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The impact of the recent price hikes of domestic polyurethane raw materials has not yet been fully digested, and news of major overseas manufacturers adjusting prices has emerged again. On September 11, BASF officially released a price adjustment announcement, raising the prices of basic products of Lupranate® series MDI and TDI in the ASEAN and South Asian markets by 250 US dollars per ton. The new prices will take effect immediately or be implemented in accordance with the existing contract terms.
Based on the rough exchange rate of 7.0 US dollars to RMB, this price adjustment is equivalent to about 1750 RMB per ton. Different from the common small-scale price adjustments in the market, this 250 US dollars per ton increase is a relatively substantial adjustment, which will significantly increase the raw material costs to substantial downstream customers with procurement scales of hundreds to thousands of tons.
MDI (Methylene Diphenyl Diisocyanate) and TDI (Toluene Diisocyanate) are the two core basic raw materials to the polyurethane sector, which are broadly applied in the CASE field, namely Coatings, Adhesives, Sealants, and Elastomers, and are closely related to the coatings sector. companies producing polyurethane manufacturing paints, wood paints, automotive coatings, various adhesives and special coatings will all be immediately affected by the price fluctuations of MDI and TDI.
The price adjustment of BASF covers the ASEAN and South Asian regions. The regional isocyanate production capacity in this region is limited, and the supply of goods highly is determined by imports.
This price hike signal also brings new cost tests to the downstream polyurethane manufacturing sector in the region. while this price adjustment will not immediately affect the domestic market to the time being, the prices of global MDI and TDI are highly linked. The continuous rise of overseas raw materials might disturb the market sentiment of the domestic polyurethane sector chain. Domestic downstream companies such as coatings and adhesives still need to continuously track the changes in global raw material prices.
sector insiders said that recent news of price hikes in the global polyurethane raw material market has occurred frequently, and overseas chemical giants have issued price adjustment notices one after another. The rising costs of raw materials, energy and logistics are the main driving factors to this round of overseas price increases. In the future, attention should continue to be paid to the operation of domestic and foreign MDI and TDI devices, the flow of import and export, as well as the order and cost transmission of the downstream coatings and adhesives industries.
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