China's petrochemical shortage follows war

China is currently experiencing a crisis in its petrochemical inventories due to the depletion of excess production resulting from years of over-refining and chemical manufacturing. The impacts of the US-Iran war have further restricted oil flows. As inventories decline, the prices of many chemical products, including aromatics and olefins used in various industrial products, have risen, triggering a wave of inflation in the Chinese market and beyond. While China is seeking to meet domestic demand by increasing production, inventory levels remain low, and the sector faces pressures from rising oil and raw material costs. This has led producers to temporarily raise prices, even though an oversupply still exists and is expected to continue delaying market rebalancing.

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