October oil and chemical market turmoil

According to the analysis report of the Information Department of China Petroleum and Chemical Industry Association, in October, China's petroleum and chemical industry generally maintained a good momentum of development. Rapid growth in production, 80% of products continued to grow; affected by the continued deep decline in international crude oil prices and the downstream demand for some products, the chemical product market experienced a downward trend, with most product prices rising, falling, and falling .
In October, domestic oil and chemical production maintained rapid growth as new and expanded capacity was put into production. Of the 65 major petroleum and chemical products that were tracked, production increased 55 compared with the same period last year, accounting for 84.6%, of which 40 were increased by more than 10%, accounting for 61.5%. Natural gas, chemical fertilizers, pesticides, basic chemical raw materials, synthetic resins, etc., grew more rapidly, and the production of photographic films, glacial acetic acid, polypropylene fibers, and petroleum asphalt declined compared with the same period of last year, of which the decline in photographic film was as high as 94%.
In October, the domestic chemical market prices showed a downward trend. According to data from the China Petroleum and Chemical Industry Association, the prices of 155 chemical products that were tracked were down by 70 in the previous month, accounting for 45.2%, up 62, accounting for 40%, which was a decrease from the previous month since April. For the first time, the proportion exceeded the rising proportion; despite the rebound of inorganic chemicals in the month, prices of domestic organic chemical raw materials, synthetic resins, rubber, and other products all fell significantly due to the sharp drop in oil prices. The fertilizer market also continued to slump, and the entire chemical market was ups and downs. The pattern has a fundamental impact. Compared with the same period of last year, the price was flat or rising accounted for 65.8%, down 34.2%.

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