In the second quarter of the petrochemical industry, under the influence of weak demand and plummeting oil prices, product prices fell sharply and profitability also deteriorated correspondingly. Looking into the third quarter, we believe that under the backdrop of stable oil prices, the industry climate is expected to bottom out, for the following reasons:
Supply tension: Northeast Asia petrochemical manufacturers to the end of the second quarter of the main products such as ethylene, propylene, etc. have fallen into a state of cash losses. Therefore, the maintenance rate of petrochemical equipment in the third quarter is expected to be much higher than that in the second quarter, and it is expected that the supply will decrease by nearly 50% year-on-year.
Demand growth: In the second quarter, under the influence of deteriorating demand and corporate destocking, the total output of the six major petrochemical products had a negative growth, which was the only time in recent years. In the same period last year, the growth rate of total output reached 15?. Historically, demand in the third quarter was generally stronger than in the second quarter, and it is expected that the growth rate will be close to 50%.
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