China PE plant operating rate hits a new low since Q4 2022
Recently, many PE plants in China have shut for mainteance, leading to a significant decrease in overall operating rates. On Apr 9th, the domestic PE operating rate was around 75.21%, marking a new low since the fourth quarter of 2022. However, the PE market do not experience a significant surge.
Region |
Company |
Capacity (kt/year) |
Operating rate |
Note |
East China |
ZRCC |
HDPE/LLDPE |
300 |
shut on Apr 4, and restarted on Apr10 |
SECCO |
HDPE |
300 |
shut on Apr 4, and may restart on Apr 16 |
|
Zhejiang Petroleum & Chemical II |
LLDPE/HDPE |
450 |
shut on Apr 8 for around a month |
|
HDPE |
350 |
shut on Mar 25 |
||
LDPE |
400 |
shut on Apr 9, and may restart on Apr 12 |
||
Satellite petrochemical |
HDPE |
400 |
shut on Mar 20 for around 2 months |
|
Satellite petrochemical II |
HDPE |
400 |
shut on Apr 4 |
|
North China |
Sinopec Yanshan PC |
HDPE #2 |
80 |
shut on Apr 8, restart undecided |
Sinopec Qilu PC |
LLDPE |
120 |
shut on Dec 23, restart undecided |
|
HDPE/LLDPE |
250 |
shut on Dec 23, restart undecided |
||
HDPE |
140 |
shut on Dec 23, restart undecided |
||
LDPE |
140 |
shut on Dec 23, restart undecided |
||
Wanhua Chemical |
HDPE |
350 |
shut on Feb 1, restart undecided |
|
South China |
Sinopec Maoming PC |
old LDPE |
110 |
shut on Apr 1, restart undecided |
Sinochem Quanzhou |
HDPE |
400 |
shut on Apr 6, and may restart on Apr 13 |
|
Zhongke (Guangdong) Refining & Chemical |
HDPE |
350 |
shut on Mar 20 for around 2 months |
|
Sinopec Hainan |
HDPE |
300 |
shut on Mar 25 for around a month |
|
Central China |
Sinopec Zhongyuan PC |
LLDPE |
260 |
shut on Apr 1, and may restart on Apr 13 |
Northeast China |
PetroChina Daqing PC |
HDPE #1 |
80 |
shut on Apr 8, and may restart on Apr 13 |
LDPE #2 |
200 |
shut on Apr 8, and restarted on Apr 10 |
||
PetroChina Fushun PC |
LLDPE |
450 |
shut on Apr 8, and may restart on Apr 11 |
|
Liaoning Huajin Tongda |
old HDPE/LLDPE |
150 |
Long-term shutdown |
|
Shenyang Chemical |
LLDPE |
100 |
Long-term shutdown |
|
Haiguolongyou |
HDPE/LLDPE |
400 |
Long-term shutdown |
|
Northwest China |
PetroChina Dushanzi PC |
new HDPE/LLDPE #1 |
300 |
shut on Apr 9 |
Jiutai Energy |
HDPE/LLDPE |
300 |
shut on Mar 15, and restarted on Apr 10 |
Currently, the overall shutdown capacity of domestic plants is around 7.08 million tons.
However, the intensively shutdown plants do not provide much support to the market. Although the spot market has seen a slight upward trend, daily price increases are generally kept within 50yuan/mt, with some products and grades increase by 100yuan/mt occasionally, but their overall impact on the market is limited.
Although plants shut for maintenance intensively, many are expected to restart soon. Preliminary estimates indicate that the capacity of plants expected to restart this week is around 2.73 million tons, which would increase the domestic PE operating rate by approximately 8.6%. However, some plants will remain shut down. Overall, the probability of the operating rate dropping below 80% again is relatively low.
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