According to data from Business News Agency, as of August 30th, the average quoted price of maleic anhydride was 7220.00 yuan/ton (including tax), an increase of 11.42% from 6480.00 yuan/ton on August 1st.
| PVA |
Business agency: Strong upward trend of n-butane in August, driving up the domestic maleic anhydride market
On August 30th, the maleic anhydride commodity index was 68.01, a decrease of 0.57 points from yesterday, a decrease of 59.14% from the highest point in the cycle of 166.43 points (2021-12-15), and a 32.88% increase from the lowest point of 51.18 points on April 14th, 2020. (Note: The cycle refers to the period from September 1st, 2011 to the present)
In August, the downstream resin market followed the rise of the maleic anhydride market, and the resin downstream just needed replenishment. The resin manufacturers’ shipments were average, but the replenishment of maleic anhydride was limited. In mid August, the price of raw material n-butane skyrocketed from around 4500 yuan/ton to 5700 yuan/ton, and the price of maleic anhydride factories continued to rise; At the end of August, the market for n-butane fell back to 4700 yuan/ton, while the market for maleic anhydride slightly declined. As of the 30th, the solid anhydride in Shandong region is around 6900 yuan/ton, Jiangsu region is around 6900 yuan/ton, and South China region is around 7500 yuan/ton.
In August, crude oil emerged from a trend of rising and falling, and in the first half of the year, the market continued to rise amidst supply concerns and the positive trend of the peak oil consumption season. Brent crude oil topped $87 per barrel, while WTI crude oil approached $83, reaching a nearly 9-month high. Afterwards, with the deterioration of macro data, the market turned sharply downwards, and near the end of the month, the WTI fell below $80. Under the combined effect of OPEC+production control and weak economic data in oil producing countries, the supply-demand game intensifies, and the market shifts into a narrow range of fluctuations.
On the upstream side, the pure benzene market increased by 4.45% in August, and as of August 30th, the price of pure benzene was around 7778 yuan/ton. In August, hydrogenated benzene followed the rise of the pure benzene market, increasing by 6.09%. As of August 30th, the price of pure benzene was around 7833 yuan/ton. In August, the market price of n-butane increased from 4700 yuan/ton to 5700 yuan/ton, and dropped to the beginning level at the end of the month. As of August 30th, the price in Shandong was around 4700 yuan/ton.
Business Society’s maleic anhydride product analysts believe that the recent surge in raw material n-butane has led to a significant decline, limited cost support for maleic anhydride, and a decrease in the prices of main factories and distributors. Downstream pursuit of high prices is cautious, and replenishment is mainly based on demand procurement. Maleic anhydride manufacturers have limited new orders. It is expected that there will still be a downward trend in maleic anhydride in the near future.
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