continue; the epidemic in Europe is repeated, and oil demand is restrained; the navigation of the East Canal is restored and the US dollar is strong, and the international crude oil market is facing a decline.
At present, the resumption of downstream unsaturated resins has been delayed, the market is mainly sorted out, and the terminal demand is general.
According to the monitoring of SunSirs, the price of hydrogenated benzene dropped overall in March. As of March 31, the mainstream price of hydrogenated benzene market in Shandong was in the range of 6,000-6,100 RMB/ton, with an average price of 6,050 RMB/ton. In March 2021, the overall operating rate of hydrogenated benzene enterprises was around 60%, the profits of hydrogenated benzene enterprises improved, and the production and sales of enterprises was active. Hydrogenated benzene companies have lower operating costs than pure benzene, and most manufacturers schedule production based on profitability. The price of n-butane was basically stable, and the price in Shandong was 4,100 RMB/ton.
Market outlook
The maleic anhydride product analyst of SunSirs believes that the downstream resins continued to resume work in April and basically met expectations, and the terminal demand has risen; the price of raw materials has rebounded recently, and the price of maleic anhydride is expected to rise in April.
