Asian Markets
April 30, 2019
China PMI
China’s Manufacturing PMI Expands for Second Month in April Despite Slowing
China’s Manufacturing PMI Expands for Second Month in April Despite Slowing (Yicai Global) April 30 — China’s manufacturing sector expanded for a second month in April, though the pace of growth slowed from March, according to official data.
The manufacturing purchasing managers’ index fell 0.4 point to 50.1, National Bureau of Statistics figures showed today. Before March, the reading had been below the 50-point mark that separates expansion from contraction for three months in a row.
Coming after a significant gain last month, April’s overall decline shows that the economy is still not stable and faces many uncertainties, Zhang Liqun, an analyst at the China Federation of Logistics & Purchasing, told Yicai Global. Government agencies should embrace counter-cyclical macroeconomic policies, focus on expanding domestic demand, and stabilize the economy.
Demand maintained steady growth this month. The sub-indexes for production and new orders fell 0.6 and 0.2 point to 52.1 and 51.4 respectively, but are still higher than the first-quarter average and are relatively buoyant for the past seven months.
The high-tech manufacturing PMI rose 2.8 points to 52.9, gaining for a fourth consecutive month. The gauges for new export orders and imports gained 2.1 and 1 point to 49.2 and 49.7 respectively, logging a second straight month of gains. Indexes for imports and exports of medicine and computer communications and electronic equipment were above 54.
The index of non-manufacturing activities dropped 0.5 point to 54.3, which remained over 54 for a fourth month in a row, indicating that the country’s non-manufacturing sector maintained an overall positive growth momentum.
Private financial media Caixin’s manufacturing PMI this month fell 0.6 point to 50.2, it said today, remaining in growth and basically sharing the same trend with the official figure.
https://www.yicaiglobal.com/news/china-manufacturing-pmi-expands-for-second-month-in-april-despite-slowing
April 30, 2019
China PMI
China’s Manufacturing PMI Expands for Second Month in April Despite Slowing
China’s Manufacturing PMI Expands for Second Month in April Despite Slowing (Yicai Global) April 30 — China’s manufacturing sector expanded for a second month in April, though the pace of growth slowed from March, according to official data.
The manufacturing purchasing managers’ index fell 0.4 point to 50.1, National Bureau of Statistics figures showed today. Before March, the reading had been below the 50-point mark that separates expansion from contraction for three months in a row.
Coming after a significant gain last month, April’s overall decline shows that the economy is still not stable and faces many uncertainties, Zhang Liqun, an analyst at the China Federation of Logistics & Purchasing, told Yicai Global. Government agencies should embrace counter-cyclical macroeconomic policies, focus on expanding domestic demand, and stabilize the economy.
Demand maintained steady growth this month. The sub-indexes for production and new orders fell 0.6 and 0.2 point to 52.1 and 51.4 respectively, but are still higher than the first-quarter average and are relatively buoyant for the past seven months.
The high-tech manufacturing PMI rose 2.8 points to 52.9, gaining for a fourth consecutive month. The gauges for new export orders and imports gained 2.1 and 1 point to 49.2 and 49.7 respectively, logging a second straight month of gains. Indexes for imports and exports of medicine and computer communications and electronic equipment were above 54.
The index of non-manufacturing activities dropped 0.5 point to 54.3, which remained over 54 for a fourth month in a row, indicating that the country’s non-manufacturing sector maintained an overall positive growth momentum.
Private financial media Caixin’s manufacturing PMI this month fell 0.6 point to 50.2, it said today, remaining in growth and basically sharing the same trend with the official figure.
https://www.yicaiglobal.com/news/china-manufacturing-pmi-expands-for-second-month-in-april-despite-slowing
March 11, 2019
Pure MDI in China
Forecast of Pure MDI Consumption in China for 2019-2023
PUdaily, Shanghai– As for the downstream sectors for pure MDI, the TPU and spandex will continue to experience rapid growth in their outputs. Whereas outputs of synthetic leather resin and sole resin will decline. Specifically:
It is expected that over the next 5 years the growth of TPU output will remain at 8-10% due to the start-up of new and expansion capacities, contributing 2-2.5 percentage points to the growth of the pure MDI consumption.
In the coming years, the spandex output is expected to maintain a growth rate of 5-8% as the growth of new capacities will slow, contributing 2 percentage points to the growth of the pure MDI consumption.
As for the synthetic leather resins industry, the Action Plan for the Reduction of Volatile Organic Compounds in Key Industries covers the period from 2016 to 2018. But as the environmental requirements become stricter, VOC emission standards will also be increasingly stringent in the future. It is estimated that pure MDI consumption by PU resins for synthetic leather will continue to grow at -3% to -4% in the years ahead, contributing -1 percentage point to the overall growth of pure MDI consumption.
In terms of sole resins, as more shoe makers move to Southeast Asia, the sole resins market in China will continue to shrink. It is estimated that pure MDI consumption by sole resins will continue to grow at about -2% in the next 5 years, contributing -0.5 percentage point to the growth of the overall pure MDI consumption.
Facilitated by the government’s environmental policies, pure MDI consumption by other promising application fields such as CPU and solvent-free polyurethane is increasing. PUdaily estimates that these sectors will grow at a rate of around 10%, contributing less than 0.5 percentage point to the growth of pure MDI consumption.
Overall, the consumption of pure MDI is expected to maintain a growth rate of 3-4% in the next 5 years.
http://www.pudaily.com/News/NewsView.aspx?nid=76453
March 11, 2019
Pure MDI in China
Forecast of Pure MDI Consumption in China for 2019-2023
PUdaily, Shanghai– As for the downstream sectors for pure MDI, the TPU and spandex will continue to experience rapid growth in their outputs. Whereas outputs of synthetic leather resin and sole resin will decline. Specifically:
It is expected that over the next 5 years the growth of TPU output will remain at 8-10% due to the start-up of new and expansion capacities, contributing 2-2.5 percentage points to the growth of the pure MDI consumption.
In the coming years, the spandex output is expected to maintain a growth rate of 5-8% as the growth of new capacities will slow, contributing 2 percentage points to the growth of the pure MDI consumption.
As for the synthetic leather resins industry, the Action Plan for the Reduction of Volatile Organic Compounds in Key Industries covers the period from 2016 to 2018. But as the environmental requirements become stricter, VOC emission standards will also be increasingly stringent in the future. It is estimated that pure MDI consumption by PU resins for synthetic leather will continue to grow at -3% to -4% in the years ahead, contributing -1 percentage point to the overall growth of pure MDI consumption.
In terms of sole resins, as more shoe makers move to Southeast Asia, the sole resins market in China will continue to shrink. It is estimated that pure MDI consumption by sole resins will continue to grow at about -2% in the next 5 years, contributing -0.5 percentage point to the growth of the overall pure MDI consumption.
Facilitated by the government’s environmental policies, pure MDI consumption by other promising application fields such as CPU and solvent-free polyurethane is increasing. PUdaily estimates that these sectors will grow at a rate of around 10%, contributing less than 0.5 percentage point to the growth of pure MDI consumption.
Overall, the consumption of pure MDI is expected to maintain a growth rate of 3-4% in the next 5 years.
http://www.pudaily.com/News/NewsView.aspx?nid=76453
March 11, 2019
India Automobile Market Boosts PMDI Consumption
India’s PMDI Consumption was Boosted by its Booming Car Sector in 2018
PUdaily, Shanghai– In 2018, 3.99 million commercial and passenger cars were sold in India, up 8.3%. It overtook Germany to become the fourth largest car market in the world. Its car sales are expected to maintain an average annual growth rate of 7% over the next three years. As a result, India will overtake Japan to become the world’s third largest auto market. Despite the sharp increase in car sales, car prices in India are relatively low. This is caused by the limited spending power of Indian citizens. Currently, the Indian market sees a small share of medium- and high-end cars as low-end models play a dominant role there.
In addition, compared with motorcycles, cars witness poor sales. In 2018, 20.2 million motorcycles and scooters were sold in India.
The Indian government has made great efforts to promote the consumption of electric vehicles, hoping that by 2030, all cars sold in India will have been fully electric vehicles. In order to encourage electric vehicle manufacturers to assemble cars in India, the Indian government has recently decided to reduce tariffs on car parts from 15% to 10%.
In 2018, India’s PMDI consumption amounted to over 100,000 tons, up about 5%. India’s booming automobile and motorcycle sectors will fuel the growth of its polyurethanes industry. It is estimated that India’s PMDI consumption will keep growing at the rate of over 5% in 2019.
http://www.pudaily.com/News/NewsView.aspx?nid=76483
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