A massive surge in China's manufacturing capacity for paraxylene, a petroch...
) and Hyundai Cosmo Petrochemical and domestic producer Dalian Fujia are expected to drop further, likely causing a rollback in output and decline in earnings.
China’s Hengli Group launched in March a PX plant capable of producing 4.5 million tonne per year in the city of Dalian and Zhejiang Petrochemical is slated to start a 4 million tpy plant in Zhoushan late in 2019. “The $600-$700 margin was crazy and unlikely to be repeated,” said Ma Xiumei, a purchasing executive at Hengli Group, which has cut its PX imports by nearly half this year.
“One of our headaches for the latest earnings was falling margins of PX,” said Yoshiaki Ouchi, JXTG’s senior vice president earlier this month after firm reported a 88% slide in quarterly profit.
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