1. General Statement

1.1 Polyurethane Market Overview and Forecast

(CNY/Ton)	Apr. Avg.	Mar. Avg.	Up & Down	Remarks	Overview & Forecast
PO	11,120-11,300	11,920-12,100	-800, -800	Drum/ DEL	O: China PO market fell in April. F: China PO market is expected to be weak in May.
TDI	17,848-18,627	19,040-19,620	-1192,-993	Drum/ DEL	O: China TDI market declined in April. F: China TDI market is expected to decline in May.
Flexible Slabstock Polyols	11,620-11,780	12,580-12,840	-960;-1060	Bulk/ DEL	O: China flexible slabstock polyols market fell in April. F: China flexible slabstock polyols market is expected to be weak in May
Polymeric MDI	18,610-18,823	18,819-19,277	-209, -454	Drum/ DEL	O: China polymeric MDI market consolidated weakly in April. F: The polymeric MDI market is anticipated to be stable-to-increase in May.
Pure MDI	21,780-22,380	23,477-23,932	-1697, -1552	Drum/ DEL	O: China pure MDI market ran weakly in April. F: China pure MDI market is anticipated to consolidate narrowly in May.
Adipic Acid	12,000-12,252	13,326-13,758	-1,326，-1,506	On Bank draft/DEL	O: China AA market dropped in April. F: China AA market is expected to remain relatively weak in May.
BDO	25,293-25,600	27,855-28,274	-2,562，-2,674	Bulk/DEL	O: China BDO market declined substantially in April. F: China BDO market is expected to fluctuate in May.
PTMEG (2000)	42,931-44,000	43,000-44,000	-69，0	Drum/Ex- factory	O: China PTMEG market consolidated in April. F: China PTMEG market is expected to be under consolidation in May.

 

1.2 Polyurethane Index Analysis

Figure 1 China PU Index Trend 2022

 

The PU composite index declined in April dragged by all raw materia, especially pure MDI and AA due to lurewarm demand caused by spreading COVID-19 pandemic and blocked transport.

The soft foam index is down in April. Besides negative factors of epidemic and the logistics in many areas of China were hindered, resulting in longer transportation cycle, while the demand was also hit hard under the epidemic. Wanhua took the lead in lowering the settlement price in the first half of this month, and thus traders became pessimistic and accelerated deliveries. Then the range of TDI market prices dropped rapidly for several days.

The rigid foam index fell in April. In supply-end, some MDI and Rigid polyols suppliers encountered goods delivery limitation because of strict lock-down measures; in downstream-end, the demand from main downstream sectors in April were dropped dramatically by epidemic and its corresponding logistic outage.

The resin index declined in April. Due to the impact of COVID-19 pandemic and blocked transport, downstream manufacturers kept their operating rates low and therefore had sluggish demand. The price of AA was down, and that of BDO fell significantly, driving down THF price. The PTMEG price declined, mainly because downstream spandex manufacturers reduced their prices under great inventory pressure. The sluggish demand from non-spandex products manufacturers also put downward pressure on PTMEG price...

 

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