05-09-2014, 11:13 AM
The importance of self sufficiency in MBT production under current circumstances is highlighted in the attached analyst report (from 安信证券) on Yangguhuatai (阳谷华泰).
According to their research, MBT industry wide capacity is about 400K tons, and MBT is the key feedstock for about 80% of all rubber accelerator types. More than 100K tons of capacity has been suspended or shut down (about 1/3 of industry capacity). Also, 80% of China's MBT capacity is concentrated in the North of China and with the coming APEC meeting in Beijing at the end of November, environmental enforcement actions are likely to intensify, leading to further shortage in supply of MBT.
(extracted from page 2)
据我们行业草根及公司调研了解到，促进剂M 整体行业的有效产能约在40 万吨左右，同时促进剂M 是整个橡胶促进剂类别中最关键的原料，约有80%以上品种需以其作为原料。此次已确认关停的企业产能已经超过10 万吨，约占全行业的1/3。同时由于促进剂M 全国80%的产能集中在华北地区，在环保要求趋严的背景下我们预计年底北京APEC会议将加剧京津冀地区的环保整顿力度，因此供给端的冲击仍将继续和深入
MBT is the main feedstock for the production of CBS and NS (MBT based rubber accelerator). To produce one ton of CBS or NS, 0.75 tons of MBT is needed, thus the availability of MBT decides the production level of CBS and NS. Previously, before Yangguhuatai had installed their own MBT capacity, their capacity utilisation rate for NS was affected as they were not able to purchase sufficient MBT from the market.
(extracted from page 9)
促进剂M 是次磺酰胺类促进剂CZ（CBS）和NS 的主要原材料，单耗大致为0.75 左右，因此M 决定了两者的产量（阳谷华泰历史上就曾因为无法从市场上采购到足够的M 而影响促进剂NS 的开工率）。
The report also states that Yangguhuatai now has installed MBT capacity of 15K tons, while total combined capacity of NS and CBS is 30K tons. It would appear that Yangguhuatai is not self sufficient yet for its MBT supply and would not be able to achieve full utilisation for its combined NS and CBS capacity.
Looking at China Sunsine, its MBT capacity is currently 45K tons, theoretically able to support the production of 60K tons of MBT based rubber accelerators. China Sunsine does not disclose the breakdown of its total 75K tons accelerator capacity but it should be safe to say that China Sunsine is in a good position in terms of its MBT supply under current circumstances.
It follows that it is an interesting question to ask how is it that China Sunsine has over the years managed to build up its MBT supply such that it is in a good position under current circumstances?
According to their research, MBT industry wide capacity is about 400K tons, and MBT is the key feedstock for about 80% of all rubber accelerator types. More than 100K tons of capacity has been suspended or shut down (about 1/3 of industry capacity). Also, 80% of China's MBT capacity is concentrated in the North of China and with the coming APEC meeting in Beijing at the end of November, environmental enforcement actions are likely to intensify, leading to further shortage in supply of MBT.
(extracted from page 2)
据我们行业草根及公司调研了解到，促进剂M 整体行业的有效产能约在40 万吨左右，同时促进剂M 是整个橡胶促进剂类别中最关键的原料，约有80%以上品种需以其作为原料。此次已确认关停的企业产能已经超过10 万吨，约占全行业的1/3。同时由于促进剂M 全国80%的产能集中在华北地区，在环保要求趋严的背景下我们预计年底北京APEC会议将加剧京津冀地区的环保整顿力度，因此供给端的冲击仍将继续和深入
MBT is the main feedstock for the production of CBS and NS (MBT based rubber accelerator). To produce one ton of CBS or NS, 0.75 tons of MBT is needed, thus the availability of MBT decides the production level of CBS and NS. Previously, before Yangguhuatai had installed their own MBT capacity, their capacity utilisation rate for NS was affected as they were not able to purchase sufficient MBT from the market.
(extracted from page 9)
促进剂M 是次磺酰胺类促进剂CZ（CBS）和NS 的主要原材料，单耗大致为0.75 左右，因此M 决定了两者的产量（阳谷华泰历史上就曾因为无法从市场上采购到足够的M 而影响促进剂NS 的开工率）。
The report also states that Yangguhuatai now has installed MBT capacity of 15K tons, while total combined capacity of NS and CBS is 30K tons. It would appear that Yangguhuatai is not self sufficient yet for its MBT supply and would not be able to achieve full utilisation for its combined NS and CBS capacity.
Looking at China Sunsine, its MBT capacity is currently 45K tons, theoretically able to support the production of 60K tons of MBT based rubber accelerators. China Sunsine does not disclose the breakdown of its total 75K tons accelerator capacity but it should be safe to say that China Sunsine is in a good position in terms of its MBT supply under current circumstances.
It follows that it is an interesting question to ask how is it that China Sunsine has over the years managed to build up its MBT supply such that it is in a good position under current circumstances?
