Bad business situation has become The chemical industry norm, 2015 is no exception, and in 2016 will continue. BASF chairman Kurt. Said a letter to shareholders in February of this year “,” we are in the decades of the most turbulent period in 2015, an average price of $52 a barrel, only half of 2014. Oil prices fell sharply not only shows that the excess oil supply, and that the global economic slowdown, especially in emerging economies”.

A slowdown in economic growth in emerging economies has been reflected in the list. In this year’s list of the top ten, still only Sinopec, Saudi Basic Industries and taishu the three emerging economies of the enterprise, but they are relatively stable. Other emerging economy companies ranked a sharp decline in this year’s list, such as the Brazil branch company, Thailand Blass PTT global chemical company and the United Arab Emirates IPIC have fallen off the list before twenty.

Mergers and acquisitions to reshape the market pattern

The next one or two years, A merger or acquisition will enable the global chemical industry The chemical industry re qualifying, especially some large mergers and acquisitions.

This year’s biggest Chemical manufacturers again flower in Europe and West Asia and Africa, the 34 list of Europe, West Asia and Africa region enterprises, Chemical industry average sales revenue reached $12 billion 700 million, down 2%. a year ago and in terms of profits, America enterprise is ahead of the rest. This year’s list of Americas 40 companies, Chemical industry average profit rate is 15%, is the highest in all regions. America enterprises on the list in 2015 sales revenue of $10 billion 100 million on average.

The list of Companies in the Asia Pacific region this year Chemical industry average profit rate of only 7.8%, significantly lower than America, Europe, West Asia and africa. In addition, the Asia Pacific region on the enterprise scale is smaller than the rest of this year, 35 companies on the list of the average sales revenue of $9 billion 900 million.

Affected by the decline in oil prices, the 56% companies on the list in dollar terms Chemical sales income decline, mainly because in 2015 the majority of product prices, while part of the currency devaluation.

Overall, this year’s list of 106 companies Chemical industry average sales revenue over the previous year decreased by 4%, to $10 billion 800 million, ranking companies Chemical sales revenue fell even more sharply. The top ten companies only MITSUBISHI chemical company Ineos Chemical sales income increased, 6 Enterprises Chemical sales revenue fell 20% or more than the previous year.

However, the 2015 profit of companies on the list is growing. In this year’s rankings, 74% of corporate profit growth in 2015, the list of enterprises Chemical industry average profit rate reached 12.3%. America Leading the profitability of chemical enterprises

As one of the highlight of this round of tax reform of environmental tax, significantly speeding up the process of legislation. adidas cloudfoam homme In June last year, the draft legislation for public comment in August 29th this year, Nike Air Max 2018 Homme the NPC Standing Committee for deliberation, the NPC Standing Committee in December 20th for the two time to consider.

It is reported that, in accordance with the principle of legislation, environmental tax is a tax shift from the sewage charges “,” translation “to the environmental tax levied on all existing sewage charges and consistent, levied for atmospheric pollutants, New Balance 530 homme water pollutants, Chaussures nike solid waste and noise.

Deputy director of the Standing Committee of the NPC Law Committee of the law department Wang Qing introduced, Nike Blazer High femme compared to the previous system of sewage charges, there are mainly two different environmental law. One is the provisions of the air pollution and water pollution tax rate. Up to 10 times for each air pollutant pollution equivalent to 1.2-12 yuan, Adidas Yeezy 350 Femme water pollutants for each pollution equivalent to 1.4-14 yuan. New Balance 1400 homme The two is based on the reduction to increase a tax relief provisions that taxpayers taxable emissions of air pollutants concentration or water pollutants value is lower than the standard 30%, reducing the environmental protection tax levied by 75%.

Director of the Ministry of Finance Tax Secretary Wang Jianfan said that the current financial system, sewage charges is the implementation of the central and local 1 to 9 into, considering the local governments bear the primary responsibility for pollution control, environmental protection tax will be after all as the local income, no longer participate into the central.

The environmental protection law, will start from the tax lever to make the enterprise more sewage will pay more, less sewage can enjoy tax relief, ugg classic short through the transformation of the construction to promote the adjustment of economic structure and development mode of the green tax system, the formation of effective incentive mechanism, forced corporate emissions.

Environmental monitoring,

China is the world’s largest PTA production and consumption country, the upstream from the PTA factory to the intermediate traders to downstream polyester plant PTA have been involved in the futures market, the active use of futures hedging, PTA futures development has been more mature.
PTA serious excess capacity, when the high price of PTA, the industrial capital will enter the market hedging, so the price of PTA in the year of the bull market in commodities prices limited. Considering the industrial capital is concentrated, adequate supply of new funds into the only PTA trend stage effects, and will not change the overall operation mode of PTA.
Influx of new money to promote the sharp rise in the price of PTA, the short term will boost the industry chain downstream market psychology to a certain extent, but also can continue to need to see whether you can get a rise in the price of the industry chain cooperation.

PTA downstream polyester into the season needs better, PTA operating load of a lower overall supply and demand in a tight balance.
The current PVC futures have relative cash discount, and the 23 day after the limit of the basis is very rare, crude oil futures fell futures fell so does not support PVC.
At present, OTC funds involved in large amount, the fierce market game, the market outlook is still need to change close side injection. But the fundamental outlook continued to rise and the cost of terminal does not support the PTA price, PTA price will remain volatile in the processing of interval constraints, the market expected difficult market trend appears big.

In October 20th, PTA has always been low-key suddenly heavy volume masukura. AIR MAX 2016 At the close, PTA main 1701 contract increased 573 thousand and 500 hands, Masukura single day so much for the first time. All the total contract Masukura about 700000 hands, Josh Brown since positions hit new high. nike air max tavas The date of the contract rose 2.12%, more than three months since the biggest rise.
The entire commodity market environment and PTA own situation to attract foreign capital in favor of industry. Polyolefin, methanol and PVC have good gains, while PTA remained at the bottom of the weak shock, AIR MAX 90 there have been no decent rebound in the price depression compared with other commodities, which attracted the attention of speculative funds.

October PTA mainstream manufacturers of equipment maintenance, ugg men while the downstream polyester in season, Air Jordan 6 the load level is high, October to the inventory of larger efforts, the current social inventory and stock consumption ratio is not high; in addition, on the price of crude oil rose to $50, Nike Air Max 2016 Dames Roze the downstream polyester sales situation is good, the price is rising, polyester factory inventory at a reasonable level. Army Black Knights The production profit is good, adidas gazelle pas cher compared with the PTA production profits has been 400 yuan in the low level,

According to customs statistics, 1-8 months in 2016 total imports of ethylene glycol in 4807393883 kg, adidas original superstar 80s femme compared with last year, down 17.90%, imports amounted to $3071087330, Nike Air Force 1 femme compared with last year, down 39.88%. 1-8 month 2016 total export volume of ethylene glycol in 9696412 kg, compared with last year reduction of 48.65%, Ezekiel Elliott College Jersey exports amounted to $14585104, AIR MAX LD-ZERO compared with last year, Yeezy Boost 350 V2 down 43.22%.

In general, Nike Air Max Norge Nettbutikk Sko good performance of existing peripheral oil for support, and work to ensure stable downstream polyester, but these positive factors still cannot let glycol cause conflagration. Nike Air Max 2011 Homme At present, Pat Tillman Jerseys the ethylene glycol and tepid state short-term difficult to change, Maglie Chicago Bulls and the current domestic production capacity of large, overcapacity problem will be highlighted, New Balance 996 hombre the future is expected to maintain an optimistic attitude,

Compared to titanium dioxide and TDI rising this year, Kanken Backpack Sale UK ethylene glycol market ambition, Adidas Yeezy 550 Femme just last week view, air max femme nike internationalist femme China’s ethylene glycol market as a whole to discuss the atmosphere of strong shocks, bottes uggs but the overall market still gives people a feeling of stalemate. Air Jordan 10 Homme

Early last week, the domestic enterprises of ethylene glycol ex factory price at 5356 yuan / ton, ADIDAS ZX 700 Nike Roshe Run Femme by the end of the week the average price of 5361 yuan / ton.

Oil prices also support a cause of ethylene glycol market last week, the international oil prices fell slightly after earlier, U.S. buy wow gold nike free 4.0 v3 uomo crude oil futures in December once refresh 15 month high to $52.22 / barrel, U.S. Air Jordan 11 Uomo New Balance 997.5 homme EIA crude oil inventories unexpectedly boosted oil prices drop greatly reduced.

Last week, the operating load of ethylene glycol in about 76% decline in the previous month, air jordan 4 femme Anhui Huaihua, air max 1 Inner Mongolia Tongliao, Henan coal (Puyang), Henan coal (Xinxiang) is still in the parking. SCARPE NIKE AIR MAX UOMO

adidas stan smith homme bleu Although there is an increase in the port inventory base but is still low, closing on Thursday to the main inventory statistics in East China MEG in 561 thousand and 400 tons, louboutin pas cher femme compared with the previous week inventory increased 48 thousand tons. adidas pas cher Downstream,

Since 2015, polyolefin price dip, up 2 out of this year. But the LLDPE spot prices are still in the vicinity of 9000, while PP has a big rebound this year, but the price level is still in a low level of 8000. The East China MTP cost, propylene monomer and PP feed back a granulation price respectively is 8070, 6975 and 7150, and PP1701 on the spot still has more than 200 of the premium, thus, the space below is not PP.

The current stock of tight supply situation. As of October 21st, petrochemical stocks continue to decline to 535 thousand tons of low. Sinopec is still stable in very price, on the spot of the strong support, and overall social inventory mainly concentrated in the hands of the traders, especially PP.

From the change of expected stock supply, which mainly include domestic (granules, return material supply and import two pieces). As of October 17th, the domestic polyolefin plant basically have to restart. PE only Lanzhou Petrochemical 170 thousand tons HDPE and 80 thousand tons of Yanshan Petrochemical 60 thousand tons of HDPE, LDPE and PP, restart the program, in addition to several long-term parking device, only the Hebei Haiwei Yanan refinery 300 thousand tons, 100 thousand tons and 150 thousand tons of Jinxi petrochemical PP unit has plans to restart.

From the material aspect, since 2015 the implementation of environmental policies, domestic feed back supply fell sharply. Although this year the return of low-cost advantage appeared again, but subject to the continuing impact of environmental policies, is expected to supply material difficult to rebound.

Although the rebound in domestic demand is steady, but due to internal and external disk continued upside down, imports are expected to grow to. Enter the “silver ten”, polyolefin demand into the season cycle, the downstream demand growth trend is still in, and the agricultural product operation rate is steadily recovering. As of October 20th, LLDPE and PP were respectively -397 and imported profit -487 yuan / ton, upside is still obvious. Therefore, the import growth was just for growth, will not exceed the expected rise, it is difficult to form the impact on the domestic market.

The new capacity devoted to suppress prices

PTA serious excess capacity, when the high price of PTA, the industrial capital will enter the market hedging, so the price of PTA in the year of the bull market in commodities prices limited. Considering the industrial capital is concentrated, adequate supply of new funds into the only PTA trend stage effects, and will not change the overall operation mode of PTA.
Influx of new money to promote the sharp rise in the price of PTA, the short term will boost the industry chain downstream market psychology to a certain extent, but also can continue to need to see whether you can get a rise in the price of the industry chain cooperation.
PTA downstream polyester into the season needs better, PTA operating load of a lower overall supply and demand in a tight balance.
The current PVC futures have relative cash discount, and the 23 day after the limit of the basis is very rare, crude oil futures fell futures fell so does not support PVC.
At present, OTC funds involved in large amount, the fierce market game, the market outlook is still need to change close side injection. But the fundamental outlook continued to rise and the cost of terminal does not support the PTA price, PTA price will remain volatile in the processing of interval constraints, the market expected difficult market trend appears big.