Foshan Plastics Technology and Sinopec Establish New Materials Company in Hunan with Registered Capital of 960 Million

  March 19th, according to Reuters citing sources, the Yanbu port in Saudi Arabia has resumed oil loading operations. Previously, the Yanbu port suspended crude oil loading after the Saudi Ministry of Defense stated that it intercepted a ballistic missile over Yanbu city. After Iran effectively closed the Strait of Hormuz, Yanbu port became one of the two remaining main export channels for Gulf Arab countries' oil. The Saudi Ministry of Defense earlier stated that a drone crashed at the SAMREF refinery, and the damage is currently being assessed.

Wanhua Chemical announced on March 18 that, according to the characteristics of chemical production processes, to ensure the safe and efficient operation of production facilities, according to the annual maintenance plan, the 750,000-ton-per-year PDH unit in the Yantai Industrial Park will start a shutdown for maintenance on March 22, 2026, and the maintenance is expected to last about 30 days. According to the overall balance of the park, the downstream PO/AE integrated facilities will adjust their production capacity. The company will strive to ensure the stable supply to downstream customers. This shutdown for maintenance is a routine inspection according to the annual plan, and it will not have a significant impact on the company's production and operation.

Wanhua Chemical announced on March 18 that, according to the characteristics of chemical production processes, to ensure the safe and efficient operation of production facilities, the 750,000 tons per year PDH unit at the Yantai Industrial Park will be shut down for maintenance starting on March 22, 2026, with an estimated maintenance period of about 30 days.

  Since March 2026, the PP pipe material market has experienced a fluctuating upward trend. On March 17, the price of hot water pipe materials in East China reached 9,650 yuan/ton, an increase of 29.97% from the beginning of the month. Affected by geopolitical conflicts, crude oil and propylene prices have continued to rise, providing strong cost support. Meanwhile, the supply of pipe materials has been tight, with petrochemical companies mainly selling directly, and imported resources decreasing, leading to a tight supply situation in the distribution sector, which also provides strong support. Although product prices have lagged in following the upward trend, factories have limited acceptance of high raw material prices. However, as the low-price inventory from earlier is being consumed, the release of immediate demand may provide temporary support to the market. It is expected that PP pipe materials will remain in a strong fluctuating trend before the end of the month.

The chairman of the Japan Automobile Manufacturers Association stated that the situation in the Middle East is gradually affecting the automotive industry's logistics and material procurement.