Price Trend

The domestic market of cyclohexanone rose narrowly this week. According to the monitoring data of business associations, the average price of domestic producers of cyclohexanone was 8300 yuan/ton at the beginning of the week and 8566 yuan/ton at the end of the week. The price rose by 3.21% in the week, falling by 28.61% compared with the same period last year.

II. Market Analysis

Product: This week, the cyclohexanone market is running steadily upward. Sinopec’s pure benzene listing has been raised again by 100 yuan/ton to 5350 yuan/ton, with good cost support. Within a week, chemical fibers can still be purchased on the market. Hengyi, Shenyuan and other factories have increased the demand for cyclohexanone. Other factories have made up a small number of vacancies, and chemical fibers orders in cyclohexanone factories are still acceptable. Solvent market demand is general, and most of them are purchased on demand. Luxi Cyclohexanone has not been exported from stock for the time being, so the supply of Cyclohexanone is on the tight side. At present, the main price of cyclohexanone is 8800-8900 yuan per ton cash, up 400 yuan per ton from last Thursday. Up to now, the mainstream negotiation in Shandong market is in the range of 8900-9000 yuan/ton cash delivery, the mainstream negotiation in East China market is in the range of 9100-9300 yuan/ton cash delivery, and the mainstream negotiation in South China market is in the range of 9400-9600 yuan/ton cash delivery.

Industry chain: raw materials, pure benzene, this week pure benzene prices soared and fell. At the beginning of the week, the inventory of East China Port continued to drop to about 170,000 tons. On the external market, the supply of the United States continues to be tight, and the operators believe that the arbitrage window between the United States and South Korea will be open for a long time. The decline of domestic stock and the high level of external market jointly led to the increase of domestic pure benzene quotation to 5600 yuan/ton, which is almost the same as FOB Korea price. However, the domestic downstream has little profit except styrene, strong resistance to high-priced pure benzene, and high selling price is difficult to respond to. Caprolactam: This week, the domestic caprolactam liquid spot market is basically stable. The atmosphere of supply and demand is slightly weak. With the restart of the pre-maintenance equipment, the overall start-up of caprolactam is improved, and the supply is increased.

3. Future Market Forecast

Cyclohexanone factory spot is not much, there is no inventory pressure, Luxi Cyclohexanone has the possibility of shipment in the near future. In the short run, the overall supply may increase steadily; in the long run, the early planned production of cyclohexanone plant in July, rumors have delayed the start-up time, and the possibility of new release capacity of cyclohexanone in the late part of the month is small. Cost side has some support, demand side, chemical fiber market gap still exists, the high rise is weak, and the profit margin is scarce, next week or slightly reduced. Cyclohexanone analysts at business associations expect high consolidation in the cyclohexanone market next week.

I. The price trend of epichlorohydrin:

The average price of epichlorohydrin as of July 26 was 17600.00 yuan/ton, which was the same as that of July 25. The market was temporarily stable, up 20.55% compared with July 1. On July 26, the mainstream price of epichlorohydrin in China ranged from 17100 to 18000 yuan/ton.

II. Market analysis:

Product: Epichlorohydrin market is stable for the time being. At present, the situation of spot supply is still tense, with high offers from the holders. With the rapid rise of prices to high levels, the downstream of high-price raw materials strong resistance, lack of purchasing intentions, weak trading atmosphere. At present, the mainstream quotation in the East China market is around 17500 yuan/ton, and the acceptance is delivered to the surrounding areas. Mainstream quotation in Shandong market is around 17200 yuan/ton, self-raised. Mainstream market quotation in Huangshan area is around 17 500 yuan/ton, acceptance delivery.

Industry chain: Upstream propylene 26 Shandong market prices are still rising. The price of propylene enterprises in Shandong Province rose in early July, experiencing two rounds of increase of about 600 yuan/ton. Since the 13th day, the price has gone down, totaling about 650 yuan/ton by the 19th day. After the two-day weekend stabilized, it began to rise on Monday. This week, it rose by about 250 yuan/ton. At present, the market turnover is around 7850-7950 yuan/ton, and the mainstream price is about 7850 yuan/ton.

Industry: According to the price monitoring of business associations, on July 26, 2019, there were 11 kinds of commodities rising annually in the chemical sector. The top three commodities were organosilicon DMC (4.35%), butadiene (1.65%) and ethylene glycol (1.52%). There are 14 kinds of products with a decline of more than 5%, accounting for 1.2% of the monitored products in this sector. The products with the first three declines are hydrochloric acid (-5.26%), sulfuric acid (-3.09%) and octanol (-1.83%). The 26-day average rise and fall was -0.07%.

3. Future market forecast:

According to business associations, the domestic epichlorohydrin market will be dominated by high-level finishing in the short term.

Price Trend

The domestic butadiene market fell this week. Business Association monitoring showed that the domestic butadiene market price at the beginning of the week was 8490 yuan/ton, and the domestic butadiene price at the weekend was 8456 yuan/ton. Within the week, the price fell by 0.39%, 28.33% compared with the same period last year.

II. Analysis of Influencing Factors

Products: This week, the domestic butadiene market has been mainly reorganized. Sinopec’s supply price has stabilized at 8600-800 yuan/ton, and Liaotong Chemical Industry’s bottom bidding price has been lowered by 300 yuan/ton to 8310 yuan/ton. Although last week Huajin high-priced transactions, but with the increase in exports of other manufacturers, the market supply is abundant, downstream high-priced supply capacity is limited, this week the market in the north gradually fell back. In the week, Ningbo coal and Jiutai coal prices were lowered, and some of Huajin’s supply streams were patted, downstream wait-and-see expectations, the market trading atmosphere was weak, combined with the downstream synthetic rubber market downturn, bringing drag on the butadiene market. Although the supply and demand fundamentals of East China market are not obviously skewed for the time being, due to the influence of the northern atmosphere, downstream inquiries are relatively cautious and the market remains weak. In terms of price, the delivery price of high-grade goods in Shandong is 8800 yuan/ton, which is down 400-500 yuan/ton annually; the delivery price of high-grade goods in East China is 8950-9000 yuan/ton, which is down 50-100 yuan/ton annually.

Industry chain: downstream synthetic rubber, styrene-butadiene rubber, this week, domestic styrene-butadiene rubber dry rubber factory price stability, styrene-butadiene rubber 1502 unit price 10000-10100 yuan/ton, oil-filled styrene-butadiene 1712 unit price 9050-9250 yuan/ton. Market price shocks, Qilu 1502E price near 10,000 yuan/ton, down 150 yuan/ton from last week; Qilu 1712 price at 9,200 yuan/ton, stable from last week. Cis-butadiene rubber, this cycle, domestic high cis-butadiene mainstream ex-factory prices stabilized in the range of 10,320-10,500 yuan/ton; market price range narrower than last cycle adjustment; by the end of submission, domestic cis-butadiene mainstream market prices adjusted to the range of 10,300-10,700 yuan/ton. SBS: Domestic SBS market oil glue low finishing, dry rubber road to small finishing.

3. Future Market Forecast

On the positive side, the external market is high, Sinopec’s internal supply is tight, and the downstream market just needs to remain. On the short side, the synthetic rubber market is weak, the start-up load is reduced, the spot supply in the northern market is increasing, and the high price is not good. Short-term North spot supply is relatively abundant, and high-price transactions are not good, coupled with the downturn of synthetic rubber market, the butadiene market has brought some drag. However, the tight supply performance in East China and Sinopec, together with the high market, has boosted the mentality of some domestic businessmen. With the reduction of the supply price of export manufacturers, it will stimulate the downstream just need to replenish warehouses, or to some extent, it will inhibit the downstream pace of the market. However, the downstream industrial chain and terminal demand drag down, the butadiene market is also difficult. There is an upward possibility. Business analysts predict that the spot price of butadiene in the domestic market will fall slightly next week. They suggest that attention should be paid to the price of the manufacturer and the transaction situation.

Price Trend

According to the price monitoring of business associations, urea factory prices in Shandong fell slightly this week. This week, the average price of urea mainstream producers dropped from 1926.67 yuan/ton at the beginning of the week to 1916.67 yuan/ton at the end of the week. The price fell by 10.00 yuan/ton, or 0.52%, 1.49% compared with the same period last year. Overall, the urea market fell slightly this week, with the urea commodity index of 89.15 on July 19.

II. Market Analysis

Products: This week, the main urea factory prices in Shandong fell slightly. Yangmei Plain urea quoted 1870 yuan/ton this week, the quotation is stable for the time being; Shandong Ruixing urea quoted 1870 yuan/ton at the weekend, which is 30 yuan/ton lower than that at the beginning of the week; Mingshui Chemical Industry quoted 2010 yuan/ton this week, the quotation is stable for the time being. Recent environmental protection inspection atmosphere in China has eased, the overall industry start-up rate of domestic compound fertilizer enterprises has risen, and the plant load is still acceptable.

Market demand: Agricultural demand in Shandong has passed, although there is a phenomenon of fertilizer supplementation, but relatively few, along with the downstream demand decline, urea prices have slowly declined. It is expected that the urea market in Shandong Province will fall mainly in the short term.

Industry chain: Upstream natural gas prices rose slightly, liquid ammonia market fell slightly, urea cost support was strong, which had a negative impact on urea prices. The downstream compound fertilizer is generally started, which has a negative effect on urea.

3. Future Market Forecast

Low urea prices consolidated in late July. After the adjustment in June, the capital reflux of each factory is in good condition, the start-up rate has risen, and the production capacity has risen. Business society urea analysts believe that the current domestic urea market is affected by environmental protection and raw material costs. With the recovery of urea enterprise start-up rate, coupled with the current agricultural demand climax has passed, the downstream game atmosphere of the market is strong and start-up costs are gradually increasing, leading to the difficulty of maintaining urea market prices. It is expected that urea prices will be difficult to maintain in late July. Or low consolidation.

Commodity Index: On July 19, the polyaluminium chloride commodity index was 103.60, which was the same as yesterday. It was 4.17% lower than the peak of 108.11 points in the cycle (2019-04-24), and 2.68% higher than the low of 100.90 points on April 09, 2019. (Note: Period refers to 2019-04-01 to date)

Latest price (July 19): Polyaluminium chloride (solid, content (> 28%) quoted 1916.67 yuan/ton.

Main points of analysis: On July 1, the mainstream quotation of domestic polyaluminium chloride market was about 1950 yuan/ton, and on July 19, the market quotation of this product was 1916.67 yuan/ton, with a slight decrease of 1.71%. According to the monitoring data of the commercial association (100ppi.com), the current domestic market quotation range of polyaluminium chloride is: the lowest quotation range of polyaluminium chloride solid (industrial grade, content (> 28%) is reduced by 50 yuan/ton, now it is about 1750-1900 yuan/ton, and liquid (industrial grade, content 10-12%) is quoted by 330-410 yuan/ton.

Industry chain: Prices of upstream hydrochloric acid and other products of polyaluminium chloride have not changed much in recent years; downstream demand is basically stable, and the overall price of polyaluminium chloride has fluctuated slightly in recent years.

Future market forecast: In the short term, if there is no big fluctuation in the price of raw materials in the upstream, the demand in the downstream is relatively stable, and the market price of domestic polyaluminium chloride is basically stable.

Price Trend

According to the data of business associations, the average price of n-butanol as of July 12 was 6233.33 yuan/ton (including taxes), which was 1.91% higher than July 5. At present, the mainstream price of n-butanol in China is about 6200-6300 yuan/ton.

II. Market Analysis

Product: This week, the n-butanol market continues to rise steadily and steadily driven by cost. Some manufacturers are affected by losses. It is not excluded that the starting load will be reduced. In late July, some manufacturers have parking plans.

Industry chain: Mainstream price of propylene in upstream products has been continuously rising, refinery inventory is low, the situation of propylene supply and demand has not been significantly alleviated, and the overall market trading situation is relatively stable.

3. Future Market Forecast

Forecast: Mainstream price of n-butanol will remain stable in late July.

I. Rising and falling lists

According to the price monitoring of business associations, 23 kinds of commodities rose in the price rise-fall list of 58 commodities in the 27th week (7.8-7.12) of 2019, mainly in the energy sector (6 kinds) and steel sector (5 kinds). More than 5% of the commodities increased mainly in the agricultural and sideline sectors; the first three commodities increased were eggs (8.30%), WTI crude oil (4.68%) and gasoline (4.10%). 。 There were 25 kinds of goods falling in the ring ratio, mainly in chemical industry (4 kinds) and textile (4 kinds). The first three items falling were natural rubber (-4.52%), cotton yarn 21S (-3.61%) and polyester POY (-3.45%). Tianjiao dropped sharply in the second week of July, ranking first in the list with a decline of 4.52%.

II. Commodity Index

On July 15, the natural rubber commodity index was 31.26, up 0.06 points from yesterday, down 68.74% from the 100.00 point in the cycle (2011-09-01), and up 11.05% from the 28.15 point on November 25, 2015. (Note: Period refers to 2011-09-01 to date)

3. Market Trend

In the first half of the year, the market of natural rubber has been on the ups and downs. The first quarter experienced a sharp increase of nearly 10% in February, and fell back to the starting line in March. The second quarter rebounded 4% in April and then started the decline mode until the last trading day when the Customs announced the policy of “mixing rubber classification” began to rise. In May, the price of rubber continued to rise. The impact of classification and inspection of mixed rubber, high temperature and drought and insect pests was tremendous. Especially, the shortage of new rubber supply caused worries about future supply. The price of Tianguo had risen by 10%, followed by a drop in sentiment and a three-point decline in the price shock of rubber. June continued to suffer from weak shocks, falling by 5.7% that month, which was called “business is very difficult to do”. After July, the date of No. 20 rubber market was fixed, which had a great impact on the whole latex. In addition, the peak season of rubber production gradually came and the downstream demand did not improve. Tianguo continued to decline and its weakness remained. On the 9th day, the lowest point of Shanghai RU1909 contract was 10580 points and the closing point was 10810 points, with a decline of 4.62%, which was the biggest drop in one day in the past six months. The data show that in 17 years, the mainstream price of SCRWF was 11290 yuan/ton on the 1st day, 10540 yuan/ton on the 15th day, and the half-month drop was as high as 6.64%. The highest price was 11290 yuan/ton on the 1st day, the lowest was 10520 yuan/ton on the 13th day, and the biggest drop was 6.82% in the half-month.

IV. Factor Analysis

Output: The high temperature and drought in rubber producing areas at home and abroad were alleviated at the end of last month, and gradually entered the peak season of rubber production. The expected market supply increased dramatically and the price was under pressure. According to traders, the purchasing price of glue in rubber producing areas in China has continued to decline, falling below 10 yuan/kg this month. Recent glue supply pressures in Southeast Asia have also increased significantly. The overall price of raw materials has declined. Expectations of increased domestic supply have dragged down prices. Corresponding to the measures taken by rubber-producing countries to boost rubber prices, Thailand, Indonesia and Malaysia have decided from April to July in response to the downturn in the market of Tianguo. Thai Prime Minister Bayu recently said that Thailand would increase domestic rubber consumption to boost the depressed price of rubber by increasing its use in road construction.

Demand and Inventory: On demand, downstream consumption is in the off-season. According to statistics, China’s tire production and export volume has declined in October, and demand is not optimistic. China Automobile Circulation Association: In June 2019, the inventory warning index of automobile dealers was 50.4%, 3.6 percentage points lower than the previous year, 8.8 percentage points lower than the previous year, and the automobile inventory warning index was still above the warning line; moreover, according to statistics, China’s tire production and export volume had declined continuously in October, and the demand was not optimistic. Inventory data show that the stock outside the bonded area has been declining in the near future, and the impact on the market has been reduced in the near future. Stock on the exchange is still at a high level, and warehouse receipt inventory on July 12 is still at a high level of more than 400,000.

Policy aspect: The recent downward trend of Shanghai Rubber Co., Ltd. and the direct factor of its increase are the news that the No. 20 Rubber Co. will be listed next month. At present, the production of No. 20 glue in our country is very small, mainly dependent on imports, and is bonded transactions, US dollar valuation. After the listing of No. 20 rubber, we will adopt the “international platform, RMB valuation” as the listing mode, adopt the net price trading and bonded delivery scheme, and fully introduce foreign traders to participate. It is anticipated that a large number of funds and downstream enterprises will participate in hedging. For the current full latex Shanghai rubber, the capital will be withdrawn from the preparation of No. 20 rubber, delivery market will be staged ahead of schedule, RU1909 will face great pressure on warehouse receipts, and the decline in futures prices will intensify. After 20 According to the analysis, the premium of new glue in contract 01 will be greatly reduced, and theoretically the 1-9 price difference will gradually narrow and return to the normal level (the reasonable price difference of 1-9 is about 500-600 yuan/ton).

Relevant products: The commodity index of cis-butadiene rubber on July 14 was 31.70, which was the same as that of yesterday. It was 69.04% lower than the peak of 102.40 points in the cycle (2011-09-25), 33.53% higher than the lowest point of 23.74 on February 04, 2015, and 32.73 on July 14, which was the same as that of yesterday, 103.60 points higher than the peak of the cycle (2011-0). 9-08) decreased by 68.41%, up 15.21% from the lowest point of 28.41 on January 19, 2016. (Note: Period refers to 2011-09-01 to date)

Relevant hot spots:

Confirmation of Mixed Rubber: On April 28, the General Administration of Customs issued a notice requiring that the mixed rubber imported through customs declaration No. 40028000 should be inspected as a mixture of natural rubber and synthetic rubber. Although the announcement has been issued in February, its impact on the market continues to ferment, the import volume of Vietnam’s 3L rubber decreases, and the domestic price of 3L rubber is relatively strong. It has been reported that Chinese manufacturers have used domestic full latex to replace 3L in some processes, but the current replacement volume is not large, and the market is still paying close attention to customs inspection.

Promotion of automobile consumption: On June 6, the State Development and Reform Commission, the Ministry of Ecological Environment and the Ministry of Commerce jointly formulated and issued Notice No. 967 on Promoting the Renewal and Upgrading of Key Consumer Goods, Implementing the Unobstructed Recycling of Resources (2019-2020). It proposed resolutely breaking the barriers to passenger car consumption and strictly prohibiting it. Local governments should explore the policy of classified use of vehicles within and outside congested areas according to the specific conditions of cities, and in principle, they should not restrict the purchase of vehicles outside congested areas. They should vigorously promote the consumption and use of new energy vehicles, and all localities should not restrict the use of new energy vehicles. Policies should be abolished to “escort” the growth of automobile sales again. This is the fourth time in a month that the relevant state departments have promulgated good policies to boost automobile consumption.

The listing time of glue No. 20 is determined: On June 12, 2018, the application of glue No. 20 of Shanghai Futures Exchange (hereinafter referred to as “Shanghai Stock Exchange”) as a specific futures variety has been approved by CSRC. On July 5, 2019, the SFC approved the trading of No. 20 glue, urea and japonica rice futures contracts. The listing time is August 12, 2019, August 9 and August 16, 2019, respectively.

Thailand will increase its domestic use of natural rubber: Thai Prime Minister Ba Yu said recently that Thailand will increase its domestic consumption of rubber to boost the depressed price of rubber by increasing its use in road construction, according to foreign media on the 10th. He said that as one of the world’s largest producers of natural rubber, Thailand must put forward as many uses of rubber as possible, including the use of rubber for road construction.

V. Future Market Forecast

According to the natural rubber analysts of the business association, the output of natural rubber at home and abroad is in the peak season, the supply continues to increase, the stock is still at a high level, the demand downstream is light, and the contradiction of basic supply is intensified. At the moment when the impact of 3L rubber customs classification and inspection is weakened, the impact of the August listing of No. 20 rubber has been 10 days, and the market of Tianjiao rubber continues to decline. Beware of the large fluctuation of Tianguo market in the case of late price difference regression and withdrawal of funds from the whole latex.

Price Trend

According to the data from the business associations’list, domestic pure benzene prices continued to rise sharply last week, rising by 50-200 yuan/ton. This week, the highest price of pure benzene appeared on Friday, with prices ranging from 5000-5250 yuan/ton, an increase of 3.39% over last week.

II. Analytical Review

1. Products: Pure benzene continued to rise this week. Data released at the beginning of the month showed that only 20,000 tons of pure benzene were imported into Korea in June, with imports falling sharply compared with the previous five months. Pure benzene in Korea is arbitraged to the United States. Pure benzene in the United States continued to soar this week, stimulating sentiment in the domestic pure benzene market.

2. Crude Oil: Tension in Iran and the extension of OPEC’s cut-off agreement earlier this week pushed up oil prices, but mixed economic data limited oil price increases. Starting Wednesday, oil prices in Europe and the United States began to rise sharply as EIA data showed that U.S. crude oil stocks fell sharply in the week ending July 5, and the Gulf of Mexico storm cut nearly a third of U.S. offshore crude oil production. Overall, the increase was more than 4.5% over last week.

3. Downstream: The price of styrene rose first and then fell in the downstream of this week. Overall, the price of styrene fell by 0.55% compared with last week, which had little impact on the price of pure benzene.

4. External Disk: There is a supply gap of pure benzene in the United States. This week, pure benzene in the United States continued to rise, stimulating the domestic market.

3. Future Market Forecast

1. Crude oil: Next week, although the OPEC cut-off agreement will be extended and US crude oil stocks will decline for three consecutive weeks, there are still worries about the slowdown of economic growth and uncertainty in Sino-US trade negotiations. It is expected that there will be a slight increase in international oil prices next week.

2. Domestic market: At present, the decrease of pure benzene supply is the most important factor to support the price increase, but the downstream resistance to high-price pure benzene is obvious, which may restrain the increase of pure benzene.

Considering comprehensively, the pure benzene market will continue to increase slightly next week.

Price Trend

According to the price monitoring of business associations, the distribution price of sulphuric acid in Shandong rose slightly this week. The quotation rose from 222.50 yuan/ton at the beginning of the week to 230.00 yuan/ton at the end of the week, up 7.50 yuan/ton, up 3.37%, down 50.27% from the same period last year. Overall, the sulfuric acid market rose this week, with the sulfuric acid commodity index of 35.80 on July 12.

II. Market Analysis

(1) Products:

This week, the prices of some sulphuric acid manufacturers in Shandong rose slightly, with fewer inventories and fewer downstream demand. Heze Jiangyuan’s quotation increased from 190 yuan/ton at the beginning of the week to 220 yuan/ton at the end of the week, and the quotation increased by 30 yuan/ton; Zouping Tianlu’s quotation was 150 yuan/ton, which was temporarily stable; Jinan Yuanfei’s quotation was 450 yuan/ton, which was temporarily stable; Dezhou Meihua’s quotation was 100 yuan/ton, which was temporarily stable.

(2) Industrial chain:

Recently, the domestic sulfur market has rebounded from the bottom, but the increase is limited; the downstream ammonium market is light, the new orders are not satisfactory, the atmosphere is not good, the diammonium market is relatively stable, the high position is strong, the sulfuric acid enterprises have multiple early orders, the short-term start is insufficient, and the supply is slightly tight. This week, domestic sulphuric acid plants run smoothly, market supply is relatively tight, downstream gas purchases are general, market turnover is limited.

3. Future Market Forecast

After the adjustment in June, the capital reflux of each factory is in good condition, the equipment has been repaired and the production capacity has increased. Upstream prices fell slightly, downstream purchases were general, and products went down under the contradiction between supply and demand. Business sulfuric acid analysts believe that the short-term market in Shandong Province, under the influence of supply and demand and raw materials, the sulfuric acid market tends to decline.

Price Trend

The domestic ethanol market rose and fell unevenly this week. According to the monitoring data of business associations, the price of domestic ethanol market was 5364 yuan/ton at the beginning of the week and 5370 yuan/ton at the end of the week. Within the week, the price of domestic ethanol market rose by 0.11% and fell by 1.35% compared with the same period last year.

II. Market Analysis

Products: This week, the alcohol market has gone up and down differently. In Northeast China this week, low prices continue to pop up. Some enterprises sell large quantities of alcohol at ultra-low prices, high-end supplies are not smooth, and the market goes down. The downstream ethyl acetate enterprises begin to purchase. When the enterprise’s inventory is consumed, they thought that the price will rise later this week, but due to internal reasons, the current price will be maintained. Low-level; Xinheyang plant in Henan province opened, thick source plant stopped for environmental protection reasons, Huaxing maintained a line of production, market prices maintained strong because of good supply side; raw cassava prices in East China continued to rise, cost pressures large enterprises started lower, weak downstream demand market transaction weak finishing; Continuous low-price explosion, stable production, individual molasses enterprises due to the impact of raw material supply in the short-term parking plan, is expected to start the next squeezing season, Luocheng Kechao and Chongzuoxin and short-term driving plan, Zhanjiang Leizhou Runtai in Guangdong Province, continuous parking, market quotations remain stable, downstream ethyl acetate production enterprises. Centralized purchase of raw materials; Yunnan Dabenfen molasses alcohol enterprises due to raw material factors under the device shutdown, Yunnan Kewei, Hongtai sugar industry plant shutdown, limited inventory prices on the high side.

Industry Chain: Corn: With the auctioning grain flowing to the market one after another, the deep processing enterprises in the main producing areas have sufficient arrivals, the purchase price has been reduced, the short-term market supply is relatively loose, and the auction cost has formed a bottom support for the price of corn. Some trading enterprises actively released their warehouses. Some corn deep processing enterprises are about to be repaired in summer. In addition, the demand for breeding is currently in a relatively stable state. Therefore, we predict that in the context of the continued entry of grain auctions into the market, the corn market will experience a more likely period of weak adjustment until the end of the auction. However, from the overall trend, the late corn market is still bullish. Ethyl acetate: This week, the domestic market for ethyl acetate was weak. At the beginning of the week, the offer price of North China’s production enterprises was slightly adjusted, which led to lower prices in some negotiations in the markets of East China and North China. The market in East and South China is in the off-season, and the mainstream enterprises are still competing. However, the price of raw material production enterprises is in the stage of loss. Although there is pressure of shipment, the cost pressure supports the stable implementation of the offer of ethyl acetate production enterprises. The supply of new arrivals in the shipment market in South China this week is relatively abundant, and it is difficult to form a favorable support for the market just in need of purchase downstream, which leads to the weak market of ethyl acetate at different stages.

3. Future Market Forecast

After the price of Northeast China falls this week, the order is large and the stock is not high, but the market remains stable or fluctuates to a certain extent due to the uncertain factors of structural adjustment of an enterprise; the construction situation of East China under the influence of high cost does not show any improvement in the short term, and the price of East China is short under the impact of low price goods in Northeast China. Inside the line, it will continue to be weak; Henan will restore stability in the short term, and the vulnerable downward trend will not be ruled out under the impact of low-price goods from other places. The low-end prices in South China are close to the cost line at present. The willingness of enterprises to pull up is obvious, but the demand for liquor downstream is light, and the short-term market is expected to run steadily. Ethanol analysts at business associations expect the domestic ethanol market to remain stable in the short term.