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In the first half of the year, China imported 90.537 million tons of crude oil, with an external dependence of nearly 50%, and an average import price of 714.8 US dollars per ton. In the first half of last year, the average price per ton of imports was 428.4 US dollars, and the unit price rose by 66.9%. The import volume of fuel oil was 11.915 million tons in the first half of the year, and the foreign dependence rate was 44%. The average import price per ton was 527.5 US dollars, and the average price per ton of the first half of last year was 338.8 US dollars, and the unit price rose by 55.7%. Inorganic chemicals, including high-end specialty chemicals, are also highly dependent on foreign goods. In the first half of the year, imports were 4.437 million tons, and the average price per ton was 946.5 US dollars. In the first half of last year, the average import price per ton was only 609.4 US dollars. It rose 35.6%. The import volume of synthetic resin in the first half of the year was 11.448 million tons, and the foreign dependence was nearly 40%. The average price per ton was 1,494.8 US dollars. In the first half of last year, the average price per ton of imports was 1,288.6 US dollars per ton, and the unit price rose by 17%. In the first half of the year, the import volume of synthetic rubber was 869 thousand tons, and the foreign dependence rate reached 42%. The average price per ton was 2370.7 US dollars. In the first half of last year, the average price per ton of imports was 1797.1 US dollars, and the unit price rose by 32%. In the first half of the year, the import volume of potassium chloride was 2.366 million tons, and the foreign dependence was about 70%. The average price per ton was 387.7 dollars. The average import price per ton for the first half of last year was 224 dollars, and the unit price rose by 73.1%. What's more, the import volume of sulphur in the first half of the year was 4.638 million tons, and the foreign dependence was about 90%. The average price per ton was 488.8 dollars/ton. In the first half of last year, the average price per ton of imports was 86.6 dollars, and the unit price rose by 464.4%.
The number of imported bulk products mentioned above accounted for about 70% of the total imports of domestic petroleum and chemical products. The share of these products in the domestic market is as high as 40 to 90%. In the first half of this year, imports of petroleum and chemical products accounted for about one-third of the industry's total output value. Therefore, the sharp rise in the price of imported products has largely affected the changes in the prices of domestic chemical products. Imported products have become an important promoter of price increases in domestic chemical products. In the first half of the year, the overall price of petroleum and chemical products rose by about 15% from the same period last year. Due to the high degree of foreign dependence, the increase in the prices of related products in the international market can be transmitted to domestic markets through imported products. Therefore, the sharp increase in the prices of domestic petroleum and chemical products since the beginning of this year was mainly caused by the increase in the prices of imported products. The most important influencing factor is the soaring of international crude oil prices. As China's largest importer of goods and the main raw material for the petrochemical industry, the rise in international crude oil prices has a decisive influence on domestic petrochemical product prices. As the price of crude oil rose, the import prices of synthetic resin and synthetic rubber using crude oil as the raw material rose sharply. Some domestic bulk chemical raw material products that rely on imports, such as sulfur and potassium salts, also rose sharply to varying degrees. At the same time, domestic coal prices have also risen rapidly due to energy price factors. This led to a general upward trend in the market price of products throughout the industry.
The petrochemical industry is one of the industries that have the largest impact of international inflation on domestic transmission. In order to reduce the dependence on China's oil, on August 13, the Ministry of Finance and the State Administration of Taxation issued a notice and decided to adjust the auto consumption tax policy from September 1, 2008. At present, the international economy is in a period of high inflation. The price of energy and resources needed for China's economic development has risen too much, and this price increase is being imported into China. A report released by Morgan Stanley in June showed that of the 190 countries surveyed, 50 are experiencing double-digit inflation. The rise in the prices of primary products in the international market has also led to an increase in global inflationary pressures and a huge pressure on input-type inflation in China. The petroleum and chemical industry is the pillar industry of China's national economy, and for many years in the foreign trade, the petroleum and chemical industries are in a state where imports exceed the export deficit. Therefore, one of the industries in which the inflation of the international community has the greatest impact on domestic transmission is the oil and chemical industry. Take crude oil as an example. Since the beginning of this year, international crude oil prices have reached record highs. The price of New York WTI crude oil (futures) has exceeded US$110/barrel, US$120/barrel, US$130/barrel, US$140/barrel, and once rose to US$147/barrel. The historical high. In June, the average (in stock) price of WT crude oil in New York reached US$131.59/barrel, up 99% from the same period of last year. Although international crude oil prices have fallen back, they are still operating at a high level of about 120 US dollars.
Half of the crude oil consumed in China depends on imports. Under this circumstance, the rise in international crude oil prices this year has directly led to the increase in the price of petrochemical products in China, including gasoline, diesel, fertilizers, plastics, and synthetic rubber. The increase in prices of chemical fertilizers and diesel will inevitably lead to the increase in the prices of agricultural products. The increase in oil prices will directly lead to an increase in electricity prices and freight rates. This further led to rising domestic prices. Due to the factors of energy parity, domestic coal prices also rose sharply. In the total output value of China's petroleum and chemical industries, the output value of crude oil and coal as raw materials accounts for more than 80%. This will inevitably push the prices of all products in the industry to rise. Light wants to be a "setter" and only causes cost indigestion. In recent years, China has imported crude oil and related products price changes. Generally speaking, to increase the price of imported raw material products, it is only necessary to increase the price of petrochemical products and sell at a reasonable price in order to maintain the production and operation of domestic enterprises and ensure the profitability of enterprises. However, due to the fact that the overall supply of downstream products in the petroleum and chemical industries exceeds demand, and the country implements price control policies for some important products, price transmission will not be very smooth, and a large part needs enterprises to self-digest. This can be seen from past statistics. For example, crude oil prices rose by 34% from January to May this year, oil processing products rose by 13.7%, and prices for synthetic materials rose by only 5.3%; sulfur prices rose by 157.2%, sulfuric acid prices rose by 37%, and phosphate fertilizers The price increase is only 23%.
From the upstream 34% gain to the downstream 5.3% gain; from the upper 157.2% gain to the downstream 23% gain, we can see that the price transmission process is the chemical industry self-digestion process. Therefore, in the case of high dependence on the entire industry, responding to the current increase in the prices of imported products, companies cannot rely on sending downstream price increases to solve problems. They must do their best to pass technical innovation, industrial upgrading and energy conservation. Emission reduction will enhance our ability to digest upstream raw material prices. How to deal with the current rising prices of imported products? Industry experts put forward many specific ideas. In the first half of this year, the import value of domestic petroleum and chemical industries reached US$150.61 billion, an increase of 50% over the same period of last year. The picture shows a ship that imports crude oil. First, we must further increase the intensity of product structure adjustments. Recently, the Dow Chemical Company US$18.8 billion invested heavily in Rohm and Haas Company, which indicates a new trend in the development of international chemical industry: Large foreign chemical companies are gradually phasing out the role of the world’s leading suppliers of basic chemicals, and are fully committed to high-end Special chemicals production. However, domestic companies are still investing in energy-intensive basic chemicals to fight production and fight energy. Under the current situation of increasing energy and resource costs both at home and abroad, it is difficult to absorb the sharp rise in the cost of imported products without adjusting the structure. The second is to really harden the task of saving energy and reducing consumption. Recently, the country has substantially raised the consumption tax on large-displacement vehicles. It can be said that it has introduced a hard measure in energy-saving and emission reduction.
Chemical digestion is facing a test of high dependence
Affected by the increase in production costs and other factors, the increase in tire production (including various types of tires) in China from January to May fell by 12 percentage points from the same period of last year. In the first half of the year, the price of domestically-imported oil and chemical products that were imported from abroad rose by 60 to 70%, and some even rose several times. At the same time a new term—input-type inflation has begun to attract industry attention. The so-called input inflation refers to the fact that in an open economic society, due to the close relationship between the domestic market and the international market, when the price of foreign goods or factors of production rises, it will be transmitted to the country through the domestic and international market transmission channels, thus causing domestic The phenomenon of widespread and sustained price increases. Then the price of imported products has risen. Has it become the main reason for the rise in prices of domestic chemical products? How do imported products affect the price of domestic products? How should domestic companies respond? First, the higher the degree of foreign dependence, the greater the price increase. According to data obtained from the General Administration of Customs, the import value of the domestic petroleum and chemical industries reached 150.61 billion U.S. dollars in the first half of this year, an increase of 50% over the same period of last year. The increase in the total volume of imported products during the same period was not significant, and the increase in the total amount was mainly due to the increase in the prices of imported products. From the perspective of imports, the import prices of all petroleum and chemical products in the first half of this year have risen to varying degrees. The greater the import volume and the greater the degree of dependence on foreign products, the greater the price increase.