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Limited impact of escalating tensions across Taiwan Strait on MEG imports

2022-08-11 08:11:27 CCFGroup

MEG capacity in Taiwan Prov., China is around 2.41 million mt/year. Among that, the capacity of Nan Ya Plastics Corp is 1.8 million mt/year, accounting for 75% of total.

Unit	Capacity,kt/yr	Status
CMFC #1	80	running
CMFC #2	80	running
CMFC #3	200	running
Nan Ya #1	360	to restart in Nov
Nan Ya-CMFC #2	360	running, to shut in mid-Aug
Nan Ya #3	360	running
Nan Ya #4	720	Restart delayed to end-Sep
OUCC	250	at low rate
Total	2,410	Operating rate around 45%
August 3, 2022, CCFGroup

MEG import of Chinese Mainland from Taiwan Prov. dropped sharply since May with due to the operating rate cut of Nan Ya, and the import fell to a record low in June at only 5kt.

2022	Saudi Arabia	Taiwan Prov.	Canada	Kuwait	Singapore	South Korea	Total
Jan	387	130	59	42	20	36	831
Feb	350	101	77	11	25	18	719
Mar	337	87	79	19	17	26	698
Apr	309	70	50	23	16	14	575
May	337	32	111	15	11	3	552
Jun	392	5	109	30	11	5	646

Unit: kt, source: China Customs

MEG imports of Chinese Mainland from Taiwan Prov. will keep low due to persistence low operating rate. The impact of escalating tensions across Taiwan Strait on MEG imports would be limited.

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