This week, the domestic epoxy resin market was in a weak position. According to the overall offer, the liquid resin in East China and the solid resin in Huangshan region showed a trend of concussion and decline. The rise of epichlorohydrin and bisphenol A as raw materials, however, is limited by the downtrend of downstream demand market, so it is difficult to have a substantial pulling effect. On the supply side, 60% of the load of the liquid resin plant is maintained, mostly based on the early delivery contract, and 50% of the load of the solid resin plant is maintained after the commencement. In the terminal market, the buyer is in conflict with the high price, and there are many uncertain factors in the general environment, so the operators are very cautious in trading, and there are few real orders. Generally speaking, when may day comes, the downstream market may have the intention of replenishment, but in the short term, the weak situation has not been changed. The industry mostly holds a wait-and-see attitude, and the bearish mood in the field has not been dissipated. The attitude is cautious. It is expected that the domestic epoxy resin market will be in a shock adjustment trend in the near future.
Price of epoxy resin in major domestic regions this week
Main market factors
Raw material epichlorohydrin: this week, epichlorohydrin market offer push up. The international crude oil market fell to a negative value, with propylene as the raw material falling. There are many devices in the supply side to stop for maintenance, with low starting load and tight supply. Shandong Binhua and Jiangsu Yangnong equipment are in normal operation, Hebei Jiaao equipment is restarted, and it is rumored that Jiangsu Haixing will restart in the near future, which needs further follow-up. The downstream resin market is dominated by early delivery contracts, with weak demand, few real orders and few transactions, and the shipment pressure is still under discussion. By the end of the trading day, the price of epichlorohydrin in East China was 9500-9800 yuan / ton.
Raw material bisphenol A: this week, the market of bisphenol a rose significantly. The upstream raw material phenol runs at a high price, acetone continues to rise, and the cost pressure increases, boosting the market. Supply side, Guangdong Huizhou Zhongxin is in the state of parking, Changchun chemical load 60% up and down. There are few spot stocks in the market, traders intend to pull up the offer, but there is resistance to the high price in the downstream, the trading in the market is cold, and the trading is cautious. By the end of the 26th trading day, the main negotiation price of bisphenol a market in East China was 8500-8650 yuan / ton.
Supply side this week, the overall performance of supply side is stable. The load of liquid resin production unit is about 60%, of which 80% is Nantong star load; 60% is Kunshan South Asia load; Jiangsu Yangnong is expected to stop from April 6, and the external quotation is suspended at present; the solid resin production unit in Huangshan area continues to maintain low load operation, and the manufacturers mainly focus on the delivery of early orders.
At the present stage of demand, the epidemic situation in China has been effectively controlled, the epoxy resin industry chain has been restored to production orderly, downstream manufacturers purchase raw materials as required, and the demand side has accelerated the recovery speed. However, due to the spread of the overseas epidemic in March and the sharp rise and fall of international oil prices, there are still many negative factors in the peripheral market, which affect the mentality, the operators are cautious in their trading, and the shadow and sunshine of the demand market coexist.
Future forecast
At present, bisphenol A and epichlorohydrin are both increasing, but they have little effect on epoxy resin. The supply side is still dominated by pre delivery contracts. Although the manufacturer intends to push up the offer, the downstream buyer does not pay for the high price and the trading is blocked. Since the beginning of the year, the industries related to coatings, adhesives, etc. have declined to varying degrees. The epoxy resin demand market lacks support. In addition, there are many uncertain factors in the surrounding environment of the sharp rise and fall. The operators are extremely cautious in trading, and there are few real orders. Therefore, it is expected that the domestic epoxy resin market will fluctuate and adjust in the near future. In the later stage, it is suggested to pay close attention to the changes of upstream raw materials and downstream demand.
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