Chemical Reactions: July 2026: PX spread jumped to highest since Aug 2024. Shandong tightens enforcement of ‘20-yr old‘ capacity phaseout

Research evidence excerpt

Chemical Reactions: July 2026: PX spread jumped to highest since Aug 2024. Shandong tightens enforcement of ‘20-yr old‘ capacity phaseout

J P M O R G A N Asia Pacific Equity Research

17 July 2026

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Chemical Reactions

July 2026: PX spread jumped to highest since Aug

2024. Shandong tightens enforcement of ‘20-yr old’

capacity phaseout

We relaunch our monthly chemical reactions series which outlines recent trends in Head of Asia Energy & Chemicals |

the refining and chemicals space and contains key spreads, demand, trade flow, Asia EV Battery

policy, inventory and our current top picks/avoids. Please click on the link below Parsley Ong AC

to jump to the interested section: (65) 6882-8578

parsley.rh.ong@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

Anti-involution Update J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Michelle Wong

2Q Results Tracker

(852) 2800 8556

michelle.wong@jpmorgan.com

Export Data Read J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

China Chemical Demand/ Inventory/Operating rate Vicky Hsia

(852) 2800 3752

vicky.hsia@jpmorgan.com

Chemical price/spread signals J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Share Price Performance

We expect Asia Energy/Chemical companies to report a 2Q beat (see Korea/India

Asia chemicals 2Q26 reporting calendarpreview, Taiwan Energy 2Q wrap), but see the beat by refining companies to be

Red text denotes companies that have pre-