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China Polyurethane Monthly Report 201403
April 09, 2014    [Source:PUdaily]

1. Monthly News Headlines

1.1 Polyurethane News Focus

  • China MDI Capacity to Increase to 2.78 Mln Tons and Overcapacity Highly Concerns
  • PUdaily to Hold China PU Exterior Wall Insulation Technology Seminar in Tianjin
  • Vencorex Plans Closure of TDI Production at France
    ...

1.2 Company Dynamic

      ...

1.3 Industry Glance

      ...

1.4 Global PU Market

      ...

2. Polyurethane Market Analysis

2.1 TDI
2.1.1 Market Overview

China TDI market price rises at first and then starts to fall since the middle of this month.

At the very beginning, insiders are bullish about market due to big price hikes by manufacturers, but the market is proved to be bearish dragged by low demand. Faced with high inventory and capital problem, spot traders start to sell offs at low prices, leading to continuous drops in the market.

BASF and Bayer’s price cut for April further weighs down market prices at the end of this month.

Southeast Asia and India TDI Market

TDI majors manage to increase Mar. shipments by around USD50/ton in Southeast Asia (mainly referring to Malaysia, Indonesia, Vietnam and Thailand) on a need to recover margins after market prices have been staying at low level for the past two months, according to market sources...

2.1.2 RMB & USD Prices

      ...

2.1.3 Upstream Feedstocks Market

Toluene:
Domestic toluene market falls down in the first half of March and then goes upward thanks to price rise in oil and inventory reduction, but uptrend is curbed by contradiction of supply and demand...

2.1.4 Asian TDI Facility Dynamics

      ...

2.1.5 Import and Export Data

      ...

2.1.6 Future Market Forecast

China TDI market is expected to continue going down at the beginning of Apr. and then rebound in view of predictable supply reduction caused by facility maintenances in Apr.

2.2 Polymeric MDI

      ...

2.3 Pure MDI

      ...

2.4 Propylene Oxide

      ...

2.5 Polyether Polyols

      ...

2.6 PTMEG

      ...

3. Downstream Industries

3.1 Upholstered Furniture

Province
Jan-Feb., 2013
Jan-Feb., 2014
Year on Year
Hubei
80,855
91,461
13.12%
Hunan
56,737
55,937
-1.41%
Zhejiang
2,307,268
2,010,878
-12.85%
Jiangsu
272,797
263,325
-3.47%
Shandong
227,463
227,247
-0.10%
Shanghai
217,648
706,624
224.66%
Anhui
88,416
119,444
35.09%
Jiangxi
5,063
8,328
64.49%
Tianjin
173,355
219,917
26.86%
Henan
87,096
115,617
32.75%
Beijing
57,658
70,786
22.77%
Hebei
12,363
37,032
199.54%
Liaoning
45,816
54,962
19.96%

                                                                                                                 ...

According to latest statistics, China produced 6,080,000 pieces of upholstered furniture (including mattress and sofa) in the first two months, posting a decline of by 11.71% compared with the same period of 2013. The Ministry of Commerce, Development Division, Circulation and China Building Materials Circulation Association jointly issued February BHI (National Home Building Materials Sentiment Index) 87.84, up 0.92 points month-on-month and 9.94 points year-on-year.

3.2 Home Appliances

      ...

3.3 Automobile

      ...

3.4 Coatings

      ...

3.5 PU Resin

      ...

3.6 Spandex

      ...

3.7 Building Energy Efficiency

      ...

3.8 Cold Chain

      ...

3.9 Containers

      ...

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