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.

工業萘與下游萘法苯酐走勢存在分歧，萘法苯酐持續走高，工業萘隨著“冬檢”結束，供應端放寬，價格保持低位震蕩，兩者價差高達2500元/噸，與此同時萘法苯酐行業利潤面大幅釋放，目前理論盈利超1000元/噸，對萘接盤能力日漸增強，但需求量未見明顯變化，不過近期山西諾博、邢臺旭陽裝置重啟，局部對萘需求或有跟進。需求端來看，整體對萘利好。

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.
           

供應與原料端來看，本周，濟寧黑貓、寧夏寶豐重啟，局部萘供應增多，另外，山西三強及山西潞寶等企業仍在檢修中，萘整體供應尚可。原料面來看，雖近兩年工業萘與原料煤焦油走勢關聯性不大，但原料的持續推漲，勢必會造成企業成本增加，對萘存一定推漲心理。近期，因自身供應低位及下游剛需尚可，焦油持續走強，價格普遍在2700-2850元/噸左右，深加工企業虧損加劇，對萘推漲意愿較強。

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.

綜合分析，當前工業萘市場供應尚可，存利空。但主力下游苯酐保持強勢運行，對萘接受能力再加強，對萘利好。另外，出于成本考慮，廠家對萘存挺漲心理。綜合分析，短期工業萘市場存走高可能。

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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