BASF's Bao Leiwai: Asia-Pacific Remains Global Plastic Industry Growth Engine

  April 20 – In early trading, SC crude oil futures opened significantly higher, narrowing the decline to 2.51%. According to Everbright Futures’ research report dated April 20, overall, the current crude oil supply imbalance exhibits structural divergence: Middle Eastern exports to external markets have declined, while exports from other regions—including temporary sales of Russian oil stored on vessels at sea—have increased, alongside a substantial rise in U.S. exports. Inventory levels also display structural divergence: with numerous tankers congested at the Strait of Hormuz, floating storage volumes—counted as part of total inventory—have risen, whereas onshore inventories are continuously being drawn down. Nonetheless, total inventory levels are expected to decline markedly. Meanwhile, Middle Eastern production and exports will undergo reassessment, all of which will impact crude oil pricing. From the current market perspective, an “information war” has emerged as an additional factor influencing oil prices, driving the price center lower. During the ceasefire negotiation period, it is certain that internal divisions within Iran have intensified—constituting a vulnerability for Iran and a strategic advantage for the U.S. Leveraging its media dominance, the U.S. is fostering market expectations of recurring geopolitical volatility to erode crude oil’s risk premium; in contrast, the fundamental supply-demand deficit remains a secondary pricing factor. Consequently, oil prices are expected to fluctuate within a range.

On April 20, Oriental Yuhong recently stated during an institutional research that since the beginning of this year, the continuous rise in international crude oil prices has led to an increase in the prices of raw materials such as asphalt. To ensure the stability of product quality, maintain the healthy development of the industry, and protect the long-term interests of customers, the company and several other leading companies in the industry have successively issued product price adjustment notices. Considering the differences in the execution rhythm of customer orders, the effect of the price adjustment will gradually be realized.

On April 20, at the media day of CHINAPLAS 2026 International Plastics Exhibition, Bao Lewei, Senior Vice President of Basf Asia-Pacific Specialty Materials, stated that Asia-Pacific remains the growth engine of the global plastics industry. He pointed out that in 2025, the Asia-Pacific region will account for 46%-55% of global plastics market revenue and production.

Recently, the Beijing Electron Positron Collider (BEPC) project, constructed by the Shanghai Engineering Company, has...Shanghai Sinopec's 420,000-ton-per-year polystyrene expansion project successfully produces qualified products., the entire process is connected, achieving a one-time successful start-up of the facility. The project constructs a new line1.2 million tons per year general-purpose polystyrene (GPPS) production line (line 34), using BP/ABB Lummus (INOES) process technology, relying on the existing utility facilities of SECCO, the product grades will be consistent with the existing Line 31, Line 32, and Line 33.

According to reports, if the blockade of the Strait of Hormuz persists, the EU will prepare to take joint action on aviation fuel.