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China PX lost pricing power, Japan and South Korea expansion
Time:2013-08-21

    The situation almost sitting in the world's largest demand market, and gradually lost in the pricing right, which had appeared in iron ore field, seems to turn up in the petrochemical industry again. But this time the protagonist is frequently lead to mass incidents of paraxylene (PX) in China.
    PX project in China due to the frequent group events and stagnation or dismount, including Hyundai , SK, Japan's Cosmo Oil , Sun Oil , etc., Asian PX major manufacturers , has begun to implement the scale of more than 5 million tons the PX production capacity expansion plans at the same time. And its main sales of products is exported to China .
    PX standard Chinese name is "xylene", which production of PTA (purified terephthalic acid ) used for downstream chemical fiber, textile industry is an important raw material. However, China's external dependence on the PX 2010 from 37.33 % to 45.57% in 2012. The domestic production capacity can only meet about 55% of requirements. While part of the project have been delayed due to mass incidents, Japanese and Korean companies have repeatedly raise prices about PX and related products to China. At present, Japan and South Korea have forced to take "monthly pricing" approach for China's imports of products PX. In June 2013, The PX prices of manufactured goods compared with the same period in 2012 rose by 200 dollars / ton CFR..
    "Now, the situation of the whole industry working for PX upstream manufacturers is forming." An industry admitted. Focusing on the downstream of the industrial chain and weakness in the field of PX price power,  China’s manufacturing industries maintain low margin.
Japan and South Korea expand production capacity to export
    Originally planned to be built in Xiamen PX project, and opposed by local residents to be transferred in Zhangzhou Gulei peninsula , although the project has not yet been formally put into production, its design of an annual 800,000 tons of production capacity has been regarded as the scale considerable. But the PX project can only be regarded as "trivial", compared to Japan and South Korea
   As China PX project frequently stalled due to environmental issues in the past two years, South Korea and Japan has begun to expand its PX production capacity. The Hyundai Oilbank and Japan Cosmo Oil joint venture to HC petrochemical in Korea Mountains on January 8, 2013, related new PX production capacity of a total of about 800,000 tons. Its products are mainly exported to China.
    In addition, six petrochemical companies in South Korea decided to expand the current PX production capacity from 6.49 million tons/year to 10.51 million tons/year, of which South Korea SK INNOVATION 's PX production capacity from the current 760,000 tons / year to 2.78 million tons / years.
    In addition to East Asian neighbors Korea, a number of PX companies including Japan Sun Oil companies also plan to expand production capacity. In the case of expanding production capacity, South Korea and Japan is increasing exports of PX and manufactured goods. Statistics show that from January to March 2013, total exports of paraxylene (PX) from South Korea amounted to 806,657 tons , an increase of 41.4% compared with the previous quarter.
    Japan PX annual output is about 2.5 million tons, of which more than 80% are exported to China. In contrast, China PX production capacity is lagging behind . Statistics show that China PX and its associated dependence on foreign manufactured goods is rising, from 37.33% in 2010 to 45.57% in 2012 . China new PX production capacity is 3.1 million tons/year between 2010 and 2012, which can only meet about 55 % of the incremental demand .
    However, due to issues related to environmental protection and social stability, including Xiamen, Dalian, Kunming, etc., a number of PX project approval stalled. At the same time, few of the State Development and Reform Commission officially approved the associated PTA PX refinery project in Chongqing Peng Wei Petrochemical Co., Ltd. , began downtime from January 24, 2013.
China lost pricing power again
     Japan and South Korea are expanding production capacity, PX prices are also rising at the same time. As the domestic production capacity is obviously insufficient, China buyers have to accept the prices of petrochemical enterprises decided by Japan and South Korea .
    "Every month Korea and Japan companies will offer a direct long-term agreements to PTA manufacturers without going through intermediate traders." A person close to PTA said, Japan and South Korea companies signed a long-term supply agreement with China’s large PTA factory, but the price is the monthly pricing .
   "Usually in coastal cities such as Dalian and Qingdao, Japanese and South Korean companies are equipped with offices. At the beginning of each month is this contract time, the price to the next month. If rise in price, it is almost entirely”the above said.
He said “China demand is bigger

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