Analysis review

　　On May 17, the spot price of softwood pulp remained stable temporarily, and the price of pulp futures continued to fluctuate. On the disk, the opening price of the sp2209 contract was 7,302 RMB/ton, and the closing price was 7,330 RMB/ton, a daily increase of 0.55%.The turmoil in Chile has not yet had a major impact on pulp production, but it still takes time to restore supply normally, coupled with the rise in external quotations, all of which have supported pulp prices. However, the demand side is still weak, and the market start situation has not improved.

　　Market outlook

　　At present, the wait-and-see mood in the wood pulp market continues, and the high cost of upstream continues to reduce the profit of downstream papermaking. It is expected that the spot price of wood pulp in the short term will remain volatile.

　　Analysis review

　　At the beginning of the week, the price of waste paper in Zhejiang showed a trend of ups and downs. At present, the epidemic situation in most parts of the country has improved, and market control has gradually loosened, which has improved market consumption and logistics to varying degrees.With the continuous increase in the arrival of waste paper from paper mills, the inventory pressure of paper mills has appeared, and the purchase price of domestic waste has declined.

　　Market outlook

　　Recently, the price of waste paper in East China, North China and South China has fluctuated more obviously, and other parts of the country were mainly stable. It is expected that the price of waste paper will temporarily stabilize in the short term.

　　Analysis review

　　On June 2, the spot price of softwood pulp rose along with the market, and the price of pulp futures rebounded sharply. On the disk, the opening price of the sp2209 contract was 7,050 RMB/ton, and the closing price was 7,248 RMB/ton, a daily increase of 3.66%.

　　In terms of supply, the international pulp market had not been in short supply recently, and the market had digested the previous news, which still supported the wood pulp market. In terms of demand, the previous reduction in wood pulp prices eased the pressure of high downstream costs, and purchases continued to be based on rigid demand. With the arrival of holidays, pulp futures prices rose sharply, but the market was still in a wait-and-see state.

　　Market outlook

　　With the rebound of pulp futures prices, the spot price of wood pulp is mainly adjusted to follow. It is expected that the spot price of wood pulp will continue to be strong in the short term.

Analysis review

In terms of inventory, as of February 14, the total amount of ethylene glycol inventory in the main port in East China was 800,500 tons, an increase of 52,500 tons or 7.02% from last Monday, and an increase of 5,100 tons from last Thursday, an increase of 0.64%.

In terms of installations, a 600,000-ton syngas-to-MEG installation in Xinjiang was temporarily shut down.

On the afternoon of the 16th, MEG was weak in the outer disk, and the recent cargo negotiation was 670-675 US dollars/ton. Oil prices recovered some of their lost ground in early trading on Wednesday. Many forecasters expected crude oil to reach more than 100 US dollars per barrel in the long term, with strong support from the cost side. Downstream demand is still weak, and polyester production and sales declined on the 16th. As of the 16th, the co-production EG unit was turned around, and the ethylene glycol operating rate declined slightly, but both EO/EG were in a state of loss, and the production of manufacturers was under pressure.

Market outlook

Dragged down by the demand side, it is weak and fluctuated, but at the current cost, there is not much downside.

　　The domestic NBR market fell slightly. According to the monitoring of SunSirs, as of January 7, the mainstream price of Lanhua NBR N41E market was 23,600 RMB/ ton; 3305E mainstream price was 23,800 RMB/ ton; 3308E mainstream price was 24,300 RMB/ ton; Shunze NBR 3355 market mainstream reported 23,600 RMB/ ton. The commencement expectation of downstream rubber products industry was lower, and the support for nitrile rubber was weak.

　　Butadiene prices continued to fall sharply last week, and it is difficult for the cost side to improve. According to the monitoring of SunSirs, as of January 7, the price of butadiene was 4,145 RMB/ ton, down 6.88% from 4,451 RMB/ ton of the previous Friday.

　　SunSirs NBR analysts believe that although the supply pressure of NBR is small, the raw material price has continued to decline, coupled with weak demand, it is expected that NBR market in China will be stable and weak in the later stage.