全球化工市场要情 2026年第10期(总34期)
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全球化工市场要情
Global Chemical Market Highlights
2026年第10期（总34期）
Issue #10, 2026 (Total 34)
中文版
一、
全球化工市场要情
01
巴斯夫湛江基地全面投产
3月26日，全球化工巨头巴斯夫（BASF）正式宣布其湛江一体化基地实现全面投产。作为在中国首个外商独资建设的大型石化一体化项目，湛江基地由巴斯夫独立运营，总投资额约87亿欧元，是巴斯夫迄今最大的单笔投资项目，已投产18套装置，32条生产线，生产70多种产品。
02
日本开始释放战略石油储备
3月26日，日本经济产业省表示计划于3月份内，在全国9处基地陆续启动石油储备释放，到4月份再新增2处，最终在日本11处基地依次展开。预计释放总量约为850万千升，相当于日本国内约一个月的石油消费量。据悉，此次释放的国家石油储备，将由日本政府通过随意合同方式，以约5400亿日元的价格出售给四大石油批发企业，由各公司加工成汽油等成品油后投放市场。包括民间储备和国家储备在内，此次石油释放规模将达到历史最大水平。
03
印尼钱德拉阿斯里宣布扩产装置
近日，印尼钱德拉阿斯里石油公司宣布其芝勒贡石化基地的甲基叔丁基醚（MTBE）与丁烯-1生产装置完成扩产升级，整体产能提升25%。MTBE年产能从12.8万吨增至16万吨，丁烯-1年产能从4.3万吨提升至约5.4万吨。这两套装置于2020年投产，是印尼唯一的MTBE和丁烯- 1生产设施，在当地石化产业链中地位不可替代。此次扩产将增强印尼本土原料保障能力，降低对进口产品依赖，为下游产业提供稳定原料支撑。
二、
主要化工产品市场动态
石脑油CFR日本上涨8%至1115.4美元/吨
装置及市场动态：本周，亚洲石脑油市场延续上涨态势，核心驱动因素为中东供应中断。该中断导致亚洲石脑油出现供应缺口，尽管部分俄罗斯石脑油流入亚洲市场，但仅依靠套利船货及豁免船货仍无法完全填补这一缺口。
乙烯CFR东北亚上涨1.1%至1416美元/吨
装置及市场动态：本周，亚洲乙烯价格冲高回落，整体维持高位震荡。受原油、石脑油等原料供应紧张、价格上涨影响，乙烯现货货源收紧。上周“五连涨”后，本周“三连涨”。4月装船货物最高成交价听闻达1500美元/吨，FOB中国、韩国货源报盘坚挺。25日，因下游利润缩水、开工下降、采购谨慎，乙烯价格窄幅回落50美元/吨。台塑麦寮3#裂解停车使区域供应进一步收紧，支撑价格，但下游衍生品涨幅滞后、利润收窄，终端采购谨慎，需求端抵触高价，短期内或抑制价格进一步上涨。
纯苯FOB韩国上涨0.2%至1070.9美元/吨
装置及市场动态：本周，亚洲市场震荡运行，欧美市场上升后回落。亚洲市场受波斯湾能源基础设施遭袭影响，原油期货价格走高，区域供应风险加剧，市场担忧生产设施长期受损。纯苯作为原油下游产品，成本支撑强，价格上行，但受地缘政治不确定性扰动，多空博弈加剧，价格区间震荡、频繁波动。欧美市场上游能源市场高位运行，成本压力传导至纯苯现货市场，推动价格攀升，但市场谨慎观望，涨势缺乏持续性。后期，因美国主导的中东停火谈判释放乐观预期，地缘风险溢价快速消退，纯苯价格大幅回落。
对二甲苯CFR中国下跌3%至1241.6美元/吨
装置及市场动态：本周，国际PX市场冲高后回落。亚洲PX市场先扬后抑：周初受原油供应紧张担忧及亚洲PX装置负荷持续下滑影响，PX期货大幅冲高；但随后中东局势略有缓和，国际原油高位回落，市场情绪受到抑制，叠加下游成本压力仍大、对高价货源较为抵触。
English Version
Ⅰ、
Global Chemical Market Brief
01
BASF's Zhanjiang Site Fully Operational
On March 26, global chemical giant BASF officially announced the full commissioning of its integrated Zhanjiang site. As the first wholly foreign-owned large-scale petrochemical integrated project in China, the Zhanjiang site is independently operated by BASF with a total investment of approximately €8.7 billion, making it BASF’s largest single investment to date. The site has brought 18 plants and 32 production lines online, producing over 70 products.
02
Japan Begins Releasing Strategic Petroleum Reserves
03
Indonesia’s Chandra Asri Announces Capacity Expansion
Recently, PT Chandra Asri Petrochemical Tbk of Indonesia announced the completion of capacity expansion and upgrades for its methyl tert-butyl ether (MTBE) and butene-1 production units at its Cilegon petrochemical complex, increasing overall capacity by 25%. MTBE annual capacity has risen from 128,000 tons to 160,000 tons, while butene-1 annual capacity has increased from 43,000 tons to approximately 54,000 tons. Commissioned in 2020, these two units are Indonesia’s sole production facilities for MTBE and butene-1, holding an irreplaceable position in the local petrochemical industry chain. This expansion will enhance Indonesia’s domestic raw material supply security, reduce reliance on imported products, and provide stable raw material support for downstream industries.
Ⅱ、
Market Dynamics of Major Chemical Products
Naphtha CFR Japan rose by 8% to $1,115.4/ton
Plant and Market Dynamics: This week, the Asian naphtha market extended an upward trend, with the core driving factor being supply disruption in the Middle East. The disruption led to a supply shortage of naphtha in Asia. Although some Russian naphtha flowed into the Asian market, arbitrage and exemption cargoes alone could not fully fill the gap.
Ethylene CFR Northeast Asia rose by 1.1% to $1,416/ton
Plant and Market Dynamics:This week, the Asian ethylene price rose high and fell back, maintaining high-level fluctuation overall. Affected by tight supply and rising prices of crude oil, naphtha and other raw materials, spot ethylene cargoes tightened. After five consecutive gains last week, it rose for three straight sessions this week. The highest transaction price of April shipment cargoes was heard at 1,500 USD/MT, and offers for FOB China and South Korea cargoes were firm. On the 25th, ethylene price edged down 50 USD/MT as downstream profits shrank, operating rates fell and purchasing turned cautious. The shutdown of Formosa Plastics Mailiao No. 3 cracker further tightened regional supply and supported prices. However, downstream derivatives rose slowly, profits narrowed, end-user purchasing was cautious, and the demand side resisted high prices, which may inhibit further price increases in the short term.
Benzene FOB South Korea rose by 0.2% to $1,070.9/ton
Plant and Market Dynamics: This week, the Asian market fluctuated, while European and American markets rose and then fell. In Asia, attacks on energy infrastructure in the Persian Gulf pushed up crude oil futures and intensified regional supply risks, and the market worried about long-term damage to production facilities. As a downstream product of crude oil, benzene was strongly supported by costs and prices rose, but was disturbed by geopolitical uncertainty, long-short gaming intensified, leading to frequent range-bound fluctuations. In Europe and the United States, high operation of upstream energy markets transmitted cost pressure to the benzene spot market, driving prices up, but the market was cautious, and the upward trend lacked sustainability. Later, optimism released by US-led Middle East ceasefire negotiations quickly eliminated geopolitical risk premium, and benzene prices fell sharply.
Paraxylene CFR China fell by 3% to $1,241.6/ton
Plant and Market Dynamics:This week, the International PX market rose and then fell back this week. Asian PX market rose first and then fell: PX futures surged sharply early in the week due to concerns over tight crude oil supply and declining operating rates of Asian PX plants. Later, the Middle East situation eased slightly, international crude oil fell back from high levels, market sentiment was suppressed, coupled with high downstream cost pressure and strong resistance to high-priced cargoes.
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