China Oil, Gas and Chemical Sector "Weekly tracker: PP/PE inventory fell..."

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China Oil, Gas and Chemical Sector "Weekly tracker: PP/PE inventory fell..."

Global Research

25 May 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: PP/PE inventory fell 6%/7%

WoW Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: utilisation edged up for SOE refineries but declined for teapot +86-105-832 8845

SOE refineries' average utilisation inched up 0.34ppt WoW to 67.2% last week. Cheryl Wen

Utilisation at teapot refineries averaged 52.5%, down 1.1ppt WoW. According to Sci, Analyst

China's crude throughput totalled 12,644kb/d, down 54kb/d WoW. Domestic gasoline S1460525030002

and diesel supply remains ample. On 21 May, gasoline/diesel retail ceiling prices were cheryl.wen@ubs.com

adjusted higher by Rmb75/70/t. +86-21-3866 8916

Richard Li

Chemicals: PDH utilisation up 6ppt WoW Analyst

Ethylene: naphtha-based ethylene capacity utilisation edged up 1ppt WoW to 78% last S1460121090003

week (vs. 88% in early March), but flat YoY. MTO route capacity utilisation rose 1ppt richard-ze.li@ubs.com

+86-21-3866 8802WoW to 88%. Polyolefins: PE utilisation increased 2ppt WoW to 79% (down 1 ppt

YoY), while PP utilisation declined 1ppt/12ppt WoW/YoY to 63%. PDH utilisation rose Nayoung Kim

6ppt WoW to 63%. PVC utilisation rose 1ppt WoW to 70%, down 9ppt YoY. Analyst

Aromatics chain: PX utilisation declined 1ppt WoW to 78%, while PTA utilisation rose nayoung.kim@ubs.com

+44-20-7568 40102ppt WoW to 63%. Polyester filament utilisation was flat WoW at 83%. TDI/MDI

utilisation fell 14ppt/2ppt WoW to 64%/73%. Jay LIN

PP/PE/polyester filament inventory fell WoW S1460525070001

jay.lin@ubs.com

According to sample inventory data, PP inventory fell 6% WoW and 14% YoY to 516kt. +86-105-832 8044

PE inventory was down 7% WoW but rose 9% YoY to 553kt.