On May 10th, Tangshan Sanyou Chemical Co., Ltd. announced that the company successfully issued the first phase of 2026 medium-term notes on May 6th, with an actual total issuance amount of 800 million yuan.
This bond is abbreviated as "26 Sanyou Chemical MTN001", with bond code 102681789, a term of 3 years, a coupon rate of 1.90%, and a value date and redemption date of May 8, 2026 and May 8, 2029, respectively. China Merchants Bank serves as the lead underwriter, and China Construction Bank serves as the joint lead underwriter.
This issuance is based on the company's previously approved registration limit of 1.3 billion yuan for medium-term notes. The registration limit was approved by the China Interbank Market Dealers Association on April 16th, with a validity period of 2 years, and the company can issue in installments. The smooth issuance of this bill will help the company further optimize its financing structure.
Market Overview: Last week, domestic DMC quotations remained stable. On the raw material side, the price of silicon metal has slightly increased, methanol has fluctuated narrowly, and cost support has strengthened. Individual enterprises rely on pre-sale orders to support and maintain firm offers, while some enterprises continue to close their offers without reporting; Downstream enterprises tend to adopt a wait-and-see attitude, with weak inquiry and procurement activity, and the market mostly deals with small orders that are just needed. The current mainstream quotation for DMC is 14700-15900 yuan/ton. The actual average transaction price is around 14900 yuan/ton.
Last week, DMC prices remained stable with a trend towards strength, with prices of 107 rubber, raw rubber, mixed rubber, and silicone oil mainly showing large stability and small fluctuations. The expectation of DMC price increase continues to rise, and downstream companies may gradually follow the price increase with rising costs.
On May 9th, the organic silicon industry conference finalized the latest quotation and follow-up direction. Multiple core product transaction guidance prices have been released: DMC quoted 15000 yuan/ton, 107 rubber 15200 yuan/ton, raw rubber 15800 yuan/ton, methyl silicone oil 16500 yuan/ton, and vinyl silicone oil 17000 yuan/ton. Among them, silicone oil has increased by 500 yuan/ton compared to before, while other products have slightly increased by 200-300 yuan/ton, and the lowest contract price in the second quarter is also based on this.
This price adjustment abandons aggressive price hikes and adopts a strategy of "stabilizing small to medium price increases". This move not only helps the upstream to repair profits, but also leaves room for adaptation for the downstream, avoiding the suppression of demand due to rapid price increases, which is conducive to the stable repair of the industrial chain price system.
On the supply side, the current pre-sale orders from individual factories are mostly scheduled until June, and spot prices are tight. The meeting made it clearer that the industry will continue to maintain a 35% reduction in emissions from June to August. This move will continue to limit the operating rate, strengthen the tight supply balance pattern, and provide solid bottom support for prices. In the short term, the silicone market is expected to operate at a high level, and in the future, we need to focus on the downstream acceptance of new prices and the situation of terminal orders.
Market Overview: Last week, the trading center of the gas-phase white carbon black market continued to shift upwards. The cost support is strong, and the supply of raw materials such as methyl trichlorosilane and silicon tetrachloride is tight. At the same time, due to the maintenance of some enterprises and sufficient downstream orders, the supply of gas-phase white carbon black tends to be tight.
Last week, downstream industries such as silicone rubber had smooth shipments, and there was a strong demand for gas-phase silica. Under the continuous influence of the mentality of "buying up, not buying down", the supply and demand relationship of gas and silicon has shown a positive improvement, and enterprises currently have no inventory pressure. It is expected that the market for gas-phase silica will continue to show a positive trend in the short term.
Market Overview: Last week, futures in the silicon metal market fluctuated upwards, while spot prices slightly followed suit, indicating a rebound in market sentiment. The overall supply side is stable, and the southwest flood season is approaching. The decline in electricity prices has driven some enterprises to prepare for resuming production, but the overall situation is still on the wait-and-see side, and large-scale resumption of production has not yet been implemented; The construction in the north is basically stable, coupled with the planned maintenance of Xinjiang enterprises, the short-term supply is difficult to concentrate and increase. The overall demand side is weak, with polysilicon only being procured for essential needs, resulting in insufficient driving effect; Organic silicon procurement maintains a weak pattern; Aluminum alloy production is stable, but the boost to demand for silicon metal is limited. There is support and pressure in the current silicon metal market. The cost side provides bottom support, while macro sentiment and expectations of "anti involution" form a marginal boost. However, the pattern of high inventory and weak demand has not changed, coupled with the approaching resumption of production in the southwest, if there is no rebound in polysilicon demand, the upward trend in prices will be weak.