In just one week, the price of vinyl acetate, the basic chemical raw material, rose from 6,000 yuan per ton to more than 8,000 yuan, up nearly 20%, and the price of vinyl acetate was always low. In the view of some chemical manufacturers, the recent increase in the price of vinyl acetate is a normal reaction of the market; due to the limited number of companies specializing in the production of vinyl acetate, the output value of vinyl acetate only accounts for a small amount of the company’s total output value for related listed companies. In part, product price increases do not contribute much to the company's profits.
As a kind of organic chemical raw material with large output, vinyl acetate is widely used and can be used to produce a series of chemical and chemical fiber products such as polyester vinyl acetate, polyvinyl alcohol, paint, paste, adhesive, vinyl copolymer resin. There are many companies that currently produce vinyl acetate in China. Among the listed companies are Sinopec, Yunwei and Shandong Haihua.
Although the price of vinyl acetate has risen by nearly 20% since last week, in the eyes of insiders of Yunwei Group, the price increase is a normal reaction of the market, because as early as a month ago, the industry had already expected the price of vinyl acetate. He said that price increases are first and foremost a return to value. After falling from a peak of RMB 11,000 per ton during the peak period from 2007 to 2008, vinyl acetate prices have been low, and many companies have already lost money. According to reports, the current production of vinyl acetate ethylene method and calcium carbide acetylene two ways, the cost price is related to oil and calcium carbide. From the perspective of calcium carbide acetylene, the price of calcium carbide is more than 3,000 yuan per ton, plus acetic acid and other costs, the cost has reached more than 6,000 yuan per ton, the company's loss production only to ensure that customers do not lose; Secondly, vinyl acetate prices have been raw material prices The promotion of prices. At present, the price of raw material acetic acid is relatively stable and there is no increase. However, the price of calcium carbide has recently approached 4,000 yuan per ton, which has reached 3,700 to 3,800 yuan. In addition, the price of vinyl acetate has also been related to macroeconomic regulation and energy conservation and emission reduction policies. The calcium carbide production enterprises with high energy consumption and heavy pollution were shut down, directly stimulating higher prices of calcium carbide.
The above-mentioned Yunwei shares also said that after the vinyl acetate price rose, the company's product gross profit margin will go from negative to positive, which has been greatly improved, but because this part of the output value accounts for a smaller proportion of the company's total output value, it has little impact on company performance. . As a cyclical industry, the price of vinyl acetate is affected by the overall economic development, macro-control policies, and industrial policies, and the future trend is not good.
It is reported that the supply and demand of the vinyl acetate industry is basically balanced, and the funding threshold for producing this product is not particularly high, and the technology process is currently relatively mature. Many enterprises have production, mainly self-produced, some of which lack their own capacity and need outsourcing, such as Shanxi Three-dimensional, Guizhou organic chemical plants. Until about 2007, vinyl acetate gradually became a relatively independent chemical sub-sector. Yunwei’s shares were also introduced into the market as a single product in around 2003, and the company’s vinyl acetate is also the raw material of its main product, polyvinyl alcohol. In general, due to the small number of companies that produce vinyl acetate, and the low concentration of production capacity, the proportion of product prices has little effect on the performance of listed companies.
In spite of this, as recent price increase of chemical products has become almost a common phenomenon, analysts say that the improvement of the overall performance of related companies is still expected. Due to the increase in production, sales, and prices of leading products, Shandong Haihua has announced that it has turned losses in the first three quarters.
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