In August, China's oil and chemical industry maintained a stable production level. According to the latest data from the China Petroleum and Chemical Industry Association, out of 64 tracked bulk products, 55 showed growth compared to the same period last year, representing 85.9% of the total, while 9 products declined, accounting for 14.1%. Compared to the previous month, 36 products saw a decrease, or 56.3% of the total. Notably, inorganic chemical products and synthetic materials continued to grow rapidly, while agricultural chemicals such as fertilizers and pesticides, along with tires, experienced a significant slowdown in growth.
Oil and gas production remained at a high level in August. Crude oil output reached 15.533 million tons, up 3.2% year-on-year. Natural gas production was 4.06 billion cubic meters, increasing by 20.8% compared to the same period last year. Gasoline production rose to 4.543 million tons, an increase of 2.2%, while kerosene production climbed 25.7% to 983,000 tons. Diesel production increased by 8.1% to 951.9 million tons. The diesel-to-gasoline ratio stood at 2.1, up 0.1 points from the previous year.
The output of agrochemicals decreased in August. Chemical fertilizer production totaled 4.087 million tons, the lowest since March, with a year-on-year increase of 8.6%, but down 8.9 percentage points from the previous month. Nitrogen fertilizer output reached 2.945 million tons, up 10.2%, phosphorus at 888,000 tons, up 13%, and potassium fertilizer at 255,000 tons, down 16.9%. Pesticide output fell to 67,000 tons, the lowest since March, up 4.5% year-on-year. Insecticide output remained flat, while fungicides rose 15.2% to 0.6 million tons, and herbicides dropped 7.2% to 15,000 tons.
Basic chemical raw material production grew rapidly. Inorganic chemical raw materials continued their upward trend, with the "three acids and two bases" growing at over 10% year-on-year. Calcium carbide and ion-exchange membrane caustic soda rose by 38.7% and 31.9%, respectively, reaching record monthly outputs of 722,000 tons and 306,000 tons. Organic materials like ethylene and methanol also saw strong growth, with ethylene up 33.5% to 669,000 tons and methanol up 21.7% to 438,000 tons. However, glacial acetic acid, architectural coatings, and pigments declined slightly.
Synthetic resin output hit a new monthly high of 1.906 million tons, up 28.8% year-on-year. PVC production reached 555,000 tons, rising 32.6%, polyethylene at 491,000 tons, up 34%, and polypropylene at 435,000 tons, up 14.8%. Synthetic rubber output was 135,000 tons, up 17.9%, though butadiene rubber fell by 7.8%. Synthetic fiber output reached 1.277 million tons, up 16.1%.
Rubber product output saw mixed results. Tire production dropped to 25.552 million units, the lowest since March, but still up 22.3% year-on-year. Radial tire output rose 35.5% to 12.388 million units, while rubber shoe production increased to 105.815 million pairs, up 17.5%. Prices fluctuated due to high energy and raw material costs, as well as slowing downstream demand, leading to volatile market conditions.
Refined oil prices remained stable domestically despite rising international prices. International gasoline (95#) reached $71.1 per barrel, up 6.9 dollars from the previous month and 10.8% higher than July. Diesel prices were $72.2 per barrel, up 0.2 dollars, and aviation kerosene at $74.4 per barrel, up 4.4 dollars. However, domestic ex-factory prices for gasoline and diesel remained at 4,400 yuan/ton and 3,870 yuan/ton, respectively.
Fertilizer prices declined in August. Among 13 tracked fertilizer products, 10 saw price drops, with urea, ammonium phosphate, and potassium chloride falling. Urea averaged 1,900 yuan/ton, down 5.9% from July, but up 10.1% year-on-year. Ammonium bicarbonate and monoammonium phosphate prices also dropped slightly, while diammonium phosphate and potassium chloride saw modest declines.
Inorganic and organic chemical raw materials faced mixed price movements. Of 26 inorganic products, 15 saw declines, while 11 rose. For 62 organic products, 33 fell and 24 rose. Overall, prices were higher year-on-year. Soda ash prices rebounded due to increased demand and exports, reaching 1,550 yuan/ton, up 6.9% from the previous month. Caustic soda prices remained stable, while hydrochloric acid, nitric acid, and other chemicals saw slight declines.
Rubber product prices generally rose. Natural rubber No. 1 was priced at 14,000 yuan/ton, up 3.2% month-on-month, while butadiene rubber rose 2.6% to 15,800 yuan/ton. Styrene-butadiene rubber increased 3.4% to 15,000 yuan/ton. Other rubbers like nitrile and EPDM also saw price increases.
Synthetic resin prices fluctuated. Polystyrene prices rose 7.6% to 12,000 yuan/ton, while PVC dropped sharply to 6,950 yuan/ton, down 14.3% year-on-year. Epoxy, polyether, and polycarbonate prices also declined.
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