As we all know, the price of urea in mid-late July was rather poor. The price of urea gradually dropped to 1850-1900 yuan/ton in Shandong Lianghe mainstream factory, and the turnover rate was as low as 1800 yuan/ton. The price of urea in Linyi once dropped to 1850-1860 yuan/ton in the factory. Some manufacturers in Shandong and Hebei Province rose by 1 due to the large number of orders pending for export on 26-28 days. 0-30 yuan/ton also stopped abruptly. The price of Northwest manufacturers dropped by 100 yuan/ton. By July 30, the price of Jiangsu and Anhui lakes manufacturers dropped by 20-30 yuan/ton, which is the end of urea in July.

However, it is worth noting that by the end of July, urea prices have slowed down, some urea manufacturers have stabilized their prices for more than a week, and Linyi’s urea delivery price has rebounded by 10-30 yuan/ton, which is a large quantity of compound fertilizer enterprises? Or is it due for export? Or will supply be reduced? Is it feasible to go up in August?

August’s rise is feasible, but it is limited to a few small increases, which is difficult to sustain by a large margin.

First, although domestic demand exists, it is not centralized. On the industrial side, at the end of June, the compound fertilizer enterprises began to collect autumn fertilizer. In July, the start-up rate of the compound fertilizer enterprises has slowly rebounded. On the one hand, in order to avoid the greater pressure of environmental protection from September to early October, on the other hand, the demand for autumn fertilizer is just needed after all, and the manufactured products that can be processed properly will certainly try their best to produce in autumn. Fertilizer, after all, is a high phosphorus and potassium fertilizer. In addition, urea price has been on the high side. Compound fertilizer enterprises either use ammonium chloride sulfate to replace urea when purchasing raw materials, or use ammonium chloride sulfate to replace urea slowly, or pull urea price ahead of time. The purchasing of compound fertilizer enterprises is to support a small increase in urea price, and it is difficult to constitute a special case. Great upward momentum. Plywood factories have been facing greater environmental pressure in recent days. Plywood factories in some areas of Shandong Province have been completely shut down and rectified. After the explosion of No. 1 Gasification Plant in Henan Province on July 19, environmental protection pressure in Henan Province is also greater. Of course, with the passage of time, after environmental safety inspection meets the standards, urea purchases in plywood factories will be a little concentrated. The exact time remains to be seen. Power plants can only maintain the same pace of procurement as before, and the impact on urea prices is still small.

Agricultural sector, starting in late August, from south to north, agricultural distributors will continue to take goods for autumn fertilizer, or consider the impact of environmental pressure on urea start-up, or consider the consumption of exports, a small number of distributors will take goods in August, only to support a small increase in urea prices, will not have too much power.

Second, exports can be expected, but they are limited to quantity rather than price. In recent days, the off-shore guiding price of Urea Export in China has risen to about 280 US dollars per ton. The price of urea export ports in China is also limited to 1800 RMB per ton. A few ports have a slightly higher price of 1850 RMB per ton. According to the usual practice, the factory price of urea factory in China is 50 yuan/ton higher than that of export factory. At present, although the factory with export advantage concentrates on low-price or non-price port, the quantity is large, even causes some ports to be blocked, suspend unloading, and this practice has been realized in price, but the factory price for domestic sale is only one. It’s a listing price, with very few transactions, which are limited to just needed customers.

Export volume can be expected, as can be seen in India, Australia and other places. In January-June, China’s urea exports totaled 1.77 million tons, an increase of about 150% compared with the same period last year. Prices are hopeless. Since the end of the bid-printing on July 8, international urea prices have dropped to around $280/ton. If India issues a new tender on August 10 and after. If the price is lower than the tender price, the price is still bad for China’s urea, which is also regarded as volume; in short, considering India’s domestic stock is sufficient, the quantity is detailed in the membership zone of China Fertilizer Network, whether there will be tender in India is still unknown, even if there is tender, the quantity of goods will not be taken. It will be too big.

Thirdly, China’s urea supply rate is still high. Although prices fell in July and some fell sharply, the prices of most urea manufacturers are still above the cost line at a certain level. Under the pressure of considerable profits and temporary absence of environmental safety inspection, urea start-up rate continues to be high. In recent days, production has risen to around 160,000 tons. Only a few urea manufacturers need to be repaired in August. Even considering the subsequent environmental safety inspections for military parades and so on, the daily output of urea is estimated to be 150,000 tons or even more, which will restrain the possible rise in urea prices in August.

In short, the price of urea has not fallen sharply, and it will be difficult to rise sharply in the later period. Although there are some good things we can see, they can not be called too much support. Our distributors do not have to wait for low prices, but can operate in an appropriate amount, but they can not blindly optimistic that urea prices will rise all the way since August of the previous two years. The so-called urea rise in August is better than a small consolidation or a small shock of urea prices under the autumn fertilizer demand.

Production of urea

1. Urea Production Capacity and Yield in China

China’s urea industry has developed rapidly. After 2010, new and expanded urea production capacity was released centrally, and urea production capacity and output increased rapidly. Urea production increased to 74.92 million tons in 2015, and the supply of urea in the whole industry exceeded the demand. Affected by supply-side reform and downstream demand after 2016, urea production continued to decline and initial results were achieved. According to the statistics of the National Bureau of Statistics, China’s urea output in 2018 was 52.067 million tons, with an output value of 107.5 billion yuan (calculated according to the average price of urea in 2018 of 2065 yuan/ton), accounting for 26.30% of the global output, and it is the largest urea producer in the world.

2. Distribution of urea production capacity

Urea production in China is mainly concentrated in North China, Northwest China, East China and Southwest China. The main producing provinces (autonomous regions) are Henan, Shandong, Shanxi, Xinjiang and Inner Mongolia.

The distribution of urea production and production capacity in China is basically the same. In 2018, the top ten provinces (autonomous regions) in China’s urea production are Shanxi, Shandong, Inner Mongolia, Henan, Xinjiang, Hebei, Sichuan, Jiangsu, Anhui and Shaanxi. The output of ten provinces (autonomous regions) totals 43.73 million tons, accounting for 84% of the total urea production in China.

3. Concentration of urea industry

There are 123 urea production enterprises in China. There are 23 enterprises with urea production capacity of more than one million tons. The total production capacity reaches 36.16 million tons, accounting for 46.36% of the total production capacity. With the deepening of the structural adjustment of the chemical fertilizer industry, urea industry has gradually shown the trend of large-scale and group.

Urea demand

1. Overall demand

China’s urea downstream demand is divided into agricultural demand and industrial demand. Among them, agricultural demand is direct application of crops, and direct application is mainly maize, rice and other field crops. Industrial demand is mainly used in the fields of compound fertilizer, urea-formaldehyde resin, melamine, cyanuric acid, gas denitrification and fine chemical industry.

China is the largest urea consumer in the world. In 2018, China’s total industrial and agricultural consumption was 5.08 million tons, of which 3.01 million tons were consumed in agriculture, accounting for 59% and 2.86 million tons in industry, accounting for 41%.

In recent years, China’s urea industry consumption has maintained rapid growth, and agricultural consumption has tended to stabilize. Overall, urea consumption remained stable growth until 2013. Since the 18th National Congress, the state has vigorously advocated the development of ecological agriculture, requiring the gradual control of fertilizer use. In 2015, the Ministry of Agriculture put forward the action of “zero increase of fertilizer application in 2020″ and drew up a series of action plans. The Ministry of Agriculture deepened the structural reform of agricultural supply side, adhered to the principle of promoting agriculture by quality and green, advocated the increase of fertilizer reduction and efficiency, and made the demand of urea agriculture decrease continuously, which would make the growth rate of fertilizer demand step by step. Slow down.

2. Regional Consumption

At present, the production and marketing pattern of urea in China has gradually got rid of the traditional characteristics of local production and consumption. Urea consumption is mainly concentrated in the main agricultural producing provinces in the middle and lower reaches of the Yellow River and the Yangtze River. The top ten provinces (autonomous regions) in domestic consumption are Shandong, Henan, Jiangsu, Hubei, Sichuan, Anhui, Hebei, Xinjiang, Inner Mongolia and Hunan. The total consumption of these provinces (autonomous regions) is 30.6429 million tons, accounting for 60.24% of China’s total urea consumption.

Import and export of urea

Before 1997, urea production in China could not fully meet the domestic demand, and a certain amount of urea was imported every year.

Since 1998, China’s urea production has been increasing. In order to protect the domestic fertilizer industry, the state has suspended urea imports, and urea imports have declined sharply since then. Since 2002, the State Economic and Trade Commission and the General Administration of Customs have implemented a quota system for the import of chemical fertilizers to strictly control the total amount of chemical fertilizer imports.

After 2003, China’s urea production capacity and output increased rapidly, urea export volume increased substantially, but the export volume was affected by the domestic export window period and the international urea market, which fluctuated greatly between years. The largest export volume was 13.748 million tons in 2015. After 2016, with the introduction of new international production capacity, urea supply in the international market has become more relaxed, competition has intensified, and domestic urea exports have gradually decreased due to cost disadvantages. In 2018, the total urea export volume was only 2.462 million tons, a decrease of 47.1% compared with the same period last year.

China’s urea export ports are mainly in the north, with more than 50% of the export volume. The exporting countries are mainly large agricultural countries represented by India.

According to the data of the business associations’list, the domestic adipic acid market rose by 3.26% on July 29. Most of the dealers’ quotations increased by 300 yuan per ton. Mainstream quotations in the market generally range from 8500 to 8700 yuan/ton. The quotations of distributors in North, East and South China have increased to some extent.

In mid-July, adipic acid market generally warmed up. Since the market went down in June, the market has repeatedly risen under the influence of external forces such as upstream costs and price adjustments of large factories. Especially on the end of July 29, the settlement price of factories was generally higher, which passively raised the market quotation of distributors. But at present, the downstream market view Hope mentality is still heavy, purchasing behavior is biased towards rationality, and there is room for merchants to make profits. Social inventory still shows some pressure, and the shipment dynamics do not change much compared with the previous period.

On the supply side, the market still shows certain supply pressure, and many distributors say that the inventory pressure is high, the level of equipment maintenance is not high, the median level of inventory performance of manufacturers, distributors are getting goods one after another, and the current market inventory is constantly degraded. Therefore, although adipic acid market quotation has increased, but also There are many relatively low-priced goods in the market, and the overall supply pressure is still in the market, which leads to the strong willingness of distributors to let profits go of inventory, the price difference between market price offer and actual transaction, and the market quotation is relatively chaotic.

In terms of demand, downstream demand is moderate. Although nylon 66 belongs to the peak season of market consumption, there is no phenomenon of centralized purchasing in the downstream this year, so the downstream start-up rate has not generally increased. The start-up rate is basically 5-60%. The upstream adipic acid has not formed a strong boost, so this market. The rebound basically depends on the upstream pure benzol, driven by the cost effect, which belongs to the passive follow-up. The market is still going out of stock cycle.

The analysts of adipic acid in the chemical branch of business association think that the price of adipic acid has rebounded at present, and the higher market quotation is affected by the rising settlement price at the end of the month of the manufacturer. The fundamentals have not changed much. At present, the supply and demand are basically in a balanced pattern. Therefore, the Business Association believes that the market of adipic acid may stabilize in the short term to eliminate the current increase.

On July 29, the rare earth index was 367 points, unchanged from yesterday, down 63.30% from the cyclical peak of 1000 points (2011-12-06), and up 35.42% from the lowest point of 271 on September 13, 2015. (Note: Period refers to 2011-12-01 to date).

The average price of Neodymium in rare earth metals is 382.5 million yuan per ton, dysprosium metal is 2.3 million yuan per ton and praseodymium metal is 700,000 yuan per ton. The average price of praseodymium and neodymium oxide in rare earth oxides is 289.5 million yuan per ton, dysprosium oxide is 1.84 million yuan per ton, praseodymium oxide is 3.90 million yuan per ton and neodymium oxide is 2.915 million yuan per ton. The price of praseodymium and neodymium alloys in rare earth alloys is 382,500 yuan per ton, and the average price of dysprosium and iron alloys is 184,000 yuan per ton.

Recent price declines in rare earth market, domestic rare earth market trading market is poor, some commodity prices in the rare earth market are stable, but in the near future, prices of some products in the rare earth market have fallen continuously, the price of dysprosium and terbium metals has fallen, the recent market trend of praseodymium and neodymium series products has been declining continuously, the supply in the market is normal, and the price of light rare earth has been in the near future. The trend is declining. The price fluctuation of rare earth market is related to environmental protection supervision in the whole country. Rare earth production has its particularity, especially the radiation hazard of some products, which makes environmental protection supervision stricter. Under stringent environmental protection inspection, rare earth separating enterprises in many provinces have stopped production, resulting in a general market input of rare earth oxides, especially some mainstream rare earth oxides, the supply is normal, the price trend of rare earth market has slightly declined, the recent market sentiment of large enterprise groups is reluctant to sell, the market trend of rare earth is poor, but for production. Pricing of products is also a cautious wait-and-see by major manufacturers.

Recently, the State Environmental Protection Department has made no reduction in its stringent efforts, which has a greater impact on the rare earth industry. The rare earth industry has a low start-up and a cold market. At the recent press conference on macroeconomic operation held by the Development and Reform Commission, Meng Wei, spokesman of the National Development and Reform Commission (NDRC), answering reporters’questions on rare earth, said that on the basis of in-depth investigation and scientific demonstration, relevant policies and measures would be put forward to give full play to the special value of rare earth as a strategic resource. Due to the increasingly obvious regulatory effect, the supply of raw ore resources in the upstream of the rare earth industry has shrunk, the demand in the downstream is poor, and the trading market of the rare earth industry has declined.

Rare earth analysts of business associations expect that the domestic environmental stringency will not diminish in the near future, coupled with the domestic rectification of the order of the rare earth industry, Myanmar’s export restrictions and normal supply, but the recent rare earth market transactions are limited, and the price of the rare earth market is expected to continue to fall.

Price Trend

Maleic anhydride market fell this week (7.22-7.26)

According to data from business associations, the average price of maleic anhydride offered by the end of the weekend was 7000.00 yuan/ton (including taxes), and the offer fell by 0.36%.

II. Market Analysis

Product: This week, the domestic maleic anhydride market as a whole showed a downward trend.

Industry chain: First, the domestic unsaturated resin start-up rate is low this week, and high temperature weather restricts the start-up of resin factories, resin downstream demand is weak pressure resin start-up, the overall procurement mood is not high; Second, the supply of maleic anhydride on the market is sufficient, in the off-season demand, manufacturers’shipment intention is obvious. The fluctuation of crude oil in the periphery affects the intra-field mentality. Crude oil rises better than the market; pure benzene price of upstream raw material falls slightly, butane price is still hovering at a low price, and the market supply is adequate. Environmental safety factors such as suppressing demand performance, chemical industry in Zibo area of Shandong Province requires a 30% production limit from August to September.

3. Future Market Forecast

Analysts of Maleic Anhydride Products of Business Society Chemical Branch believe that at present, the gap between supply and demand of short-term maleic anhydride still exists, and the pressure of loss in benzene process is high. At present, the downstream resin start-up has not improved significantly, and the maleic anhydride market may have a downward trend in the short term.

Price Trend

According to the monitoring data of business associations, ammonium sulphate market prices fell slightly this week, running in shock. At the beginning of the week, the average price of domestic ammonium sulfate was 678 yuan/ton, while at the end of the week, the average price of ammonium sulfate was 675 yuan/ton, down by 0.49%, with narrow fluctuation.

II. Market Analysis

Products: At present, the mainstream of ammonium sulfate in East China is offered 670-740 yuan/ton, the mainstream of ammonium sulfate in Northeast China is offered 650 yuan/ton, the mainstream of ammonium sulfate in North China is offered 600-740 yuan/ton, and the mainstream of ammonium sulfate in Central China is offered 650-780 yuan/ton.

Industry chain: The price of domestic sulphuric acid Market in the upstream has been slightly lowered. After the adjustment in June, the capital reflux of each plant is in good condition, the equipment has been repaired, and the production capacity has increased. The downstream compound fertilizer market has a steady trend and the start-up rate has risen. Environmental protection efforts have been strengthened in some areas, and compound fertilizer enterprises have been actively engaged in production to prevent production restrictions.

3. Future Market Forecast

Ammonium sulphate analysts believe that the current off-season ammonium sulphate market demand is limited, cautious downstream goods, prices are difficult to rise substantially. Coking grade market is weak and consolidated, environmental protection and production restriction are intensified, and downstream demand is sluggish. Lactam-grade mainstream exports, supply is tight. It is expected that ammonium sulfate Market will maintain stable and turbulent operation in the later period.

On July 25, the State Energy Administration held a press conference to introduce China’s energy situation. Li Fulong, Director of the Development Planning Department of the State Energy Administration, said that in the first half of the year, China’s economy was running smoothly on the whole, and positive progress was made in high-quality development. Energy supply and security capabilities were constantly improved, and people’s livelihood security of energy continued to improve.

Reversing the declining trend of crude oil production

According to statistics, in the first half of this year, China has made positive progress in increasing oil and gas reserves and production. China’s crude oil production reached 95.39 million tons, up 0.8% year-on-year, reversing the trend of decline in the past three years; natural gas production reached 86.41 billion cubic meters, up 10.3% year-on-year.

In terms of electricity, in the first half of the year, a total of 40.74 million kilowatts of new electricity were installed throughout the country. Among them, hydropower 1.82 million kilowatts, wind 9.09 million kilowatts, photovoltaic 11.4 million kilowatts, nuclear power 1.25 million kilowatts, non-fossil energy generation accounted for 58.4% of the increase.

The proportion of non-fossil energy power generation continues to increase. By the end of June, non-fossil energy accounted for 37.2% of the 6,000 kW and above power generation installed in China, which was 1.2 percentage points higher than the same period last year; non-fossil energy accounted for 27.3%, which was 2.1 percentage points higher than the same period last year.

Investment in energy supply board has increased substantially. In the first half of this year, investment in oil and gas exploitation increased by 34.1% year on year, 31.3 percentage points faster than the same period last year. Renewable energy investment in power generation increased by 36.3% year on year. The contribution of energy industry investment to social investment has increased. In the first half of the year, the cumulative investment in the energy industry increased by 1.9% year-on-year, accounting for 4.5% of the national fixed investment.

Power consumption growth slowed down

Electricity consumption is an economic barometer. In the first half of this year, the electricity consumption of the whole society increased by 5.0% year on year, which is lower than the annual electricity consumption growth rate of 8.5% in 2018. In response, Li Fulong said that although the growth rate of electricity consumption has fallen from last year, it is still a relatively high growth rate in recent years. In recent years, China’s industrial structure has been continuously optimized, and the proportion of service industry has continued to increase. The change of economic structure is particularly evident in the aspect of electricity consumption.

In terms of electricity consumption structure, in the first half of this year, the proportion of electricity used by the third generation and residents was 31%, which was 1.2 percentage points higher than that of the same period last year; the proportion of electricity used by the second generation was 68%, which was 1.2 percentage points lower than that of the same period last year. From the contribution rate, the total pull-up power consumption of the third generation and residents increased by 2.8 percentage points, the contribution rate was 56.5%, 14 percentage points higher than the same period last year.

In the first half of this year, the power consumption of advanced manufacturing and high-tech industries has maintained a relatively rapid growth, such as special equipment manufacturing, electrical machinery and equipment manufacturing. The power consumption of information transmission/software and information technology services has increased by more than 13%, and the power consumption of emerging industries has increased by 4%. 9%, higher than 1.5 percentage points of the growth rate of electricity consumption in manufacturing industry.

According to Li Fulong, from the international experience, the process of industrial restructuring and the increase of the proportion of service industry is usually accompanied by the decline of the growth rate of electricity consumption. Therefore, at present and in the future, the shift of electricity consumption from the high-speed growth stage in previous years to the current medium-speed growth stage is an inevitable trend.

The abandonment of water, wind and light continued to alleviate

In the first half of this year, the State Energy Administration further improved the competitive allocation mechanism of new energy power generation projects by establishing and improving the guarantee mechanism of renewable energy power absorption, and actively took measures to intensify efforts to absorb renewable energy, so that the situation of abandoned water, abandoned wind and abandoned light continued to ease.

In terms of installation, by the end of June, the installed capacity of renewable energy power generation in China reached 750 million kilowatts, an increase of 9.5% over the same period last year. Among them, 354 million kilowatts are installed for hydropower (29.99 million kilowatts for pumped storage), 193 million kilowatts for wind power, 186 million kilowatts for photovoltaic power and 19.95 million kilowatts for biomass power.

Regarding the level of renewable energy utilization, in the first half of this year, renewable energy power generation reached 887.9 billion kWh, an increase of 14% over the previous year. Among them, 513.8 billion kWh of hydropower increased by 11.8%, 214.5 billion kWh of wind power increased by 11.5%, 106.7 billion kWh of photovoltaic power increased by 30% and 52.9 billion kWh of biomass power increased by 21.3%. At the same time, the national abandonment rate was 4.7%, 4 percentage points lower than that of the previous year; the abandonment rate was 2.4%, 1.2 percentage points lower than that of the previous year.

In May this year, the State Energy Administration issued the Notice on the Construction of Wind and Photovoltaic Power Projects in 2019, which initiated the application of the State Subsidies for Photovoltaic Power Projects in 2019. “The implementation of photovoltaic power subsidy bidding is a major reform and innovation of photovoltaic power construction management policy.” Li Chuangjun, deputy director of the Department of New Energy and Renewable Energy of the State Energy Administration, said that the policy promoted the decline of subsidies for photovoltaic power generation projects. This year, the average intensity of subsidies for kilowatt-hour electricity included in the list of projects under the scope of subsidy bidding was about 0.0645 yuan per kilowatt-hour, which was more than 50% lower than the guided price.

Price Trend

According to the large data list of business associations, the price of TDI in East China market on July 25 was 13733.33 yuan/ton, a decline of 1.20%. At present, the price of domestic goods in East China market is 13700-14000 yuan/ton, and that of Shanghai is 14000-14500 yuan/ton.

II. Market Analysis

Products: Domestic TDI market range shocks, the overall offer is stable, a few low-price discs rarely heard, inquiry atmosphere maintained light, business follow-up is not smooth, supply and demand game stage.

Industry chain: Upstream toluene, compared with the previous trading day, Sinopec’s enterprises today’s toluene listing price unchanged. The listing price of Shandong Land Refining Enterprises remains unchanged today. Traders’quotations are fine-tuned today. The price in East China is about 5,470 yuan per ton. In nitric acid, the market demand is still acceptable and the market is stable for the time being.

Industry: On-site traders pay close attention to the plant equipment news, the overall offer is stable, and few low-price discs are heard.

III. Price Forecast

TDI business analysts believe that the recent market consolidation operation, focus on factory information surface guidance.

John Kemp, a Reuters market analyst, wrote on Wednesday that global oil consumption has stagnated since mid-2018, causing oil prices to inevitably fall despite Saudi Arabia and its allies’best efforts to cut production.

The 18 largest oil consumers in the world consume more than 1 million barrels of oil per day, accounting for nearly two-thirds of global consumption, which can roughly effectively reflect global demand. Data from the Joint Organisation Data Initiative (JODI) show that oil consumption in these 18 countries increased by only 0.7% in the three months to March compared with the same period last year.

Oil consumption data for most of these countries are two months behind schedule, and data as of May have been released, but data for China, India and Thailand are released later.

Excluding the three countries whose data were released later, the largest 15 oil consumers accounted for 45% of global consumption, and their consumption fell by 2.2% in the three months to May, the largest decline since the 2008/09 recession.

Since 2006, consumption growth in the 15 largest oil consumers has been a reliable leading indicator of the top 18, and demand has been wider. Given the interconnectedness of the global economy, this is not surprising.

Since the second and third quarters of 2018, the slowdown in oil consumption has been closely related to the slowdown in global manufacturing activities and freight volume. Given the slowdown in oil consumption, it is inevitable that oil prices will fall sharply despite the action taken by Saudi Arabia and its OPEC + allies to limit production.

Previously, when oil consumption slowed down in 2006/07, 2008/09, 2011/12 and 2014/15, it was accompanied by a sharp fall in oil prices, which eventually brought consumption and production back to balance. Production restrictions in 2019 prevented a sharper decline in oil prices, but inevitably lower oil prices must help to recover lost consumption growth.

Kemp points out that only when the global economy avoids recession and oil consumption growth starts to accelerate again will oil prices continue to rise.

Price Trend

According to the data list of business associations, the price of TDI in East China market on July 24 was 13900 yuan/ton, a decline of 0.71%. At present, the price of domestic goods in East China market is 13700-14000 yuan/ton, and the supply of goods in Shanghai is 14500 yuan/ton.

II. Market Analysis

Products: Domestic TDI market is weak and shocky, the overall atmosphere is depressed, and there is a lack of follow-up, so the mindset of the traders is weakening along with the market, and some have low intention.

Industry chain: Upstream toluene, Shandong Geotechnical Refining Enterprises today listed price down about 50 yuan/ton. Traders today quoted a steady price, East China quoted about 5450 yuan / ton; nitric acid, market demand is still acceptable, the market is temporarily stable.

Industry: The market pays more attention to factory news, and some low prices are also heard.

III. Price Forecast

TDI business analysts believe that the recent market stabilization has weakened, focusing on factory information guidance.