According to the Commodity Market Analysis System of Business Society, the domestic aggregated MDI market rebounded and fluctuated in November. From November 1st to 30th, the domestic aggregated MDI market price increased from 15783 yuan/ton to 15966 yuan/ton, with a price increase of 1.16% during the cycle and a maximum amplitude of 3.17%. The price increased by 10.42% year-on-year.

At the beginning of the month, the domestic aggregated MDI market was relatively strong and followed suit, but the overall fluctuation was limited. Supply side production enterprises reduced their supply and there was temporary price support. However, the overall consumption capacity on the demand side is relatively weak, and the demand in some industries is significantly lower than in the early stage, limiting the increase in aggregate MDI.

In mid month, the overall market quotation pace slowly boosted, and spot transactions followed up slowly. As prices rose, some shipping intentions increased, and the market follow-up atmosphere weakened, resulting in a slow overall push. The demand side is slowly following up, and some essential orders are still being sold. The overall market support is relatively obvious, and the market is digesting social inventory.

In the latter half of the month, with weak supply and demand, the overall volatility of the aggregated MDI market was limited, and the market followed slowly. The buying atmosphere for demand orders was average, and actual orders were limited.

As the end of the month approaches, the domestic aggregated MDI market is fluctuating and consolidating, with a narrow downward trend. The overall fluctuation space is not large, and the trading atmosphere is limited. The market’s confidence in following up is slightly insufficient.

On the supply side, Kesichuang will undergo maintenance on November 16th, distillation maintenance will continue until November 29th, and the synthesis unit will start operating in mid December. Wanhua Chemical (Ningbo) Co., Ltd.’s MDI Phase I 400000 ton/year unit will start maintenance on November 15th, and the Phase II 800000 ton/year unit will start shutdown maintenance on December 3rd, with each unit undergoing maintenance for about 50 days. The supply side is influenced by favorable factors.

On the cost side, raw material pure benzene: In November, the price of raw material pure benzene slightly decreased, with a sharp decline in mid to late October, a decrease of 9.01% within the month. As of November 30th, the benchmark price of pure benzene in Shengyishe is 7182.17 yuan/ton. Raw material aniline: The price of aniline slightly increased in November, and remained stable in the middle and late stages. The price began to decrease significantly at the end of the month. As of November 30th, the benchmark price of aniline in Shengyishe is 12350.00 yuan/ton. The impact of short-term aggregated MDI cost side bearish factors.

On the demand side, the overall performance of the downstream cold chain industry is still good, with a relatively high follow-up order volume. However, as other industries enter the market during the northern off-season, the downstream insulation industry on site enters the off-season, with limited project implementation and slow market follow-up, resulting in limited support. The short-term aggregate MDI demand side is influenced by bearish factors.

According to future market forecasts, the overall supply remains low, but downstream buying is poor, and the ability to follow up on actual orders is relatively limited. Business Society’s MDI analyst predicts that the domestic aggregated MDI market is mainly weak and consolidating.