I. Soft Foam Polyether: Cost Collapse Drives Price Lower
Soft foam polyether is core feedstock for polyurethane soft foam, used in furniture, auto seats, mattresses. Previous trading day saw broad declines—North China 3000 MW soft foam polyether at 8,800-9,700 yuan/ton, down 150 yuan; East and South China at 8,700-9,300 yuan/ton, down 100 yuan.
Price Changes
| Market | Price (yuan/ton) | Daily Change |
|---|---|---|
| North China | 8,800-9,700 | -150 |
| East China | 8,700-9,300 | -100 |
| South China | 8,700-9,300 | -100 |
| Northeast | 9,000-9,600 | -100 |
Decline Logic
- Cost collapse: Feedstock propylene oxide weak and stagnant, cost support for soft foam polyether lacking. PO itself pressured by propylene cost retreat and supply recovery, price center shifts down, polyether follows.
- Supply increase: Low-price supply grows, sellers prioritize sales to recover cash, trading sparse, new orders limited.
- Demand weakness: Downstream soft foam product makers see mediocre profits, low purchasing enthusiasm, only staged restocking, lacking sustained buying support.
II. Liquid Chlorine: Supply-Demand Balance, Local Small Rise
Liquid chlorine as caustic soda byproduct, price moves independently from crude chain. Previous day overall stable, Shandong main 100-400 yuan/ton, Henan and Northeast small rise 25 yuan/ton.
Shandong supply-demand basically balanced. Fundamental reason for low prices: caustic soda high run brings byproduct glut. Current caustic soda profits acceptable, chlor-alkali plants run actively, liquid chlorine as byproduct passively increases, price long pressured.
III. Outlook
Soft foam polyether short-term continues weak. Market survey shows 40% expect another 150 yuan/ton drop, 40% expect steady. Feedstock PO weak pattern unchanged, cost support lacking, sellers strong sales willingness, downstream follows as needed, price center may still shift lower. Watch plant dynamics and downstream receiving willingness.
Liquid chlorine expected stable with small fluctuations. Shandong local rise lifts surrounding, Henan Northeast may follow small rise. But caustic soda high run determines liquid chlorine supply ample, major upside lacking. Downstream purchasing average, price range oscillation.
