【DT新材料】 获悉，1月8日，世界巨头 沙特基础工业公司 宣布签署两项战略交易，出售其将其欧洲石化业务，以及美洲和欧洲的工程热塑性塑料业务， 不仅如此，S ABIC还积极扩产， 并在过去一年重点推进了亚洲与中东地区的产能布局 。比如 2025年11月，SABIC位于沙特的 Petrokemya 公司 甲基叔 丁基醚 MTBE装置已提前投产，该装置年产能达100万吨，是目前全球规模最大的单体MTBE生产工厂。此外 SABIC在中国的重点项目中沙古雷乙烯项目 （SABIC福建石化综合体）正按计划稳步推进。 近日，SABIC宣布，即将进行新一轮扩产基于 聚苯醚（PPE）技术的特种低聚物 ，旨在满足数据中心对高性能印刷电路板（PCB）快速增长的需求，以支 持人工智能（AI）和5G应用的发展，也是验证 此前在亚洲产能提升的承诺。 此次扩产计划将于2026年下半年完成。SABIC在该领域的旗舰产品NORYL SA9000是 一种改性的低分子量、双官能团PPE低聚物牌号 ，适用于制造5G 基站和高速AI服务器PCB所用的高性能多层覆铜箔层压板（CCL） 。该材料兼具高耐热性、尺寸稳定性、阻燃性以及更强的层压能力，可生产层 ...

Core Viewpoint - LPG futures prices have shown significant volatility in November, with a notable increase followed by a brief correction, ultimately closing higher than market expectations, although a decline was observed on the following Monday [1]. Supply and Demand Dynamics - The LPG market in the Far East is experiencing a supply contraction due to maintenance in Kuwait and reduced propane supply from Saudi Arabia, alongside delays in vessel arrivals [1]. - Demand is rising in Japan, South Korea, and India, with strong procurement needs from China's PDH plants and robust MTBE exports supporting butane demand [1][2]. - November domestic LPG supply is projected at 2.2 million tons, a decrease of 190,000 tons from October, with imports around 2.7 million tons, down 220,000 tons [2]. Price Influences - The upcoming December Saudi Contract Price (CP) is expected to rise by $10 to $20 per ton, which is driving up spot prices as import costs increase [1][2]. - Analysts express caution regarding the sustainability of the recent price increases, attributing them to short-term supply-demand dynamics rather than long-term trends [2]. Future Outlook - Continuous monitoring of domestic chemical demand and Middle Eastern gas field restarts is essential, as a 5% decrease in PDH operating rates could lead to an overall decline in domestic demand [3]. - The future trajectory of LPG futures will be influenced by multiple factors, including crude oil prices, U.S. supply and demand, and winter heating needs in the Northern Hemisphere, with a low likelihood of sustained price increases [3].

Core Viewpoint - The MTBE industry is facing challenges due to a slowdown in external demand, internal demand growth stagnation, and continuous release of new production capacity, leading to a deepening supply-demand imbalance and downward pressure on prices. The industry is transitioning towards high value-added product development and green production processes to address the challenges posed by the shrinking traditional fuel market [1][8]. Group 1: Industry Overview - MTBE, or methyl tert-butyl ether, is a colorless, transparent liquid with a characteristic ether odor, known for its low boiling and freezing points, and excellent solubility in organic solvents. It is highly flammable and is used primarily as a gasoline additive to improve octane ratings and fuel efficiency [2][3]. - In 2024, China's MTBE production is projected to reach 16.857 million tons, while demand is expected to be 14.376 million tons, indicating a surplus in production capacity [1][8]. Group 2: Policy Background - China's MTBE industry policies focus on energy conservation, carbon reduction, and environmental protection, promoting production upgrades and risk management. The government is pushing for a transition from scale expansion to green and intensive development, enhancing international competitiveness while ensuring environmental safety [4]. Group 3: Industry Chain - The MTBE industry chain consists of upstream raw material supply primarily from C4 fractions and methanol, with production processes involving etherification and distillation. The downstream application is dominated by gasoline blending, which accounts for approximately 94% of the market share, while chemical applications represent about 5% [6][8]. Group 4: Current Industry Status - The MTBE industry in China is experiencing structural overcapacity, with production capacity expanding but growth rates slowing. The industry is increasingly relying on export markets to alleviate supply-demand imbalances, with exports becoming a key channel for balancing excess capacity [8][10]. Group 5: Import and Export Dynamics - China's MTBE imports have significantly decreased, reflecting enhanced domestic production capacity and reduced reliance on foreign sources. In 2024, imports are expected to be 0.38 thousand tons, a 52% increase from 2023, while exports are projected to reach 2.4851 million tons, a 32.1% increase from the previous year [10][11]. Group 6: Competitive Landscape - The MTBE production capacity in China is highly fragmented, with the leading company holding only about 6% market share. The low concentration and severe overcapacity have led to market imbalances, necessitating industry consolidation and diversification into chemical raw materials and other applications [13]. Group 7: Future Trends - The MTBE industry is accelerating its transition to green and low-carbon production methods, focusing on developing new catalysts and optimizing waste gas treatment technologies. The industry aims to reduce energy consumption and emissions while responding to national carbon reduction goals [14].

Core Viewpoint - Yueyang Xingchang's financial performance in the first half of 2025 shows a significant decline in revenue and profit, indicating challenges in the petrochemical industry, particularly in the product supply-demand relationship [1] Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 1.529 billion yuan, a year-on-year decrease of 19.17% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was approximately -29.86 million yuan, a shift from profit to loss compared to the same period last year [1] Industry Trends - The overall market for finished oil products, including gasoline and diesel, is experiencing a downturn, with both production and consumption declining [1] - The average domestic price of MTBE in the first half of 2025 was approximately 5,527 yuan per ton, down 1,343 yuan per ton from the same period last year, reflecting a year-on-year decline of 19.55% [1] - The market for industrial isooctane, used as a gasoline octane booster, is also facing challenges, with a significant drop in consumption and prices [1] Strategic Initiatives - The company is actively pursuing strategic transformation and technological upgrades, focusing on energy conservation, special polyolefins, polyolefin modification, and fine chemicals [1] - In the first half of 2025, the company advanced 29 R&D projects, including 22 small-scale trials and 7 pilot projects, with some core technologies already industrialized [1] - The company is also progressing with the construction of the Huizhou Phase II project, expected to be completed and put into operation in the second half of 2025, which will serve as a new growth point for performance [2] - Additionally, the company has initiated the construction of industrialization projects for trimethyl aluminum and methyl aluminum oxide, aimed at reducing import dependence and enhancing the operational capacity of the high-end polyolefin industry chain [2]