China's chemical companies still need time to recover their profitability

Drying equipment

Thanks to the increase in crude oil prices, the price of international PX also rose in the past week, and domestic PTA and ethylene glycol prices showed a rebound overall. Among them, PTA rose 5% to 7,530 yuan / ton, ethylene glycol rose 4% to 6,914 yuan / ton. Polyester staple fiber was driven by rising raw material prices, prices rose 5% to 9900 yuan / ton; polyester chips also rose 5% to 8969 yuan / ton.

“At present, it seems that this wave of prices is more driven by the cost side. But it should be noted that the overall demand side is still weak, and the recovery of profitability of chemical companies still needs time. The short-term strength of chemical stocks is more based on expectations. The results of valuation restoration have been improved. With the intensification of the fundamental differentiation of various sub-sectors in the chemical industry, we are more concerned with the industries and individual stocks whose performance has grown in real terms, especially the sub-sectors with improved demand side.”

However, other chemical fiber products did not significantly improve last week, and both viscose and spandex went flat. The fertilizer sector also performed weakly. In the urea market, due to weak demand, prices continued to decline.

Fluoride workers have not yet shaken off the trend for months. Last week, domestic R22 was trapped by demand, and it took poor sales. The turnover continued to decline, and the price fell by 1% to RMB 11,050 per ton. The price of R134a fell by 1% to RMB 33,825/t. Due to the slowdown in the production and sales data of the downstream household appliances and auto industries, the tightness of funds for terminal companies has made R134a's procurement more cautious.

The data shows that the chemicals that fell in the previous week were acetic anhydride (-5%), adipic acid (-4%), and PTFE (-3%).

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