Maleic anhydride: the market of maleic anhydride is going down again, and the price remains low

In May, the domestic maleic anhydride market continued to decline as a whole. After the May Day holiday, the price of liquid anhydride in Shandong's main factories fell broadly, and the market price continued to move closer to the low level. However, the willingness of factories to sell low was low, traders and downstream enquiries were more active, and the actual orders could be negotiated. The on-site just needs to purchase, and the contradiction between supply and demand still existed. Subsequently, the prices of the main factories continued to fall, and the prices of both solid and liquid anhydrides moved closer to 9000. Due to the high production pressure, the benzene process factory was less willing to start work, and the prices in the field rose narrowly. However, with the price of the main factories falling again, the market center of gravity moved closer to the low level. Although the supply of benzene process solid anhydrides decreased significantly, the trading atmosphere in the field was general, and the enthusiasm of downstream procurement was not high, so it was just necessary to follow up. Near the end of the month, the price on the floor was pushed higher by a narrow margin, and the offer was firm. No superior source of goods has been heard for the time being.

From the change of the unit, the start-up load trend of maleic anhydride unit was different in May. In May, due to the cost pressure, the benzene maleic anhydride plant reduced its load and shut down one after another. However, the start-up of butane process is at a high level, the previously suspended units are gradually restored, the new unit of Shandong Qixiang Tengda operates normally, and only the Yizheng line in Jiangsu has not been restarted, so the market supply is relatively sufficient.

On the demand side, boosted by the high level of crude oil, UPR costs are supported, downstream demand is expected to improve, and the domestic resumption of work and production has increased since June. At present, domestic macro policies have been intensively introduced to promote the resumption of work and production. Shanghai has put forward 50 specific measures to vigorously promote the recovery of consumption. On June 1, Premier Li Keqiang chaired a State Council executive meeting, The deployment of a package of policies and measures to speed up the stabilization of the economy came into effect. The macro benefits are continuous, which is good for the terminal real estate and construction of unsaturated resin. UPR focuses on cost fluctuations, manufacturers follow the market, offer stronger prices, and pay attention to the performance of terminal demand.

On the whole, the international crude oil operation trend is still strong, the on-site supply is still sufficient, the supply and demand sides are in a stalemate game, and the downstream may hold the mentality of price reduction. However, the cost pressure on the factory is large, the market decline is narrowed, and the demand for downstream unsaturated resin may continue to grow. In the short term, the maleic anhydride market range is sorted out, and there is a slight rise expectation.