Unconsciously, the third quarter has been more than half of the year. Looking back on the performance of industrial naphthalene in the first half of the year, it seems unsatisfactory. However, in August, naphthalene is still in a bad situation, highlighting the encirclement and continuing the upward mode, breaking through the 4000 yuan / ton level. Compared with the rising prices of naphthalene in 18 years, it is not difficult to find that the industrial naphthalene has been falling all the way this year, from a high of 5000 yuan at the beginning of the year to a low of 3500 yuan / ton, and the difference between high and low prices is 1500 yuan / ton. After falling to the bottom at the end of May, the naphthalene Market has been in a slow recovery stage. Up to now, the performance of industrial naphthalene in all coal tar deep-processing products is still commendable, but whether it can regain the glory of 18 years remains to be seen. Zhongyu information analysis is as follows.
              

從成本面來看，近期煤焦油利空面一再發酵，價格一跌再跌?？v使環保趨嚴下，供應低位依舊存支撐，但需求弱勢局面難改，下游為保證自身利益，對原料價格步步打壓。目前下游深加工產品中，除工業萘、洗油外，其余產品皆弱勢，尤其是煤瀝青和蒽油，終端需求萎縮下，其運行難有起色，價格向低位靠攏。另外，炭黑方面，產能過剩問題依舊凸出，企業間競爭激烈，且中美貿易戰下，終端輪胎出口受限，對原料持打壓情緒。剛需不振情況下，短線煤焦油價格低位震蕩運行，成本支撐削弱。

From the cost point of view, the recent coal tar oil negative noodles fermentation again and again, the price fell again and again. Even though the environmental protection is getting stricter and the supply level is still low, the weak demand situation is hard to change. In order to ensure their own interests, the downstream companies have gradually suppressed the prices of raw materials. At present, in the downstream deep-processing products, except for industrial naphthalene and wash oil, the other products are weak, especially coal tar pitch and anthracene oil. Under the shrinking terminal demand, their operation is difficult to improve, and the prices are close to the low level. In addition, in terms of carbon black, the problem of overcapacity is still prominent, the competition among enterprises is fierce, and under the Sino US trade war, the export of terminal tires is limited, and the raw materials are depressed. Under the condition of weak demand, the short-term coal tar price fluctuates at a low level, and the cost support is weakened.

下游需求方面來看，近期萘法苯酐在高成本與低需求的雙雙夾擊下，苦不堪言。從下圖可以明顯看出，以山東為例，目前萘法苯酐廠家利潤面已進入虧損，虧損幅度在170元/噸附近，廠家對高價位原料已無力接受，議價情緒開始升溫，相關鄰法高位走貨時有讓利，對萘法更是不利。下游增塑劑市場亦是面臨成本的壓力，但漲勢乏力，對苯酐價格開始抵觸。層層遞推下，萘剛需面難有利好支撐。

In terms of downstream demand, naphthalene phthalic anhydride is suffering from both high cost and low demand. It can be clearly seen from the figure below that, taking Shandong as an example, at present, the profit margin of naphthalene phthalic anhydride manufacturers has entered into a loss, and the loss range is around 170 yuan / ton. The manufacturers are unable to accept the high-price raw materials, and the bargaining sentiment begins to heat up. When the related neighboring methods sell goods at a high level, it is even more unfavorable to the naphthalene process. The downstream plasticizer market is also facing the pressure of cost, but the rise is weak, and the price of phthalic anhydride begins to conflict. Layer by layer recursive, naphthalene hard to support.

在成本與需求雙雙利空的形勢下，工業萘之所以能維持漲勢，供應面功不可沒。山西“二青會”的舉辦，當地環保進一步趨嚴，再加上煤瀝青、蒽油等占據深加工企業主導的產品行情弱勢，開工積極性不高，山東、河北以及河南等等地區亦然。場內集中降負荷及檢修頻頻發生。萘現貨供應緊缺，且短期內開工難有提升，供應面始終是支撐。

In the situation of negative cost and demand, the supply side plays an important role in maintaining the rising trend of industrial naphthalene. With the holding of the "second youth association" in Shanxi, the local environmental protection has become more stringent. In addition, coal tar pitch, anthracene oil and other products dominated by deep-processing enterprises are in a weak market, and the enthusiasm to start construction is not high, so is Shandong, Hebei and Henan. Centralized load reduction and maintenance occur frequently. Naphthalene spot supply is in short supply, and it is difficult to improve in the short term, so the supply side is always the support.

綜上，精萘廠家認為，萘供應面緊張，支撐深加工企業挺價，但需求弱勢，對萘發展始終是制約，預計短線工業萘市場高位風險加重，價格漸趨于平穩，不排除走跌的可能。長線來看，大的經濟環境多不景氣，相關產品價格皆不理想，萘處于產業鏈中一環，價格走跌亦不可避免，很難重回18年高位。

To sum up, naphthalene manufacturers believe that the supply of naphthalene is tight, which supports the price of deep-processing enterprises, but the weak demand has always restricted the development of naphthalene. It is expected that the high-level risk in the short-term industrial naphthalene Market will increase, and the price will gradually stabilize, so it is impossible to rule out the possibility of falling. In the long run, the economic environment is more depressed, and the prices of related products are not ideal. Naphthalene is in a link of the industrial chain, and the price decline is inevitable. It is difficult to return to the 18 year high.