According to the monitoring of business club, adipic acid in China continued to rise this week (6.6-10). The weekly increase was 0.9%. The market price range of adipic acid at the weekend is 12000-12300 yuan / ton. On the one hand, the price of upstream pure benzene rose after the festival, which brought support from the cost side. In addition, at the beginning of the month, the listed price of the manufacturer increased to support the market, while the terminal demand was still cautious, and the supply and demand remained basically balanced, which was also the fundamental reason why the adipic acid price did not rise significantly.

In terms of market supply, this week, adipic acid operating rate remained at the previous level, and currently remains at about 60%. At the beginning of the month, the listed part of the large factory was increased by about 500 yuan. The manufacturer’s inventory pressure is OK, mainly due to price hikes. In terms of commencement, temporary maintenance of some Shenma units this week; The load of Taiyuan Chemical Plant was reduced and started, about 80%; The load of Zhonghao unit is reduced to 80%; Hongding and Haili equipment continue to stop. There is no great pressure on the overall market supply.

Trend of adipic acid industrial chain

The above figure shows that this week, the adipic acid industrial chain showed a pattern of strong upstream and weak middle and downstream. The upstream products cyclohexanone and pure benzene increased to varying degrees, especially pure benzene, but adipic acid remained weak, indicating that the manufacturer’s profits fell slightly. In addition, the downstream PA66 continued its decline this week, and the terminal maintained a weak level.

Market trend of pure benzene upstream adipic acid

Market trend of cyclohexanone upstream adipic acid

Recently, pure benzene has increased significantly. After the festival, the manufacturer adjusted the price twice. According to the monitoring of the business agency, the weekly increase of pure benzene was about 5.46%. In addition, cyclohexanone rose well this week, rising by 2.93%. Bring cost guidance to adipic acid.

Market trend of adipic acid downstream PA66

Terminal demand: adipic acid downstream is still relatively weak. Downstream procurement continued to slow down. According to the monitoring of business agency, PA66 in the downstream of adipic acid fell by 2.9% this week. Due to the continuous pressure on the profits of PA66 enterprises, the load level of domestic PA66 industry has decreased recently, but the overall range is limited. The spot supply in the market is abundant, and the supply pressure is difficult to solve. The inventory position of the port is acceptable, and the arrival volume of overseas goods is general. On the demand side, at present, the terminal enterprises tend to follow up with the goods to maintain production, and have strong resistance to the high price supply. Although the health incidents in East China have been greatly alleviated and the logistics situation in many places has gradually recovered, the demand of domestic downstream factories has shrunk, the contradiction between supply and demand is prominent, and the merchants have great resistance to shipment. The transaction on the floor declined, and the seller’s mentality was not good, so he continued to give up profits. In short, the weak downstream demand is the fundamental reason that restricts the rebound of adipic acid.

In the later stage, the business community believes that the upstream pure benzene and cyclohexanone support is obvious. The manufacturer has a strong price support mentality, which will further form a strong support for the price of adipic acid. The pressure on the superimposed supply side is not large, and it is expected that the adipic acid price may still rebound in the near future. However, considering the weak demand, the market growth should be treated with caution.