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2021-Aromatics & Acetic Acid Market Summary
Benzene & Styrene & Acetic acid
Organizer:Echemi
    
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BENZENE ↓

最最

The price of BENZENE doubled in the first half of the year

During the first quarter, before the Lunar New Year, Sinochem Petrochemical restarted and delayed the opening of the upward channel. During the Spring Festival, the crude oil rapidly increased due to the severe cold weather in the United States. The Chinese pure benzene market was driven by the rapid rise and hit the first small high in the first half of the year. The listed price climbed to 6,750 yuan/ton, but in March, due to the profit of some styrene holders, the futures market fell sharply, and then the spot price fell, impacting the pure benzene market, and the continuous rise of the pure benzene market was broken until the first quarter. Only after the end did the styrene rebound upward to repair.Entering the second quarter, China’s pure benzene market continued to recover slowly in the first half of the year. Around May 1st, due to the concentrated stocking of downstream and downstream goods before the holiday, the shortage of pure benzene in Europe and the United States led to a sharp increase in foreign markets, boosting China’s buying momentum. Due to the strong supply, the crude oil price fluctuated at a high level, which was positive and overlapped. The market once again showed a period of rapid growth. The second small peak in the first half of the year was reached. The main listing price once rose to 8,200 yuan/ton, a record 3 in 2017. The highest price since the month. However, at the same time, the State Council executive meeting "named" the issue of commodity price rises. The commodity prices began to cool down sharply, the market's upward momentum was limited, and the decline was adjusted. However, the East China Port continued to decline and the Zhejiang Petrochemical Company was still not put into production. The market resisted falling. The main business price is now rising again by 8,150 yuan/ton, and the price has almost doubled in the first half of the year.

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STYRENE ↓

  • STYRENE Chinese Market

  • STYRENE External Market

  • Entering a brand new year in 2021, after the baptism of the epidemic, the styrene market has regained its vitality. Especially during the Chinese Lunar New Year, during the extremely cold weather in North America, overseas installations stopped production, and the United States shut down nearly 70% of production capacity. At the same time, there were unexpected installations shut down in Europe.
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    苯乙烯标哥
  • In terms of external quotations, the intercontinental market in the first half of this year rose first and then fell. Frequent accidents of overseas installations triggered a sharp rise in the US dollar market, boosting China’s spot market to a year-on-year high, a sharp drop in imported goods, and continued destocking of port inventory, which affected prices.
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    苯乙烯
BYX产能

Industry data——Plant capacity

The first half of 2021 is the peak period for large-scale commissioning of styrene plants. According to statistics, as of the end of June, the newly added capacity that has been commercialized is 2.11 million tons.
They are Anhui Jiaxi’s 350,000-ton/year unit which was put into operation in February
苯乙烯产能

CNOOC and Shell Phase II PO/SM co-production unit was 700,000 ton/year 3 Put into production at the end of the month,

Huatai Shengfu’s 450,000-ton/year plant was put into operation at the end of April and began sales in early May, and Shandong Sinochem Hongrun’s 120,000-ton plant was put into operation at the end of May and started to be put on the market in June, plus Yuhuang expanded its capacity by 40,000 in February. In the first half of the year, a total of about 2.11 million tons of new energy increase was put into the market, a significant increase of 17.6% compared to the end of last year. Among them, the production in South China was concentrated in the first half of the year, which had a certain impact on the supply pattern of Fujian in South China. It is expected that a number of units will still be put into operation in the second half of the year. It is estimated that China's production capacity will reach more than 15.87 million tons by the end of the year, and the growth rate of new capacity will reach 20.89%.

  • Change in output

  • Changes in port stocks

  • 苯乙烯产量
    According to statistics, China’s output from January to June was 5.7911 million tons, an increase of 1.689 million tons or 40.8% over the same period last year. This was mainly due to the continuous expansion of China’s production capacity. On the other hand, the sharp reduction in imports in the first half of the year also caused China’s enthusiasm to start operations. , The production capacity and output increase.
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  • BYX库存
    In the first half of 2021, styrene inventories in general to maintain the depot, from the beginning of the year 116,000 tons of accumulated storage to 180,000 tons, March began to significantly depot, the end of May or early June inventory down to 35,500 tons, June inventory rebounded slightly, but the accumulated storage has been postponed to reflect
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  • Customs Data

  • Profit analysis

  • 苯乙烯进出口
    Imports: January-May China's styrene imports at 730,400 tons, compared with 1.858 million tons in the same period last year, a significant drop of 744,600 tons or 40.12%. export data performed beautifully, export January-May total imports in 189,700 tons, including the lowest month in January, the highest month in April, exports up to 104,700 tons, accounting for 91.5% of the month's imports 114,500 tons.
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  • BYXLIRUN
    The profit of styrene enterprises has fluctuated greatly this year. The average profit from January to June was 688 yuan/ton, a sharp rebound from 55 yuan/ton in the same period last year. This was mainly due to the high price of styrene in the first half of this year. It was operating at a high level most of the time in May, and corporate profits were good. Although profits at a certain time fell to a negative value
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ACETIC ACID ↓

  • Prices And Profits

  • Production Capacity And Output

  • Imports And Exports

  • CUSUAN
    According to data, as of June 30, 2021, the mainstream price of acetic acid in Jiangsu was 7200-7400 yuan/ton, an increase of 71.43% from the beginning of the year; the sample profit value of acetic acid enterprises was 4600 yuan/ton, an increase of 173% from the beginning of the year.
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  • CS KAIGONG
    In the first half of 2021, only Sinopec Great Wall Energy will increase its production capacity by 40,000 tons/year in June. As of 2021, China’s effective acetic acid production capacity will be 9.51 million tons/ton. Although accidental failures occurred frequently in the first half of the year
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  • cs出口
    Affected by the epidemic in the first half of 2020, international crude oil prices fell to the lowest point in history, and the cost of foreign acetic acid production dropped significantly. Therefore, the import and export pattern changed in the first half of last year: imports increased significantly
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  • Downstream development

  • Downstream Output

  • 未命名_副本
    In the first half of 2021, the main downstream of acetic acid will still be expanded to varying degrees (as shown in the table below): PTA has added 4.9 million tons of new capacity, and chloroacetic acid and acetic anhydride have added 50,000 tons and 100,000 tons respectively. No new equipment has been put into production for products such as acetate and vinyl acetate.
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  • 醋酸下游2
    In the first half of this year, because the price of raw material acetic acid reached historical highs, profits were high, costs were not passed on smoothly, and most downstream products were not profitable or even sold at a loss. Manufacturers were not motivated to start operations. In the first half of this year, The output of chloroacetic acid and acetic anhydride decreased month-on-month; the output of PTA and vinyl acetate continued to increase steadily.
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