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1.
Covestro appears force majeure, global MDI or supply capacity declines
Covestro appears force majeure, global MDI or supply capacity declines
On July 2, after Covestro announced the shutdown of its 420,000-ton/year MDI plant at its Brunsbitt plant in Germany, its MDI plant in North America officially declared the continuation of force majeure
.
According to the authoritative American media ABC 10News, Russ Batson, executive director of the Polyurethane Foam Association, said that the current shortage of MDI in North America has lasted for several months, and he expects supply levels to be difficult to return to normal before Christmas
.
The second half of the year will usher in the peak period of maintenance.
Recently, Wanhua announced that its MDI plant in Yantai Industrial Park (1.
1 million tons/year) will be shut down for maintenance on July 10, 2021, and the maintenance is expected to take about 25 days.
The MDI unit (300,000 tons/year) of German Chemical Company will be shut down for maintenance on August 17, and the maintenance is expected to take about 50 days.
In the Q4 quarter, it is expected that both BASF and Covestro in China have potential maintenance plans.
The supply of MDI will be tense in the first half of the year
.
According to Baichuan Yingfu, since the beginning of this year, the number of global MDI installations in force majeure and low-load operation is relatively large, and the global MDI supply pattern is still relatively tight, especially in overseas markets
.
2.
In recent years, MDI production capacity has shown a slow upward trend
In recent years, MDI production capacity has shown a slow upward trend
In 2005, the global MDI production capacity was 4.
4 million tons, mainly in western countries such as the United States, Belgium, the Netherlands, and Germany.
Since the financial crisis in 2008, MDI products have encountered severe cyclical fluctuations
.
3.
Wanhua Chemical, Covestro and BASF are the top three global MDI manufacturers
Wanhua Chemical, Covestro and BASF are the top three global MDI manufacturers
According to the degree of polymerization of the molecules, MDI can be divided into three grades: polymerization grade, mixed grade (dimer and trimer mixture) and pure monomer
.
At present, the products on the market are mainly pure MDI and polymerized MDI, of which polymerized MDI accounts for about 80% of the total market demand
.
4.
Global MDI demand is slowly rising
Global MDI demand is slowly rising
In 2019, the total global MDI demand was 8.
02 million tons; due to the impact of the new crown epidemic on the global economy, the global MDI demand in 2020 was 7.
385 million tons, a decline
.
5.
Due to the reduction of MDI production capacity, MDI prices rebounded slightly
Due to the reduction of MDI production capacity, MDI prices rebounded slightly
From January to June 2021, the mainstream price of pure MDI in the East China market and the mainstream price of aggregated MDI in the Jiangsu and Zhejiang markets showed a trend of rising first and then falling.
Their prices reached their peaks in recent years in March, at RMB 28,500/ton and RMB 27,000/ton respectively
.
In July, MDI prices rose slightly after Covestro announced force majeure at its MDI production base
.
From June to July, the mainstream price of pure MDI in East China market rose from the lowest price of 18,400 yuan/ton to 25,000 yuan/ton; the aggregated MDI rose from the lowest price of 16,200 yuan/ton to 20,700 yuan/ton
.
