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According to the latest report from the China Petroleum and Chemical Industry Association, the production of oil and chemical products in August remained largely stable. While most products continued to show positive growth, the growth rate was slightly lower compared to previous months due to a higher base from the same period last year. The domestic chemical market saw a flattening trend in prices, with only synthetic resins experiencing a significant price increase. Most other products saw fluctuating prices, while chemical fertilizers and rubber chemicals saw a general decline.
New production capacity coming online has driven faster growth in sectors such as urea, tires, two alkalis, calcium carbide, coatings, and composite materials. According to the association's data, out of 65 major oil and chemical products tracked in August, 54 showed an increase—accounting for 83.1% of the total. This marked the lowest monthly growth rate since the start of the year, with 16.9% showing no growth or a decline. Among them, 33 products saw more than a 10% increase, representing 50.8% of the total.
In terms of energy production, crude oil output in August reached 15.543 million tons, matching the level from the same period last year. Natural gas production, however, rose by 15.3% year-on-year to 4.82 billion cubic meters, marking the slowest monthly growth so far this year.
Regarding chemical product prices, out of 155 tracked items, 68 (43.9%) saw an increase compared to July, while 63 (40.6%) declined. The month-on-month changes were relatively balanced, but when compared to the same period last year, 47.7% of products saw price increases, while 37.4% experienced declines. The trend was most noticeable in organic chemical raw materials and synthetic resins, indicating ongoing market volatility.