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SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson.
No matter what chemical you look at the story is the same – collapsing demand in China because of its economic reforms and zero-COVID policies.
In styrene, China’s 2022 consumption could be 1% lower than last year. This would be the first annual decline in growth since 1990.
Declining demand is, of course, hurting profitability. So far this year, northeast Asia styrene margins have averaged minus $40/tonne, by far the lowest since we began our assessments in 2014.
And net imports have imploded on another surge in local capacity and weak demand. This year’s net imports could total just 290,000 tonnes versus 1.5m tonnes in 2021 and 2.8m tonnes in 2020.
Editor’s note: This blog post is an opinion piece. The views expressed are those of the author, and do not necessarily represent those of ICIS.
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