Figure 1 Statistics of China's polyether polyol import volume and growth rate in 2014-2018

In 2018, China imported 554000 tons of polyether polyols, a year-on-year increase of 4.73%. From 2014 to 2018, China's polyether polyol import volume showed a gradual increase trend, and the price and quality advantages of overseas goods were obvious. In the five years, the average annual growth rate of polyether polyol import volume was 13.8%. Large foreign enterprises such as BASF, Dow, shell and other polyether and propylene oxide upstream and downstream industrial chain integrated supporting devices greatly reduce the production cost of polyether and enhance the competitiveness of imported polyether in the market. In particular, in 2017, Dow Chemical successfully put into operation 390000 T / a polyether polyol plant in Saudi Arabia, and exported a large number of basic polyether polyols to China.

Figure 2 data analysis of China's imported polyether polyols in 2018 (production and marketing countries)

Note: in the analysis of import data of production and consumption countries, the import volume has eliminated other products such as polyethylene glycol and polyether amine.

At present, the basic polyether monomer is the main source of goods in China's polyether polyol import market, and the main sources of goods are near sea and ocean shipping. Most of the sea going cargo is from Southeast Asia and South Korea, among which the Southeast Asia cargo is mainly from Singapore shell and Thailand Dow. The above two countries are allies of China ASEAN trade agreement. The imported polyether from its origin is zero tariff, but the official origin certificate of that country shall be provided. The main source of ocean freight is from the Middle East and the United States.

According to the statistics of the countries of production and marketing of imported polyether polyols in 2018, since Dow's polyether polyol plant in Saudi Arabia was put into operation in September 2017, the import source from Saudi Arabia has successfully occupied the first place in China's import of polyether polyols in only one year. As of December, the cumulative import volume was 123000 tons, accounting for 23% of the total import volume, a year-on-year increase. The import of polyether polyols from Singapore accounted for the second place in China's import of polyether polyols. As of December, the cumulative import volume reached 134000 tons, accounting for 22% of China's total import volume, up 3.07% year on year. Thailand ranks the third in the import volume, with the import volume of 99000 tons, accounting for 16% of the total import volume, down 9.17% year on year.

Figure 3 data of China's imported polyether polyols in 2018 (enterprise registration place)

According to the regional distribution of terminal demand, sponge factories, shoe factories and furniture factories in the coastal areas of East and South China are mostly located here. In addition, with convenient transportation, export enterprises are also relatively intensive, and the demand for imported polyether polyols is relatively concentrated. According to the statistics of China's import of polyether polyols in 2018, the import volume of enterprises in East China still ranks first, among which Shanghai imported the most polyether polyols, with a cumulative import volume of 227300 tons as of December, accounting for 38% of China's import volume. The second largest city is Guangdong, which imports 191500 tons, accounting for 32% of China's total imports. In the third place is Jiangsu, with an import volume of 67600 tons, accounting for 11% of the import volume.

Figure 4 data of China's imported polyether polyols in 2018 (trade mode)

According to the statistics of China's import of polyether polyols by trade mode in 2018, general trade accounts for a large proportion. In 2018, the cumulative import volume was 302500 tons, accounting for 50% of the total import volume, up 18.63% year on year. China's general trade and circulation sources are mainly based on soft foam or soft polyether polyols, mainly from shell Singapore, Dow Thailand, Dow America and Dow Saudi Arabia; the remaining part of hard foam imported polyether mainly exists in the form of production combination polyether. The cumulative import volume of the bonded warehouse's inbound and outbound goods is 204800 tons, accounting for 34% of the total import volume, up 10.70% year on year. The proportion of imported processing trade goods is 11%, and the cumulative import volume is 68400 tons, up 2.09% year on year. The proportion of the remaining trade modes is relatively small, basically around 5%.

In January 2019, China imported 56300 tons of polyether polyols, the same as the same period last year. The main sources of imports in the month were Singapore, Saudi Arabia, Thailand and the United States.