Cangzhou, Hebei – Cangzhou Dahua had more than a 10-fold growth in its net profit over the first nine months of 2017, compared with the first nine months of 2016.
In the first nine months, the company made CNY965m ($146m), according to its Q3 report released in October.
Revenue over the same period rose by 71% year on year to CNY3.1bn. During the period, Dahua sold 115 kT TDI, contributing to 87% of its total revenue.
The average price for TDI during the nine months reached CNY23,600/ton, more than double the 2016 nine-month price.
‘The TDI market was lukewarm over the first half of 2017,’ said a company filing. Product price reached its low point for the year in July.
‘With the busy season coming, the TDI plants’ active promotion as well as expected higher future price driving downstream demand, the supply-demand balance returned to normal and price bounced back,’ the filing added.
In August, the TDI price reached CNY35,000/ton and the company predicts it will remain high with upcoming maintenance at TDI facilities in China and overseas.
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