China's PTMEG exports to Europe boost in Q1
According to the latest data from China customs, exports of PTMEG were at 7,825 tons in Mar 2022 and the average export unit price was at $5.978/kg, slightly declining on the month.
PTMEG exports amounted to 20.5kt in Q1 2022, up 133% on the year and 28% on the month respectively, and the export unit price averaged at $6.254/kg, up $2.954/kg on annual basis and down $0.334/kg over Q4 2020 with increasing big orders, still apparently higher than the domestic price.
Export of PTMEG to major destinations saw apparent increase. Exports to Turkey approached 4,700 tons in Q1 2022, a year-on-year surge of 170% and those to European nations like Germany, UK and Netherland skyrocketed on annual basis with low volume in Q1 2021. With rising energy prices, the production cost of PTMEG obviously soared outside China. Coupled with tight supply, price of PTMEG hiked, stimulating domestic players’ export activity. In addition, some foreign-invested PTMEG companies in China increased supplying to market outside China due to mounting supply in China. Therefore, exports of PTMEG grew substantially.
As for major export origins, it still focused on East China. After supply advanced, export from Ningxia apparently rose.
Zhejiang and Jiangsu were major export forces. Zhejiang, Jiangsu and Shanghai are major production bases and sales areas for PTMEG. Many PTMEG were exported from Zhejiang and Jiangsu. Some small enterprises in China also began to set foot in export. Increasing price of PTMEG due to tight supply outside China mentioned above also stimulated the export activities of some companies.
Exports from Zhejiang and Jiangsu greatly advanced and those from Ningxia also spiked after supply increased. In addition, exports from Shanghai also rose substantially in Q1 2022. Soaring exports from Ningxia and Shanghai were mainly driven by tight supply abroad and were mainly from foreign-invested companies.
As the production cost is estimated to remain high due to high energy price and supply is tight without capacity expansion outside China, while supply is increasing in China, exports of PTMEG are expected to sustain high.
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