Impact of U.S. Hurricane on China’s Olefins and Polyolefins Markets
Recently, Ida came ashore about 60 miles south of New Orleans as a Category 4 hurricane with top wind speeds of 241 kilometers. The hurricane swept through the local oil, gas and refining operations and exerted a significant impact. In addition to the impact on people’s livelihood, the chemical industry was also affected. A number of chemical companies faced the threat of the hurricane and declared force majeure one after another and shut down cracking, polyolefin and other units.
Hurricane may support ethylene price
The existing ethylene capacity in the U.S. was 40,500kt/a. The ethylene units affected by the hurricane are initially estimated to be 6,530kt/a, accounting for about 16% of the total U.S. ethylene capacity.
The shutdown of steam crackers and oil refining units also affects the capacity of by-product propylene. The capacity affected totaled 3,350kt/a, accounting for 15% of the total in the U.S.
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