Asian Markets

June 21, 2018

President Xi Visits Wanhua Chemical

Chinese president urges state-owned enterprises to reform and innovate

China
CGTN
2018-06-14 09:21 GMT+8
Updated 2018-06-14 15:09 GMT+8

State-owned enterprises must carry out reforms in order to achieve success, Chinese President Xi Jinping said on Wednesday during an inspection tour in Yantai City in east China’s Shandong Province, urging local enterprises to establish a modern corporate system.

President Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, inspected facilities of Wanhua Chemical and CIMC Raffles in Yantai after attending the 18th Shanghai Cooperation Organization (SCO) Summit in nearby Qingdao over the weekend.

 

President Xi speaks to staff members of Wanhua Chemical in Yantai, east China’s Shandong Province, June 13, 2018. /Xinhua Photo

 

President Xi inspects Yantai Industrial Park of Wanhua Chemical, June 13, 2018. /Xinhua Photo

At Yantai Industrial Park of Wanhua Chemical, Xi stressed that independent innovation is key to the success of a company, praising Wanhua Chemical for growing into a leader in the chemical industry through innovation and creation.

https://news.cgtn.com/news/3d3d674e7945544d78457a6333566d54/share_p.html

June 21, 2018

President Xi Visits Wanhua Chemical

Chinese president urges state-owned enterprises to reform and innovate

China
CGTN
2018-06-14 09:21 GMT+8
Updated 2018-06-14 15:09 GMT+8

State-owned enterprises must carry out reforms in order to achieve success, Chinese President Xi Jinping said on Wednesday during an inspection tour in Yantai City in east China’s Shandong Province, urging local enterprises to establish a modern corporate system.

President Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, inspected facilities of Wanhua Chemical and CIMC Raffles in Yantai after attending the 18th Shanghai Cooperation Organization (SCO) Summit in nearby Qingdao over the weekend.

 

President Xi speaks to staff members of Wanhua Chemical in Yantai, east China’s Shandong Province, June 13, 2018. /Xinhua Photo

 

President Xi inspects Yantai Industrial Park of Wanhua Chemical, June 13, 2018. /Xinhua Photo

At Yantai Industrial Park of Wanhua Chemical, Xi stressed that independent innovation is key to the success of a company, praising Wanhua Chemical for growing into a leader in the chemical industry through innovation and creation.

https://news.cgtn.com/news/3d3d674e7945544d78457a6333566d54/share_p.html

June 20, 2018

Chinese TDI Update from March

TDI Market Keeps Firm in March

Updated: 2018-03-02 14:43 Source: PUWORLD share:

Graph 1: 2016-2018.2 Market Prices of TDI in East China (unit: RMB/ton)

Graph 2: List Prices and Settlement Prices of Some TDI Enterprises during Q1 in 2016-2018

Covestro

（Fixed Pprice）

 BASF
List Price Settlement Price
2016 Jan 11,600-11,700 12,500 11,700-11,800
Feb 11,700 12,500 11,700-11,800
Mar 12,300 12,800 12,200-12,300
2017 Jan 28,000 30,000 28,000
Feb 28,000-33,000 32,000 31,000
Mar 30,500-33,650 36,000 32,000
2018 Jan 38,800 45,000 38,600
Feb 38,800-39,800 45,000 38,800
Mar 46,000

TDI Market Generally Goes Upward during Q1

With the Spring Festival coming to an end, new changes are arising in TDI market. Recently, major TDI factories have announced an rise in the price:

On February.25th, Covestro increases the fixed price by RMB 1,000 /ton to RMB 39,800 ton.

The settlement price for February announced by BASF is at RMB 38,800/ton, RMB 200/ton higher than last month whilst the list price for March at RMB 46,000/ton, RMB 1,000/ton higher than last month.Cangzhou Dahua increases the fixed price by RMB 500 to RMB 39,000/ton.

According to the analysis result of Orisage Consulting, TDI prices have kept escalating during Q1 in 3 years, for both market prices and major enterprises’ fixed prices. The downward trend presenting at the end of 2015 continued next year, resulting in low prices during Q1 in 2016. Hitting the bottom, prices turned upward as downstream demand recovered. TDI prices came back to a reasonable level at the end of 2016. Since a small production season approached after the Spring Festival, prices slightly improved during Q1 in 2017.

Affected by Tight Supply, TDI Prices Shift on High Level in Early 2018

Gansu Yinguang’s unit fault and BASF’s limited supply together result in tight supply and elevated prices in the overall market before the Spring Festival in early 2018. Due to high prices, some downstream foam factories fail to stock up. After the festival, recovering capacity frees up the demand of stocking up, exerting an active impact on prices. Meanwhile, according to some TDI factories, downstream demand maintains great growth in 2018 compared with 2017.

TDI Prices for March 2018 Are Likely to Stay Elevated

Major TDI factories’ increasing quotations after the festival indicate that factories are still positive about the market. Though downstream foam factories gradually ramp up production with improving demand side, the supply condition of the market remains tight.

According to some TDI factories, the current inventory level remains low, with production plans still aiming at deliveries of earlier orders. Since factories have no downward pressure in prices in short time, TDI prices are unlikely to drop in the near future. It is expected that TDI prices for March will keep stable on high level. In the medium term, TDI prices perhaps will not fall back until the approach of a slack season in Q2.

http://en.puworld.com/html/20180302/394777825.html

June 20, 2018

Chinese TDI Update from March

TDI Market Keeps Firm in March

Updated: 2018-03-02 14:43 Source: PUWORLD share:

Graph 1: 2016-2018.2 Market Prices of TDI in East China (unit: RMB/ton)

Graph 2: List Prices and Settlement Prices of Some TDI Enterprises during Q1 in 2016-2018

Covestro

（Fixed Pprice）

 BASF
List Price Settlement Price
2016 Jan 11,600-11,700 12,500 11,700-11,800
Feb 11,700 12,500 11,700-11,800
Mar 12,300 12,800 12,200-12,300
2017 Jan 28,000 30,000 28,000
Feb 28,000-33,000 32,000 31,000
Mar 30,500-33,650 36,000 32,000
2018 Jan 38,800 45,000 38,600
Feb 38,800-39,800 45,000 38,800
Mar 46,000

TDI Market Generally Goes Upward during Q1

With the Spring Festival coming to an end, new changes are arising in TDI market. Recently, major TDI factories have announced an rise in the price:

On February.25th, Covestro increases the fixed price by RMB 1,000 /ton to RMB 39,800 ton.

The settlement price for February announced by BASF is at RMB 38,800/ton, RMB 200/ton higher than last month whilst the list price for March at RMB 46,000/ton, RMB 1,000/ton higher than last month.Cangzhou Dahua increases the fixed price by RMB 500 to RMB 39,000/ton.

According to the analysis result of Orisage Consulting, TDI prices have kept escalating during Q1 in 3 years, for both market prices and major enterprises’ fixed prices. The downward trend presenting at the end of 2015 continued next year, resulting in low prices during Q1 in 2016. Hitting the bottom, prices turned upward as downstream demand recovered. TDI prices came back to a reasonable level at the end of 2016. Since a small production season approached after the Spring Festival, prices slightly improved during Q1 in 2017.

Affected by Tight Supply, TDI Prices Shift on High Level in Early 2018

Gansu Yinguang’s unit fault and BASF’s limited supply together result in tight supply and elevated prices in the overall market before the Spring Festival in early 2018. Due to high prices, some downstream foam factories fail to stock up. After the festival, recovering capacity frees up the demand of stocking up, exerting an active impact on prices. Meanwhile, according to some TDI factories, downstream demand maintains great growth in 2018 compared with 2017.

TDI Prices for March 2018 Are Likely to Stay Elevated

Major TDI factories’ increasing quotations after the festival indicate that factories are still positive about the market. Though downstream foam factories gradually ramp up production with improving demand side, the supply condition of the market remains tight.

According to some TDI factories, the current inventory level remains low, with production plans still aiming at deliveries of earlier orders. Since factories have no downward pressure in prices in short time, TDI prices are unlikely to drop in the near future. It is expected that TDI prices for March will keep stable on high level. In the medium term, TDI prices perhaps will not fall back until the approach of a slack season in Q2.

http://en.puworld.com/html/20180302/394777825.html

June 20, 2018

TDI Update

Mitsui anticipates TDI demand-supply will move closer to balance outlook in 2018
Updated: 2018-06-20 17:19 Source: Utech-Polyurethane share:

PUWORLD–Tokyo – Japanese chemical company Mitsui Chemicals anticipates that the TDI demand-supply outlook will ease in 2018 compared to 2017.

In an internet investor briefing, the company said that in 2017 the market behaved positively.

‘In 2018, the demand-supply scenario expected to be relaxed due to full-fledged operation of new and expanded plants. We expect that the market conditions will weaken in association with this,’ observed Osamu Yoshida, deputy GM, corporate communications, Mitsui Chemicals.

Diisocyanate prices remained high in 2017.  This was owing to delays in operation of new and expanded plants and effects of forces majeure.

Away from polyurethane raw materials, Mitsui said it expects operating income to decline between the second half of 2017 and the first half of 2018. This is due to large-scale regular maintenance of crackers at Osaka and maintenance of other products.

Operating income from the company’s Basic Material sector grew marginally by 0.4% between 2016 and 2017. It reached JPY 38.9bn ($354 m) in 2017. Net sales grew by 72.1% to JPY 637.7bn in FY 2017.

Mitsui Chemicals was established 20 years ago. It is aiming for targeting sales of JP¥ 2,000 bn and operating income of JPY 200 bn by 2025 in its Long-Term Business Plan.

http://en.puworld.com/html/20180620/394782043.html