According to the Commodity Analysis System of the Business Society, the domestic maleic anhydride market continued to rise in September. As of September 13th, the average market price of n-butane oxidation maleic anhydride remained at 7939.80 yuan/ton, an increase of 9.97% compared to the price of 7220.00 yuan/ton on September 1st.
On September 13th, the maleic anhydride commodity index was 74.80, unchanged from yesterday, a decrease of 55.06% from the cycle’s highest point of 166.43 points (2021-12-15), and an increase of 46.15% 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)
Rising Crude Oil Boosts Domestic Maleic Anhydride Market
The international crude oil market has recently risen. OPEC+, an oil producing country, is rumored to have extended production cuts. The market expects an additional 1 million barrels of production reduction from Saudi Arabia to continue until December, while Russia’s crude oil production reduction will continue until December. Supply tightening is expected to continue to ferment and boost the oil market; In addition, the weakening of the US dollar has led to a rebound in oil market valuations and the potential impact of storms in the US Gulf on energy supply. The market is concerned that OPEC’s production reduction in oil producing countries may lead to tight energy supply in the fourth quarter, pushing oil prices to a new 10 month high.
Continuous rise in the market for n-butane and hydrogenated benzene drives up the domestic maleic anhydride market
On the upstream side, recent crude oil prices have continued to rise, styrene prices have risen, and Sinopec’s pure benzene prices have been raised to 8500 yuan/ton. Supported by multiple positive factors, pure benzene prices have risen, and the hydrogenation benzene market has been significantly driven up this week, with factory prices in the main production areas rising to 8700-8900 yuan/ton. Recently, the market for n-butane has continued to rise, and as of September 13th, the price in Shandong is around 5500-5600 yuan/ton.
The rise of unsaturated resin market drives the domestic maleic anhydride market
Recently, the main raw material styrene in the downstream unsaturated resin market of maleic anhydride has continued to rise, boosting the atmosphere in the resin market. Downstream procurement of resin has increased, and shipments are active. The resin shipment has improved, and the procurement of raw material maleic anhydride has increased, supporting the maleic anhydride market. As of the 13th, the solid anhydride in Shandong region is around 8200 yuan/ton, Jiangsu region is around 8200 yuan/ton, and South China region is around 8600 yuan/ton.
Business Society maleic anhydride product analysts believe that the current prices of raw materials for maleic anhydride, n-butane and hydrogenated benzene, continue to be high, and the downstream unsaturated resin market has improved; In addition, many of the main factories of maleic anhydride are currently closed, and the execution of preliminary orders is the main focus, resulting in a tight supply of maleic anhydride in stock. It is expected that the maleic anhydride market may continue its upward trend in the short term.
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