1、 Price trend

This week, the domestic market of cyclohexanone fell in a weak way. According to the monitoring data of the business agency, the average price of domestic producers of cyclohexanone at the beginning of the week was 7316 yuan / ton, and the price of cyclohexanone at the end of the week was 7200 yuan / ton, down 1.59% in the week. The price was 2.48% lower than that of the same period last month and 34.94% lower than that of the same period last year.

2、 Market analysis

Product: this week, the market of cyclohexanone was weak and downward. In terms of price, the price of Shandong factory was 6700-6900 yuan / ton in spot exchange, 400 yuan / ton lower than last week. The main negotiation in East China is 7100-7300 yuan / ton, and the main negotiation in South China is about 7400 yuan / ton, all of which are delivered in cash. Crude oil plummeted. Sinopec’s listing of pure benzene was reduced by 600 yuan / ton to 4550 yuan / ton. The cost support was insufficient, and caprolactam fell sharply. Sinopec’s listing was reduced by 700 yuan / ton. The market was full of pessimism, and the downstream procurement enthusiasm was weak. Under the inventory pressure, cyclohexanone plants and the market actively shipped goods, and the price continued to weaken.

Industrial chain: raw materials, pure benzene: the price of pure benzene remained firm due to the low inventory of the refining plant at the beginning of Zhou Dynasty. However, crude oil plummeted, Sinopec’s listing of pure benzene significantly reduced from 600 yuan / ton to 4550 yuan / ton, and the mentality of the operators was poor, and downstream enterprises obviously resisted the high price of pure benzene; moreover, due to the impact of low price of hydrogenated benzene and northeast supply, there were few transactions of refined benzene, and the price dropped to 4400-4500 yuan / ton.

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Caprolactam: the caprolactam market fell sharply this week. Russia refused to cut production because OPEC + negotiation failed to reach an agreement on production reduction. Saudi Arabia sharply lowered the official price in April, which led to an epic collapse of the crude oil market. The closing price of crude oil fell as much as 25%, and the chemical commodity market fell sharply. On March 10, Sinopec’s listing price of pure benzene was reduced by 600 yuan / ton to 4550 yuan / ton. The cost of caprolactam collapsed, and the pessimism spread in the market. The cost of upstream had not been recovered yet. The fundamentals were negative and concentrated. The spot transaction price fell below the 10000 yuan threshold.

Adipic acid: this week, under the attack of raw materials and news, the adipic acid market broke the deadlock in the spot market, and the negotiation focus was obviously lower, approaching the low point of last year. Crude oil plummeted and this Monday’s plummeted, leading to the plummeted and slow repair of related products. On the aspect of adipic acid, the main impact is reflected in the sharp drop of pure benzene and the risk aversion and wait-and-see mood of middle and lower reaches. Crude oil fell sharply, and the price of pure benzene also fell sharply. The main listing of pure benzene was directly reduced by 600 yuan / ton, and the cost of adipic acid dropped sharply. However, no new information was released about adipic acid plants, and the listing was still at a high level, which still restricted the mentality of middle and lower reaches.

3、 Future forecast

On the cost side, without the new news about the turning point of the peace talks between Saudi Arabia and Russia, it is expected that the international oil price will still be under pressure and move forward, the negative pressure will not be quickly resolved, and the support on the cost side is not enough. On the supply and demand side, short-term terminal demand is difficult to significantly increase, and the demand for cyclohexanone in downstream chemical fiber and solvent market is still expected to be low, while the spot supply of cyclohexanone is abundant. The cyclohexanone analyst of the business community predicted that the short-term cyclohexanone market continued to be weak trend.