1. Butyl Acetate Market Review
The butyl acetate market was range-around in H1, 2017. The bottom price of butyl acetate in East China was RMB 5,560/mt, while the peak price was RMB 6,225/mt, which left a gap of RMB 665/mt.
In Q1, 2017, the butyl acetate market fluctuated within a narrow range. Before the Spring Festival, the players stopped purchasing in January. The devices in Dongying Yisheng, Baichuan Stock and Jiangmen Handsome underwent maintenance. The butyl acetate market became thin and holders had no purpose to adjust butyl acetate prices. After the Spring Festival, units in factories restarted. Although the n-butyl alcohol (NBA) market jumped first and then slumped, the butyl acetate market was largely stable because of limited demand and the support of production cost.
After mid-March, NBA and glacial acetic acid markets dropped. Although units in Yankuang Group and Dongying Yisheng took overhaul, the supply of butyl acetate in the spot market was abundant. The output in downstream small-sized factories was affected by environment protection inspection, and the demand for butyl acetate became weak. Therefore, butyl acetate factories suffered sale pressure. Because of the high price before in South China, the players in East and North markets sold butyl acetate to South China. As a result, the supply-demand gap was widening and the price from holders decreased greatly.
In early May, as the prices of NBA and glacial acetic acid increased, the cost of butyl acetate followed. The devices in Jiangmen Handsome, Jinyimeng Group, Dongying Yisheng and Baichuan Stock were shut in turns, and part of factories had export orders. The supply of butyl acetate was tight in a short term, and butyl acetate market increased slightly. However, demand for butyl acetate market was weak and holders suffered sale pressures. The butyl acetate market decreased in June.
2. Butyl Acetate Profit Analysis
In H1, 2017, the butyl acetate price was influenced by the NBA market, glacial acetic acid market and its supply-demand. In Q1, although the NBA and glacial acetic acid markets fluctuated, the butyl acetate market was stable and the profit of it was good. After April, both butyl acetate and raw material markets decreased. For the fall range of butyl acetate was bigger than it of raw materials, the profit of butyl acetate dropped. After May, the prices of raw materials fluctuated. The butyl acetate market was stable, but it was in deficit condition sometimes.
3. Butyl Acetate Supply Analysis
As the butyl acetate price and profit were better, the operation was active. The butyl acetate output was 327.2kt in H1, 2017, which was up 27.7kt or 9.25%. As Baichuan Stock stopped using 100kt/a unit, the capacity of butyl acetate decreased. The operating rate of butyl acetate in H1, 2017 was 55.47%, which was up.
4. Butyl Acetate Forecast
The butyl acetate market will be influenced by the supply-demand and the cost. Firstly, the oil paint will see limited development influenced by the pressure of environment protection. Secondly, the cost influence on butyl acetate was limited. In H2, 2017, the butyl acetate market will be weak. It is predicted that the price of butyl acetate will be in the range of RMB 5,400-5,900/mt in East China.
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