At the beginning of the new year, the industrial naphthalene Market ended the downward trend and began to rebound. It can be seen from the data that the price of naphthalene fell continuously in the whole December of last year. Although the decline slowed down in the middle and late ten days, the market still failed to reach the bottom, with a monthly decline of about 800 yuan / ton. In 2021, under the pressure of cost, the price of naphthalene is on the rise. In addition, the profit of naphthalene phthalic anhydride downstream is acceptable, so naphthalene auction rebounded slightly in the week. However, under the situation of negative decline of phthalic anhydride in the downstream, the manufacturers were slow to follow the rise. However, due to the panic caused by the epidemic in Hebei Province, the price of naphthalene phthalic anhydride rose in a new round. Can this push the price of naphthalene up further? Zhongyu's analysis is as follows:

成本面考虑，周内煤焦油因下游深加工及炭黑企业提前备货，拍卖价格相继走高，深加工企业成本压力再加重，虽蒽油、工业萘等产品存小幅探涨，但幅度有限，且主力产品煤沥青价格基本保持稳定，企业亏损依旧，鉴于成本压力，对萘存挺市心理。开工方面来看，随着春节临近，局部厂家检修计划提上日程，个别企业已经入检修，如山东济宁黑猫等，萘供应预期收紧，商家心理存一定支撑。成本及供应面存在利好支撑。

Considering the cost, due to the downstream deep processing and carbon black enterprises preparing goods in advance, the auction price of coal tar rose one after another, and the cost pressure of deep processing enterprises increased again. Although anthracene oil, industrial naphthalene and other products kept a small increase, the range was limited, and the price of main product coal tar remained stable, and the losses of enterprises remained. In view of the cost pressure, the market psychology of naphthalene storage was strong. In terms of start-up, with the approach of the Spring Festival, the maintenance plan of some manufacturers has been put on the agenda, and some enterprises have entered the maintenance, such as Jining black cat in Shandong Province. The supply of naphthalene is expected to tighten, and the psychological support of the merchants is certain. The cost and supply side have good support.
                 

下游需求考虑，目前工业萘市场运行与下游苯酐走势息息相关。虽因疫情影响，河北物流受限，引发一轮补货热潮，价格随之走高，对萘存一定支撑。但相关邻法走势依旧平淡，出货情况一般，加之下游增塑剂阴跌继续，不饱和树脂处于淡季，对苯酐需求削弱，故而萘法涨幅受限。不过考虑春节临近，中旬之后下游备货陆续开展，阶段时间内对苯酐需求增加，释放利好。另外，利润面考虑，目前萘法盈利在450元/吨附近，盈利面相对较足，对原料接盘能力尚可。再者，因疫情影响，加之春节临近，苯酐企业或有检修可能，对萘需求亦有减少预期。主力需求苯酐方面来看，对萘市好坏参半。

Considering the downstream demand, the market operation of industrial naphthalene is closely related to the trend of phthalic anhydride. Due to the impact of the epidemic, Hebei logistics is limited, leading to a round of replenishment boom, and the price goes up, which has a certain support for naphthalene storage. However, the trend of the related neighbor method is still flat, the shipment situation is general, and the downstream plasticizer continues to fall, the unsaturated resin is in the off-season, and the demand for phthalic anhydride is weakened, so the increase of naphthalene method is limited. However, considering that the Spring Festival is approaching, after the middle of the year, the downstream goods will be prepared one after another, and the demand for phthalic anhydride will increase in the period of time, which is good for the release. In addition, considering the profit side, the current profit of naphthalene method is around 450 yuan / ton, and the profit side is relatively sufficient, and the raw material receiving capacity is acceptable. Moreover, due to the impact of the epidemic and the approach of the Spring Festival, phthalic anhydride enterprises may have the possibility of maintenance, and the demand for naphthalene is expected to decrease. The main demand for phthalic anhydride is mixed for naphthalene Market.

综合分析，目前工业萘市场利好利空皆不明显，但随着春节临近，下游补仓相继开展，阶段时间内萘需求集中增加，存利好支撑；且前期萘持续走跌，低位基础上，下行空间受限。后市工业萘试探推涨，但考虑到终端需求疲软，多小幅范围内波动。

Comprehensive analysis shows that the current industrial naphthalene Market is not good or bad, but with the approach of the Spring Festival, downstream replenishment has been carried out one after another, and naphthalene demand has increased intensively in the period of time, with good support; and naphthalene continued to fall in the early stage, on the basis of low position, downward space is limited. After the industrial sector pushed up, but considering the weak terminal demand, it fluctuated within a small range.

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