Although several ethylene producers in Asia have already cut production in early March, profits have not recovered to levels in January and February. This is because the Middle East continues to provide large quantities of natural gas-based ethylene cargoes to the Asian market. In the next two months, there will be more ethylene cargoes in the Asian market. The production capacity of naphtha cracker in South Korea's Lotte Dashan Petrochemical Company will increase by more than 50% to 1 million tons per year. In the next two weeks, Japan's Mitsubishi Chemical Corp. may restart its second naphtha cracker with a capacity of 476,000 tons/year. The device was located in Kashima, Japan and was closed on December 21 last year due to a fire.
With the exception of Thailand, the production of ethylene in most parts of Asia uses naphtha as the raw material, and naphtha as the raw material for crude oil. Therefore, the continuous rise in international crude oil prices has affected the profitability of ethylene producers.
At present, ethylene prices in Northeast Asia have fallen by US$200/tonne compared with one month ago. However, due to soaring prices of international crude oil futures, the Japanese naphtha market price rose by about 58 US dollars from a month ago, reaching 914.5 U.S. dollars per ton. As a result, ethylene producers have fallen into an awkward position with a loss of US$171 per ton of ethylene produced. This situation is difficult to alleviate in the case of persistent oversupply.
The so-called Pharmaceutical Intermediates are actually some chemical raw materials or chemical products used in the process of drug synthesis. This kind of chemical product does not require a pharmaceutical production license and can be produced in an ordinary chemical plant. As long as it reaches a certain level, it can be used for the synthesis of pharmaceuticals.
Our country needs more than 2,000 kinds of raw materials and intermediates for chemical industry every year, and the demand is over 2.5 million tons. After more than 30 years of development, the chemical raw materials and intermediates required for the country's pharmaceutical production can basically be matched, and only a small part of it needs to be imported. Moreover, due to my country's abundant resources and low raw material prices, many intermediates have been exported in large quantities.
On the one hand, product updates in this field are fast. Generally, after a product has been on the market for 3 to 5 years, its profit margin will drop significantly. This forces companies to continuously develop new products or continuously improve production processes in order to maintain a high production profit; on the other hand, due to the production profit of pharmaceutical intermediates Higher than chemical products, the production process of the two is basically the same, so more and more small chemical companies have joined the ranks of producing pharmaceutical intermediates.
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