PX Imports to Keep Climbing in H2 2025
As Chinese PTA producers gradually develop integrated raw material supply chains, the supply-demand gap in the PX market has significantly narrowed. Concurrently, domestic PX imports have experienced a rapid decline, falling below 10 million mt in 2023.
With the stable commissioning of new PX capacity and further utilization of existing units, China’s PX output saw a notable increase in 2024, reducing import dependence to below 20%.
However, by 2025, as China’s PX enters the late stage of its expansion cycle and multiple new PTA units come online, the first half of 2025 saw PX imports reach around 4.5 million mt, accounting for 20.12% of total domestic supply - a decrease of 9.64% from the second half of 2024.
The self-sufficiency rate of China’s PX declined for the first time in nine years.
It is anticipated that the import pattern in the second half of 2025 will remain largely similar to the first half. Given that domestic PX operating rates in July were relatively low, and US refining demand fell short of expectations, it is highly probable that China’s monthly PX imports in the second half of 2025 will rebound to 800,000 mt-850,000 mt.
Currently announced maintenance plans for the second half of 2025 include PetroChina Fushun Petrochemical’s unit, Sinopec Shanghai Petrochemical’s unit, Sinopec Jinling Company’s unit, Sinochem Quanzhou Petrochemical’s unit, and Formosa’s unit in Taiwan of China.
Qverseas maintenance plans involve Hanwha Total’s unit in South Korea, ENEOS’s unit in Japan, PTT’s unit and Thai Oil’s unit in Thailand, and ExxonMobil’s unit in Singapore.
Nevertheless, maintenance schedules are relatively dispersed.
Although current PTA processing margins are low and some plants’ operational stability is uncertain, the gradual commissioning of new PTA plants is expected to stimulate PX demand growth.
In summary, Chinese total PX imports in the second half of 2025 are likely to continue a slight upward trend, with the average import price going range-bound. The structure of import trading partners, places of receipt and delivery, and modes of trade may remain stable.
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