H1, 2018 ABS Imports & Exports Hit Highs

China imported 980.2kt of ABS in the first 6 months of 2018, hitting record high since 2011.

Benefiting from the rise in Asian ABS utilization, intensive turnarounds of ABS units in China and rising demand, China imported 980.2kt of ABS in the first 6 months of 2018, hitting record high since 2011. This number increased by 172.7kt or 21.39% from the same period of last year. The ratio of import dependence was 36.33% in the first half of 2018, up 4.77% Y-O-Y.

The import volume saw increases in each month of H1, 2018 except for February due to Spring Festival holiday. RMB exchange rate declined faster since late June, while ABS USD quotations in Asian market were high. Thus the import volume in July is predicted to decrease Y-O-Y.

China exported 28.3kt of ABS in the first six months of 2018, which also hit a new high. This number increased by 10.9kt or 62.43% from the same period of last year. Besides, the export volume saw increases in each month of H1, 2018. Although the export volume rose notably, it only took up 2.89% of the import volume, thus the influence on ABS market was small.