全球化工市场要情 2026年第14期(总38期)

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全球化工市场要情

Global Chemical Market Highlights

2026年第14期（总38期）

Issue #14, 2026 (Total 38)

中文版

一、

全球化工市场要情

博禄与万华化学子公司在华合资建设聚烯烃项目

4月17日，中东石化巨头Borouge（博禄）在阿布扎比证券交易所披露，旗下Borouge PLC(鲁韦斯)已与万华化学子公司万荣新材料(烟台)签署50:50合资协议，拟在福建合作建设蒸汽裂解与聚乙烯综合体项目，标志着这一中阿高端石化合作进入实质开发阶段。根据2024年7月披露的初始方案，双方合作聚焦福建福州160万吨/年聚烯烃一体化项目可行性研究，项目规划采用100%零碳电力供电。

伊朗全面暂停石化产品出口

近日，伊朗宣布暂停氨、尿素等石化产品全线出口，实施期限另行通知，此举旨在优先保障国内供应、稳定国内市场。此次禁令主要源于4月初伊朗主要石化生产中心遭空袭，导致生产与原料供应设施受损。尽管部分装置已重启，但当前仍需优先满足国内需求。目前，伊朗国内石化产品价格保持在冲突前水平，未随国际市场上涨。与此同时，美国已封锁伊朗港口的船只往来，进一步阻断了其出口通道。伊朗石化产品年出口量约2900万吨，价值130亿美元，作为全球化肥主要出口国，此次出口暂停叠加港口封锁，将进一步加剧全球化肥及石化产品的供应紧张态势与价格波动。

韩国出台扶持政策应对能源冲击

4月14日，韩国政府推出总额达8019亿韩元的资金扶持政策，实施期为4月至6月。其中，6744亿韩元将用于原料进口补贴，针对石脑油、LPG、乙烯、丙烯等重要原料，补贴战前价格与实际进口价差的50%；另有1275亿韩元用于运费补贴，全额承担从美洲、非洲、欧洲进口原油相较于中东地区的额外运费，以推动进口来源多元化。作为亚洲最大的石脑油进口国，韩国超七成的原油与石脑油依赖中东地区供应，其产业链在中东冲突后受到显著冲击。

二、

主要化工产品市场动态

石脑油CFR日本下跌10.6%至930美元/吨

装置及市场动态：本周，亚洲石脑油市场弱势回调，主因是油价支撑减弱且供需面无新增利空。亚洲石脑油仍紧缺，一方面部分俄罗斯石脑油货源被豁免，另一方面韩国计划从印度购入更多石脑油以填补缺口。同时，汽油方向需求支撑减弱，亚洲以外汽油持续流入亚洲市场。

乙烯CFR东北亚下跌3.5%至1385美元/吨

装置及市场动态：本周，亚洲乙烯市场整体弱势，区域差异明显，东北亚价格跌后窄幅反弹，东南亚价格下跌后持稳。虽然供应偏紧，但石脑油价格大跌拖累市场心态，下游采购谨慎，买卖双方意向分歧大，成交活跃度受限。后期东北亚乙烯 – 石脑油价差创新高，随后受现货成交、原油走强及石脑油供应未恢复等因素影响。

纯苯FOB韩国下跌3.4%至1114.4美元/吨

装置及市场动态：本周，亚洲、欧洲纯苯市场在小幅下跌后进入窄幅整理阶段，美国市场则出现明显下行。初期受美伊和谈释放地缘风险影响，原油与纯苯价格同步走弱，但供应偏紧的基本面形成支撑，限制了价格下行空间。美国市场因前期地缘溢价逐步出清，叠加下游需求疲软，价格跌幅显著，不过当前价格仍处于高位区间，尚未出现趋势性破位下行的迹象。

对二甲苯CFR中国上涨2%至1221美元/吨

装置及市场动态：本周，亚洲PX市场先抑后扬。周初，中东紧张局势缓和，国际原油大跌，成本支撑减弱，下游PTA开工大幅下滑，PX现货需求一般，商家信心松动，PX市场快速回落。不过随后，福海创一套80万吨/年PX开始检修，国内PX整体供应进一步减少，大环境回暖，PX主力期货市场连续走高。

English Version

Ⅰ、

Global Chemical Market Brief

Borouge and Wanhua Chemical Subsidiary to Build Polyolefin Project in China via Joint Venture

On April 17, Middle Eastern petrochemical giant Borouge disclosed on the Abu Dhabi Securities Exchange that its subsidiary Borouge PLC (Ruwais) had signed a 50:50 joint venture agreement with Wanrong New Materials (Yantai), a subsidiary of Wanhua Chemical, to collaborate on a steam cracking and polyethylene complex project in Fujian. This marks the entry of this high-end China-UAE petrochemical cooperation into the substantive development phase. According to the initial plan disclosed in July 2024, the partnership focuses on a feasibility study for an integrated 1.6 million tons/year polyolefin project in Fuzhou, Fujian. The project plans to operate entirely on zero-carbon electricity.

Iran Suspends All Petrochemical Exports

Recently, Iran announced a full suspension of exports of petrochemical products, including ammonia and urea, with the implementation period to be announced later. This move aims to prioritise domestic supply and stabilise the local market. The ban is primarily due to an airstrike on a major Iranian petrochemical production center in early April, which damaged production and raw material supply facilities. Although some units have resumed operations, domestic demand must still be prioritised. Currently, petrochemical product prices in Iran remain at pre-conflict levels and have not risen in line with international markets. Meanwhile, the United States has blocked vessel movements at Iranian ports, further hindering export channels. Iran exports approximately 29 million tons of petrochemical products annually, valued at $13 billion. As a major global fertiliser exporter, the export suspension, combined with port blockades, will further exacerbate supply tightness and price volatility in global fertiliser and petrochemical markets.

South Korea Introduces Support Policies to Counter Energy Shocks

On April 14, the South Korean government announced a financial support package totalling 801.9 billion won, effective from April to June. Of this, 674.4 billion won will be allocated for raw material import subsidies, covering 50% of the difference between pre-war prices and actual import prices for key materials such as naphtha, LPG, ethylene, and propylene. An additional 127.5 billion won will be used for freight subsidies, fully covering the extra freight costs for importing crude oil from the Americas, Africa, and Europe compared to the Middle East, in an effort to diversify import sources.

As Asia’s largest naphtha importer, South Korea relies on the Middle East for over 70% of its crude oil and naphtha supply, leaving its industrial chain significantly impacted by the ongoing conflict in the region.

Ⅱ、

Market Dynamics of Major Chemical Products

Naphtha CFR Japan fell by 10.6% to $930/tonne

Plant and Market Dynamics: This week, the Asian naphtha market experienced a weak correction, primarily due to weaker oil price support and the absence of new bearish factors in supply and demand. Naphtha remains tight in Asia, partly because some Russian naphtha supplies have been exempted, and partly because South Korea plans to purchase more naphtha from India to fill the gap. Meanwhile, demand for support from the gasoline sector has weakened, as gasoline from outside Asia continues to flow into the Asian market.

Ethylene CFR Northeast Asia fell by 3.5% to $1,385/tonne

Plant and Market Dynamics:This week, the Asian ethylene market remained weak overall with notable regional differences. Prices in Northeast Asia narrowed their decline and rebounded slightly, while Southeast Asian prices declined and then stabilised. Although supply remained tight, a sharp drop in naphtha prices weighed on market sentiment, leading to cautious downstream purchasing. The divergence in intentions between buyers and sellers was significant, limiting trading activity. Later in the period, the ethylene-naphtha spread in Northeast Asia hit a new high, driven by spot transactions, stronger crude oil prices, and the unresolved naphtha supply situation.

Benzene FOB South Korea fell by 3.4% to $1,114.4/tonne

Plant and Market Dynamics: This week, benzene markets in Asia and Europe entered a phase of narrow consolidation after slight declines, while the U.S. market saw a more pronounced downturn. Early in the period, geopolitical risks eased due to U.S.-Iran talks, leading to weaker crude oil and benzene prices. However, tight supply fundamentals provided support, limiting downside potential. In the U.S., prices fell significantly as previous geopolitical premiums were gradually unwound, compounded by weak downstream demand. Nevertheless, current price levels remain high, with no signs of a sustained downward breakout.

Paraxylene CFR China rose by 2% to $1,221/tonne

Plant and Market Dynamics:This week, the Asian PX market first fell and then rose. Early in the week, easing tensions in the Middle East led to a sharp drop in international crude oil prices, weakening cost support. Downstream PTA operating rates fell significantly, and spot demand for PX was moderate, shaking market confidence and leading to a rapid decline in PX prices. However, subsequently, an 800,000-tonne/year PX unit at Fuhaichuang began maintenance, further reducing the overall domestic PX supply. With an improving macro environment, PX futures prices continued to rise.