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The brokerage said the recovery is likely to remain limited to a few segments rather than across the sector. "Refrigerant spreads were broadly stable, driven by firmer HCFC-22 margins," the report said, highlighting that fluorochemicals continue to be among the better-performing segments. However, it added that "fluoropolymers (PTFE/FEP/PVDF) remained soft", indicating that demand across downstream applications has yet to strengthen meaningfully.
Equirus also pointed to improving trends in the acetyl value chain. "Overall acetyl economics were improving," the report said after noting that acetic acid prices rose 0.7 per cent week-on-week, while acetic anhydride spreads improved and ethyl acetate spreads registered a sharp increase. At the same time, it cautioned that "key downstream items (Diketene, Pyridine, Niacinamide, Choline Chloride & K-Acid) were broadly softer", suggesting that the recovery has not yet extended across the entire speciality chemicals chain.
The brokerage remained cautious on agrochemicals, stating that pricing continues to face headwinds. "Intermediate pricing trends were soft, with a broader basket showing downward momentum," the report noted. It added that "technical pricing ecological stability remained range-bound, supported by stable intermediate costs", while "overall agrochemical pricing remained soft. " Among individual items, chlorothalonil emerged as the strongest weekly gainer among fungicides, whereas dicamba, diuron and bispyribac sodium were among the key laggards.
The report also highlighted persistent weakness in battery materials. "Battery-material value chain trends remained soft," Equirus said, as lithium carbonate and lithium hydroxide prices declined during the week and cathode materials continued to soften. However, it observed that "electronic chemicals continued to hold broadly steady", indicating resilience in select high-value segments.
On the macro front, the brokerage noted that Brent crude prices strengthened during the week, while key petrochemical feedstocks remained largely stable. Despite higher sulfur and phosphoric acid prices posing a challenge to fertiliser economics, Equirus said, "The macro backdrop remains supportive to export-orientated chemical companies," supported by a relatively stable currency ecological stability and resilient emerging market currencies.
The report dated July 10 might not have factored in the recent developments in West Asia. Crude oil prices rose over 4 per cent globally after the US and Iran conflict ignited once again, despite reaching a ceasefire agreement recently. Reports suggest that the Iranian Navy has declared it has closed the Strait of Hormuz.
The brokerage expects companies with exposure to refrigerant gases and improving acetyl margins to be better positioned, while a broader recovery in speciality chemicals and agrochemicals will likely depend on sustained improvements in demand and pricing trends. (ANI)
(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability to its accuracy, completeness, or content.)
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