Crude oil prices continue to decline

The ongoing decline in global crude oil prices has significantly impacted the domestic chemical industry, leading to a downward trend in chemical product prices. With the traditional peak sales season behind it, the sector is now entering a deep adjustment phase. According to recent market monitoring, October 2013 saw notable fluctuations in commodity prices across the chemical sector, with an overall downward movement observed. In October, out of 68 representative chemical products monitored by the Business Club, 42 showed month-on-month price increases, with 9 of them rising by more than 5%, accounting for 8.2% of all monitored items. On the other hand, 62 products experienced declines, with 7 falling by over 5%, representing 6.4% of the total. The top three performers in the decline category were crude benzene (-9.82%), PTFE dispersion resin (-9.16%), and styrene (-8.31%). Compared to September, the number of rising chemical products dropped by 12, while the number of declining products increased by 15. Analyst Zhang Ming from the Business Club noted that the market had been under pressure since mid-October due to continued falling crude oil prices. This weak cost support, combined with downstream users and distributors lowering their offers, resulted in fewer products showing strong gains. Even among rising products like propylene, phenol, propane, acrylic acid, and others, the increases were minimal and lacked momentum. Zhang also pointed out that with the end of the traditional sales season, the domestic chemical market is expected to enter a consolidation period in November. He highlighted that the lack of domestic demand release could become a major challenge for the industry moving forward. In October, the sharp drop in calcium carbide prices was largely attributed to reduced purchasing activity from downstream PVC companies. Additionally, the sluggish international market failed to provide much-needed support to domestic conditions. Liang Bin, another analyst at CSC Chemical Industry, emphasized that the continued price declines reflect weak market demand and growing concerns about future demand uncertainty. As the market enters its off-season, demand has fallen below expectations. With limited demand, cost factors have played a more significant role in price movements. Crude oil prices are also being affected by weak demand and rising inventories, which suggests that the outlook for chemical prices remains uncertain in the near term.

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