Analysis Report on Construction of Huajin Ami Fine Chemical Project

Project Construction Progress and Market Impact Assessment

huajin Ami Fine Chemicals and Raw Materials Engineering achieved a key milestone breakthrough on November 15. The three core units -700000 tons/year pyrolysis gasoline hydrogenation combined unit, 73.6 tons/700000 tons/year ethylbenzene/styrene unit and 590000 tons/year ethylene oxide/ethylene glycol unit have been mechanically completed simultaneously, making 26 of the 32 main units of the project reach this node, and the overall construction progress has exceeded 90%.

In terms of progress rhythm analysis, there are currently only 6 sets of devices to be completed mechanically. According to the established plan, all 32 sets of production devices will achieve the mechanical completion target within the year, and then enter the linkage commissioning stage. This time window is of great significance to supply chain participants-traders are advised to pay close attention to the official production point in the first half of 2026 and adjust regional procurement strategies and inventory layout in advance.

From the perspective of market supply pattern reconstruction, the project plans to build 32 sets of process units, including 15 million tons/year refining capacity and 1.65 million tons/year ethylene capacity, to build an integrated refining and chemical industry cluster. After putting into production, it will significantly change the flow of chemical raw materials in Northeast and North China. Localized supply will compress the traditional mode of long-distance transfer of goods from East and South China. The transportation cost advantage is expected to reach 15%-20%, which will directly affect the regional market pricing system and trade flow pattern.

Technical Configuration and Industrial Chain Value of Ethylbenzene/Styrene Plant

in terms of technical route, the device adopts Exxon Mobil's EBMax liquid-phase alkylation technology and TOTAL/BAGDER adiabatic dehydrogenation technology, and is designed to run for 8000 hours a year, reflecting the international mainstream process standards. The production capacity is 700000 tons of styrene and 736000 tons of intermediate product ethylbenzene, accounting for about 6% of China's total styrene production capacity, which is a large-scale monomer plant.

In terms of process design features, the ethylbenzene unit integrates three major systems: alkylation reaction, transalkylation reaction and ethylbenzene distillation; the styrene unit is equipped with two independent dehydrogenation reaction systems and distillation systems. This modular design increases the flexibility of load regulation and enables differentiated operational strategies in the event of market fluctuations, which means better marginal cost control for manufacturers.

At the downstream market docking level, 700000 tons of styrene production capacity will directly serve the downstream industries such as ABS resin, polystyrene (PS) and unsaturated polyester resin. It is worth noting that the northeast region has always been an important consumer of ABS resin (auto parts, home appliances industry cluster), localized raw material supply will enhance the bargaining power of downstream enterprises, it is recommended that relevant traders re-evaluate the terms of long-term supply contracts.

In terms of business opportunity identification, for overseas suppliers and traders, the commissioning of the project will have a triple impact: first, the demand for benzene raw materials will increase (the main raw material for ethylbenzene production), which will benefit benzene exporters; Second, the demand for styrene imports in the region has declined, and the target market needs to be adjusted. Third, logistics service providers can develop a distribution network from Panjin Port to inland to undertake new freight volume.

The integrated model of refining and chemical realizes the vertical integration of crude oil-basic chemical raw materials-fine chemical products, and the efficiency of resource conversion is significantly improved. From the perspective of industry chain synergy, it is recommended that downstream purchasers establish a strategic partnership with Huajin Ami to lock in long-term stable sources of goods, while paying attention to the progress of commercial development of its by-products (such as propylene, carbon four, etc.) and looking for diversified procurement opportunities.