31 March 2010 07:40 [Source: ICIS news]
By Judith Wang and Dolly Wu
SHANGHAI (ICIS news)--China’s petrochemical imports significantly declined in February due to sluggish demand in the weeks leading to the Lunar New Year holidays, with volume intake likely to improve this month, industry sources and analysts said on Wednesday.
Working days last month were shortened by the week-long celebration in ?xml:namespace>
“Imports in March will rise from February with the increasing [domestic] demand, but whether the volume will exceed the level in March 2009 was still unknown,” said Wang Hua an analyst at Dalian-based brokerage firm Bohai Futures Co.
Wang added that some downstream plants were expected to hike operating rates gradually, which would translate to higher demand for imported petrochemical raw materials.
Its polvinyl chloride (PVC) imports, meanwhile, plummeted 55% year on year to 99,230 tonnes last month, down 19% from January, according to official statistics.
Inactive trading also saw imports of purified terephthalic acid (PTA) into
PTA imports, meanwhile, were significantly affected by China's imposition of a provisional anti-dumping duty (ADD) on material coming from South Korea and Thailand.
“The key reason for the February imports fall was the seasonal holiday impact. Imports next month will improve,” said an analyst at Beijing-based Founder Securities.
Last month, most polyethylene (PE) and polypropylene (PP) importers did not want to keep stocks over the week-long Chinese New Year holidays, industry sources said.
Buying interest for February cargoes was also dampened by
The high comparative figures in 2009 were also cited as the principal reason for the annual sharp falls in February import numbers, analysts said.
“In early last year,
At that time, Wang said that downstream users in
Source: China Customs
With additional reporting by Chow Bee Lin and Becky Zhang
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