First Read China Chemical Sector MDI/electronic specialty gases/refrigerant/electrolyte expert call takeaways

Research evidence excerpt

First Read China Chemical Sector MDI/electronic specialty gases/refrigerant/electrolyte expert call takeaways

Global Research

22 July 2026ab

First Read

EquitiesChina Chemical Sector

MDI/electronic specialty gases /refrigerant/ Chemicals

electrolyte expert call takeaways Amily Guo Analyst

amily.guo@ubs.com

+86-105-832 8845

pMDI: upbeat on potential price upside of Rmb1,000-2,000/t in Q3 Richard Li

On 17-22 July, we invited four experts from Oilchem to discuss market trends in key Analyst

S1460121090003chemicals. The MDI expert (replay) remains constructive on the MDI market in Q3. Social

richard-ze.li@ubs.com

inventories have fallen significantly since May, and domestic producers have

+86-21-3866 8802

maintenance plans in place (Huntsman and BASF's Shanghai facilities in May and

Wanhua Fujian in June), with uncertainty surrounding Wanhua Fujian's new capacity Cheryl Wen

Analystramp up in H226. Meanwhile, Saudi MDI imports to China have declined sharply due to

S1460525030002

Middle East disruptions and are unlikely to recover before year-end, providing continued

cheryl.wen@ubs.com

support to the market. Demand should also improve as MDI enter its seasonal peak in +86-21-3866 8916

3Q, while exports could remain robust. Against the backdrop of supply disruptions,

Jay LINlower imports, and stronger seasonal demand, the expert sees pMDI prices rising by a

Analyst

further Rmb1,000–2,000/ton, with prices potentially approaching Rmb19k/ton in Q3.

S1460525070001

jay.lin@ubs.com

Electronic specialty gases: Still sees upside for WF6; Positive about NF3 and C4F6 +86-105-832 8044

According to the expert (replay), the significant WF6 price hike in H126 was primarily a Eason Tang

cost and S/D-driven move, as China’s export controls on tungsten products have Analyst