** Market kicks off a new round of gains

The transaction price in many areas of the domestic ** market climbed slowly, breaking the one-and-a-half-month consolidation market, and the new round of y/y rally kicked off. Sinopec's unified marketing work smoothly transitioned. Sinopec's 28 companies ** products belonged to Sinopec's refining and sales companies to uniformly deploy sales. As manufacturers' inventory levels fell, they gradually entered the ranks of rising prices. The mainstream transaction level in the market climbed to 1650-1800 yuan/ton. .

Market haze and local dimming The current market consolidation in the domestic market has gone through nearly a month and a half. The market has a strong wait-and-see mood. On the one hand, the market consolidation and early-stage gains, businesses profit taking, ** prices oscillated slightly. On the other hand, after the Sinopec ** marketing, the market experienced a run-in period, the manufacturers intend to control the market steadily, with the sales target as the first goal. As ** market prices stabilized, the trading environment gradually warmed up, and the haze spread out. Manufacturers gradually joined the ranks of pushing and pushing, and some regions had come to light.

**The right to speak and dispel Sinopec after the general sales market increases the share of China Petrochemical's occupies about 18% of the market. After the unified sales, the influence of Sinopec's ** market will be greatly increased, and the market discourse right will increase, making Sinopec in the current round of the market start. The increase in factory prices contributed to the increase. At present, the market structure has changed to the order of the right to speak, import **> Sinopec **> PetroChina + other, this situation will remain for a long period of time, with the continuous increase in domestic production capacity, the right to import ** will Will gradually weaken.
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Sulfur prices rose steadily. A new round of ** uptrends kicked off ** The high prices of imported oil in the outer disk caused the port merchants to raise prices. Since the price increases for some time, the outer disk has been at a high level. In addition, the recent Libyan war will push crude oil into the era of hundred dollars again. ** The external disk has risen synchronously, and the spot price has reached FOB 210 US dollars/ton in many regions and has continued to climb. This price is equivalent to 1,930 yuan/ton CIF, which is a serious downside. The cost of China's recent imports to the mainland is mostly in the CFR 220-230 US dollars / ton, equivalent to the cost of about 1780-1850 yuan / ton, also in a loss state. Terminal manufacturers have turned to reluctant sellers to sell goods, according to Zhuo Chuang information statistics, the current total domestic port ** inventories of about 1.9 million tons, compared with the previous period has decreased, the market price slowly rising.

Downstream industries, bullish factors accounted for the upper hand to support the rise of sulfur prices in the downstream industry, titanium dioxide market rose, more bullish **, ** market, according to Zhuo create understanding, the mainstream price of titanium dioxide has risen to yuan / ton. In terms of chemical fertilizers, raw materials for manufacturers are adequate, and new raw material purchases are relatively light. Companies mostly absorb inventories and supply pre-orders. Most manufacturers prepare for the export of Jigang, which started at the end of April. It is expected that the demand for fertilizer production will increase in the future. ** The price remains high, and there is still room for profit. ** The overall stability of the market is mainly based, some manufacturers have reduced inventory, ** prices remain high, there is some support for the price of **. Acid companies have little sales pressure, and they are still stabilizing prices in the short term.

China's ** market is further digested by social inventories. Port merchants are reluctant to sell their goods for sale. Domestic manufacturers have pushed prices in a steady manner, and the consolidation market has broken through. Recently, capital inflows to the market have increased, a large number of traders have received goods at the docks at low prices, and the atmosphere of market transactions has rapidly increased. Su Tu believes that the new round of gains has started, suggesting that companies can open positions and make up positions at low prices in the mid-term. Market can be expected.

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