Shanghai Daoqin Plastics Co., Ltd.

         internal production capacity fast speed expand external trade 关系恶化

         due to USA has low cost gas liquid 体(NGLs) raw materials advantages, USA polyethylene (PE) (PE) production positive 处于一波 large investment 浪潮之 in. however, is inner market supply 剩局面逐渐 add 剧, add in trade 关系恶化, currently, USA PE export market 继续面临 lower pressure.

         statistics data 显示, 2019 year USA will new increase 逾280 10,000 tons / year PE production capacity. 7 month 底, ExxonMobil 开启 位于 克萨斯州博蒙特 65 10,000 tons / year newly built PE plant/unit. 沙索也开启 its 位于路 easy that 州莱克查尔斯 factory inner sleeve/set 150 10,000 tons / year ethylene understanding plant/unit. year 早 时候, company 开启 一 sleeve/set 47 10,000 tons / year type low density polyethylene (PE) (LLDPE) newly built plant/unit. company expected will in degree 末开启一 sleeve/set 42 10,000 tons / year low density polyethylene (PE) (LDPE) newly built plant/unit. 该LDPE plant/unit plan in 8 month 份启动, already by 推迟 4~6周. LyondellBasell company in Q2 degree electrical 话会议 upper table/sheet 示, expected will Q4 degree 开启位于 克萨斯州拉波特 一 sleeve/set newly built 50 10,000 tons / year PE plant/unit. Formosa Plastics plan start production sleeve/set PE plant/unit, production capacity is 80 10,000 tons / year.

        失 most large PE export market

         USA PE market already formed 熟, 而拉美 and other USA PE export market demand increase speed 不够, method absorption USA Mexico 湾 区 positive in construction large new increase PE production capacity, therefore more production 商原本打算 will large separation new increase PE production capacity export to China market.

        截至 currently, China is full most large PE Imported 国, 但受美 in trade scratch effect/influence, China already for USA LLDPE and HDPE add 征25% tariff.

        8 month 1 day USA 总统唐 nano 德·特朗普宣布, plan for value 3000 100 million USD China product add 征10% tariff, make has from China Imported to USA product 都面临 tariff 威胁. upper tariff 声明导致 related business stock by large 幅抛售, meanwhile reduce China for USA PE product demand.

         export price fall

         inner outer to USA PE export price belt/tape lower pressure, main/primary new market GDP increase speed low 于预期, made demand. USA HDPE export price decline trend. polymer/macromolecule amount (HMW)HDPE price fall 2美 separation /磅(44美元/吨), drop 至37美 separation /磅~39美 separation /磅. blow molding grade HDPE and injection molding grade HDPE price fall 1美 separation /磅, separation drop 至36美 separation /磅~38美 separation /磅 and 35美 separation /磅~37美 separation /磅.

        今 year large separation time, HMW grade HDPE and other and other grade HDPE versus ratio has 溢价, currently HMW grade and other and other grade HDPE交 easy price already non 常接近. HMW grade HDPE used for manufacturing film, due to 各国政府 and for one-time property plastics formed ring 境污染 担忧 day increase, HMW grade HDPE demand positive to pressure. supply effect/influence, injection molding grade HDPE price low other and other grade HDPE.

         in LLDPE market 方面, is supply for has and other grade LLDPE product formed pressure, and metallocene and other grade LLDPE and and other grade LLDPE versus ratio already shrink small. USA production 商一直 in ratio other PE product more fast speed degree 建立LLDPE production capacity, therefore LLDPE year 一直以 low 于HDPE and LDPE price easy. 安迅思 company assessment grade LLDPE ratio grade LLDPE price high 1美 separation /磅, metallocene grade LLDPE(MLLDPE) ratio grade LLDPE price high 3美 separation /磅. inner table/sheet 示:“ long 期而言, grade LLDPE不太 can can maintain high 于丁烯 grade LLDPE 溢价, is already 习惯于以 and grade LLDPE versus price 购买己烯 grade LLDPE. ” and HDPE and LLDPE versus ratio, LDPE price pressure versus for relatively small. and LLDPE and HDPE new production capacity versus ratio, USA LDPE new production capacity increase speed relatively slow. in addition, USA LDPE in China market already by remove outer tariff.

        7 month 31 day, ExxonMobil 位于 克萨斯州 贝城 factory 发生火灾, ethylene in stock price rise, 但尚未 for PE price generate similar effect/influence. ExxonMobil factory has 3 sleeve/set understanding plant/unit, combined ethylene production capacity is 364 10,000 tons / year. this understanding plant/unit toward ExxonMobil 位于 克萨斯州蒙特贝维乌 PE factory supply ethylene, 该PE factory year production capacity is 264 10,000 tons.