[Market information]：The market of bisphenol A and epichloro-propane dropped, and the market after epoxy resin was bearish.

Introduction: Last week, bisphenol A and epichlorohydrin rebounded at the beginning of the week under the stimulus of positive factors. After the middle of the week, the market atmosphere began to fall back, and there was an accelerated downward trend. The overall change in the cost side of the week is not large, but the operating rate is low, epoxy resin factory to strong quotation mainly, the market actual transaction low price continues to explore.

Bisphenol A:

Data source: CERA/ACMI

Price: Last week the domestic bisphenol A market rose slightly after falling: as of 1015, East China bisphenol A reference price in 23700 yuan/ton.

at the beginning of the week, as the South Asian bisphenol A plant began to be overhauled, then the news that Sinopec Mitsubishi's equipment failure needed a short stop came out. In addition, the units of Changchun Chemical and Nantong Xingchen were in a shutdown state, and half of the bisphenol A plant was in a shutdown state. On the cost side, phenol ketone prices continued to be high. In the case of good cost and supply, the price sentiment of the holders was obvious on the beginning of the week, and the market offer was gradually pushed up.

Even if there are many positive fundamentals, it can't stop the decline of bisphenol A, and the market began to fall after a small rebound. The market's negative factors are mainly Tianjin Zhongsha new plant put into production, load gradually increased, Shenma put into production soon, downstream PC and epoxy resin operating rate is low, resulting in downstream buying sentiment is not high, limited acceptance of high-priced raw materials. Zhou Zhongzhe Petrochemical Bisphenol A auction price is also low, the round will end, the market cooling is obvious, the focus of negotiations gradually moved down.

Raw materials: the phenolic ketone market rose in the week and fell back, and the price was basically the same as last week: the latest reference price of acetone was 6800 yuan/ton; The latest reference price of phenol is about 9850 yuan/ton.

Cost calculation: bisphenol A production cost = 0.85 phenol +0.279 acetone +2000 yuan. At present, bisphenol A production cost is 12300 yuan/ton and gross profit is about 11400 yuan/ton.

Installation: Ningbo South Asia, Changchun Chemical and Nantong Star maintenance, Sinopec Mitsubishi short stop, the overall operating rate fell to 60%.

Epichlorohydrin:

Data source: CERA/ACMI

Price: Last week, the domestic epichlorohydrin market rose after falling: as of 1015, the East China market epichlorohydrin reference price in 19300 yuan/ton.

after the holiday, there was a rigid demand for replenishment in some downstream, and the market atmosphere was getting better. In addition, the price of propylene soared after the holiday, and the price of ECH once rebounded to around 19800 yuan/ton. With the rise in prices, and Jiangsu Haixing resumed production, the market bearish sentiment increased, ECH prices within a few days of the week to a small decline.

Last week, the main raw material prices of the two routes ECH remained high: the latest reference price of propylene was 8900 yuan/ton, unchanged from last week, and the latest reference price of East China 99.5% glycerin was 12700 yuan/ton, up 200 yuan from last week.

Costing

Propylene ECH = propylene * 0.68 + liquid chlorine * 2.1+3000. At present, the cost of propylene ECH is 14300 yuan/ton and the gross profit is about 5000 yuan/ton.

Glycerol ECH = 0.9 * glycerol +0.82 * HCl +0.443 * CaO +3000. At present, the cost of glycerol ECH is 15000 yuan/ton, and the gross profit is about 4500 yuan/ton.

Installation: The overall operating rate of the industry is about 50%.

Epoxy resin:

Data source: CERA/ACMI

Price: Last week, the domestic epoxy resin market was dominated by strong quotations. As of October 15, the reference price of East China liquid epoxy resin was 37000 yuan/ton. Solid epoxy resin reference price is 30000 yuan/ton.

Double raw material prices rose immediately after the fall, the cost side of the overall change in a week is not large, solid epoxy resin due to lower profits, passive with rising raw materials for a small increase; liquid epoxy resin although the downstream turnover is insufficient, but considering the current limit stop, operating rate is low, manufacturers to strong offer mainly.

After the market Jiangsu Sanmu, Nantong Star, Kunshan Capital and other devices will be restarted, market supply is expected to gradually increase, such as raw material prices continue to fall, epoxy resin market will be significantly downward.

Costing

Based on the latest prices of dual raw materials, the production costs of two types of epoxy resins have increased compared with last week:

Liquid epoxy resin = 0.68BPA + 0.54ECH +3000, and the cost is about 29600 yuan/ton.

One-step solid epoxy resin = 0.771BPA +0.391ECH +2000, and the cost is about 28000 yuan/ton.

Device: the dual-control effect continues to exist, liquid resin overall operating rate fell to about 50%; solid resin operating rate in 4-5 percent.

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