According to the Commodity Market Analysis System of Business Society, from June 29th to July 6th, the market price of butadiene in China increased from 5973 yuan/ton to 6362 yuan/ton, with a price increase of 6.51% during the cycle, a month on month increase of 0.60%, and a year-on-year decrease of 38.90%.
| Gamma-PGA (gamma polyglutamic acid) |
Major production enterprises such as Sinopec have raised their factory quotations, which has boosted the mentality of merchants in offering, but downstream companies are resistant to high prices. The transaction of some offshore cargo in South Korea and Southeast Asia is still acceptable, but the price is still lower than the domestic spot price, so it is temporarily difficult to bring a significant boost to the domestic market.
On the cost side, in terms of crude oil: International crude oil prices have fluctuated upwards, and WTI crude oil in the United States was closed on Tuesday. Affected by supply cuts from Saudi Arabia and Russia, prices have increased. In addition, data from the American Chamber of Petroleum (API) shows a significant decrease in US inventory last week. On July 6th, the benchmark price of Brent crude oil in the business community was 76.25 US dollars per barrel, an increase of 2.34% compared to the beginning of this month (74.51 US dollars per barrel).
In terms of Naphtha, the domestic Naphtha market is weak. On July 6th, the benchmark price of Brent crude oil in the business community was 76.25 US dollars per barrel, an increase of 2.34% compared to the beginning of this month (74.51 US dollars per barrel). The cost of butadiene is mixed.
On the supply side, the main production enterprise Sinopec East China Sales Company has raised the price of butadiene by a cumulative 500 yuan/ton, and as of July 6th, the listed price was 6600 yuan/ton. The shutdown of Shandong Weite and Hangzhou Yibang units has had a positive impact on the short-term supply of butadiene.
On the demand side, dragged by cost and demand side bearish factors, the downstream synthetic rubber market is weak and declining, and downstream procurement enthusiasm is not high, with on-demand procurement being the main focus. The synchronous downtrend of upstream and downstream products affects the industrial chain profits, making it difficult to effectively move down, and it is difficult to find demand support in the butadiene market. The demand for butadiene is weak.
On July 5th, the closing price of butadiene in Asia remained stable: FOB South Korea was quoted at 585-595 US dollars per ton; China CFR report $645-655 per ton. The external price of butadiene in Europe remained stable: FOB Rotterdam closed at $365- $375 per ton; FD Northwestern Europe closed at 555-565 euros/ton.
In the future market forecast, although the supplier price is relatively strong, the external price is still lower than the domestic spot price, causing downstream merchants to be cautious about future market expectations. Butadiene analysts from Business Society predict that the domestic butadiene market will mainly fluctuate and consolidate.
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