JPCA Stats (May): Ethylene Utilization Sub-70% for a 3rd Month, but a Bit Better MoM

研报英文原文证据摘录

JPCA Stats (May): Ethylene Utilization Sub-70% for a 3rd Month, but a Bit Better MoM

Update

June 18, 2026 11:18 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MPetrochemical Majors | Japan Takato Watabe

Equity Analyst

JPCA Stats (May): Eythlene Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Utilization Sub-70% for a 3rd Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

Month, but a Bit Better MoM Kano Fujita

Kano.Fujita@morganstanleymufg.com +81 3 6836-8932

Ethylene capacity utilization in May 2026 was 0.8ppt higher

than in Apr, at 68.1%, while output volume rose 15% MoM as

production cuts tied to scheduled repairs, etc, eased off.

Output volumes fell YoY for many more products than those for which they

rose, but rises far outnumbered falls MoM: On Jun 18 the Japan Petrochemical Petrochemical Majors

Japan

Industry Association (JPCA) released statistics on ethylene plant utilization rates Industry View Attractive

and production volumes of major petrochemical products for May 2026 (including

inventories for selected products). Ethylene production in May fell 22.0% YoY to

325,000 tons, with the utilization rate at 68.1% (vs. 76.1% a year earlier). On a MoM Exhibit 1 : Domestic ethylene plant utilization

basis, production increased by 14.6% and the utilization rate rose 0.8ppt. YoY, lower rate

utilization rates and effects of scheduled repairs weighed heavily and resulted in a Ethylene Plant Utilization Rate (%)

steep volume fall. The rise in volume MoM reflected, again, effects of schedule 100

repairs, as well as more operating days and rising utilization rates. Scheduled 95

maintenance in May involved 2 ethylene plants at 2 companies (vs. 4 plants at 4 85