China Polyurethane Monthly Report 201603
2016-04-08    [Source:PUdaily]

1. Polyurethane Market Retrospect

Polyurethane (PU) raw materials market has been picking up in March with most materials prices increased except for PTMEG and BDO. Specifically, propylene oxide market prices move upward noticeably because of rising propylene and liquid chlorine, which contribute to boost up flexible slabstocks polyols market prices in March. TDI and MDI also present with better performance compared with February, among which polymeric MDI price goes upwards by RMB 400-900/ton compared to February. Many manufacturers shore up the market by price hike or supply control on account of cost pressure. However, for most raw materials, it is reported that downstream demand has not revived largely, and end buyers mainly purchase based on demand...

In April, the PU raw materials market is expected to go up to some extent. On one hand, China TDI and MDI market are likely to increase in April; as for TDI, most producers have raised list and settlement prices in early April; and for MDI, manufacturers are eager to increase prices due to the rapidly shrinking profit on increasing benzene price and slowly recovering downstream demand in April. On the other hand, China propylene oxide and polyether polyols market is estimated to trend down in the near future pressured by weakening demand under prevalent wait-to-see atmosphere among downstream buyers...

1.1. Polyurethane Index Analysis

1.1.1 Composite Index

PUdaily PU composite index has been moving up continuously throughout March influenced by increasing crude oil, propylene oxide, polyether polyols, TDI, AA and pure MDI prices, etc. Propylene oxide and polyether polyols market sees a sharp increase coupled with rising crude oil in March. In addition, the rigid foam index also trends up with reviving demand, as most downstream factories in rigid foam have resumed to normal running...

1.2. 1.1.2 Flexible Foam Index

1.3. 1.1.3 Rigid Foam Index


2. Polyurethane Raw Material Market

2.1. Propylene Oxide

2.1.1 Market Overview

China propylene oxide market prices move upward noticeably and continually. At the beginning of this month, the propylene oxide market runs with uptrend pushed by significant increment of propylene and liquid chlorine prices and most plants raise their offers sharply...


2.1.4 Import & Export Data

China propylene oxide imports were 31,743 tons in February, increasing by 5.60% from last year but decreasing by 30.68% from January. Top imports came from America and the followers were Thailand and Singapore with respective quantity of 17,832 tons, 9,853 tons and 2,559 tons. The facility with capacity of 200,000 ton/year in Saudi Arabia has operated regularly...


3. Polyurethane Products Market Analysis

3.1. Flexible Foam

China flexible foam market keeps tepid running this month amid flattish economic environment in China. Some manufacturers like furniture producers run with low operating rates and refuse to build high inventories of raw materials. So trading atmosphere is not good and new orders are limited from end users. In addition, it is heard that demand may keep sluggish line with less buying interest of raw materials.....


4. Downstream Industries

4.1. Flexible Foam Downstream

4.1.1 Automobile

According to statistical analysis from China Association of Automotive Manufacturers (CAAM), China automobile output from January to February in 2016 were 4,069,100 units, including 3,559,000 passenger cars and 510,000commercial cars.

In Janurary, China imported 61,600 vehicles decreasing 38.81% on year on year; China exported 44,400 vehicles, dropping 40.26% year...


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