According to statistics of business agency, as of March 27, DTY of nylon filament in Jiangsu Province reported 15567 yuan / ton, down 1266 yuan / ton, down 7.52%, down 26.92% year-on-year; POY price of nylon was 13520 yuan / ton, down 800 yuan / ton, down 5.59%, down 26.36% year-on-year; FDY price of nylon was 17000 yuan / ton, down 1000 yuan / ton, down 5.56%, down 26.88% year-on-year.
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Supply and demand imbalance, crude oil prices dive. On March 6, a new round of OPEC + “production reduction negotiations broke down. On that day, international oil prices plummeted 30% to around $30 / barrel. As of March 27, WTI crude oil fell 52.01% in March. Oil producing countries have begun to increase production and cut prices to seize the market. Saudi Aramco, a Saudi oil giant, said that its supply will reach 12.3 million barrels / day in April, while Russia responded that it has the ability to increase production by 500000 barrels / day to a record 11.8 million barrels / day. Iraq, Nigeria, the United Arab Emirates, Kuwait and other countries have also announced to join the increase in production. Crude oil production is on the way, but demand is falling sharply. The novel coronavirus pneumonia spread worldwide, and the control measures in many countries and regions have been upgraded, aviation, transportation, travel reduction and economic activity slowdown. Crude oil may remain low.
Product March 1 March 27 up and down unit
Cyclohexanone 7350 6100-1250 yuan / ton
Caprolactam 10633 9267-1366 yuan / ton
PA6 (medium viscosity: 2.75-2.85) 12867 10633-2234 yuan / ton
Nylon FDY (40d / 12F) 18000 17000-1000 yuan / ton
Nylon DTY (70D / 24F) 16833 15567-1266 yuan / ton
Nylon POY (86d / 24F) 14320 13520-800 yuan / ton
Cost support collapsed, demand was flat, nylon raw material prices fell sharply. The price of cyclohexanone fell by 1200 yuan / ton in March, and the actual market price was between 5600-6100 yuan / ton. Caprolactam was down about 1300 yuan / ton, while PA6 was down about 2200 yuan / ton. The downstream consumption inventory is the main one, the purchase intention is not strong, PA6 inventory becomes a problem, with a large drop.
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In March, some nylon enterprises were still in order production state because of the raw materials still in place years ago, the factory operation rate was low, the purchase intention was not strong, and the inventory cost was high to support the quotation. In the middle of March, most of the manufacturers successively lowered their prices, and some of them kept their weekly decline at about 500 yuan / ton in the near future. From the price trend chart of cyclohexanone and nylon POY, it can be seen that the crude oil price is low or hard to change. Cyclohexanone fell precipitously in the middle and last ten days of March, while the price trend of nylon POY is relatively flat, filament manufacturers are still digesting inventory and price exploration stage.
Crude oil is in low volatility, nylon orders are weak, with the consumption of inventory, cost reduction, pricing gradually downward. Business analysts believe that the cost support is insufficient, orders are also not optimistic, nylon is expected to continue to reduce.
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