Acetic acid: cost support gradually highlights the market or stability

After the Spring Festival holiday, the domestic acetic acid operating rate remained at a high level, but the downstream recovery was relatively slow, the overall social inventory continued to increase, and the contradiction between supply and demand continued to sharp background, the price of acetic acid declined rapidly.

Acetic acid enterprise profit accompanied by acetic acid price is also a deep drop. On the one hand, the price of acetic acid fell sharply under the sharp contradiction between supply and demand. On the other hand, crude oil skyrocketed under the influence of geopolitics. Methanol futures continued to rise driven by crude oil.

At present, the operation of PTA in the main downstream is less than 80%, lower than the conventional level, but the operation of acetate, vinyl acetate and acetic anhydride is gradually increased to the normal level. After the Winter Olympics, downstream demand in North China also picked up significantly. The inventory of acetic acid factories mainly contracted in East China remained at a low level, increasing by 500 yuan/ton. Acetic acid plants in North China and northwest China, affected by the slow recovery of downstream demand in north China after the New Year, accumulated inventories to a high level. But at the same time because of the obvious support of cost, there is also a strong desire to stabilize prices.

Under the background of the rapid decline of acetic acid price in the early stage, the inventory of raw materials by downstream users was mostly maintained at a low level. It is reported that nearly two days of acetic acid price decline slowed down, some areas of the downstream inquiry enthusiasm increased significantly. But at the same time, considering the later two sessions, it is bound to affect the downstream demand in North China, and some manufacturers are still facing the pressure of high inventory, market supply is still relatively sufficient, it is expected that acetic acid will enter the adjustment stage in the short term. It is necessary to focus on whether traders and downstream users have replenishment operations to bargain.