1、 Price trend

According to the Commodity Market Analysis System of the Business Society, as of November 17th, the average price of refrigerant R22 was 21600.00 yuan/ton, a decrease of 0.77% from the beginning of the month’s price of 21766.67 yuan/ton, and an increase of 17.18% compared to the same period last year

According to the Commodity Market Analysis System of the Business Society, as of November 17, the average price of refrigerant R134a was 27666.67 yuan/ton, a decrease of 0.60% from the beginning of the month price of 27833.33 yuan/ton, and an increase of 9.21% compared to the same period last year.

2、 Market analysis

This week, the overall domestic hydrofluoric acid price remained stable, with raw material prices fluctuating relatively high. Downstream demand was cautious, and market supply and demand remained stable. This week, the overall domestic refrigerant R22 market price remained stable and advanced.

In November, the domestic hydrofluoric acid prices remained relatively high and stable, with high raw material costs driving the sustained high operation of domestic R134a. The overall acceptance of downstream products was poor, and overall market trading continued to be light this week. The overall domestic R134a market prices remained stable and advanced.

In terms of raw materials, the domestic price of hydrofluoric acid has surged and slightly declined, but has remained stable. The overall cost of raw materials remains relatively high, which will provide some support for the future refrigerant market prices.

3、 Future Market Forecast

Refrigerant analysts from Business Society believe that the cost of raw materials is relatively high, downstream purchases and sales are cautious, and market trading is light. In the short term, the market prices of domestic refrigerants R22 and R134a will continue to remain stable at the current level.

1、 Price trend

According to the Commodity Market Analysis System of the Business Society, the average market price of 55% powdered ammonium phosphate in China on November 6th was 3200 yuan/ton. On November 13th, the average market price of 55% powdered ammonium phosphate in China was 3466 yuan/ton. This week, the market price of monoammonium phosphate increased by 8.33%.

According to the Commodity Market Analysis System of the Business Society, the average market price of 64% diammonium phosphate in China on November 6th was 3900 yuan/ton. On November 13th, the average market price of 64% diammonium phosphate in China was 3983 yuan/ton. This week, the market price of diammonium phosphate increased by 2.14%.

2、 Market analysis

The market price of ammonium phosphate has significantly increased this week. The price of raw materials such as phosphate ore and sulfur has increased, resulting in favorable cost support. At present, there is a large backlog of monoammonium phosphate factories, and the winter storage market follows up as needed, with the market operating at a high price. The market for diammonium phosphate is facing a tight supply and rising prices, with the market rising from a high level. Manufacturers and distributors are mainly reluctant to sell. As of November 13th, the factory quotation for 55 powdered ammonium in Hubei region is about 3450 yuan/ton, while the factory quotation for 55 powdered ammonium in Henan region is about 3500 yuan/ton, with actual negotiations being the main focus. The 64% market quotation for diammonium in Shandong region is around 3950-4150 yuan/ton, and the actual transaction is negotiated.

In terms of raw material sulfur. The domestic sulfur market has shown a significant upward trend this week. The sulfur refinery unit is operating normally and the market supply is stable. The downstream mentality is optimistic, and the enthusiasm for entering the market and purchasing goods has increased. Manufacturers’ shipments are smooth, inventory is reduced, and refineries are adjusting their inventory based on their own situation. As of November 13th, the reference average price of sulfur in East China is 1003.33 yuan/ton.

In terms of raw phosphorus ore. The market price of phosphorus ore has risen this week. At present, the overall demand for phosphorus ore downstream is good, and the on-site spot circulation is still tight. As the middle of the month approaches, some mining companies with lower shipping prices in the early stages have started to raise the prices of mid to high-end grade phosphate rock, with an increase of about 20-30 yuan/ton. As of November 13, 2023, the reference average price of 30% grade phosphate ore in China is around 1046 yuan/ton.

3、 Future Market Forecast

Analysts from the Business Society believe that the ammonium phosphate market has surged recently due to favorable factors such as rising costs, support for pending orders, and insufficient market supply. At present, the upward trend is slowing down, and downstream and dealers are starting to watch cautiously after the continuous rise. It is expected that the short-term market price of ammonium phosphate will be relatively strong and will be sorted and operated.

According to the Commodity Market Analysis System of the Business Society, the auction price of crude benzene for the week from November 3 to November 10, 2023 was lowered. Last weekend, it was 6598.75 yuan/ton, and this weekend it was 6338.75 yuan/ton, a decrease of 3.91%.

In terms of crude oil: As of November 3rd, international crude oil futures fell. The settlement price of the main contract for WTI crude oil futures in the United States was $80.51 per barrel, a decrease of $1.95 or 2.4%. The settlement price of the main contract for Brent crude oil futures was 84.89 yuan/barrel, a decrease of 1.96 US dollars or 2.3%. The supply tension caused by the situation in the Middle East has eased.

The factory price of Sinopec pure benzene continued to be 7750 yuan/ton, a decrease of 300 yuan/ton.

Other companies: Jingbo Petrochemical quoted 7600 yuan/ton, HSBC Petrochemical quoted 7750 yuan/ton, Weilian Chemical quoted 7603 yuan/ton, Xinhai Petrochemical quoted 7600 yuan/ton, and Hongrun Petrochemical quoted 7750 yuan/ton.

According to the Commodity Market Analysis System of Business Society, the price of pure benzene has slightly decreased this week. On November 6th, the price of pure benzene was 7903 yuan/ton, and on Friday (November 10th), the price of pure benzene was 7800 yuan/ton, a decrease of 1.51% from last week and an increase of 12.23% from the same period last year.

The K-bar chart of commodity prices uses the concept of a price trend K-line to reflect weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. The weekly K-bar chart of pure benzene shows that the pure benzene market has seen a positive trend in recent times.

From the perspective of the industrial chain, the crude oil and styrene market both weakened during the week, driving the overall weakness of the pure benzene industry chain. The pure benzene market continued to decline during the week, and the hydrogenated benzene market also fell significantly. The auction price of crude benzene also declined overall during the week, and the downstream pressure on prices was generally strong, resulting in a weak overall trend in the industrial chain.

This week, the pure benzene market continued to decline, with Sinopec lowering its listing price twice to 77500 yuan/ton, and a cumulative decrease of 3000 yuan/ton during the week. The hydrogenation benzene market has followed a significant decline, with a current execution rate of 7600-7700 yuan/ton in East China, and a decrease of 300-400 yuan/ton within the week. In terms of supply and demand, coking enterprises started slightly higher this week, and crude benzene supply slightly increased compared to the previous period. In terms of demand, hydrogenation benzene enterprises that have undergone early maintenance have started operating one after another, and the overall demand for crude benzene is still acceptable. Overall, the pure benzene market is still under pressure due to high inventory and loose supply, and the weak trend of crude oil has limited impact on the industry chain. It is expected that the overall industry chain will still be under pressure in the future, and there may be further downward space. In the future, the focus will be on inventory situation and crude oil trend.

Stable operation of ethylene glycol in November

According to data from Business News Agency, on November 10th, the average price of domestic oil to ethylene glycol was 4141.67 yuan/ton, an increase of 0.28% compared to the beginning of the month. The prices in various regions are as follows:

The price range for spot goods executed by mainstream manufacturers in East China is between 4000-4350 yuan/ton; The spot price of ethylene glycol in the South China market is 4000 yuan/ton, while the mainstream manufacturers in Central China have a spot price range of 4000 yuan/ton; The spot price for mainstream manufacturers in North China is 4350 yuan/ton.

On November 9th, the CIF price of ethylene glycol in China was 479 US dollars/ton; The CIF Southeast Asia price is 478 US dollars/ton.

Ethylene glycol fundamentals

Downstream demand

The downstream polyester production load is relatively stable, and downstream demand remains stable. The polyester factory load is maintained around 88%, and in terms of terminals, the operating load of the loom is 80%, with a negative 1% decrease in the circumferential ratio. The operating load of the elastic loom is 89%, and the circumferential ratio remains unchanged.

High port inventory

As of November 9, 2023, the total spot inventory of ethylene glycol in the main port of East China was 1.1583 million tons, which is still relatively high compared to the total spot inventory of ethylene glycol in the main port of East China on October 30, 1.143 million tons, with a cumulative inventory of 15300 tons.

Future market forecast

The reality of ethylene glycol supply and demand is loose, with high inventory, suppressing price increases. Currently, prices are low, and cost support is strong. It is expected that the probability of maintaining a volatile sideways trend in the short term will increase. The volatile range in November may slightly move up.

According to monitoring data from Business Society, as of November 8, 2023, the factory price of domestically produced industrial grade dimethyl carbonate was set at 4100 yuan/ton. Compared with October 1 (the reference price of dimethyl carbonate was 4333 yuan/ton), the price was reduced by 233 yuan/ton, a decrease of 5.38%.

Looking back in October, the domestic dimethyl carbonate market did not experience the “Silver Ten” effect, and the market trend moved towards a low level amidst fluctuations. In November, the dimethyl carbonate market stopped falling and stabilized, and the overall market showed a stable and organized operation. On the 7th, dimethyl carbonate broke the calm, and some factories and suppliers narrowly lowered the price of dimethyl carbonate by 100 yuan/ton. As of November 8th, the domestic market price of dimethyl carbonate is around 3900-4000 yuan/ton, with a higher price of 4200 yuan/ton and a lower price of around 3650 yuan/ton.

Analysis of market influencing factors

In terms of demand: Currently, there is limited downstream demand for dimethyl carbonate, with a light trading atmosphere on the market and limited inquiries for new orders. Downstream wait-and-see sentiment is strong, and the support provided by the demand side for dimethyl carbonate is loose.

On the supply side: Currently, the overall operating rate on site has not changed much. With the slow pace of shipment, some dimethyl carbonate factories are under certain supply pressure, and the supply and demand transmission performance is stagnant. The support provided by the supply side to the market is limited.

Analysis of Future Market Trends

At present, the atmosphere for new orders in the dimethyl carbonate market is weak, and the atmosphere is relatively strong on the market. Downstream demand is generally boosted, and the basic benefits brought to the market are limited. The overall lack of effective support in the dimethyl carbonate market. Business analysts believe that in the short term, the weak adjustment and operation of the dimethyl carbonate market are the main factors, and more attention needs to be paid to changes in supply and demand news.

According to the Commodity Market Analysis System of the Business Society, the mainstream prices of styrene in Shandong have been fluctuating and rising recently. At the beginning of the week, the average price of styrene in Shandong was 8691.67 yuan/ton, while on the weekend, the average price of styrene in Shandong was 8733.33 yuan/ton, an increase of 0.48%. The price has increased by 5.54% compared to the same period last year.

styrene

Recently, the market price of styrene has increased. From the above chart, it can be seen that the price of styrene fluctuated slightly last month, while this week’s market was volatile and exploratory. The international oil price is high, and the pure benzene market has slightly increased, with good cost support. Styrene inventory is relatively ideal, and manufacturers are selling normally. The styrene market has slightly increased.

In terms of raw materials, the price of pure benzene has slightly increased this week. On October 30th, the price of pure benzene was 7900 yuan/ton. On Friday (November 3rd), the price of pure benzene was 7920 yuan/ton, an increase of 0.25% compared to last week and 11.67% compared to the same period last year. After the end of the month delivery, the market quickly fell and the overall spot resource trading was light. The Shandong market trading Lihuayi styrene unit is scheduled to undergo maintenance, but the demand for gas in the intraday market is relatively high, and the focus of the transaction continues to shift downwards.

In terms of downstream market, the three major downstream markets of styrene have fluctuated. PS prices rose earlier this week. The raw material styrene is subject to strong vibration, resulting in increased cost pressure. Some devices in East and South China have recovered, with slight growth in industry production, and some supply sources have tightened due to production cuts. The mainstream market price reference for GPPS in South China is 9120 yuan/ton. (excluding taxes)

This week’s EPS market has risen. According to the Commodity Market Analysis System of Business Society, the average price of ordinary materials at the beginning of this week was 10100.00 yuan/ton, and the average price of ordinary materials this week was 10150.00 yuan/ton, an increase of 0.49%. The terminal profit is good, and the market transactions are positive. It is expected that the domestic EPS market will mainly show a strong trend.

Recently, the domestic ABS market has remained stable, with the overall performance of the upstream three materials rising and falling, and overall support for the cost side of ABS is weak. The high starting point of the petrochemical plant has dropped, and some supply pressures have eased. Demand side consumption is poor, and merchants are often bearish about the future market. It is expected that the ABS market may maintain a weak and stable consolidation trend in the short term.

At present, according to the news, international oil prices have fallen, cost support is weak, styrene plants have restarted, production is expected to increase slightly, and spot purchasing intentions are weak. It is expected that the short-term styrene market will be weak and mainly consolidated.

1、 Price trend

According to the monitoring of the Commodity Market Analysis System of the Business Society, the spot price of PVC carbide SG5 fell first and then rose this week, indicating an overall price increase. At the beginning of the week, the average price of PVC in China was 5854 yuan/ton, while the average price over the weekend was 5884 yuan/ton. The price increased by 0.51% during the week.

2、 Market analysis

This week, the domestic spot market price of PVC fell first and then rose, and overall, the price rose. On Friday, the closing price of futures rose, driving confidence in the spot market. The market atmosphere was relatively active, with more inquiries and tentative increases from manufacturers. However, there was a clear resistance to high prices in the downstream market, with traders mainly shipping at one go, and actual transactions remained cautious. As of now, the quotation range for PVC SG5 carbide materials in China is mostly around 5820-6050 yuan/ton.

In terms of crude oil, on November 2nd, international crude oil futures ended their three consecutive declines and saw a rebound. The settlement price of the main contract for WTI crude oil futures in the United States was $82.46 per barrel, an increase of $2.02 or 2.5%. The settlement price of the main contract for Brent crude oil futures was 86.85 yuan/barrel, an increase of 2.22 US dollars or 2.6%. The main reason is that the Federal Reserve maintains interest rates unchanged, reducing future demand pressure, and increasing risk appetite.

In terms of calcium carbide, according to data monitored by the Business Society, the prices of calcium carbide manufacturers have temporarily stabilized this week, with an average domestic price of 2916.67 yuan/ton. The upstream price of blue charcoal is stable and weak, with average cost support. The downstream PVC market is average, and the demand for calcium carbide is weakening.

3、 Future Market Forecast

PVC analysts from Business Society believe that the PVC spot market has had average trading volume this week. Upstream calcium carbide is temporarily stable and organized, with acceptable support. International crude oil futures have ended their three consecutive declines and rebounded, which has affected the PVC futures market and boosted confidence in the spot market. It is expected that the PVC market will move slightly upwards in the short term and closely monitor changes in the news.

Price trend

Recently, the domestic PA6 market has been experiencing weak fluctuations, and spot prices have been generally lowered. According to data monitoring from Business News Agency, as of October 31, the mixed benchmark price of PA6 in China was 14575 yuan/ton, a decrease of -1.69% compared to the average price level at the beginning of the month.

Cause analysis

In terms of raw materials:

From the above chart, it can be seen that the market price of caprolactam stabilized after a decline in October. The raw material pure benzene has generally declined due to the impact of international crude oil fluctuations, resulting in loose support for the raw material. At the same time, a new device for caprolactam was put into operation and laid out in October, and the production line resumed work, resulting in an increase in supply. Downstream demand is average, resulting in a bearish trend for caprolactam. Overall, the cost support for PA6 has decreased.

On the supply side:

In October, the load of PA6 production enterprises showed significant stability and slight changes, with an average operating rate of around 73% within the month. The market supply is almost flat compared to the previous period, and the on-site supply has increased. However, due to the low inventory level, there has been no significant increase in supplier pressure, and there is still support for PA6 spot goods.

In terms of demand: Downstream, the load of the weaving and spinning industries has fluctuated slightly and remained stable, with an average load position of around 66% and 81%, respectively. The willingness of terminal enterprises to stock up within the month is not strong, and their acceptance of high priced goods is not good, resulting in a lag in the circulation speed of some goods. Market trading is concentrated on low prices, and overall support for the demand side of PA6 chips is weakening.

Future Market Forecast

In October, the PA6 market fluctuated and reorganized after a decline. The price of caprolactam has fallen, and the cost support for PA6 is weak. The demand side is cautious in picking up goods, and market trading tends towards the low end. The load of domestic polymerization plants is stable, the inventory position is low, and the polymerization plants have a strong willingness to raise prices. It is expected that the PA6 market may continue to consolidate in the short term.

Gold prices rose first and then fell in October

The price of precious metal gold fell first and then rose in October. According to the Commodity Market Analysis System of the Business Society, the spot market price of gold on October 31, 2023 was 478.40 yuan/gram, an increase of 3.35% compared to the spot market price of 462.87 yuan/gram at the beginning of this month (October 1).

Silver prices fell by 0.89%

According to the Commodity Market Analysis System of the Business Society, the average silver market price on October 31, 2023 was 5853.33 yuan/kg, an increase of 1.51% compared to the average silver market price of 5766 yuan/kg at the beginning of this month (October 1).

Summary of Price Trends of Precious Metals and Crude Oil

In the early stage, the correlation between precious metals and crude oil trends is strong. After the second half of 2022, precious metal prices have bottomed out and stabilized, and the magnitude of macro factors affecting them has begun to show differentiation. The trend of precious metals and crude oil began to converge in late March, but after mid April, the trend began to diverge again. Mainly due to the increased impact of risk aversion on the rise of precious metal prices. Recently, crude oil prices have rebounded, and precious metal prices have also followed suit.

Comparison of precious metal gold and silver price trends in the past year

From November 2022 to early February 2023, the price of precious metals significantly increased. From March to the end of April, due to the impact of the US bank crisis, the price of precious metals once again entered a surge stage. Silver prices began to decline in May, while gold remained relatively strong. In June, gold prices reached a high level and silver prices began to rise. After July, gold prices have become stronger. In mid to late September, precious metal prices were affected by news from the Federal Reserve, leading to a high correction. Recently, due to geopolitical factors, risk aversion sentiment has risen and continued to rise.

Fundamental data

On October 30th, the trading volume of gold on the Shanghai Gold Exchange was 16320 kilograms, an increase of 14.54% compared to the previous trading day. The trading volume of silver was 537900 kilograms, a decrease of 31.20% compared to the previous trading day.

The gold inventory of the previous exchange was 2820 kilograms, unchanged from the previous trading day. Silver inventory increased by 6124 kilograms to 1080820 kilograms compared to the previous trading day.

The newly announced gold SPDR ETF position was 859.49 tons, a decrease of 2.31 tons from the previous trading day. The position of silver SLV ETF was 13773.68 tons, a decrease of 28.50 tons compared to the previous trading day.

Message surface

The latest announcement from the US Treasury Department shows that the federal government is expected to borrow $776 billion in the fourth quarter, which is lower than market expectations and a decrease of $76 billion from the previous estimated borrowing amount of $852 billion at the end of July; The TGA balance remains at $750 billion. At the same time, the Ministry of Finance predicts that in the first quarter of next year, the borrowing scale will be $816 billion, and the TGA balance will remain at $750 billion.

Hedge sentiment dominates the precious metal market

In October, precious metal prices were able to reverse the previous weak trend and show an upward trend, mainly supported by risk aversion sentiment. The escalation of the Israeli-Palestinian conflict has led to an upward trend in the VIX index, and the capital market has started trading in safe haven sentiment in the precious metal market.

Future Market Forecast

At present, the price of precious metals has been fluctuating in the high range after hitting a 10-year high in the early stage. In the early stage, we expected that under the high inflation and high interest rate hikes, the pace of overseas economic recession may lead to a relatively strong sense of risk aversion, which is currently reflected in prices. Some central banks around the world have increased their holdings of gold reserves, which has also provided some support for gold prices.

However, as market expectations for the Federal Reserve to maintain high interest rates for a long time continue to rise, the US dollar index has significantly risen, reducing the attractiveness of gold to investors. Previously, the market expected that the Federal Reserve would raise interest rates again within the year, and the door to rate hikes in December or later remained open, to some extent suppressing precious metal prices.

In the short term, it is expected that precious metal prices will continue to maintain a high level of sideways volatility, and there will still be upward momentum in November.

List of ethylene glycol prices

According to data from Business News Agency, on October 30th, the average price of domestic oil to ethylene glycol was 4073.33 yuan/ton, a decrease of 2.63% compared to the beginning of the month. The prices in various regions are as follows:

The price range for spot goods executed by mainstream manufacturers in East China is between 3950-4160 yuan/ton; The spot price of ethylene glycol in the South China market is 3950 yuan/ton, while the price range for mainstream manufacturers in Central China is 3950 yuan/ton; The spot price for mainstream manufacturers in North China is 4160 yuan/ton.

On October 27th, the CIF price of ethylene glycol in China was 467 US dollars/ton; The CIF Southeast Asia price is 474 US dollars per ton.

Ethylene glycol fundamentals

Supply side

Recently, two units with a total production capacity of 1.2 million tons have been restarted at the ethylene glycol supply end, and the units of Sanjiang Petrochemical, Shanxi Woneng, and Zhenhai Refining and Chemical have been restarted. The market operating rate is expected to rebound in the short term.

Port accumulation has slightly eased

This week, the ethylene glycol inventory in the main port of East China has slightly decreased. As of October 30, 2023, the total spot inventory of ethylene glycol in the main port of East China is 1.043 million tons, and the port inventory is still relatively high. The main inventory of ethylene glycol in East China is still above 1 million tons, but the pressure on accumulated inventory in the early stage has been alleviated.

Future market forecast

After the decline in ethylene glycol prices in October, the current long short game has intensified. In the short term, due to the significant decline in the previous period, macroeconomic sentiment has rebounded in the near future, and ethylene glycol prices have stabilized. It is expected that the probability of maintaining a volatile sideways trend in the short term will increase.