Chunyan is here!

Hong Fuyuan, chairman of Taiwan Chemical Industry Co., Ltd., estimates that production and sales in Q2 will return to normal.

(Photo by reporter Zhang Huiwen)

[Reporter Zhang Huiwen/Taipei Report] In view of the recent increase in plasticizing quotations, Hong Fuyuan, chairman of Taiwan Chemical (1326), pointed out today (7) that all business departments of Taiwan Chemical will continue to receive orders during the Spring Festival, except for the Ningbo plant that will continue to produce at full capacity. In addition to sales, the remaining production plants in Taiwan and Vietnam will gradually increase production from February onwards. It is expected that the second quarter will return to normal, and the revenue in February may exceed that in January.

He said that before the Spring Festival, he felt that the market conditions were gradually improving. It is estimated that economic activities will gradually recover after the Spring Festival, and China’s GDP (gross domestic production) will increase from the second quarter; It is only about 10-15 days, but the average inventory is 20-25 days, which shows that the market is optimistic about the next year.

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As for quotations, Hong Fuyuan analyzed that crude oil prices remained at US$80 per barrel at the end of January, and market expectations made various petrochemical products rise sharply. On January 27, Taiwan Chemical’s main products, benzene, PX, and SM, all rose by 13% compared with the end of last year. Above, until February, the price of oil was revised down, and the prices of petrochemical products BZ, PX, SM, and PTA also fell simultaneously, but ethylene, propylene, and phenolic ketones rose, and plastic products continued to rise slowly.

In particular, he pointed out that Taiwan Chemical received more than 150% of its orders for four types of plastic products in January, because the price has not yet risen significantly during the resumption of downstream operations. Fiber products also opened a red market; it is estimated that although there are only 28 days in February, the market is improving and the revenue is expected to be better than January. As for the revenue in the first quarter, it will show a monthly increase.

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