In August, the domestic phenol market continued to rise, especially in the second half of the month when domestic supply was limited and traders faced little supply pressure, resulting in an increase in phenol market prices. According to monitoring data from Shengyi Society, the market offer on August 1st was 8475 yuan/ton, and on August 31st it was 8732.5 yuan/ton, an increase of 3.04%. Compared with the price of 7525 yuan/ton at the beginning of the year, the increase was 16.05%.
At the beginning of the month, there was not much replenishment of domestic trade and nearshore cargo, and the port inventory was less than 5000 tons. However, the terminal replenishment sentiment was average, mainly digesting inventory or contracts. Under the pressure of shipment, the market slightly declined. In the latter half of the year, considering the export shipping schedule, some factories restricted their deliveries during the same period, overall inventory was low, and favorable news such as downstream bidding had an impact. As a result, the market center of gravity began to rise, and the annual new highs continued to be refreshed, with terminal demand for replenishment.
In terms of port inventory, it has remained at a low level of 3000-1000 tons, and the tight supply at the port supports the market.
Sinopec’s price for phenol in East China is set at 8700 yuan/ton, and the increase in Sinopec’s price is beneficial for market support.
Downstream bisphenol A is running smoothly, with mainstream negotiated prices in the East China region ranging from 9850-10000 yuan/ton. The mid to low price market is relatively active, and high-level transactions are average. Overall, market trading is limited. The high temperature season in the phenolic resin industry is in the off-season, while other industries mainly purchase for essential needs, making the overall situation relatively stable.
From the perspective of Shengyi Society, the phenol market was consolidating at a high level in September, and we will continue to pay attention to the port inventory situation. The frequency of domestic trade shipments to Jiangyin is relatively low, and the expected amount of port inventory is unlikely to increase significantly; Pay attention to the restart time of Longjiang Chemical and Blue Star Harbin facilities in terms of equipment within the month. From the perspective of demand, the peak off-season for phenolic resin has ended, and demand is expected to increase. However, considering that phenol is currently at a high level, September is still worth looking forward to.
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