Chinese naphtha consumption is nearly 50pc higher this year, reflecting strong demand for manufactured goods.Chinese apparent naphtha demand - domestic refinery output plus net imports - rose by over 200,000 b/d to 630,000 b/d in January-August compared with a year earlier (see graph). China's refining base expanded by almost 1. 1mn b/d over the same period. But net naphtha imports fell by less than 15,000 b/d, suggesting that domestic petrochemical plants have largely been absorbing the extra output. Apparent demand does not account for stock changes.
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