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SunSirs: Under Cost Pressure, the Phenol Market Continues to Stalemate
October 27 2020 15:39:22SunSirs(John)

The domestic phenol market was running at a stalemate during the opening of the week. Market volatility was limited near the end of the month. Port inventory declined slightly but not significantly. Holders had a limited contract volume near the end of the month and offered strong offers, but the overall downstream buying was not enough. Trading in the market was average. However, there were also traders who had a few profit margins when they followed the market. However, under cost pressure, there was no much room for profit margins. Looking back this year, the phenol market has been stumbling forward in a stalemate. Seeing that Gold September, and Silver October are about to pass, market participants are under pressure. The mainstream negotiated price on the 26th was 5,500-5,550 RMB/ton.

At present, the operating rate of the domestic phenol and ketone plant is maintained at less than 80%. Due to the negative factors of the second phase of LihuaYi weiyuan's production and the restart of the phenol ketone plant in Zhejiang Petrochemical, the market can hardly be optimistic. Although the current port inventory is relatively high, domestically produced goods are on the low side towards the end of the month, and traders still mainly offer high prices. SunSirs expects that the domestic phenol market will fluctuate within a narrow range in the short-term. The specific market sentiment still needs continuous attention. Although the number of contract holders is not large near the end of the month, the negative factors such as installations and port supply are also in sight. SunSirs estimates that the market reference offer space in East China will be 5,450-5,550 RMB/ton.

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