-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
The global recession will accelerate the rationalization of the refining industry
The global recession will accelerate the rationalization of the refining industryThe coronavirus pandemic and cyclical declines in oil consumption are accelerating the long-term rationalization of the global refining industry, which is shifting its center of gravity eastward to Asia
.
As a result of the coronavirus pandemic, refining margins for middle distillates such as gasoline and jet fuel have fallen to their lowest level since 2009, reducing fuel consumption by millions of barrels
per day.
This is largely cyclical, and things will get
better if major economies and their fuel consumption recover and gasoline and diesel stocks return to more normal levels.
But the crisis has exacerbated the long-term challenges faced by smaller, older, simpler-process refineries, particularly in North America and Europe, which face increasing competition
from larger, more modern refineries in Asia.
The Northeast Asian PTA market will be oversupplied
The Northeast Asian PTA market will be oversuppliedRecently, Hengli Petrochemical's new No.
5 purified terephthalic acid (PTA) plant of 2.
5 million tons/year in Dalian has been completed and put into operation
.
IHS Markit analysts said that although the current planned shutdown of some PTA units in Asia will offset the impact of new supply brought by Hengli Petrochemical's new production unit, the market will soon need to be rebalanced
.
According to IHS Markit, PTA production capacity in Northeast Asia reached 56 million mt/year in 2019 and 53.
9 million mt/year
in 2018.
In 2019, PTA production in Northeast Asia reached 52.
8 million tons, and the overall operating rate of the plant reached 94%.
PTA capacity in Northeast Asia is expected to grow rapidly at an average annual rate of about 8% by 2024, while demand growth is only half, and the operating rate of PTA installations in Northeast Asia is expected to drop significantly to about
75% from 2021.
The Japanese lubricants market continues to be weak
The Japanese lubricants market continues to be weakJapan's Ministry of Economy, Trade and Industry (METI) and the Japan Petroleum Institute recently released data showing that the Japanese lubricant market continues to weaken
due to sluggish sales in the automotive industry.
Domestic lubricant sales in May fell 27% year-on-year to 98,100 kiloliters (88,000 tons), and production fell 16% year-on-year to 145,083 kiloliters
.
According to the Japan Automobile Manufacturers Association, the number of newly registered passenger cars, trucks and buses in Japan fell 45%
year-on-year in May.
Japan's lubricant imports and exports also fell by double digits year-on-year in May, with imports down 28% year-on-year to 15,242 kiloliters and exports down 31% year-on-year to 51,535 kiloliters
.
China's petrochemical market is mired in weak demand
China's petrochemical market is mired in weak demandSpot buying of petrochemicals in China's domestic market has slowed
due to recent higher petrochemical prices, high inventories and weak end-market demand.
Since June, flooding in several provinces in southwest, central and southern China has severely affected demand
for petrochemicals needed for infrastructure development.
The performance of the ICIS China Petrochemical Index, which tracks spot market prices of petrochemicals, reflects the current weakness in demand for petrochemicals in China
.
The index fell to 877 on July 17 from 898 on July 8, below the June average of 888.
6
.
