Market Analysts: Oil Market Faces Multiple Pressures

Recently, CNOOC Ningbo Daxie Petrochemical Co., Ltd.'s 100,000-ton/year polyolefin elastomer project has been approved for record. The project will utilize 60 acres of unused land within the Daxie Petrochemical plant area to purchase reactors, tower vessels, pumps, and other dynamic and static equipment, and to construct a 100,000-ton/year polyolefin elastomer project, while also improving related supporting facilities.

According to the Hong Kong Stock Exchange disclosure,Binhua GroupBinhu Chemical Co., Ltd. (abbreviated as "Binhu Group") has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International and CCB International as its joint sponsors. According to the prospectus, Binhu Group maintains a leading position in the chlor-alkali chemicals industry, while achieving rapid growth in the petrochemical C3 and C4 products and wet electronic chemicals fields. The prospectus shows that Binhu Group is a domestically leading comprehensive chemical group driven by technological innovation and green low-carbon principles. The company was founded in 1968 and has been deeply involved in the chemical industry for over 50 years. Binhu Group's business areas include three core segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, and it possesses a comprehensive product portfolio. Core products include caustic soda,Propylene oxideAs of 2024 revenue, Binhu Chemical Group is the largest producer of granular caustic soda and other products in China; as of June 30, 2025, it is the largest private producer of propylene oxide in China by production capacity. By June 30, 2025, it has three manufacturing bases, over 2,500 employees, and a high utilization rate of production units. The company is also one of the few domestic manufacturers capable of producing electronic-grade hydrofluoric acid used in advanced semiconductor processes.

Since October, the domestic EVA market has seen a loosening in supply and demand. On the supply side, petrochemical facilities have undergone fewer maintenance shutdowns and have maintained stable high production loads, resulting in abundant supply. Meanwhile, downstream demand from the main photovoltaic sector has slowed, and new orders for foamed footwear materials, both domestically and internationally, have been weak, leading to a lack of follow-up demand. Transactions have consistently struggled to improve. Additionally, with the upcoming commissioning of new facilities by Hanwha, expectations for increased domestic supply have risen, causing a significant drop in auctioned goods and intensifying bearish market sentiment. Faced with pressure from financial constraints, holders of inventory have increased their selling activities, leading to a rapid and wide decline in market prices.

Under the leadership of BYD and MG, Chinese automakers continue to make progress in the European market. In September, the sales of Chinese car brands in Europe surged by 149%, reaching 90,571 units, with a record market share of 7.4%, compared to only 3.3% a year ago.

According to the Qichacha app, SAIC Forward Automotive Technology (Shanghai) Co., Ltd. was recently established with a registered capital of 20 million yuan. Its business scope includes the research and development of auto parts, sales of intelligent power distribution and control equipment, sales of charging piles, wholesale of computer software, hardware, and auxiliary equipment, among others. Qichacha's equity penetration shows that the company is wholly owned by SAIC Group.