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According to the Commodity Market Analysis System of SunSirs, the domestic market price for MDI trended downward between October 19 and October 23. The average price stood at 18,633 RMB/ton at the beginning of the week, compared to 18,300 RMB/ton on October 16—a weekly decline of 1.79%, though still up 27.97% year-on-year. During the week, prices for MDI softened; while major manufacturers maintained firm pricing and controlled their sales volume, demand remained persistently weak. Intermediaries showed a strong willingness to move stock, and although there were numerous inquiries from downstream buyers, actual transaction volumes remained low. Due to maintenance work at overseas production facilities, the influx of imported material has been slow, keeping overall market inventory at a low level. Nevertheless, weighed down by sluggish demand, actual transaction prices have fallen.
Supply side: Kumho Mitsui (South Korea) has shut down its 410,000 tonnes/year MDI plant to maintenance starting October 21, with the work expected to last about a month. Tosoh (Japan) plans to shut down its 200,000 tonnes/year MDI plant to maintenance in mid-September, to a duration of approximately 40 days.
Cost side: The market price of benzene has recently trended downward amid fluctuations. With the restart of facilities at Zhejiang Petrochemical and Hainan Refining & Chemical, the supply of benzene has increased. Meanwhile, downstream vegetation have struggled to pass on costs—notably, phenol-ketone units have significantly reduced production. while low port inventories and limited expected arrivals in the near term provide some support, the overall price of benzene has trended reduce.
Demand side: Downstream demand is moderate; there are numerous inquiries, traders are continuing to move stock, and market participants are operating with caution.
Market Outlook
The current MDI market is characterized by a tug-of-war between suppliers pushing to higher prices and weak demand. In the near term, the market is expected to see narrow fluctuations; close attention should be paid to shifts in supply and demand, as well as any new developments or announcements.
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