600,000-Ton Polystyrene (PS) Project Successfully Completes First-Time Feed Introduction

On July 8, it was reported that Ningbo Formosa Plastics had raised its ABS prices by RMB 400/ton. The quoted price for 15A1 was RMB 10,500/ton, and the quoted price for 15E1 was RMB 10,400/ton. This week, one deal was concluded through one-on-one negotiation. The company’s ABS plant has an annual capacity of 750,000 tons.

Reported on July 8: Sinopec East China ABS price increased by 200 yuan/ton, 0215A listed at 9,100 yuan/ton, GE150 at 9,100 yuan/ton, Jieyang 0215A listed at 9,100 yuan/ton, 750ASQ listed at 9,100 yuan/ton. PetroChina's Daqing Petrochemical ABS unit has a capacity of 300,000 tons per year, and Jilin Petrochemical ABS unit has a capacity of 1.2 million tons per year.

On July 6, KPX Chemical announced a collaboration with H&S to build a new soft polyurethane foam recycling plant in the Yongsan Industrial Park in Yeongdong-gun, North Chungcheong Province, South Korea, expected to begin commercial operations in June 2027. The core of this project is to establish a circular economy model, transforming what was previously considered waste—soft polyurethane foam scraps—into high-value recycled polyols. The produced recycled polyols can replace up to 30% of the virgin polyols used in soft polyurethane foam production, with even higher replacement rates achievable in certain applications. The quality is also expected to maintain mechanical performance and ride comfort comparable to existing products.

Recently, Satellite Chemical (002648.SZ) disclosed its 2026 semi-annual earnings forecast, stating that the company expects to achieve a net profit attributable to shareholders of RMB 6.0 billion to RMB 7.0 billion in the first half of 2026, representing a year-on-year increase of 118.68% to 155.13%.The reasons for performance growth include advantages in industrial chain integration and a diversified supply chain layout that has buffered cost fluctuations, among others.As a leading integrated light hydrocarbon company, Satellite Chemical focuses on an industrial chain featuring the coordinated development of “C2 + C3.” Driven by rising crude oil prices, profit margins for C2 products (ethylene and downstream derivatives produced from ethane) and C3 products (deep-processing products with propylene as the core feedstock) have generally increased this year. Leveraging its “gas-based” route that uses light hydrocarbons such as U.S. ethane and propane as core feedstocks, the company benefits from both lower raw material costs and recovering product prices, highlighting its advantages over the naphtha-based route.

Recently, as a key foreign investment project in Puyang City, the construction of Henan Wangsu New Material Technology Co., Ltd.'s annual production capacity of 600,000 tons of polystyrene is progressing steadily. The project has successfully completed its initial production run, injecting strong foreign investment momentum into the high-quality development of the city's chemical new materials industry. The project has a total investment of 1.23 billion yuan and includes the construction of six specialized production units for polystyrene, each with a capacity of 100,000 tons, along with a complete set of facilities for granulation, packaging, and public utilities. It is a landmark foreign investment project for the city's efforts to extend and supplement its industrial chain and strengthen the chemical new materials industry cluster.