2026年第24期（总317期）

Issue #24, 2026 (Total 317)

要持续深化党建与业务有机融合，坚决打赢党建引领攻坚战。7月1日，庆祝中国共产党成立105周年大会在人民大会堂隆重举行。我们要深入学习贯彻习近平党建思想和习近平总书记“七一”重要讲话精神，自觉从党的创新理论中找思路、找方法，指导解决我们干事创业与改革发展面临的主要矛盾，尤其是贯彻落实习近平总书记关于巡视工作的重要讲话精神，做好巡视反馈问题整改工作的收尾和总结，不断提升公司管理水平；要进一步聚焦主责主业，做实用好“岗、区、队”创新载体，在出口拓市攻坚创效中发挥好支部战斗堡垒和党员先锋模范作用，推动党员骨干以实干实绩彰显坚强党性；要进一步提高政治站位，积极拥抱和主动融入集团改革发展大局，平稳有序推进公司各项改革部署，确保经营和队伍稳定，引领保障以二次创业推进高质量发展。

播报员：甘杨云

一、全球化工市场要情

1.欧洲传统石化产能持续出清。

受区域能源成本高企、终端需求走弱双重压制，欧洲基础乙烯产能开启永久性退出周期，2024—2027年已关停及规划退出乙烯总产能超500万吨/年。埃克森美孚83万吨/年英国乙烯及配套PP装置上半年全面停产，利安德巴塞尔同步推进意大利26万吨PP装置关停、西班牙39万吨聚烯烃资产折价转让。预计2027年末欧洲近两成乙烯裂解装置将彻底停运，海外化工巨头持续抽离大宗通用塑料赛道，重心全面切换至电子级特种聚合物、氟树脂等高壁垒高端新材料。

2.沙特Amiral石化项目扩产。

沙特阿美联合道达尔能源落地总投资110亿美元Amiral石化综合体项目，预计2027年商业化投产。装置配套165万吨/年大型乙烯裂解单元、两条50万吨/年HDPE生产线，五成化工原料就地供给本土特种化学品园区，产能覆盖碳纤维、车用聚氨酯、高分子钻井助剂等高附加值品类。凭借低成本乙烷原料优势持续完善上下游全产业链，项目投产后将重塑2027年后全球聚烯烃、精细化工竞争格局，挤压海外传统产区市场份额。

3.俄罗斯布局高端茂金属聚烯烃产能。

俄罗斯西布尔正式启动下卡姆斯克基地30万吨/年茂金属聚乙烯项目，计划2028年建成投产，生产原料由年内试生产的EP-600乙烯裂解装置直供。项目投产后可覆盖俄罗斯及独联体地区17万吨/年本土mPE需求，每年完成3万吨以上进口替代；该品类广泛应用于医用包装、特种防腐管材、高端薄膜等领域，突破欧美长期垄断的茂金属催化剂核心技术，实现非欧美阵营特种新材料自主化突破。

二、本周主要化工品市场动态

1. 石脑油CFR日本价格下跌2.3%至652.8美元/吨。

装置及市场动态：本周，亚洲石脑油整体行情走弱，核心驱动为市场货源供给增多。霍尔木兹海峡航运恢复后，区域现货供应过剩，欧美套利货源流入量缩减，一定程度缓和下跌幅度；东北亚乙烯裂解原料需求存在小幅回暖预期。

2. 甲醇CFR中国价格下跌7.5%至305美元/吨。

装置及市场动态：本周，大量伊朗货源持续运往亚洲，国内港口短期去库带来小幅支撑，但进口增量带来的空头预期主导行情；国内对东南亚、印度出口的套利空间不断收窄，同时东南亚低价进口货源集中到港，市场抛货情绪浓厚。印度远期货源集中到港，库存紧张局面将得到缓解，现货买盘保持观望。欧洲市场因地缘局势降温、报盘下行拖累了行情；美国货源充足、需求疲软，现货成交冷清。

3. 乙烯CFR东北亚价格下跌5.4%至824美元/吨。

装置及市场动态：本周，亚洲乙烯整体维持空头氛围，行情下跌后在低位震荡。一方面上下游双重压制价格，上游石脑油走弱，下游聚烯烃等产品价格同步下行；另一方面供需格局宽松，东北亚有明确的新增供应预期，远洋船货充裕。此外，市场买方持续压价，东南亚需求同步走弱，下游进入需求淡季，行业盈利修复困难，场内交投冷清，观望情绪浓厚。

4. 甲苯FOB韩国价格下跌3.7%至808.2美元/吨。

装置及市场动态：本周，亚洲甲苯一周内震荡波动，走势先抑后扬再走弱，周初受原油走低、东南亚需求不足、歧化加工利润收窄打压，中后期原油止跌企稳带动商家拉涨，但由于供需基本面没有实质改善，行情反弹乏力重回弱势。国内市场跟随原油波动，中后期受到现货收紧的小幅支撑，海外市场走势分化，美国汽油调兑需求回暖托住行情，欧洲汽油及化工溶剂需求稳定，整体走势偏强。

5. 纯苯FOB韩国价格下跌5.9%至808.4美元/吨。

装置及市场动态：本周，亚洲纯苯价格阶段性震荡，受多空因素交替影响。周初受原油下行、下游需求疲软拖累价格走跌，周中受油价回暖、空头回补以及国内装置重启预期影响价格反弹，周末受苯乙烯走弱拖累价格再度回落，整体化工需求偏弱。欧洲市场先跌后涨，前期受下游需求低迷、产业链利润倒挂影响价格走弱，后期受区域现货偏紧、河道航运受阻、高温限制装置开工支撑价格，但远期合约大跌加上暑期备货冷清限制了涨幅。美国市场跟随原油价格震荡，原油走强带动苯价上行，苯油比价持续走高。

6. 对二甲苯（PX）CFR中国价格下跌4.8%至993美元/吨。

装置及市场动态：本周，亚洲PX整体震荡下行，周初原油跌势放缓，国内炼化装置检修短暂提振信心，行情小幅回弹，后续原油再度大幅走弱，叠加下游PTA开工下滑，PX现货需求转淡，贸易商让利出货，期货盘面承压走弱，欧美区域走势分化，欧洲偏弱，美国市场偏强。

7. 乙二醇CFR中国价格下跌4.8%至515美元/吨。

装置及市场动态：本周，亚洲乙二醇市场整体偏弱运行，下游聚酯行业处于传统淡季，采购仅维持刚需，终端开工没有回升动力；同时东南亚外采需求降温，贸易商拿货意愿低迷，加上市场担忧远期进口货源增量，整体看空情绪浓厚，场内只有零星成交，交投平淡。

8. 己内级硫酸铵FOB中国价格下跌5%至190美元/吨。

装置及市场动态：本周，己内级硫酸铵价格以走跌为主。国际尿素价格维持低位，业者看空情绪浓重，在买涨不买跌的市场氛围下，市场成交继续下滑。

9. PP纤维/注塑料CFR东南亚价格下跌4.6%至1048美元/吨。

装置及市场动态：本周，亚洲聚丙烯行情延续下行。其中东南亚供应压力突出，越南本土工厂满负荷甚至超负荷生产，叠加韩国低价货源持续冲击本土市场，使得进口采购需求收缩。下游预判价格仍会下行，普遍按需观望；另外越南企业放出大宗外销招标，国内贸易商有采购意向，但出口渠道尚未明确。

化销国贸EVOH出口创新高，高端材料国际化再提速

今年以来，化销国贸积极响应“二次创业、奋斗有我”号召，高端材料EVOH出口业务取得历史性突破。上半年出口量较去年全年总量增长285%，市场覆盖亚洲、拉丁美洲及欧洲，助力川维化工高端阻隔材料迈向全球、走向“深海”。

产销联动，供给侧精准适配。依托川维化工的技术支撑，化销国贸深入挖掘食品包装、阻隔容器、管材制造等领域需求，通过定制化牌号匹配和专业解决方案，为海外市场开拓提供了强有力的产品矩阵。

全球布局，市场版图加速扩张。PVA团队联合海外运营中心协同作战，充分发挥驻外机构“桥头堡”作用，深度挖掘区域潜力，成功将业务拓展至印度、白俄罗斯、巴西、墨西哥等多个国家和地区，国际化经营网络日趋完善。

多维赋能，服务体系持续优化。针对国际客户需求，团队不断丰富贸易条款，优化物流配送方案，以全流程专业服务提升产品竞争力，不仅大幅提升了当期销量，更为明年川维化工扩产项目的产能释放提前锁定了市场空间。（刘莉 张东海 黄国林 李德奎 Sanjana Grigory）

中国石化合成树脂团队全力保供应

历经全链条攻坚，中国石化合成树脂团队累计向客户海内外厂区配送原料近3万吨，按期实现全量交付，彻底化解客户断料风险。

此前，受美以伊紧张局势升级影响，全球化工供应链遭遇剧烈冲击，原有供应格局被打破，多家跨国化工及日化企业面临原料断供风险。全球大型日化巨头海内外全产业链工厂原料供给岌岌可危，随时面临停工风险。

保供即是责任，履约彰显担当。面对客户紧迫需求，化销国贸、化销华北、化销华中坚持以用户为中心，迅速响应、高效联动、紧密协同，成立专项联合保供小组，打破公司、地域业务壁垒，统筹生产、仓储、物流全链路资源，精准对接客户海内外不同厂区用料规格、时效、运力差异化需求，迎难而上、靶向施策，统筹制定多项方案：结合产能动态优化定制化生产排产方案，优先保障客户专属原料产能；盘活全域仓储网点资源，分区前置备货，筑牢库存兜底防线；压缩属地配送时效，同步对接航运资源，分类搭建近洋短途海运、远洋跨境海运双通道，破解海运仓位紧缺、跨境航运延期难题，逐一化解产能受限、跨境运力不足、多地配送衔接复杂等多重难题，圆满完成保供任务。（杨丹诺 王春）

中国石化氢化丁腈橡胶首次出口印度

近日，化销国贸顺利将齐鲁石化氢化丁腈橡胶成功发运至印度，实现该产品对印度市场的首次出口，标志着中国石化高端新材料国际化布局迈出关键一步。

此次出口任务推进过程中，化销国贸充分发挥内外贸一体化运营优势，联动生产企业、区域公司、海外运营中心，从技术指标对接，生产、包装定制到物流通关，全链条流程精准匹配客户需求，赢得印度高端特种橡胶客户高度认可，成功打开当地市场大门。

氢化丁腈橡胶作为高性能特种橡胶，长期被国际少数供应商垄断。此次出口不仅拓宽了高端新材料海外销售渠道，更在印度市场打破既有供应格局，充分展现了中国石化的产品在高端领域的国际竞争力。

氢化丁腈橡胶（HNBR）是由丁腈橡胶（NBR）经过催化加氢得到的高饱和的特种橡胶，产品在继承了NBR耐油性、高强度等的基础上兼具耐高温、耐臭氧、耐介质等优异性能，在汽车、油田、家电、航空航天等领域具有广泛需求。齐鲁HNBR装置具备丙烯腈含量、氢化度、门尼粘度的调控能力，可根据厂家要求定制化生产。印度作为氢化丁腈橡胶的重要市场，潜力巨大，也是国内外化工企业合成材料出海的核心竞争阵地。（高宏建 Sanjana 刘韵菡 陈亚迪）

化销国贸与上海财务公司开展外汇业务交流

近日，中石化财务公司国际业务部、上海分公司一行到访化销国贸，开展外汇业务专题交流。公司副总经理、总会计师安东华出席。

双方对2026年上半年外汇市场进行了回顾，并对下半年趋势展望，总结两年来跨境资金池、业务结算业务等方面的合作，并一致同意在远期外汇业务等方面进一步加强合作、实现双赢。（张若琪）

化销国贸与中外运物流联合开展党建共建活动

近日，化销国贸第七党支部与中外运化工国际物流有限公司第一党支部联合开展党建共建座谈暨“守廉正心、树牢实干政绩观”主题党日活动，双方支委、党员代表参会，配套开展业务培训。

共建交流会上，双方分别介绍支部党建工作的实践成果，围绕理论共学、队伍共建、业务共促、廉洁共防、资源共享深入研讨，敲定常态化共建机制。

在联合集中学习环节，支部委员领学正确政绩观正反面典型案例，并传达安全生产重要指示、国有企业廉洁从业相关要求。同步梳理自学清单，推动党员持续深化党的创新理论学习。

围绕活动主题，党员代表结合岗位实际交流心得体会，对照警示案例检视自身短板，一致表示将严守廉洁纪律，立足岗位实干尽责，同步组织保税物流专题培训，系统讲解保税物流基础概念、配套税收政策与各类业务实操模式，有效提升一线党员专业能力与合规经营水平，推动党建与业务深度融合。（陈本伟 龚晓东 章驰）

I. Key Developments in the Global Chemical Market

1.Permanent Shutdown of Conventional Petrochemical Capacity in Europe.

Driven by sky-high regional energy costs and sluggish end-market demand, Europe’s basic ethylene capacity has entered a permanent downsizing cycle. Over 2024–2027, the combined volume of ethylene capacity already shut down or scheduled to exit exceeds 5 million tons per annum. ExxonMobil fully halted its 830,000 t/a ethylene plant and supporting PP facilities in the UK in the first half of the year. LyondellBasell plans to close its 260,000 t/a PP unit in Italy and sell off its 390,000 t/a polyolefin assets in Spain at a discounted price. By the end of 2027, nearly 20% of Europe’s ethylene crackers will be permanently decommissioned. Global chemical majors are divesting mass commodity plastic businesses and shifting focus to high-margin, high-barrier advanced materials such as electronic-grade specialty polymers and fluororesins.

2.Saudi Arabia’s Amiral Petrochemical Complex Under Expansion.

Saudi Aramco and TotalEnergies jointly advance the USD 11 billion Amiral petrochemical complex, slated for commercial launch in 2027. The complex includes a 1.65 million t/a large ethylene cracker and two 500,000 t/a HDPE production lines. Half of its chemical feedstocks will be supplied to local specialty chemical parks for manufacturing high-value products including carbon fiber, automotive polyurethane components and polymer drilling fluids. Leveraging low-cost ethane feedstock to build a complete industrial chain, the project will reshape the global polyolefin and fine chemical competition landscape after 2027 and erode market shares of traditional overseas production regions.

3. Russia Builds Capacity for High-End Metallocene Polyolefins.

Russia’s Sibur has kicked off construction of a 300,000 t/a metallocene polyethylene (mPE) plant at its Nizhnekamsk site, scheduled for completion in 2028. Feedstock will be directly piped from the EP-600 ethylene cracker, which enters trial operation this year. Upon launch, the plant will satisfy 170,000 tons of annual domestic mPE demand across Russia and CIS countries, replacing over 30,000 tons of annual imports. Widely used in medical packaging, anti-corrosion pipes and premium films, the product breaks Western long-term monopoly over core metallocene catalyst technology, marking a major breakthrough in independent production of specialty new materials for non-Western economies.

II. Weekly Market Trends of Major Chemical Products

1. Naphtha (CFR Japan): Down 2.3% to USD 652.8 per tonne.

Plant and Market Dynamics: The overall Asian naphtha market weakened this week mainly due to increased supply. The resumption of shipping in the Strait of Hormuz led to a surplus of regional spot supply, while reduced inflows of arbitrage naphtha from Europe and the US eased the decline to a certain extent. Demand for naphtha as ethylene cracking feedstock in Northeast Asia saw mild recovery expectations.

2. Methanol (CFR China): Down 7.5% to USD 305 per tonne.

Plant and Market Dynamics: Large volumes of Iranian cargoes kept shipping to Asia this week. Temporary inventory destocking at domestic ports offered mild support, yet bearish sentiment driven by rising import supplies dominated the market. Arbitrage margins for China’s exports to Southeast Asia and India kept narrowing. Mass cheap imported cargoes arrived in Southeast Asia, triggering strong selling sentiment. Large batches of cargoes will reach India in early July to ease tight spot inventories, prompting spot buyers to stay on the sidelines. European prices were dragged down by cooled geopolitical tensions and falling offers; the US market featured abundant supply and sluggish demand with thin spot transactions.

3. Ethylene (CFR Northeast Asia): Down 5.4% to USD 824 per tonne.

Plant and Market Dynamics: Asian ethylene remained bearish and fluctuated at low levels after falling this week. Prices faced dual pressure from the upstream and downstream sectors: slumping naphtha upstream and falling prices of downstream products such as polyolefins. The supply-demand balance loosened amid clear expectations of new supply in Northeast Asia and ample ocean cargoes. Buyers kept pressing down prices while demand in Southeast Asia softened concurrently. Downstream sectors entered the off-season with limited profit recovery. Market transactions were scarce with widespread wait-and-see sentiment.

4. Toluene (FOB South Korea): Down 3.7% to USD 808.2 per tonne.

Plant and Market Dynamics: Asian toluene fluctuated throughout the week, falling first, rebounding slightly then weakening again. At the start of the week, falling crude oil, sluggish Southeast Asian demand and narrowed disproportionation margins weighed on prices. Later, stabilized crude oil encouraged traders to raise offers, yet the rally faded as supply-demand fundamentals saw no meaningful improvement. Domestic prices moved in line with crude oil, with mild support from tight spot supply mid-week. Overseas markets diverged: US toluene was backed by rising gasoline blending demand, while European prices held firm on steady demand for gasoline blending and chemical solvents.

5. Benzene (FOB South Korea): Down 5.9% to USD 808.4 per tonne.

Plant and Market Dynamics: Asian benzene fluctuated amid alternating bullish and bearish factors this week. Prices fell early on due to cheaper crude oil and weak downstream demand, rebounded mid-week on recovered oil prices, short covering and expected restarts of domestic plants, then retreated again at the weekend amid weak styrene prices and overall sluggish chemical demand. European benzene fell then recovered: early losses stemmed from slack downstream demand and inverted industrial margins, while tight regional spot supply, blocked Rhine shipping and restricted plant operations under high temperatures lifted prices later. However, sharp drops in forward contract prices and muted pre-holiday restocking capped gains. US benzene tracked crude oil swings, with higher oil prices lifting benzene and pushing up the benzene-to-oil price ratio.

6. Para-Xylene (PX) (CFR China): Down 4.8% to USD 993 per tonne.

Plant and Market Dynamics: Asian PX trended downward with fluctuations this week. Slower crude oil declines and maintenance of domestic refining plants boosted market confidence and lifted prices slightly in the first half of the week. Later, crude oil plunged again, coupled with lower operating rates of downstream PTA and weaker spot demand for PX. Traders cut prices to clear stocks, putting futures under heavy pressure. European and US markets diverged, with Europe weak and the US firm.

7. Monoethylene Glycol (MEG) (CFR China): Down 4.8% to USD 515 per tonne.

Plant and Market Dynamics: The Asian MEG market stayed weak this week. The polyester sector entered its traditional off-season, with downstream manufacturers only purchasing to meet rigid demand and no signs of improved terminal operating rates. External procurement demand from Southeast Asia cooled off, and traders showed little interest in restocking. Worries over rising future import volumes fueled pervasive bearish sentiment, resulting in only sporadic thin trades.

8. Caprolactam-Grade Ammonium Sulfate (FOB China): Down 5% to USD 190 per tonne.

Plant and Market Dynamics: Caprolactam-grade ammonium sulfate maintained a downward trend this week. International urea prices lingered at low levels, fostering strong bearish sentiment among industry participants. Under the market mentality of buying on rallies instead of dips, transaction volumes continued to shrink.

9. PP Fiber & Injection Molding Grade (CFR Southeast Asia): Down 4.6% to USD 1048 per tonne.

Plant and Market Dynamics: Asian polypropylene prices kept sliding this week. Southeast Asia faced heavy supply pressure: local Vietnamese plants operated at full or even over capacity, while low-priced Korean cargoes kept hitting the market and curbing import demand. Downstream buyers expected further price drops and only purchased as needed while staying cautious. A major export tender for PP was launched by a Vietnamese enterprise; domestic traders intended to bid, though export access to China remained unconfirmed.

SCCI Achieves Record EVOH Export Growth, Accelerating the Global Expansion of High-Performance Materials

Responding to the initiative "Second Startup, Strive with Me," SCCI has achieved a historic breakthrough in EVOH exports this year. In the first half of the year, export volume increased by 285% compared with the total for all of last year, reaching customers across Asia, Latin America, and Europe. The strong performance is helping SVW Chemical Co., Ltd. expand the global presence of its high-performance barrier materials and strengthen its position in international markets.

Aligning Supply with Market Demand. Leveraging the technical expertise of SVW Chemical Co., Ltd., SCCI has identified growing demand in applications such as food packaging, barrier containers, and piping systems. By providing customized EVOH grades and application-focused solutions, the company has built a competitive product portfolio tailored to the needs of overseas customers.

Expanding Global Market Coverage. Working closely with overseas operation centers, the PVA team has fully utilized SCCI's international network to identify new business opportunities and deepen regional market penetration. As a result, EVOH exports have successfully expanded into India, Belarus, Brazil, Mexico, and other international markets, further strengthening the company's global business footprint.

Enhancing Services to Support Sustainable Growth. To better serve international customers, the team has continuously optimized trade terms, improved logistics solutions, and enhanced end-to-end customer support. These efforts have not only driven strong sales growth this year but have also secured market opportunities in advance for the additional production capacity that SVW Chemical Co., Ltd. plans to bring online next year. (Author: Liu Li, Zhang Donghai, Huang Guolin, Li Dekui, Sanjana, Grigory. Translator: Gahom Chan.)

The Synthetic Resin Team of Sinopec Secured Material Supply

Through end-to-end coordination across the industrial chain, the Sinopec Synthetic Resin Team secured the timely delivery of nearly 30,000 tons of raw materials to the customer’s production facilities in China and overseas, eliminating the risk of material shortages.

Regional geopolitical tensions previously disrupted global chemical supply chains, leaving multiple multinational chemical and consumer goods companies facing potential raw material shortages. A leading global consumer goods manufacturer was at risk of supply interruptions across its domestic and overseas production facilities.

Fulfilling customer commitments is a priority. In response to urgent demand, SCCI, together with North-China Company, SCCHC and Central-China Company, SCCHC, quickly established a cross-functional taskforce to coordinate production, warehousing and logistics resources. The team matched the specific requirements of the customer’s facilities in terms of product specifications, delivery schedules and transport capacity.

Production plans were optimized to prioritize dedicated output, while inventories were strategically allocated across warehouse networks to strengthen supply security. At the same time, domestic deliveries were accelerated and dual ocean shipping routes were arranged to support both regional and long-haul shipments.

Despite constraints in production capacity, vessel availability and multi-region logistics coordination, the team successfully completed the supply assurance mission, ensuring stable operations across the customer’s global manufacturing network. (Author: Yang Dannuo, Wang Chun. Translator: Yang Dannuo.)

Sinopec’s Hydrogenated Nitrile Butadiene Rubber Makes Its Debut Export to India

Recently, SCCI successfully shipped hydrogenated nitrile butadiene rubber (HNBR) produced by Qilu Petrochemical to India, marking the maiden export of this product to the Indian market and a crucial step in Sinopec’s global layout of high-end new materials.

During the advancement of this export task, SCCI gave full play to its integrated domestic and international trade operation advantages, working in close coordination with production facilities, regional affiliates, and overseas operation centers.

Every stage of the end-to-end process—from technical specification alignment and customized production and packaging to logistics and customs clearance—was precisely orchestrated to meet customer requirements, winning high recognition from high-end special rubber customers in India and successfully gaining access to the local market.

As a high-performance special rubber, hydrogenated nitrile butadiene rubber has long been monopolized by a small number of international suppliers. This export not only broadens overseas sales channels for high-end new materials, but also breaks the established supply pattern in the Indian market, fully demonstrating the international competitiveness of Sinopec's products in high-end fields.

Hydrogenated nitrile butadiene rubber (HNBR) is a highly saturated special rubber produced by catalytic hydrogenation of nitrile butadiene rubber (NBR). While retaining NBR’s outstanding oil resistance and high mechanical strength, it also boasts excellent heat resistance, ozone resistance and medium resistance, finding wide applications in automobiles, oilfields, home appliances, aerospace and other sectors. Qilu Petrochemical’s HNBR production unit enables adjustable acrylonitrile content, hydrogenation degree and Mooney viscosity, supporting customized production tailored to clients’ specific requirements. As a major consumer market for HNBR, India boasts enormous market potential and stands as a core competitive arena for chemical enterprises at home and abroad seeking to export synthetic materials overseas. (Author: Gao Hongjian, Sanjana, Liu Yunhan, Chen Yadi. Translator: Gao Hongjian, Liu Qinlei.)