China PX capacity growth rate accelerated to 44% in 2019

In the beginning of 2016, Asian PX price dropped to as low as $681/mt CFR, and Brent crude oil futures were $28.55/bbl at the same time. However, the currently situation is different from that in 2015-2016.

China PX capacity growth rate accelerated to 44% in 2019. Since the beginning of 2019, newly-started PX capacity has amounted to 10.40 million mt/yr in China (including Zhejiang Petrochemical’s new capacity). In the meantime, China’s dependency on PX imports had declined to 50% in 2019.