Polyethylene is one of the fastest-growing synthetic resins in China

By virtue of its excellent performance, polyethylene is regarded as one of the fastest-growing synthetic resins of China as per a report by Research and Markets. Currently, China has become the largest polyethylene import country and the second largest consumption country in the world. Influenced by global high oil price, RMB appreciation, state monopoly for marketing of Sinopec and broadening marketing of PetroChina in 2005, the polyethylene industry maintained the stable development momentum. The export increased remarkably yet the import declined, and the dependence degree decreased by 1.81% year on year. As of Q1 2006, domestic polyethylene output, apparent consumption, import and export of China respectively amounted to 1.46 mln tons, 2.65 mln tons, 1.23 mln tons and 23,000 tons, up by 21.4%, 9.4%, -1.4% and 57.9% over the same period of last year; and the dependence degree of the industry also declined by 5.36% and 45.78% year on year. Judged from the development trend of polyethylene industry in recent years, in terms of cost pressure, the international price fluctuation of crude oil (one of the main raw materials of polyethylene) has become the key factor influencing the production cost and market of polyethylene; in respect of supply and demand, along with the gradual release of newly-increased production capacity, the growth rate in polyethylene supply will remain at about 20%, hence domestic supply ability will be further strengthened and import will be reduced; as for the market, affected by the state monopoly marketing policies of Sinopec, the market fluctuation will be gradually alleviated and the market will keep stable on the whole; as to the marketing, the continuous structural optimization of PetroChina and Sinopec will lead to more reasonable resource allocation of polyethylene, and internal unreasonable competition will be eliminated step by step, presenting its increasingly enhanced leading role in the industrial market.
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