Nov China PBR Imports Hit a New High but Exports Trended Flat
Snapshot: In November, China’s import volume of PBR hit a new high, while the export volume trended flat. The detailed analysis was as follows.
In November, the import volume of PBR hit a new high, with the largest proportion of imports via logistics goods in areas under special customs supervision trade.
According to GACC, China’s import volume of PBR was 24.5kt in November 2022, up 9.67% M-O-M and 93.25% Y-O-Y. The total import volume of PBR was 177.5kt from January to November in 2022, up 6.09% Y-O-Y. The average import price was $1,695.43/mt in November, up 3.29% M-O-M but down 22.54% Y-O-Y.
According to GACC, in terms of trade mode, the proportion of PBR imports via logistics goods in areas under special customs supervision ranked first, while that via general trade ranked second in November 2022.
China’s PBR import structure changed slightly, with Russia-origin resources ranking first.
On the whole, the import structure of PBR changed slightly in 2022. According to GACC, in November, the import volume of PBR from Russia took up around 52% of the total, ranking first. As seen from the import enterprise registration place, the top 3 covered Shandong, Guangdong and Jiangsu, with the import proportion of 54%, 11% and 10% respectively.
The export volume of PBR in November edged down.
According to GACC, China’s export volume of PBR was 10.5kt in November 2022, down 14.76% M-O-M and up 39.24% Y-O-Y. The total export volume from January to November was 132.4kt, up 57.66% Y-O-Y.
In November 2022, China’s export volume of PBR edged down, due to the tepid demand in Southeast Asia. Besides, China’s PBR export proportion to Southeast Asia shrank, with its increasing import trading partners. As for the structure of destinations, the export volume to Southeast Asian countries such as Vietnam and Thailand still accounted for high proportion in November. As for the export enterprise registration place, the PBR export volume in Shandong and Zhejiang ranked first and second, accounting for 73% of the total. The export volume in other regions changed slightly.
In the next two months, the PBR market may show an oversupply with the capacity release of new PBR units. In December, the PBR units at YPC-GPRO (Nanjing) Rubber and PetroChina Jinzhou Petrochemical will remain offline. Hipro New Material Technology will resume normal production. The operating rate of other PBR units may remain stable. The overall PBR supply is likely to increase marginally. In January, the new PBR unit at Zhejiang Petroleum & Chemical may conduct a trial run. The PBR supply is expected to increase from December. As for the demand, the downstream tire enterprises may shut the production for holidays constantly in end-2022. The import volume of PBR may remain stable. As for the export, there will be many low-priced PBR resources in Southeast Asia and the overall export of tire in Southeast Asia may underperform. SCI reckons that China’s PBR export volume may trend flat from December 2022 to January 2023.
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