Affected by the sharp rise in international oil prices, domestic petrochemical prices continued to rise slightly in August, and some reached the highest prices in recent years. It is expected that with the fall in international oil prices and the stabilization of economic growth, petrochemical prices will tend to stabilize in the near future, and some products may experience a slight drop.
According to statistics, in August, the comprehensive average price of major domestic petrochemical products was 12,462 yuan/ton, which was 2.77% higher than the previous period and 10.98% higher than the same period of last year. In terms of sub-categories, the prices of polyethylene, polypropylene, polyvinyl chloride, and polyester chips rose a lot in August, and the prices of butadiene rubber decreased slightly from the previous quarter. In terms of sub-regions, the prices of petrochemical products in East China and South Central China rose relatively faster. The price increase in the southwest region was relatively small.
The main factors affecting the price changes of domestic petrochemical products are:
The first is the rise in international oil prices. In early August, the impact of Atlantic hurricanes on the offshore oil production in the Gulf of Mexico, the decline in U.S. crude oil inventories, and the impact of BP's leaking oil pipelines in the United States led to reduced production, and international oil prices continued to rise. The spot price of WTI crude oil in New York reached a historic high of US$77.05 per barrel on August 7. In early August, the average spot price of WTI crude oil reached US$75.66 per barrel, which was a quarter-on-quarter increase of 1.68% and a year-on-year increase of 21.06%. In late August, although the price of oil began to fall, it was still at a historical high.
The second is the support of a good domestic economic situation. In the second half of the year, the domestic economic development trend is still good, the demand for various types of industrial products is relatively strong, and the price level has remained stable and slightly higher. At the same time, the shutdown of some petrochemical enterprises overhauled and reduced production also led to a steady increase in the price of petrochemical products.
Third, the price of natural rubber has dropped sharply, driving the price of butadiene rubber down. Since the middle and late July of July, Southeast Asia has entered the season for producing plastics, the supply of natural rubber in the international market has increased substantially, and the increase in price in previous periods has been too rapid. The price of natural rubber in the international and domestic markets has dropped significantly. Among them, the Shanghai Futures Exchange, natural rubber August futures prices fell by 7.31%, the spot price fell by 4.66%. Affected by the drop in natural rubber prices, domestic synthetic butadiene rubber prices have dropped.
As the overall growth of the world economy will slow down, oil prices are gradually falling, and the growth in demand for petrochemical products has also been affected to a certain extent. Therefore, it is expected that the petrochemical product market will stabilize in the later period, and prices of some products may fall.
According to statistics, in August, the comprehensive average price of major domestic petrochemical products was 12,462 yuan/ton, which was 2.77% higher than the previous period and 10.98% higher than the same period of last year. In terms of sub-categories, the prices of polyethylene, polypropylene, polyvinyl chloride, and polyester chips rose a lot in August, and the prices of butadiene rubber decreased slightly from the previous quarter. In terms of sub-regions, the prices of petrochemical products in East China and South Central China rose relatively faster. The price increase in the southwest region was relatively small.
The main factors affecting the price changes of domestic petrochemical products are:
The first is the rise in international oil prices. In early August, the impact of Atlantic hurricanes on the offshore oil production in the Gulf of Mexico, the decline in U.S. crude oil inventories, and the impact of BP's leaking oil pipelines in the United States led to reduced production, and international oil prices continued to rise. The spot price of WTI crude oil in New York reached a historic high of US$77.05 per barrel on August 7. In early August, the average spot price of WTI crude oil reached US$75.66 per barrel, which was a quarter-on-quarter increase of 1.68% and a year-on-year increase of 21.06%. In late August, although the price of oil began to fall, it was still at a historical high.
The second is the support of a good domestic economic situation. In the second half of the year, the domestic economic development trend is still good, the demand for various types of industrial products is relatively strong, and the price level has remained stable and slightly higher. At the same time, the shutdown of some petrochemical enterprises overhauled and reduced production also led to a steady increase in the price of petrochemical products.
Third, the price of natural rubber has dropped sharply, driving the price of butadiene rubber down. Since the middle and late July of July, Southeast Asia has entered the season for producing plastics, the supply of natural rubber in the international market has increased substantially, and the increase in price in previous periods has been too rapid. The price of natural rubber in the international and domestic markets has dropped significantly. Among them, the Shanghai Futures Exchange, natural rubber August futures prices fell by 7.31%, the spot price fell by 4.66%. Affected by the drop in natural rubber prices, domestic synthetic butadiene rubber prices have dropped.
As the overall growth of the world economy will slow down, oil prices are gradually falling, and the growth in demand for petrochemical products has also been affected to a certain extent. Therefore, it is expected that the petrochemical product market will stabilize in the later period, and prices of some products may fall.
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