China's chemical plant centralized production resumption: late September supply volume, reshaping olefins, alcohols, polyurethane trade pattern.

By SKYSEVEN Chemical Technical Team · 2026-10-10

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September is the traditional maintenance cycle of China's petrochemical industry. In late September, domestic leading chemical enterprises concentrated on ending their annual maintenance. In Shandong, Jiangsu, Inner Mongolia, Shanxi, China, MDI, ethylene glycol, methanol, DMF and other bulk devices were restarted one after another. The spot supply of the industry was concentrated and increased, completely reversing the tight supply pattern in early September.

1. China's multi-core chemical plant concentrated production, the supply side of the overall recovery.

September is the traditional maintenance cycle of China's petrochemical industry, and in late September, domestic head chemical enterprises concentrated on ending annual maintenance, china Shandong, Jiangsu, Inner Mongolia, Shanxi MDI, ethylene, ethylene glycol, methanol, DMF and other bulk devices have been restarted, the industry spot supply concentrated release, completely reversing the tight supply pattern in early September.
On September 29, china Yantai Wanhua Chemical Industry Park1.1 million tons/year MDI device completed maintenance and resumption of production. The device has been shut down since August 10, with an overhaul cycle of nearly 50 days, accounting for 20% of China's domestic MDI total production capacity. During the maintenance period overlay Wanhua Hungary base synchronous shutdown, nearly 13% of the world's MDI production capacity suspended operation, supporting the domestic MDI spot price strength, this resumption of production to China's polyurethane raw material supply back to normal. On the same day, china Shandong Hualu Hengsheng A full set of coal gasification unit maintenance and resumption of production, can produce ethylene glycol, methanol, synthetic ammonia, DMF and other products, is the core supply source of alcohols, amines in North China, effectively alleviate the regional supply tension.
in addition, china Jiangsu Yangzi Petrochemical700000 tons/year ethylene cracking plant restarted on September 26, supporting EO/EG co-production capacity to resume production, to fill the East China ethylene, ethylene oxide raw material gap. At the same time, domestic coal-to-ethylene glycol production capacity continues to return, china Inner Mongolia 400000 tons/year, shanxi, China 300000 tons/year the synthesis gas ethylene glycol plant resumed production on September 28 and September 15, respectively, gradually releasing incremental sources of supply.

2. the core logic of the industry chain: EO/EG co-production flexible production remodeling market.

China's EO/EG co-production device has flexible production characteristics, can flexibly adjust the output structure according to the profit difference between the two types of products, there is a clear supply and demand game relationship. In early September, ethylene glycol profit advantage is significant, most of the domestic co-production device active conversion of ethylene glycol, compressed ethylene oxide production, superimposed on multiple sets of device maintenance, domestic ethylene oxide operating rate of only 51.82 percent, spot shortage to promote prices refresh the year's high.
After the concentrated resumption of production in late September, the overall supply of ethylene in China rebounded, effectively alleviating the pressure of raw material price increases and providing support for the stable production of ethylene oxide and ethylene glycol. With the gradual increase of the device load, the supply pressure of alcohols and olefins category continues to increase, and the market logic of tight spot and unilateral bullish in the early stage is gradually weakened.

3. Overseas Traders Practical Opportunities and Risk Tips

from the perspective of the global chemical supply chain, the current round of concentrated resumption of production falsified the previous supply contraction expectations, the market bullish sentiment cooled. At this stage, all restart devices are in the climbing stage, not yet achieved full-load production, supply batch release, short-term market to high volatility, no risk of rapid decline.
Overseas traders and buyers need to focus on tracking two core variables: first actual start-up load of each unit in China, to distinguish between nominal resumption of production and full production shipping rhythm; Second, the downstream terminal demand to undertake strength, polyurethane, water reducing agent, surfactant and other industries demand strength, will directly determine the digestion capacity of new supply. If the downstream demand repair lags behind, the continuous release of the supply will suppress prices, if the peak season demand continues to cash, the market will maintain a strong pattern of volatility.

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