According to the data monitored by the business community, the domestic PP market is strong after the festival, and the spot price of each brand has increased significantly. As of February 24, the mainstream offer price of T30S (wire drawing) was about 9383.33 yuan / ton, an increase of 11.49% compared with the average price at the beginning of the month.

Cause analysis

PP upstream propylene domestic market also ushered in a surge mode after the Spring Festival. The price before the festival was 7060 yuan / ton, which was 8527.27 yuan / ton as of February 23, with an increase of 18.50% in seven days. Since the resumption of work on the 18th, the price of propylene has gone up continuously, changing the downward trend of last month’s Propylene price. Now the factory stock is less, the shipment situation is more popular. In general, due to the shutdown of some units in the United States and Japan due to natural disasters, the propylene production loss is large, and the short-term recovery capacity of the units is limited. At present, the domestic inventory is low, the downstream operation rate is ideal, and the demand is strong. It is expected that the propylene price will rise again in the future.

At present, the propylene market is rising rapidly, PP is strongly supported by the cost side, and the recent increase is relatively large. At the time of commencement after the festival, there was a negative effect of capacity expansion and accumulation in the site. Donghua energy Ningbo phase II project began to put into operation, and it is reported that the propylene product production line was running smoothly. Previously, the business association had predicted that the accumulation of PP inventory prices in the two oil and petrochemical companies would gradually begin during the Spring Festival. In the near future, the PP material, grain and oil inventory range was 850000-900000 tons, and the increase of main ports in the inventory was less than expected.

But judging from the results, these two bad news failed to dominate the market. The first reason is that the price of PP is weak inside and outside. The cold disaster in the United States resulted in the reduction of crude oil production and the rise of crude oil price. In addition, many chemical enterprises in the disaster stricken areas of the United States stopped production, and the devices were frequently overhauled. Similarly, affected by the earthquake in Japan, the plant was also shut down on a large scale, and the restart time was uncertain. Worried about the shortage of chemical products, the industry’s attitude towards the price of bulk goods increased, and the external market PP generally rose sharply, boosting the domestic spot price. Secondly, affected by the local new year’s advocacy, the downstream industry has resumed work rapidly this year, and the demand for PP has warmed up rapidly. The northeast region even has a certain degree of tight supply, and the accumulated stock has declined during the Spring Festival. It is reported that on the 23rd, the two oil stocks decreased by 20000 tons to 890000 tons. But at present, the price region has been at a high level, and the downstream purchasing operation is gradually cautious.

In terms of fiber materials, according to the data monitored by the business community, as of February 24, the mainstream offers of domestic producers and traders Z30S (fiber) also rose sharply, with the price at about 9383.33 yuan / ton, an increase of 8.90% compared with the average price level before the festival. In terms of production scheduling, the proportion of domestic fiber PP production scheduling is about 13%, which increases slightly after the festival, and the overall production scheduling is stable. After the festival, the logistics and transportation gradually recovered, and the supply of domestic fiber materials was sufficient. In terms of price, it is also affected by the strong external market. In addition to the inflation expectation of the current macro market, it is expected that the market trend of fiber PP will keep pace with the drawing material.

PP meltblown material after the trend of shock based, recently rose. As of February 24, the average quotation of pph-y1500 sample enterprises monitored by business society was 11300 yuan / ton. At present, the overseas epidemic situation is still very complex, and the number of confirmed cases has further expanded. The implementation of masks in many countries has increased the demand of overseas melt blown PP, and the increase of domestic orders has raised the price of melt blown PP to a certain extent. However, the domestic demand for epidemic prevention materials remained stable. By the 22nd, the high-risk areas of the epidemic had been cleared, and there were no new cases for more than 14 consecutive days. The domestic epidemic prevention situation is stable and good, and the supply of masks and other epidemic prevention materials is abundant. The surplus of suppliers in the melt blown fabric manufacturing market has not improved, and the profit is still not ideal. The melt blown material up market, business community that the same as other brands of PP products, is a positive cost side and the common impact of tightening overseas supply. It is expected that the market trend of melt blown PP will be stable.

Future forecast

Business community PP analysts believe: after the Spring Festival, the domestic PP spot market is strong. The price of upstream propylene rose rapidly, which strongly supported the cost side of PP. The accumulation of polypropylene oil and social inventory was less than expected, and the overseas supply was continuously tightened due to complex factors. The downstream resumed work faster, the operating rate increased, and the resistance to the current high supply increased. It is expected that there will be no supply pressure on PP in the short term, but some businesses have begun to reduce prices and arbitrage, and it is expected that PP may usher in the adjustment market in the near future. In the medium term, the fundamentals are stable, and the PP market is in a good direction.

The cold wave hit southern cities in the United States, crude oil production was affected, oil prices rose, OPEC + disagreed on whether to continue to reduce production significantly, and the OPEC + meeting will be held in early March, there is a certain degree of uncertainty on the supply side. The cold wave in the United States caused the closure of refinery equipment and restricted vaccine distribution, which also affected the demand for crude oil. Considering that the cold wave has a relatively short-term impact on the supply and demand of crude oil and has a certain offset, the crude oil market still maintains a tight balance in the early stage.

There are some uncertainties in the supply side

Affected by the cold wave, the U.S. crude oil supply fell sharply, pushing up the early oil price. Due to the cold wave hitting southern cities in the United States, Texas was forced to turn off power for the first time in 10 years. The energy market fell into chaos, and all natural gas, nuclear, wind and coal-fired power plants in Texas went offline.

Western oil company of the United States suspended crude oil production in the Permian Basin; chevron closed crude oil production in the Permian Basin. The Permian crude oil production in the United States decreased by 80%, and the crude oil production in the United States decreased by more than 40%, reaching 4 million barrels / day. Recently, the temperature has gradually warmed up. The state electric power reliability Commission (ercot) said that there is enough power generation to restore the normal operation of the power grid, and it will cancel the level I energy alarm. Therefore, the shutdown of crude oil in the United States is relatively short and the impact is relatively limited. As the temperature rises and the power supply returns to normal, the crude oil supply in the United States will gradually return to the previous level. In addition, the United States rejoins the Paris Agreement, and the “Green New Deal” advocated by Biden during his election campaign is gradually being implemented, including stopping federal land leasing and oil and gas drilling, reducing fossil fuel subsidies and other measures. The recovery of shale oil production in the United States is expected to be relatively slow.

Oil price goes up, OPEC + has insufficient power to reduce production, so we should pay attention to the meeting. In view of the fact that the current oil price returns to the fluctuation range at the end of 2019 and the beginning of 2020, and Saudi Arabia voluntarily reduces production by 1 million barrels per day from February to March, if the oil price goes up, Saudi Arabia can not rule out the possibility of terminating unilateral large-scale production reduction. In addition, at the beginning of March, OPEC + will hold a meeting to discuss the adjustment of crude oil production in April, and the upward trend of oil price leads to the weak power of OPEC + to reduce production. Iran is not a member of the OPEC + Joint Ministerial Supervisory Committee (jmmc), but will attend the meeting on March 3. If Iran’s crude oil exports return to the market, OPEC + will readjust the quota allocation. Otherwise, Iran’s production increase will greatly offset OPEC +’s production reduction effect. Iran’s return to the crude oil market also involves the US’s return to the Iran nuclear agreement. It is expected that the sanctions will not be lifted in the short term. Combined with the decline of crude oil production in Libya and Nigeria due to domestic problems, OPEC + is expected to relax production reduction in April, and the specific increase amount needs to be further tracked.

Demand for crude oil is recovering

The cold wave in the United States also affects the demand for oil refining. After the cold wave, the demand for crude oil will gradually recover. Affected by the cold wave, large US refiner motiva closed Port Arthur plant, Chevron Phillips Chemical Company closed equipment, Marathon Oil Company’s Galveston Bay refinery closed, total’s Port Arthur refinery closed coking unit and crude oil distillation unit (CDU), Valero energy closed Port Arthur refinery, ExxonMobil closed Baytown and Beaumont refinery Facilities: Valero Memphis refinery in Tennessee, Chevron, Pasadena and Lyondell refinery in Houston were closed.

After the cold wave, the Oilpatch oil service in Texas resumed operation, Valero energy restarted the Corpuschristi refinery in Texas, and ExxonMobil restarted the Beaumont refinery in Texas. However, most of the affected refineries need two and a half to three weeks to resume operation, and some refineries may advance the spring inspection of about 500000 barrels per day. In addition, affected by the cold wave, vaccine distribution is limited. With the end of the cold wave, vaccine continues to be promoted and popularized, travel increases, and crude oil demand gradually recovers.

Crude oil continues to go to the reservoir

The direction of crude oil destocking remains unchanged. In the week ending February 12, US commercial crude oil inventories were 461.757 million barrels, down 7.257 million barrels on a month on month basis, returning to the five-year average; Cushing crude oil inventories were 45.016 million barrels, down 3.028 million barrels on a month on month basis. Affected by the cold wave, on the one hand, the supply decreased and the inventory declined; on the other hand, the refinery shut down the equipment, making the crude oil accumulation. With the end of the cold wave, if the supply side does not change much, the crude oil market will continue to maintain a tight balance, and the crude oil will continue to be destocked.

The US crude oil supply will gradually recover after the cold wave recedes. Whether Saudi Arabia’s unilateral production reduction will be terminated or not, and whether OPEC + will significantly increase production at the March meeting, all make the crude oil supply uncertain. Moreover, the cold wave not only affected the supply, but also led to the closure of refinery equipment, restricted vaccine distribution and the decline of crude oil demand. At present, supply and demand are still in a tight balance, and crude oil will continue to go to the reservoir, paying attention to the results of the OPEC + meeting.

1、 Polyoxymethylene market price trend chart

Price curve of paraformaldehyde

According to the monitoring of the business agency, the average price of paraformaldehyde at the beginning of this week was 6500 yuan / ton, and the average price at the weekend was 6433 yuan / ton, down 1.03%.

2、 Market analysis

On February 18, Shandong formaldehyde Chemical Industry Co., Ltd., with an annual output of 30000 tons of paraformaldehyde, offered 6000 yuan / ton of paraformaldehyde (96) including tax, which was the same as that of the year before. Linyi Shengyang Chemical Co., Ltd. has an annual output of 9000 tons of polyoxymethylene. The ex factory price of Polyoxymethylene (96) including tax is 6300 yuan / ton, which is 200 yuan / ton lower than that of a year ago. Zibo Qixing Chemical Technology Co., Ltd., with an annual output of 10000 tons of polyoxymethylene, Polyoxymethylene (96) ex factory price including tax 7000 yuan / ton, the price is the same as before. After the Spring Festival, enterprises have resumed work one after another, the market wait-and-see mood is heavy, and the enterprise quotation is relatively stable. The price of POM was higher before the festival, but some enterprises reduced their price after the festival.

The upstream raw material methanol, according to the monitoring data of the business community, recently the domestic methanol market has recovered in a narrow range. As of February 20, the average price of methanol producers in Shandong was 2267 yuan / ton, with a month on month decrease of 3.92% and a year-on-year increase of 14.09%.

3、 Future forecast

Business community polyoxymethylene analysts expect that after the festival polyoxymethylene stable operation in the short term.

On February 16, the spot price of benzene in the United States was significantly higher, because the temperature along the Gulf coast of Mexico dropped below freezing point, and many refineries shut down, but the downstream styrene price was still strong.

Spot benzene prices, based on DDP, rose 8 cents from Friday to 264 cents per gallon on February 16. Due to the holiday in the United States, there is no benzene price on February 15. Sources said spot activity had increased.

On February 12, supported by downstream styrene, the spot price of benzene began to rise. Production problems in Europe pushed the price of styrene in the region up to US $1410 per ton, which later boosted US pricing.

Us benzene prices were further supported by the temperature below zero, which brought down a number of US refineries. It is reported that ExxonMobil’s Beicheng plant with a benzene production capacity of 730000 tons / year has failed. TCEQ reported that total closed its Port Arthur plant with a benzene capacity of 104000 T / a after losing steam. Citroe closed its Corpus Christi plant with a benzene production capacity of 167000 tons per year. In addition, shell has closed its dilpeck refinery, which has a benzene capacity of 217000 tons per year. The coppers Christie plant with 343000 T / a flint hills benzene production capacity in the United States has also stopped production.

A total of 1.561 million tons / year of benzene production capacity is affected by storm related shutdown, which means that up to 4277 tons of benzene may be lost every day along the Gulf coast of the United States. In addition to the storm related shutdown, marathon crude is also preparing to maintain its Texas refinery, which has an improved unit with a benzene capacity of 400000 tons per year. The maintenance is expected to last about six weeks and may increase benzene production by 46000 tons on the market.

With the decrease of benzene production, downstream styrene producers are also facing problems. According to sources, Benlin has closed its factories in Texas City and beport, with production capacity of 500000 tons / year and 771000 tons / year respectively. On February 16, the spot price of styrene was US $1200 / ton FOB USG.

At the end of the Spring Festival holiday, the overall price of Shandong’s civil gas market has been pushed up, and it is happy to rebound. According to the data monitoring of the business community, the average price of LPG in Shandong market was 3550.00 yuan / ton on February 9 before the festival and 3900.00 yuan / ton on February 18 after the festival. The rebound rate after the festival was 9.86%, up 6.07% compared with February 1.

As of February 18, the mainstream prices of LPG in various regions of China are as follows:

Specification ﹣ mode of transportation ﹣ region ﹣ mainstream quotation

Civil gas and automobile transportation in North China: RMB 3810-3900 / T

Civil gas and automobile transportation in East China: RMB 3810-3850 / T

Civil gas and automobile transportation in South China: 3978-4100 yuan / ton

Civil gas and automobile transportation in Shandong Province: 3800-4050 yuan / ton

In February, the overall trend of LPG market is weak, and all regions in China are in a downward trend, but there are some differences in the decline range. Shandong civil gas market prices fell significantly before the festival. On the 3rd, it began to decline continuously. Before the festival, due to the decline in transportation, the downstream replenishment has ended one after another, and they have withdrawn from the market to wait and see. The market demand is limited, and the transaction atmosphere is significantly lower than that in the early stage. However, the manufacturers’ demand for stock arrangement before the festival has not been fully completed, and the prices are continuously lowered for shipment. Most manufacturers adjust according to their own situation, and the overall weakness is the main.

After the festival, the overall LPG civil market rose to varying degrees, and the market rebounded. Shandong market actively pushed up on February 18, with an increase of 300-400 yuan / ton compared with that before the festival. At present, the mainstream price of civil gas in Shandong market is about 3950-4050 yuan / ton. After the festival, international crude oil continued to rise, the news is good for the civil gas market. And after the festival, the demand for storage and replenishment in the downstream is positive. The overall delivery situation of manufacturers is good, inventory is mostly at a controllable level, and most regions are actively pushing up.

However, the LPG futures market fell slightly, with limited positive effect on the spot market. On February 18, the opening price of LPG futures contract 2103 was 3350, the highest price was 3377, the lowest price was 3289, the closing price was 3314, the former settlement price was 3335, the settlement price was 3326, down 21, or 0.63%. The trading volume was 47116, the position was 37974, and the daily increase was 1817. (quotation unit: yuan / ton)

Before the festival, the price continuously bottomed to a relatively low level. At present, the market has rebounded. The rise of international crude oil has brought obvious support to the market. In addition, the demand for downstream storage and replenishment at the end of the holiday has made the overall transaction atmosphere of the market active. Most of the manufacturers’ inventories are controllable, and it is expected that Shandong civil gas market may still rise in the short term.

1、 Price trend

According to the bulk data monitoring of the business community, as of February 7, the average price of refrigerant R22 was 14150 yuan / ton, up 1.07% from 14000 yuan / ton at the beginning of the week, and down 22.11% from the same period last year.

According to the bulk data monitoring of business news agency, as of February 7, the average price of refrigerant R134a was 19766.67 yuan / ton, up 0.57% from 19666.67 yuan / ton at the beginning of the week, and down 15.21% from the same period last year.

2、 Market analysis

R22, this week the refrigerant R22 market is relatively stable, the price change is not much. Near the Spring Festival, downstream demand stagnates, traders continue to withdraw from the market, the price is stable operation, the market transaction atmosphere is weak, there is no obvious price fluctuation before the festival, and the industry is more bearish after the festival. At present, R22 market quotation is around 13500-15000 yuan / ton, Shandong quotation is about 14000 yuan / ton, Zhejiang quotation is about 14000-15000 yuan / ton, Hunan quotation is about 14000-14500 yuan / ton, Shanghai quotation is about 14000 yuan / ton, short-term price is stable.

R134a, the refrigerant R134a market is stable this week. The price of raw material hydrofluoric acid is rising, and the cost support is strong, but the demand drags down the market, the short-term market is relatively stable, and the price is difficult to change before the festival. At present, R134a market quotation is mostly in the range of 19000-22000 yuan / ton, Shandong quotation is about 20000 yuan / ton, Zhejiang quotation is about 19000-21500 / ton, Hunan quotation is about 20500-21000 / ton, Jiangsu quotation is about 22000 / ton, Shanghai quotation is about 20000 yuan / ton, and the short-term price is stable.

Hydrofluoric acid as raw material. On February 7, the mainstream price of domestic anhydrous hydrofluoric acid manufacturers was 10000-11000 yuan / ton, and the ex factory price trend of on-site merchants increased slightly. Domestic hydrofluoric acid manufacturers had a general operating rate, and the supply of on-site goods was slightly tight. Affected by the rising price of fluorite, the demand of downstream refrigerant industry was general, and the on-site purchase was mainly on demand. It is expected that the on-site price will increase slightly in the later stage High.

Trichloromethane: on February 5, the market of methane chloride in Shandong went up, and the market price of methane chloride in Shandong went up. The mainstream quotation of dichloromethane market was 2780-2800 yuan / ton, and the mainstream quotation of trichloromethane market was about 2240-2300 yuan / ton. At present, the market is dominated by shock adjustment. The trading situation of the industry is general, the enterprises start to reduce the burden, the inventory is low, and the upstream liquid chlorine market is high, The price of methane chloride was well supported, and the demand of downstream market was flat, so the market support was insufficient. Shock adjustment is expected in the short term.

3、 Future forecast

Business analysts believe that the current cost support is strong, but the market has entered the holiday mode, demand stagnates, the price is not easy to fluctuate, and price stabilization is the main operation. It is expected that the price of R22 and R134a will run smoothly before the festival.

1、 Price trend

This week, the ex factory price of urea in Shandong rose, from 2060.00 yuan / ton at the beginning of the week to 2126.67 yuan / ton at the end of the week, up 3.24%, 28.89% year-on-year. Overall, the urea market rose this week, with the urea commodity index at 98.91 on February 5.

2、 Market analysis

From the manufacturer’s quotation, the mainstream factory price of urea in Shandong rose this week. Yangmei plain urea quoted 2150 yuan / ton this weekend, up 90 yuan / ton compared with the beginning of the week; Shandong Ruixing urea quoted 2110 yuan / ton this weekend, up 60 yuan / ton compared with the beginning of the week; Mingshui chemical urea quoted 2120 yuan / ton this weekend, up 50 yuan / ton compared with the beginning of the week.

On the demand side, the agricultural procurement in the mainstream areas is cautious, and there is an appropriate amount of fertilizer preparation. Affected by the air pollution control, some plate enterprises shut down, the starting load of compound fertilizer enterprises is not high, and the industrial demand is limited. On the supply side, some gas head enterprises plan to resume production, and urea production is gradually increasing.

Internationally, the international urea price has soared since January, and the price in some regions has risen to the highest level in recent years, and the price is still expected to rise in the short term. The rise of international urea price has helped to increase the domestic urea export price. At present, the export price of urea is basically in line with the domestic price. Affected by the continuous rise of international urea price, the domestic urea price is not high either It’s going up.

From the data of upstream and downstream industry chain: the overall price of upstream products of urea this week fell greatly: the price of liquefied natural gas dropped sharply, from 4183.33 yuan / ton at the beginning of the week to 3226.67 yuan / ton at the end of the week, with a decrease of 22.87%, a year-on-year increase of 4.42%; the price of liquid ammonia this week was temporarily stable, with a quotation of 3383.33 yuan / ton, a year-on-year increase of 23.33%. Melamine in the downstream of urea rose this week, from 7033.33 yuan / ton at the beginning of the week to 7200.00 yuan / ton at the end of the week, up 2.37%, 21.35% year-on-year compared with the same period last year. Overall, urea cost support is weak this week.

3、 Future forecast

In the middle of February, the urea market in Shandong may fluctuate slightly. Urea analysts of business news agency believe that at present, the agricultural demand is general, the industrial demand is limited, the urea supply is increasing, the international urea price is rising, and the domestic urea market is expected to fluctuate slightly in the short term.

According to the data monitoring of business news agency, as of February 5, the reference average price of 30% grade phosphorus ore in mainstream areas in China was around 403 yuan / ton, which was basically the same as the price in early February (February 1). Compared with the price in early January (reference average price on January 1 was 396 yuan / ton), the average price increased by 7 yuan / ton, or 1.68%.

With the Spring Festival approaching, the domestic phosphorus ore is in stable operation

In February, near the Spring Festival, China’s domestic phosphorus ore market as a whole continues to maintain a stable consolidation operation, downstream demand is gradually weakening, downstream users have basically suspended receiving new orders, the market trading atmosphere is cold, the price adjustment before the festival is limited, it is heard that the actual transaction price in Guizhou is slightly low, and enterprises mainly focus on the delivery of early orders and a small amount of shipping.

At present, the phosphorus ore market in the first week of February is weak and stable. As of February 5, the price of 28% ammonium phosphate ore in Hubei Province is around 370-390 yuan / ton, and the price is basically stable. Guizhou region: 30% grade phosphate ore car plate quotation reference 340-380 yuan / ton nearby; 28% grade phosphate ore car plate quotation reference 280-320 yuan / ton nearby. Guizhou Xinxin group mainly supplies more than 28% quality phosphate rock. At present, the phosphate mine is still in operation. There is a pressure plan during the Spring Festival. The price of 30% phosphate rock is around 380 yuan / ton. Guangxi region: 28% of the price of phosphate rock slab is around 290-320 yuan / ton, and 30% of the price of phosphate rock slab is 340-370 yuan / ton. The quotation of 30% grade phosphate ore car plate in Guangxi songgan business is around 350 yuan / T; the quotation of 28% grade phosphate ore car plate is around 300 yuan / T.

In terms of downstream and yellow phosphorus, the domestic yellow phosphorus market continued to maintain a stable finishing operation, and the downstream orders received before the festival were small. As of February 5, the domestic yellow phosphorus reference price was 16700 yuan / ton, up 0.2% compared with February 1 (16666.67 yuan / ton). Phosphoric acid market is in weak and stable operation before the festival.

New orders in the lower reaches are gradually reduced, and the market of phosphorus ore is mainly stable

With the coming of the new year, downstream enterprises in the domestic phosphorus ore market have suspended receiving orders one after another, and the mines are mainly supplying orders from old customers in the early stage. Phosphorus ore analysts from the business community believe that the phosphorus ore market is mainly stable on the eve of the Spring Festival.

As of February 15, 2021 or as permitted by the contract, Dow Chemical will, on behalf of itself and its applicable consolidated subsidiaries (“Dow”), increase the prices of all grades and packaging types of the following TDI products in North America by US $0.01 per pound: Product Name: voranate.

polyethylene

In 2020, the import volume of HDPE will be 9.1 million tons, an increase of 14% over the previous year; LLDPE will be 6.7 million tons, an increase of 17%; LDPE will be 3.4 million tons, a decrease of 1%; EVA will be 1 million tons, a decrease of 3%. Production in North America and Eastern Europe increased significantly, while supply in the Middle East grew little.

China has recovered rapidly from the pandemic, and by June 2020, the import volume of ethylene polymer has set a new record. In the third quarter, the import volume of ethylene polymer continued to maintain a high level, but slowed down in the fourth quarter. During this period, the import volume usually surged before the decline of manufacturing industry. Due to the Lunar New Year (February 12, 2021). The shortage of containers may lead to a decrease in quantity and a rise in price, with an average price of US $1096 per ton in December.

Despite a substantial increase in China’s total imports, supply from the Middle East grew by only 1% to 9.2 million tons. Imports of polymers from Saudi Arabia, Iran and Qatar decreased, but supply from the UAE increased strongly.

Supply in the Asia Pacific region increased by 7% to 8.2 million tons. Imports from North America (the United States and Canada) increased by 65% to 1.8 million tons. Imports from Eastern Europe (mainly Russia) surged 204% to 1.1 million tons.

polypropylene

In 2020, China’s polypropylene import will increase by 25% to 6.8 million tons.

Imports from the Asia Pacific region increased by 24% to 4.9 million tons; imports from the Middle East increased by 26% to 1.4 million tons, and all other regions. From August to December, the average price soared to $1190 per ton.

China’s largest and fastest-growing import sources include South Korea, Taiwan, the United Arab Emirates, Saudi Arabia, Thailand, India, Japan and Malaysia.

Due to the epidemic and the Spring Festival, imports were slow in the first quarter. However, with the epidemic under more control and the increasing demand for PP products at home and abroad, imports reached a record high of 850000 tons in June. Then the output slowed down, stabilized at about 600000 tons per month from August to November, but dropped to 554000 tons in December.

Given the traditionally strong annual import volume since December, at least from December 2016, the annual import volume has been strong since December, as buyers increase production before each lunar new year (February 12, 2021). Rising freight rates, container shortages and slowing demand may be factors to consider.