China Oil, Gas and Chemical Sector "Weekly tracker: TDI/MDI utilisation ..."

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China Oil, Gas and Chemical Sector "Weekly tracker: TDI/MDI utilisation ..."

Global Research

19 May 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: TDI/MDI utilisation down

notably Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: downstream purchases increased on higher oil price sentiment +86-105-832 8845

SOE refineries' average utilisation slightly down 0.16ppt WoW to 66.8% last week. Cheryl Wen

Utilisation at teapot refineries averaged 53.7%, down 2.4ppt WoW. According to Sci, Analyst

teapot refineries and dealers' oil product inventories fell last week, as downstream S1460525030002

purchases increased on oil price increase sentiment. China's total crude throughput fell cheryl.wen@ubs.com

233kb/d to 12,697kb/d WoW. The next adjustment window for gasoline/diesel retail +86-21-3866 8916

ceiling prices is due on 21 May. Richard Li

Chemicals: TDI/MDI utilisation down 6/7 ppt WoW S1460121090003

Ethylene: naphtha-based ethylene capacity utilisation edged up 2ppt WoW to 77% last richard-ze.li@ubs.com

+86-21-3866 8802week (vs 88% in early March), down c2ppt YoY. MTO route capacity utilisation was flat

WoW at 87%. Polyolefins: PE utilisation declined 2/5ppt WoW/YoY to 77%, PP Nayoung Kim

utilisation declined 1/13ppt WoW/YoY to 64%. PDH utilisation rose 5ppt WoW to 57%. Analyst

PVC utilisation declined 3ppt WoW to 69%, down 9ppt YoY. Aromatics chain: PX nayoung.kim@ubs.com

+44-20-7568 4010utilisation declined 1ppt WoW to 79%, while PTA utilisation fell 3ppt WoW to 61%.

Polyester filament utilisation rose 1ppt WoW to 84%. TDI/MDI utilisation fell 6/7ppt Jay LIN

WoW to 78%/75%. TiO₂ utilisation was broadly stable WoW at 77%. Analyst

S1460525070001

Inventory of PP/PVC/Silicone DMC declined WoW jay.lin@ubs.com

+86-105-832 8044