Recently, the upward trend of phthalic anhydride has not decreased. Since it began to rise, the naphthalene process has increased by 1400 yuan / ton. However, although the closely related industrial naphthalene has stopped falling, it still has no improvement. However, the bullish sentiment of the traders on the floor is growing with the rise of phthalic anhydride, and some of them are pushing up the sentiment. Whether naphthalene can successfully follow the rise is analyzed by Juda Bangcheng as follows.

工业萘与下游萘法苯酐走势存在分歧，萘法苯酐持续走高，工业萘随着“冬检”结束，供应端放宽，价格保持低位震荡，两者价差高达2500元/吨，与此同时萘法苯酐行业利润面大幅释放，目前理论盈利超1000元/吨，对萘接盘能力日渐增强，但需求量未见明显变化，不过近期山西诺博、邢台旭阳装置重启，局部对萘需求或有跟进。需求端来看，整体对萘利好。

The trend of industrial naphthalene and downstream naphthalene phthalic anhydride is different. Naphthalene phthalic anhydride continues to rise. With the end of "winter inspection", the supply side of industrial naphthalene is relaxed, and the price remains low. The price difference between the two is as high as 2500 yuan / ton. At the same time, the profit side of naphthalene phthalic anhydride industry is greatly released. At present, the theoretical profit is more than 1000 yuan / ton, and the ability to accept naphthalene is increasing, but the demand has not changed significantly After the recent restart of Shanxi nobo and Xingtai Xuyang units, the demand for naphthalene may be followed up. On the demand side, it is good for naphthalene as a whole.
           

供应与原料端来看，本周，济宁黑猫、宁夏宝丰重启，局部萘供应增多，另外，山西三强及山西潞宝等企业仍在检修中，萘整体供应尚可。原料面来看，虽近两年工业萘与原料煤焦油走势关联性不大，但原料的持续推涨，势必会造成企业成本增加，对萘存一定推涨心理。近期，因自身供应低位及下游刚需尚可，焦油持续走强，价格普遍在2700-2850元/吨左右，深加工企业亏损加剧，对萘推涨意愿较强。

From the supply and raw material side, this week, Jining black cat and Ningxia Baofeng restarted, and local naphthalene supply increased. In addition, Shanxi three strong and Shanxi Lubao enterprises are still under maintenance, and the overall naphthalene supply is fair. From the perspective of raw materials, although there is little correlation between industrial naphthalene and coal tar in recent two years, the continuous increase of raw materials will inevitably lead to the increase of enterprise costs, which will push up naphthalene. Recently, due to its low supply and fair downstream demand, tar continued to strengthen, and the price was generally around 2700-2850 yuan / ton. The loss of deep processing enterprises intensified, and the willingness to push naphthalene up was strong.

综合分析，当前工业萘市场供应尚可，存利空。但主力下游苯酐保持强势运行，对萘接受能力再加强，对萘利好。另外，出于成本考虑，厂家对萘存挺涨心理。综合分析，短期工业萘市场存走高可能。

Comprehensive analysis shows that the market supply of industrial naphthalene is acceptable and there is no profit. However, the main downstream phthalic anhydride maintained a strong operation, and the ability to accept naphthalene was further strengthened, which was good for naphthalene. In addition, for the sake of cost, the manufacturers are very optimistic about naphthalene storage. Comprehensive analysis shows that the short-term industrial naphthalene Market is likely to rise.

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