PE market under the influence of global coronavirus

At present, China has reached remarkable achievements in the prevention and control of the COVID-19. However, at the same time, the coronavirus has going global to foreign countries, from South Korea and Japan to Italy and then to Iran. And this outbreak has triggered panic in various industries. Crude oil has plunged and most of the chemical products have entered a downward trend. So let’s talk about the PE market under the influence of global coronavirus.

First of all, PE is a product which highly dependent on import in China, with current import dependency assessed at above 45%. In recent years, with the development of economy, more and more PE products of foreign countries have been put into production, and a large number of PE raw materials are pouring into China. In 2019, for example, China PE import volume totaled 16.6656 million tons, up 18.83% year-on-year, with import dependency assessed at 47.8%, close to 50%.