In April, the domestic butyl acetate market continued the trend of the previous month and continued to decline, deepening the decline compared with the previous month. Butyl acetate continued to fall in the absence of supply and demand support and cost decline. According to the monitoring of business society, butyl acetate decreased by 4.59% this month. At the end of the month, the domestic mainstream quotation of butyl acetate was 9600-9900 yuan / ton.
First of all, in terms of cost, acetic acid and n-butanol both came out of the decline, especially acetic acid. According to the monitoring of business society, the monthly decline of acetic acid was 18.39%. The supply performance was loose this month. Shanghai Huayi acetic acid plant returned to full load operation, and the acetic acid plant of the main manufacturer in Shandong returned to normal operation. The on-site supply increased. Affected by public health events, logistics and transportation were blocked, freight rates increased and some regions did not transport. The downstream demand weakened, the market supply accumulated, and the market mentality of buying up but not buying down. The acetic acid market continued to operate weakly. The decline in cost is the direct reason for the weak price of butyl acetate.
| Gamma-PGA (gamma polyglutamic acid) |
In terms of upstream n-butanol, n-butanol fell by 4% this month. Especially in the first ten days of April, after the Qingming Festival, the trading atmosphere of n-butanol market in Shandong is general, and the inventory of some n-butanol factories has accumulated. Under the supply pressure, the factory reduced the ex factory price of n-butanol for three consecutive days on June, July and August, with a cumulative reduction range of 200-300 yuan / ton. At present, due to the limited factors of logistics and transportation, the overall supply and demand circulation of n-butanol in the field is still slow, Downstream users are cautious about spot purchase of raw materials.
In terms of supply and demand, the operating rate of major manufacturers remained stable this month, and butyl acetate showed the characteristics of weak supply and demand. On the supply side, the operating rate of manufacturers remains low, but the downstream demand has not improved significantly. The market trading atmosphere is poor, and most operators are bearish. Due to the epidemic, transportation is limited, and the rise of freight rates has further suppressed some demand. The substitution of other raw materials has occupied part of the demand for butyl, and the weak demand is the fundamental reason for the decline of butyl price. Excluding the weak supply and demand, it can be seen that the rise and fall of butyl acetate mainly comes from the guidance of downward cost.
Future forecast: at present, the cost side is relatively weak, especially acetic acid, but from the historical trend, the trend of butyl acetate and n-butanol is more relevant, which also confirms that the decline of n-butanol and butyl acetate is not as large as that of acetic acid. From the perspective of supply and demand, the supply pressure is not large. When the demand is not followed up in time, there is little hope of market rebound in the later stage of the market. In the near future, we still need to pay attention to the trend of double raw materials.
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