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:

成本面考慮，周內(nèi)煤焦油因下游深加工及炭黑企業(yè)提前備貨，拍賣(mài)價(jià)格相繼走高，深加工企業(yè)成本壓力再加重，雖蒽油、工業(yè)萘等產(chǎn)品存小幅探漲，但幅度有限，且主力產(chǎn)品煤瀝青價(jià)格基本保持穩(wěn)定，企業(yè)虧損依舊，鑒于成本壓力，對(duì)萘存挺市心理。開(kāi)工方面來(lái)看，隨著春節(jié)臨近，局部廠家檢修計(jì)劃提上日程，個(gè)別企業(yè)已經(jīng)入檢修，如山東濟(jì)寧黑貓等，萘供應(yīng)預(yù)期收緊，商家心理存一定支撐。成本及供應(yīng)面存在利好支撐。

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.
                 

下游需求考慮，目前工業(yè)萘市場(chǎng)運(yùn)行與下游苯酐走勢(shì)息息相關(guān)。雖因疫情影響，河北物流受限，引發(fā)一輪補(bǔ)貨熱潮，價(jià)格隨之走高，對(duì)萘存一定支撐。但相關(guān)鄰法走勢(shì)依舊平淡，出貨情況一般，加之下游增塑劑陰跌繼續(xù)，不飽和樹(shù)脂處于淡季，對(duì)苯酐需求削弱，故而萘法漲幅受限。不過(guò)考慮春節(jié)臨近，中旬之后下游備貨陸續(xù)開(kāi)展，階段時(shí)間內(nèi)對(duì)苯酐需求增加，釋放利好。另外，利潤(rùn)面考慮，目前萘法盈利在450元/噸附近，盈利面相對(duì)較足，對(duì)原料接盤(pán)能力尚可。再者，因疫情影響，加之春節(jié)臨近，苯酐企業(yè)或有檢修可能，對(duì)萘需求亦有減少預(yù)期。主力需求苯酐方面來(lái)看，對(duì)萘市好壞參半。

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.

綜合分析，目前工業(yè)萘市場(chǎng)利好利空皆不明顯，但隨著春節(jié)臨近，下游補(bǔ)倉(cāng)相繼開(kāi)展，階段時(shí)間內(nèi)萘需求集中增加，存利好支撐；且前期萘持續(xù)走跌，低位基礎(chǔ)上，下行空間受限。后市工業(yè)萘試探推漲，但考慮到終端需求疲軟，多小幅范圍內(nèi)波動(dòng)。

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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