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SunSirs: Strong Trend in Raw Material, China ABS Market Continues to Rise
September 21 2023 10:11:39SunSirs(Selena)

In mid September, the domestic ABS market continued to rise, with spot prices rising. According to the Commodity Market Analysis System of SunSirs, as of September 19th, the average price of ABS sample products was 12,125 RMB/ton, a +11.75% increase or decrease from the average price level at the beginning of the month.

On the supply side, the ABS industry has recently experienced a high load, with a total operating rate of over 91%. Compared to the previous period, there has been a narrow correction, and there is generally ample supply of goods on the market. However, the inventory position has significantly decreased, so the supply side has a strong support for the spot market.

In terms of raw materials: In mid September, the overall performance of ABS upstream three materials was strong. The acrylonitrile market is relatively strong at a high level. Downstream devices in China are resuming work, with significant demand driven demand. Upstream goods are flowing smoothly, inventory has decreased to a low level, and propylene prices are driving up in line with the trend. Crude oil prices continue to strengthen, with stronger news support, boosting market confidence.

The price of butadiene also rose at a high level in the middle of the year. The downstream synthetic rubber market remains buoyant, with tight expectations for the supply of butadiene rubber, driving bullish sentiment in the spot market. Stable demand supports the price of butadiene. Sinopec's factory prices continue to rise, and some businesses are reluctant to sell. The spot supply level is generally abundant, and it is expected that the butadiene market will enter a consolidation stage in the short term.

The styrene market has been on the rise recently. The international oil price has risen, the pure benzene market has followed suit, and cost support is good. The inventory of styrene ports in East China continues to be low. As the Double Festival holiday approaches, downstream companies are actively stocking up, market transactions are positive, and the styrene market is rising.

In terms of demand: Currently, downstream factories, including the main terminal appliance industry, have shown a significant increase in stocking enthusiasm. Under the traditional demand peak season market, coupled with macroeconomic improvement, buyers have a certain upward mentality. Although the acceptance level of manufacturers has been affected after the price increase of ABS, the pre holiday stocking demand has been released, and the overall trading trend remains hot.

In mid September, the upstream three materials of ABS strengthened, providing strong support for the cost side of ABS. Petrochemical plants are operating at a high level, with smooth shipments and significant market inventory digestion. The demand side support is relatively strong, and trading has fully entered the traditional consumption peak season and pre holiday stocking market. It is expected that the ABS market will continue to rise at a high level in the short term.


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