Yantai Wanhua will become the most competitive MDI

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Yantai Wanhua will become the most competitive MDI manufacturer

due to the fear that the regulation of the real estate market will affect the demand for MDI in the field of building energy conservation, and the rising price of aniline, the main raw material of MDI, is reflected in the decline of MDI profit margin in Yantai Wanhua's first quarterly report, the market lacks confidence in Wanhua this year. This is in great contrast to the hot scene of the company's shareholders' meeting this year

the Yantai Wanhua shareholders' meeting on April 28 was "full of talents". When visiting the company's Ningbo phase II plant, a bus could not hold the institutions and researchers who came to the meeting. With the upcoming commissioning of Ningbo phase II plant, the construction of Yantai Bajiao Industrial Park Phase I project began. In 2010, Yantai Wanhua opened the prelude to the third strategic development. Although the future macro-economy is still subject to twists and turns, many researchers agree that Yantai Wanhua 4 will become the most competitive MDI manufacturer when holding the switch of switching power supply after two hours of Q & A with senior executives of the company

mdi demand will still grow rapidly

according to ICIS, the global MDI market is expected to grow at twice the growth rate of GDP in the next few years, and China's MDI market will grow at an average annual rate of 15%. In the next twoorthree years, only Wanhua Ningbo base will be the largest MDI project in the world. This will bring great opportunities to Wanhua

it is understood that the global MDI operating rate has increased from 73% last year to 90%. Since the second quarter of last year, China has achieved 100% construction. Due to the shutdown and maintenance of other manufacturers, the domestic MDI has been in short supply, and the market price has been rising. Last year, the average price of MDI was less than 15000 yuan per ton. At present, the listing price of the company is 17000-18400 yuan per ton. At present, Wanhua can only supply customers at 80% of the contract volume. However, there is still some inventory in the middle of the market, which is expected to be digested in the near future

mdi's traditional application fields such as refrigerator, tanning, textile, etc. have recovered rapidly, and the MDI demand of solar energy industry is growing faster. But the most noteworthy is still the field of building energy conservation and insulation. MDI is mainly used for building energy conservation and thermal insulation and ecological adhesives in developed countries. For example, Japan accounts for 75% of all MDI applications in the field of building insulation. The performance of MDI such as thermal insulation and fire protection is the key to demand growth. Executives of the company say, for example, that construction starts in the United States fell by 75% last year, while its MDI application in this field increased by 20%. In the field of building energy conservation and insulation, the annual demand for MDI in Japan is 1. The production cost of these products in belfosu is particularly expensive at 40000 tons, but the construction area in Japan is very different from that in China. After several years of cultivation, the application of MDI in the domestic construction field has seen the dawn. This year, Shandong and Beijing have implemented new local standards, requiring MDI materials to be the first choice for building insulation, and Shanghai is also developing this standard. In the future, this field will become the broadest MDI market in China

in addition, the export of Wanhua products has accounted for one third of its total. The annual demand for MDI in overseas emerging markets will exceed 20%, which will also drive the sales of MDI

Ningbo phase II: capacity expansion and cost reduction

Wanhua currently has an MDI capacity of about 500000 tons, while the 300000 tons MDI unit of Ningbo phase II will be commissioned in June. The unit is the only coal head unit in the world, which will simultaneously produce formaldehyde, nitric acid, aniline, etc. it is the largest, most integrated and lowest cost MDI unit in the world. Ningbo Wanhua Industrial Park will become the MDI production base with the most reasonable supporting facilities for the global industrial chain and the most comprehensive competitive advantages (capacity, cost, quality and market). For example, Ningbo phase II produces 360000 tons of aniline. Industry insiders said: at present, 0.75 tons of aniline is consumed for one ton of MDI, while 0.86 tons of pure benzene is required for the production of one ton of aniline. At present, about 12000 yuan per ton of aniline and about yuan per ton of pure benzene. After the production chain is opened, if calculated at the current price, the main raw material demand for one ton of MDI for Wanhua will no longer be aniline of about 9000 yuan, but pure benzene of about 6800 yuan. Although there are also other raw materials such as nitric acid and sulfuric acid, it is of great significance for cost reduction

shixuesong, a researcher of CICC, believes that the cost per ton after the second phase is completed will be lower than that of the first phase by more than 1200 yuan. It is also understood that although the approved unit of Ningbo phase II is 300000 tons, the capacity will reach 600000 tons after technical transformation. It is expected that the device will open up the whole industrial chain in the third quarter and be produced in the fourth quarter

breakthroughs have been made in new projects

it is understood that in addition to Di, a powerful country in the history of M, the company has comprehensively promoted new key projects. A number of high-end products that can be produced by only one or two companies in the world have achieved successful mass production in pilot test, and the product market trial has been widely recognized

Dingjiansheng, chairman of the company, revealed that among the profits in the first quarter of this year, the profits contributed by differentiated high-end products accounted for one quarter. Their goal is not only to ensure quality and reduce costs, but also to enrich the product line and become the most competitive manufacturer in the MDI field

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