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SunSirs: Shandong Propylene Market Slightly Rose This Week (August 16-20)

August 23 2021 14:27:41     SunSirs (John)

Price trend

According to data from SunSirs’ bulk list, the domestic propylene (Shandong) market price rose slightly this week. The market price was 7,703 RMB/ton at the beginning of the week, and the average price on weekends was 7,748 RMB/ton, an increase of 0.6%.

Analysis review

According to the price chart of SunSirs, the price of propylene rose slightly this week. The mainstream price in the Shandong market was 7,700-7,750 RMB/ton, which did not change much from last week. Due to the continuous decline of crude oil prices, the rise of propylene prices faced many obstacles, the overall market trading was stable, and the downstream demand was stable, which played a significant role in supporting propylene.

As of the close of August 19: September WTI fell 1.77 to 63.69 US dollars/barrel, a decline of 2.7%; October Brent fell 1.78 to 66.45 US dollars/barrel, a decline of 2.61%. SC2110 fell 7.3 RMB/barrel to 417.3 RMB/barrel. Oil prices fell for 6 consecutive trading days, hitting their lowest point since May, with a decline of 7.22% during the week.

The price of polypropylene did not rise or fall much this week, and the demand from terminal enterprises continued to be insufficient. The operating rate was low, and the supply side was slightly favorable, with a 0.2% increase during the week.

Acrylic acid was operating at a high level this week, and the price rose to a high level. The downstream resistance to high-priced raw materials gradually increased, and the enthusiasm for inquiries was average. They purchased mainly on demand, and the wait-and-see atmosphere was strong, with a 0.21% increase during the week.

IPA stopped falling and rose this week. The price of acetone, a raw material for the acetone method, rose by nearly 10%, and the price of IPA rose accordingly, with a 10.78% increase during the week.

The price of 2-EH fell this week, and the downstream purchasing enthusiasm weakened. The 2-EH plant was started one after another, and the supply increased, with a 2.38% drop during the week.

Market outlook

The propylene analyst of SunSirs believes that oil prices have fallen sharply, and the support from the cost side is weak. With the demand remaining stable, it is expected that the price of propylene will enter a downward channel in the short-term outlook.

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