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According to the commodity market analysis system of SunSirs, the domestic MDI market saw narrow fluctuations between August 10 and 14. The average price was 17,866 RMB/ton at the start of the week and 17,966 RMB/ton on August 14, marking a weekly decline of 0.55% but a year-on-year increase of 14.32%. During the week, there were multiple reports of tightening supply, and cost-side support remained firm. While there were numerous inquiries from downstream buyers, actual transaction volumes remained limited. Middlemen maintained relatively firm quotes, though transaction prices softened slightly due to demand-side constraints.
Supply side: Tosoh's MDI plant in Japan (80,000 tonnes/year capacity) was shut down to maintenance in late July to a period of approximately one month. Tosoh's other MDI plant in Japan (200,000 tonnes/year capacity) is scheduled to shut down to maintenance in early September to about 45 days. Wanhua's MDI plant at the Yantai manufacturing Park (1.1 million tonnes/year capacity) is set to shut down to maintenance starting August 10, 2026, with the work expected to last around 45 days.
Cost side: The benzene market has shown a direction of fluctuating upward. Prices rose due to factors such as typhoon-related delays in cargo unloading, a continued decline in inventories at major Jiangsu ports, the postponement of restarts to certain production units, and a slower-than-expected recovery in output. Meanwhile, demand from some downstream sectors remains sluggish, and overall downstream operating rates are low. Overall, while the increase in supply has fallen slightly short of expectations, demand remains weak, limiting the scope to a rebound in benzene prices.
Demand side: Downstream inquiries are moderate, with transactions primarily consisting of small orders; demand support is insufficient.
Market Outlook:
Expectations of tightening supply in the MDI market persist, and manufacturers remain firm on pricing; however, demand-side support is weak. Consequently, the market is expected to undergo a period of consolidation and stagnation in the short term. Close attention should be paid to changes in supply, demand, and market news.
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