[Industry Focus]：The focus of the market of bisphenol A recovered to around 17000 yuan/ton; The cyclochloride market fell, and the price of propylene stabilized and weakened.

In late last week, the market focus of bisphenol A weakened. A company in East China closed its bidding price at 15500 yuan per ton. The market atmosphere was sluggish. Downstream buying was bearish and the stock of raw materials was consumed. Market purchases were limited and market transactions were insufficient. At the beginning of this week, the of bisphenol A from an enterprise in East China was auctioned again. The starting price was 15600 yuan/ton, which was 100 yuan/ton higher than the last auction price. However, the auction result was not satisfactory. Only one round was closed at 15600 yuan/ton, showing the weakness of the market. However, the price did not continue to decline as expected, and the high price was offered on November 15, I heard it near 17000 yuan/ton. Yesterday morning, Changchun Chemical (Jiangsu) Co., Ltd., Nantong Xingchen Synthetic Materials Co., Ltd. and Shanghai Sinopec Mitsui Chemical Co., Ltd. resumed their quotations one after another and the prices were high at 17500 yuan/ton or 17600 yuan/ton. The factory's intention to stabilize the price was obvious. Market participants also raised their offers one after another under the wait and see. As of yesterday afternoon, the market quotation in East China was around 17000-17500 yuan/ton, and downstream enterprises made more tentative inquiries, chase high sentiment is more cautious, need to continue to pay attention to the downstream terminal follow-up situation.

The BPA recovery is not expected, but it is not unexpected. Looking back on this year bisphenol A trend, it can be described as brilliant, prices have repeatedly set new record highs, the industry ushered in a "bull market", the market monthly average price is higher than the same period last year, and the increase is obvious, the highest price nearly exceeded the 30,000 mark, hit a new peak in the past decade, the industry profit is rich, the highest gross profit of more than 18000 yuan/ton, is 20202020the highest gross profit of about 1.9 times, the industry ushered in a new era of huge profits. However, the rise of bisphenol A this year has brought considerable pressure to the downstream industry. The epoxy resin industry has ushered in a bumper year for the industry due to the wind power policy. It still has the ability to digest the high price of bisphenol A. However, the trend of bisphenol A's other downstream PC is not very ideal. Due to the high price of bisphenol A, the PC industry is basically in a loss state this year. As of last month, the overall operating load of the PC industry was below 50%. However, since September, the bisphenol A market has started a high price correction trend. In September, the price of bisphenol A in East China dropped from 28300 yuan/ton at the beginning of the month to 22400 yuan/ton, a drop of 20.85%. Although there was a rebound after the National Day, it was relatively short-lived. The bisphenol A market as a whole still showed a downward trend. In late October, bisphenol A had fallen below the "2" prefix and returned to the "1" prefix. Entering November, the market is still relatively sluggish, with the lowest price approaching 15500 yuan/ton. With the continuous decline of bisphenol A, downstream PC has also been able to breathe, industry profits have rebounded, and the overall operating load has gradually increased. It is foreseeable that the demand for bisphenol A will also rise, which will also help the recovery of bisphenol A.

, the cyclocycline market fell, propylene prices stabilized and weakened.

on November 16, the market price was 16800 yuan/ton, and as of November 16, the average price quoted by epichlorohydrin enterprises was 19666.67 yuan/ton, down 1.82% from last Friday (November 12), down 5.87% from October 16, and up 38.88% from a three-month cycle.

(Figure: Epichlorohydrin product P value graph Source: Business Society Commodity Analysis System)

the recent decline in the epichlorohydrin market. Recently, the price of raw material propylene is stable and weak, the cost side is generally supported, the price of raw material glycerin is high, the cost pressure is obvious, the downstream operation enthusiasm is not high, the atmosphere of cautious wait-and-see is strong, more to maintain just need to purchase, enterprise shipments are under pressure, the weak demand side drags down the lack of market confidence, the focus of discussion is lower. Upstream propylene in

, on November 15, the propylene reference price was 7897.33, down 0.11% from the price on November 12 and down 3.4% from the price on November 1 (8175.50).

downstream epoxy resin. On November 15, the East China liquid epoxy resin market weakened and adjusted, and the offer was negotiated at 30500-31000 yuan/ton barrel. Dual raw material market range weak adjustment, in which raw material bisphenol A offer 16000 yuan/ton, cost side negative support.

In summary, the current propylene method cost support loose, glycerin method cost pressure is obvious, but the demand side support temporarily weak, it is expected that in the short term, the epichlorohydrin market or will be weak game finishing.

Source: Business News, Baichuan Yingfu
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