今年以来，顺酐市场一路震荡走低，在阶段性供需失衡加剧下，终以14.52%的跌幅交出上半年成绩单。在一路走低的背景下，曾经的“高利润”光环褪去，企业吨产品利润从万元下滑亏损边缘。

　　Since the beginning of this year, the price of maleic anhydride in the market has been fluctuating downwards, and under the worsening of the supply-demand imbalance, it finally delivered a 14.52% decline in the first half of the year. Against the backdrop of continuously declining prices, the once "high profit" halo has faded, and the profit per ton of products for enterprises has declined from tens of thousands of yuan to the brink of loss.

　　辽宁顺酐经销商陆通：需求疲弱跌幅达14.52%

　　Liaoning maleic anhydride distributor Lutong: Weak demand leads to a 14.52% decline

　　上半年，国内顺酐市场均价以1.22万元(吨价，下同)起步后，经过几次震荡，终以1.04万元收官。其中，高点出现在2月17日，为1.42万元；低点出现在5月11日，为1.02万元。

　　In the first half of the year, the average price of domestic maleic anhydride market started at 12200 yuan (ton price, the same below), and after several fluctuations, it finally closed at 10400 yuan. Among them, the high point appeared on February 17th, at 14200 yuan; The low point appeared on May 11th, at 10200 yuan.

　　回顾上半年的顺酐市场走势，大致可以划分为3个阶段。

　　Looking back at the market trend of maleic anhydride in the first half of the year, it can be roughly divided into three stages.

　　阶段从年初2月中旬。顺酐市场缓慢下行，从1.2万元线上跌1.14万元左右。1月12日，顺酐一度跌1.08万元的阶段性低点，之后缓慢回升。

　　The first stage is from the beginning of the year to mid February. The market for maleic anhydride is slowly declining, with prices dropping from around 12000 yuan to around 11400 yuan. On January 12th, the price of maleic anhydride fell to a temporary low of 10800 yuan, and then slowly rebounded.

　　第二阶段从2月上旬5月上旬。在这3个月的时间里，顺酐市场呈现几次大幅震荡走势，阶段跌幅达到15.75%。2月9日，顺酐从1.21万元开始震荡上行，一直到2月17日达到上半年高点1.42万元。在此价位盘旋3日后调头向下，之后经历4次大幅震荡于5月11日下跌上半年点1.02万元。在此期间，顺酐市场均价振幅达到39.34%。

　　The second stage is from early February to early May. During these three months, the maleic anhydride market experienced several significant fluctuations, with a stage decline of 15.75%. On February 9th, the price of maleic anhydride began to fluctuate upwards from 12100 yuan and reached a high of 14200 yuan in the first half of the year on February 17th. After hovering at this price for three days, it turned downward, and then experienced four sharp shocks, falling to the lowest point of 10200 yuan in the first half of the year on May 11. During this period, the maximum amplitude of the average market price of maleic anhydride reached 39.34%.

　　第三阶段从5月中旬6月30日。顺酐从1.02万元线上缓慢回升，终以1.04万元收官。在此期间，顺酐始终在万元线上小幅震荡，总体微涨约2.3%。

　　The third stage is from mid May to June 30th. The price of maleic anhydride slowly rebounded from the 10200 yuan line and finally closed at 10400 yuan. During this period, the price of maleic anhydride remained slightly fluctuating above the 10000 yuan line, with an overall slight increase of about 2.3%.

　　总体来看，导致顺酐市场震荡走低的主要因素是需求疲弱。上半年，顺酐下游不饱和树脂市场表现远不及预期，企业间歇性处于累库状态，导致顺酐市场供需矛盾逐渐加大、下跌。

　　Overall, the main factor causing the volatile decline in the maleic anhydride market is weak demand. In the first half of the year, the performance of the downstream unsaturated resin market for maleic anhydride fell far short of expectations, and production enterprises were intermittently accumulating inventory, leading to an increasing supply-demand imbalance and price decline in the maleic anhydride market.

　　卓创资讯分析师李通：从盈利近万元到面临亏损

　　Zhuochuang Information Analyst Li Tong: From a profit of nearly 10000 yuan to facing losses

　　2021年顺酐行业迎来高光时刻，产品及行业盈利水平均创下历史新高。但2022年以来顺酐行业景气度急转直下，成本上涨及产品下跌引发企业利润大幅度缩水。高成本的苯法顺酐企业率先陷入亏损，且亏损幅度不断扩大。随后，相对低成本的正丁烷法顺酐企业也在5月初临近亏损状态。

　　In 2021, the maleic anhydride industry ushered in a shining moment, with product prices and industry profitability reaching historic highs. However, since 2022, the prosperity of the maleic anhydride industry has sharply declined, with rising costs and falling product prices leading to a significant reduction in corporate profits. The high cost benzene maleic anhydride enterprise was the first to suffer losses, and the extent of the losses continued to expand. Subsequently, relatively low-cost n-butane based maleic anhydride companies also approached a loss making state in early May.

　　这与顺酐市场供需关系悄然生变有关。从供应来看，2021年12月2022年5月，广东惠州宇新新材料15万吨/年、山东齐翔腾达10万吨/年装置先后投产，并在短时间内实现高负荷运行，加之部分装置检修计划推迟，造成顺酐产量迅速增长。

　　This is related to the quietly changing supply-demand relationship in the maleic anhydride market. In terms of supply, from December 2021 to May 2022, the 150000 ton/year Yuxin New Materials plant in Huizhou, Guangdong and the 100000 ton/year plant in Qixiang Tengda, Shandong were successively put into operation and achieved high load operation in a short period of time. In addition, some production plant maintenance plans were postponed, resulting in a rapid increase in maleic anhydride production.

　　而需求端增长却不乐观。虽然不饱和树脂产能保持增势，但终端房地产市场景气度大幅回落，人造石材、家居涂料等制品需求遇冷，叠加华东等不饱和树脂主产区自3月以来遭遇突发事件冲击，行业开工率受到抑制，导致原料顺酐需求下滑。

　　However, the demand side growth is not optimistic. Although the production capacity of unsaturated resins continues to increase, the prosperity of the terminal real estate market has significantly declined, and the demand for products such as artificial stone and home coatings has cooled down. In addition, major unsaturated resin producing areas such as East China have been hit by unexpected events since March, which has suppressed the industry's operating rate and led to a decline in demand for raw material maleic anhydride.

　　供应增长遭遇需求下滑，导致顺酐市场下跌。加之成本不断攀升进一步侵蚀了顺酐行业利润空间，并逐步走向亏损边缘。

　　Supply growth has encountered a decline in demand, resulting in a decrease in the market price of maleic anhydride. In addition, the continuous rise in costs has further eroded the profit margin of the maleic anhydride industry and gradually moved towards the edge of losses.

　　金联创化工分析师杨广智：利润或仍将低位徘徊

　　Yang Guangzhi, analyst at Jinlianchuang Chemical: Profit may still hover at a low level

　　2022年顺酐新产能逐渐进入集中释放期，而下游新产能释放缓慢，传统下游又受房地产行业低迷影响需求乏力。从下半年市场预期来看，丁烷法顺酐企业利润将处于低位，而苯法顺酐企业长期也难有盈利。

　　In 2022, the new production capacity of maleic anhydride gradually entered a period of concentrated release, while the release of downstream new production capacity was slow, and traditional downstream demand was weak due to the sluggish real estate industry. From the market expectation in the second half of the year, the profit of butane based maleic anhydride enterprises will be at a low level, while benzene based maleic anhydride enterprises will also have difficulty making profits in the long term.

　　供应方面，近期齐翔腾达20万吨/年顺酐项目二期线贯通，并产出合格产品。二期项目投产后，该公司顺酐产能将超40万吨/年。同时，其他中小产能也有新增投入预期，顺酐供应过剩压力仍然较大。

　　In terms of supply, the second phase production line of Qixiang Tengda's 200000 tons/year maleic anhydride project has been completed recently, and qualified products have been produced. After the second phase project is put into operation, the company's maleic anhydride production capacity will exceed 400000 tons per year. At the same time, other small and medium-sized production capacities are also expected to increase investment, and the pressure of excess supply of maleic anhydride is still significant.

　　需求方面，受疫情反复以及传统下游房地产行业景气度低影响，下半年需求修复力度预期不大，黄金旺季亦难以比肩去年同期。在5~8月传统需求淡季结束后，预计9~11月内顺酐会出现一波强势行情，但难以触及去年同期的中高价位。新兴下游顺酐制1，4-丁二醇及丁二酸项目产能释放缓慢，年内难以带动顺酐需求大增。

　　In terms of demand, due to the fluctuation of the epidemic and the low prosperity of the traditional downstream real estate industry, the expected demand recovery in the second half of the year is not strong, and the peak season is also difficult to compare with the same period last year. After the traditional off-season of demand ends from May to August, it is expected that there will be a strong market for maleic anhydride from September to November, but it will be difficult to reach the mid to high price of the same period last year. The capacity release of the emerging downstream projects for producing 1,4-butanediol and succinic acid from maleic anhydride is slow, making it difficult to drive a significant increase in demand for maleic anhydride within the year.

　　在原料预期高位的情况下，顺酐企业年内综合盈利对比去年将会大幅缩水。对于正丁烷顺酐企业，由于原料价位相对偏低，压力不明显，预计其利润多在500~1500元震荡。而苯法顺酐企业，在原油居高的背景下，纯苯回落存有难度，预计企业仍将长期亏损。

　　In the context of high expectations for raw materials, the comprehensive profit of maleic anhydride enterprises this year will significantly shrink compared to last year. For n-butane maleic anhydride enterprises, due to relatively low raw material prices and insignificant production pressure, it is expected that their profits will fluctuate between 500 and 1500 yuan. However, in the context of high crude oil prices, it is difficult for pure benzene prices to fall for benzene based maleic anhydride enterprises, and it is expected that the production enterprises will continue to suffer long-term losses.

　　后续顺酐市场主要关注点仍是国内疫情、终端房地产行业以及宏观政策面的变化情况。

　　The main focus of the follow-up maleic anhydride market is still on the domestic epidemic, the terminal real estate industry, and changes in macro policies.

　　本文由 顺酐厂家  友情奉献.更多有关的知识请点击   http://www.jnjhhg.cn/  真诚的态度.为您提供为的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is a friendly contribution from a manufacturer of maleic anhydride For more related knowledge, please click http://www.jnjhhg.cn/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.