SunSirs: China NBR Remained Stable after Rising in March

In March, the market price of NBR was stable after soaring. According to the monitoring of SunSirs, the price of NBR was 19,900 RMB/ ton at the beginning of the month, rising all the way to 22,950 RMB/ ton, the highest point of the month. The price of NBR was mainly stable in late March. Overall, the end of the month increased by 15.33% compared with the beginning of the month.

In March, the ex-factory price of domestic Lanhua nitrile increased by about 2,700 RMB/ ton. According to the monitoring of the business agency, as of March 31, Lanzhou Petrochemical N41E reported 19,600 RMB/ ton, 3305E reported 21,200 RMB/ ton, 3308e reported 21600 RMB/ ton; as of March 31, Sinopec xibuer 2665 reported 20,200 RMB/ ton, and 3365 reported 20,600 RMB/ ton. In March, the nitrile manufacturers started operation stably and the inventory was low. At the beginning of March, the downstream product enterprises started to recover gradually after the Spring Festival, the demand for goods preparation increased, and the demand side support was strong; at the later stage, the demand side support was mainly just demand support, and the demand side support was weakened. The high price of nitrile also made the upstream and downstream slightly deadlocked, and the market price gradually stabilized. As of the end of the month, the market offer of Lanhua N41 was around 19,800-20,000 RMB/ ton, South Korea lG6250 was around 22,000 RMB/ ton, Russia 3365 was around 19,700-20,000 RMB/ ton, and Nandi 1052 was around 24,000-24,500 RMB/ ton.

The price of raw materials is stable and weak, and the cost side is empty. According to the monitoring of SunSirs, the price of butadiene was 8,368 RMB/ ton at the beginning of the month and 7,860 RMB/ ton at the end of the month, with an overall decrease of 6.08%.

SunSirs NBR analysts believe that the overall pressure on the supply side of NBR is not big, but on the one hand, the international crude oil is weak and volatile, and there is a downward risk on the cost side. In addition, the downstream procurement of NBR is not strong, and the support on the demand side is insufficient. It is expected that China NBR will be weak and fall slightly in the future.

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