The escalation of Sino-US trade friction has had little impact on China’s imports of chemical products. “In 2018, 81,277 tons of U.S. PX were exported to China, accounting for 0.51% of China’s total imports. my country’s PX is mainly imported from Asian countries such as Japan, South Korea, and India. The U.S. supply is limited and the freight is relatively expensive. China has imposed additional taxes on U.S. PX The 25% tariff will have little impact on the PX industry.” Cui Jing, an analyst at Jinlianchuang Chemical, said that the PX market price has dropped significantly recently, mainly due to the impact of the successive releases of new devices in China. The supply will continue to increase and the market price will still show Trending lower.
China is a net importer of pure benzene and is currently the largest importer of pure benzene in the world. The main sources of imports are: Northeast Asia, Southeast Asia and South Asia, etc., the United States is the world’s second largest importer of pure benzene. In 2017, my country imported more than 24,000 tons of pure benzene from the United States, accounting for 0.98% of the total. However, in 2018, the amount of pure benzene imported from the United States was only 75 kilograms, which is negligible. From the arbitrage analysis, the arbitrage window in Asia and the United States is open, and the US supply supply mainly comes from Asia, followed by Europe. From a market perspective, the main factors affecting the Chinese market include fundamentals and the CFR Chinese market. Compared with the industrial chain, the pure benzene market has strong independence characteristics and has limited direct impact from downstream. “The escalation of Sino-US trade friction will hardly have a major impact on the Chinese CFR market, and will in turn have a smaller impact on China’s domestic trade. However, considering the overall industrial chain, terminal industries including chemical fiber, rubber and plastics are relatively less directly affected by this trade friction. It may have a small indirect impact on the entire industrial chain.” Cui Jing said.
In the past few years, the United States has been a major source of China’s styrene ocean supply, accounting for Around 10%, but in June 2018, the Ministry of Commerce ruled that imported styrene originating from South Korea, Taiwan and the United States was dumped, and levied anti-dumping duties on the above products, of which the tax rate for the United States ranged from 13.9% to 55.7%. , U.S. styrene’s supplement to the Chinese market has dropped significantly. Among them, the total volume of styrene exported by the United States to China in 2018 was 133,200 tons, accounting for 4.6%, and the total amount was US$174.59 million. “The escalation of Sino-US trade friction has limited impact on the overall supply and demand pattern of styrene. However, affected by this, the bulk commodity and chemical sectors have generally fallen, which has brought certain psychological pressure and hedging operations to styrene, and the market linkage has declined recently.” Cui Jing express.
In 2018, my country imported a total of 418,750 tons of phenol, of which the United States exported 74,323 tons of phenol to China , accounting for approximately 17.75%, ranking second behind South Korea. From the data point of view, U.S. phenol has a great supplementary effect on China’s domestic supply. However, on March 26, 2018, the Ministry of Commerce decided to initiate anti-dumping cases against imported phenol originating in the United States, the European Union, South Korea, Japan and Thailand. Investigation, this investigation should usually be concluded before March 26, 2019, but on March 22, 2019, the Ministry of Commerce decided to extend the period of the phenol anti-dumping investigation by 6 months, that is, the deadline is September 26, 2019. Cui Jing believes that throughout the past few years, judging from the domestic anti-dumping tax point of 36% imposed on US phenol, the tax point is not low. Therefore, in the short term, the impact of the escalation of Sino-US trade friction on the import of phenol will be limited.
<span style="font-size: 16px" The direct impact is negligible. However, with the escalation of Sino-U.S. trade frictions, which has led to the recent sharp decline in commodities and stock markets, it has also caused certain pressure on the toluene and xylene markets." Cui Jing said that the U.S. has imposed tariffs on Chinese products. It involves a lot of textiles, furniture and other products. If the terminal manufacturing industry of the above categories of products is affected, it will also have an impact on the upstream aromatic chemical products. Although this impact period is long, it also causes the industry to have no confidence in medium and long-term demand. .
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