18 May 2009 04:21 [Source: ICIS news]
GUANGZHOU (ICIS news)--China’s demand for polyethylene (PE), polypropylene (PP), polystyrene (PS), and acrylonitrile-butadiene-styrene (ABS) is expected to grow by up to 2.1% this year, mainly driven by domestic consumption, an industry official said late on Sunday.
“Domestic consumption and investments will be the main drivers of GDP [gross domestic product] growth [in ?xml:namespace>
Liao noted that recently released economic data showed that the Chinese economy had recovered slightly, mainly due to investments in fixed assets, although he cautioned against premature optimism.
“Many medium and large-sized companies have bounced back to normal business mode, but things are still not looking up for many other small and medium-sized companies. Hence we expect plastics demand to maintain a low growth rate this year,” he said.
Liao estimated that China’s PE, PP, PS and ABS consumption would rise to 11.6m tonnes, 10.3m tonnes, 3.7m tonnes and 3.4m tonnes this year, up 0.7%, 2.1%, 0.2% and 1.6%, respectively, from last year.
Despite the slower demand growth,
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