In August, China's oil and chemical industry showed signs of stabilization, with mixed performance across different product categories. According to the latest data from the China Petroleum and Chemical Industry Association, out of 64 tracked bulk products, 55 saw growth compared to the same period last year (85.9%), while 9 experienced declines (14.1%). Compared to the previous month, 36 products fell in output, representing 56.3% of the total.
Oil and gas production remained robust. Crude oil output reached 15.533 million tons, up 3.2% year-on-year. Natural gas production hit 4.06 billion cubic meters, a significant increase of 20.8% compared to the same period. Gasoline production rose by 2.2%, kerosene by 25.7%, and diesel by 8.1%. The diesel-to-gasoline ratio stood at 2.1, up 0.1 points from the previous month.
Agrochemicals, however, saw a decline. Chemical fertilizer output was 4.087 million tons, the lowest since March, growing by 8.6% year-on-year but down 8.9 percentage points from the previous month. Nitrogen fertilizer increased by 10.2%, phosphorus by 13%, while potassium fertilizer dropped by 16.9%. Pesticide output continued its downward trend, reaching 67,000 tons in August, up 4.5% year-on-year but still significantly lower than earlier months.
Basic inorganic chemicals maintained strong growth, with "three acids and two bases" seeing growth rates above 10%. Calcium carbide and ion-exchange membrane caustic soda surged by 38.7% and 31.9%, respectively. Organic materials like ethylene and methanol also saw sharp increases, though some products such as glacial acetic acid and architectural coatings declined.
Synthetic materials experienced rapid growth, with synthetic resin output hitting a record high of 1.906 million tons, up 28.8% year-on-year. PVC, polyethylene, and polypropylene all saw double-digit growth. Synthetic rubber output rose by 17.9%, although butadiene rubber dipped slightly. Synthetic fiber output reached 1.277 million tons, up 16.1% year-on-year.
Rubber products showed mixed results. Tire production fell to 25.552 million units, the lowest since March, though it still grew by 22.3% year-on-year. Radial tires, however, surged by 35.5%. Rubber shoe output climbed to 105.815 million pairs, up 17.5% year-on-year.
Prices remained volatile due to rising raw material costs and slowing downstream demand. Out of 139 tracked chemical products, 69 saw price increases in August, accounting for 49.6% of the market, while 59 saw declines (42.4%). Year-on-year, 71.9% of products saw price hikes, with only 14.4% declining.
Refined oil prices rose sharply globally, with 95# gasoline reaching $71.1 per barrel, up 10% from the previous month and 39% year-on-year. However, domestic prices remained stable, with gasoline and diesel priced at 4,400 yuan/ton and 3,870 yuan/ton, respectively.
Fertilizer prices fell in August despite remaining high. Urea prices dropped to 1,900 yuan/ton, down 5.9% from the previous month, but still up 10.1% year-on-year. Other fertilizers like ammonium phosphate and potassium chloride also saw declines.
Inorganic and organic chemical raw materials faced mixed price movements. Soda ash prices rebounded, rising 6.9% from the previous month, while caustic soda remained stable. Propylene prices jumped 53.2% year-on-year, while methanol fell 9.6%.
Rubber product prices generally increased. Natural rubber No. 1 rose 3.2% month-on-month, while butadiene and styrene-butadiene rubbers also saw gains.
Synthetic resins showed varied trends. Polystyrene prices surged 7.6% from the previous month, while PVC prices fell 14.3% year-on-year. Some specialty resins like epoxy and polycarbonate also declined.
Overall, the sector reflected both resilience and challenges, with strong growth in certain areas and declines in others, driven by global market dynamics and domestic demand fluctuations.
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