August Petrochemical Industry Steady and Rapid Growth

According to the latest industry economic operation report released by the China Petroleum and Chemical Industry Federation, in August, the output of major products maintained rapid growth; the market supply and demand remained basically stable, and prices generally rose steadily; import growth slowed down, and exports maintained a better situation; Industry investment continued to grow steadily.

According to the report, as of the end of August, there were 36,063 enterprises above designated size in the industry. The total output value reached 727.83 billion yuan this month, a year-on-year increase of 25% and a 2% increase from the previous period, accounting for 12.24% of the country's total industrial output value. Among them, the output value of new products was 37.33 billion yuan, a year-on-year increase of 23%. From January to August, the total output value of the industry was 5.55 trillion yuan, an increase of 36.5% year-on-year, of which output value of new products was 301.96 billion yuan, a year-on-year increase of 45.6%.

In August, the output of major domestic petrochemical products continued to maintain a relatively rapid growth, especially for products such as crude oil and ethylene, which have continued to grow rapidly this year. The overall price trend of the petrochemical industry remained stable, with the increase basically unchanged from the previous month. The petrochemical industry's product sales rate was 99.3%, an increase of 0.45 percentage points year-on-year, an increase of 1.1 percentage points from the previous month, and the connection between production and sales remained smooth. From January to July, the total import and export volume of the industry was US$257.798 billion, an increase of 53.5% over the same period last year. From January to August, the total investment of the industry was 688.167 billion yuan, a year-on-year increase of 15.7%, and the growth rate was 3.4 percentage points higher than the same period of last year.

The petrochemical federation predicts that in the fourth quarter, the petrochemical market will still be steadily operating, but some local market adjustments may increase. Judging from the current economic environment and market demand at home and abroad, in the fourth quarter, the domestic oil and chemical industry price level will continue to narrow.