[East Money Chemical] Reactive Dye Intermediate Update

English summary

# According to BaiChuan Yingfu data: On July 28, DaChaiDan HeXin Technology Co., Ltd.'s H-acid unit is in normal production. The latest ex-factory quote for H-acid is 100,000 RMB/ton, up 39,000 RMB/ton from the previous average of 61,000 RMB/ton, an increase of about 64%; up about 150% from 40,000 RMB/ton at the beginning of 2026, a significant increase. # H-acid is a key intermediate for reactive dyes. Runtu and Jinji are major domestic reactive dye companies. According to company announcements, Runtu and Jinji have reactive dye capacities of 100,000 and 45,000 tons/year respectively, with Jinji's 2025 production around 55,000 tons, making it an important domestic reactive dye company. # Domestic H-acid supply is relatively concentrated. In recent years, environmental constraints have prevented new capacity and low operating rates have led to tight existing production. According to company announcements, Jinji has a capacity of 5,000 tons/year and plans 8,000 tons/year. In addition, an explosion occurred at Inner Mongolia Liyuan Technology's nitration reaction, coupled with restrictions on nitration reactions, the industry maintains low operating rates. There are certain expectations of tight spot supply, and prices have risen significantly recently. ...