From May 11th to 15th, the domestic aggregated MDI market prices stopped falling and rose, with an average price of 18933 yuan/ton at the beginning of the week. On May 15th, the average price was 19433 yuan/ton, an increase of 2.64% during the week and a year-on-year increase of 17.42%. Frequent reports of major factory maintenance within the week have boosted market confidence. Some traders have raised their prices and lowered their prices. Overseas orders remain stable, while domestic demand is mainly driven by essential needs, with limited incremental demand.
Supply side: The MDI units with a production capacity of 130000 tons/year and 70000 tons/year in Tosa, Japan, are scheduled to start shutdown and maintenance at the end of April, with an expected duration of about 40 days. The 300000 ton/year MDI unit at a factory in Shanghai was shut down for maintenance on May 11th, with an expected duration of about a month, and the supply side remains tight; The company’s 250000 ton/year MDI plant located in South Korea is operating at low load.

On the cost side: This week, the pure benzene market has weakened and fallen, and the overall supply and demand expectations for pure benzene are still tight. Port inventories continue to decline. At present, there are still significant differences between the United States and Iran on the content of the peace talks, geopolitical fluctuations, short-term strong oil prices, and support for pure benzene reserves. However, due to the drag of demand, the upward trend is weak, and we are paying attention to the dynamics of the US Iran situation.
Demand side: Downstream demand is average, with an increase in inquiries, but actual transactions are limited.
Future forecast: The overall supply of the aggregated MDI market is tight, and domestic demand support is average. We will closely monitor downstream feedback and expect the aggregated MDI market to consolidate and operate in the short term.