全球化工市场要情 2026年第18期(总42期)

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全球化工市场要情

Global Chemical Market Highlights

2026年第18期（总42期）

Issue #18, 2026 (Total 42)

中文版

一、

全球化工市场要情

盛禧奥破产重组

5月13日，美国特种材料解决方案供应商盛禧奥（Trinseo）宣布破产重组。2025年，Trinseo净销售额约为29.75亿美元，同比下降15%；全年净亏损5.46亿美元，较上年减少1.97亿美元。2026年第一季度净销售额7.25亿美元，同比下降8%，净亏损1.16亿美元。目前，Trinseo已与持有其大部分债务的各方签署重组支持协议，并且已获得主要贷款方的支持，将进行全面重组，预计可减少约20亿美元的债务，并减少约1.4亿美元的年度利息支出。

瓦克化学裁员1600人

5月8日瓦克化学宣布，公司管理层与员工代表就在德国裁员约1600个岗位达成了共识，相关措施将在2027年底前实施。目前，瓦克化学公司正继续推进其在2025年10月启动的全球性成本削减与效率提升计划。该计划的目标是每年减少3亿欧元以上的开支，从而提升公司的竞争力。本次裁员计划包括在瓦克全球最大的生产基地——布尔豪森工厂削减1300个就业岗位。此外，宁希里茨(Nünchritz)工厂将减少200个岗位，慕尼黑总部则会有60个岗位被裁撤，德国的其他工厂共有50个岗位将被裁撤。

三菱化学退出泰国生物基可降解塑料业务

5月12日，日本三菱化学（Mitsubishi Chemical Corporation）宣布，将全面退出与泰国PTT Global Chemical（PTTGC）合资的PTT MCC Biochem Co.,Ltd.生物基聚丁二酸丁二醇酯（PBS）业务。PTT MCC Biochem成立于2011年，由三菱化学与泰国国家石油化工旗舰PTT GC共同出资（各持股50%）组建，为双方权益法联营企业，总部位于曼谷，生产基地坐落于泰国罗勇府。2017年，该公司正式实现BioPBS™商业化投产，设计年产能达2万吨，是全球首批规模化生产生物基PBS的标杆项目。

二、

主要化工产品市场动态

石脑油CFR日本上涨3%至999.8美元/吨

装置及市场动态：本周，亚洲石脑油市场呈现先涨后跌走势，整体小幅上行。一方面，霍尔木兹海峡通航状况有所缓和，亚洲炼厂轻质馏分产量增加，供应紧张局面边际缓解；另一方面，乙烯裂解装置开工率偏低，石脑油需求表现偏弱，市场整体供需趋于宽松。

乙烯CFR东北亚下跌5.4%至1149美元/吨

装置及市场动态：本周，亚洲乙烯延续下行走势。国际原油与石脑油行情冲高回落，原料价格波动抑制市场采购情绪，现货交投清淡且买卖报价分歧较大；裂解装置盈利低迷削弱企业出货意愿，叠加下游需求持续疲软，市场整体偏弱运行，部分装置存在进一步降负的可能。

纯苯FOB韩国下跌0.1%至1067美元/吨

装置及市场动态：本周，纯苯区域市场走势分化：亚洲与欧洲震荡上行，美国则表现偏弱。美国方面，下游苯乙烯产业链盈利不佳、装置开工率不足，对纯苯需求形成压制；欧洲市场凭借节后出口支撑，行情持续走高；亚洲与美国的套利窗口打开，芳烃出口商谈活跃，带动区域市场情绪回暖。

对二甲苯CFR中国下跌0.5%至1200.9美元/吨

装置及市场动态：本周，全球PX市场整体震荡走弱。亚洲市场前期受原油强势及装置检修支撑，行情陷入僵持；后期随着原油回落、下游需求持续疲软，现货采购乏力，期货走弱进一步拖累市场氛围。欧美PX市场同步跟随亚洲市场下行。

English Version

Ⅰ、

Global Chemical Market Brief

Trinseo Bankruptcy Restructuring

On May 13, Trinseo, a U.S. speciality materials solutions supplier, announced bankruptcy restructuring. In 2025, Trinseo’s net sales were approximately $2.975 billion, down 15% year-on-year; the annual net loss was $546 million, a decrease of $197 million from the previous year. In the first quarter of 2026, net sales were $725 million, down 8% year-on-year, with a net loss of $116 million. Currently, Trinseo has signed restructuring support agreements with parties holding most of its debt, and has obtained support from major lenders to carry out a full restructuring, which is expected to reduce about $2 billion in debt and approximately $140 million in annual interest expenses.

Wacker Chemie to Lay Off 1,600 Employees

On May 8, Wacker Chemie announced that its management and employee representatives had reached an agreement on the layoff of approximately 1,600 jobs in Germany, with the measures to be implemented by the end of 2027. The company is continuing to advance its global cost-reduction and efficiency-improvement program launched in October 2025, which aims to cut annual expenses by over €300 million to enhance competitiveness. The layoff plan includes the elimination of 1,300 jobs at the Burghausen plant, Wacker’s largest production site worldwide. Additionally, 200 positions will be cut at the Nünchritz plant, 60 at the Munich headquarters, and 50 at other Wacker sites in Germany.

Mitsubishi Chemical Exits Thailand Biobased Biodegradable Plastics Business

On May 12, Japan’s Mitsubishi Chemical Corporation announced that it will fully withdraw from the biobased polybutylene succinate (PBS) business of PTT MCC Biochem Co., Ltd., a joint venture with Thailand’s PTT Global Chemical (PTTGC). Founded in 2011, PTT MCC Biochem is an equity-method affiliate equally owned (50% each) by Mitsubishi Chemical and PTT GC, Thailand’s national petrochemical flagship. The company is headquartered in Bangkok, with its production base located in Rayong Province, Thailand. In 2017, the company began commercial production of BioPBS™, with a designed annual capacity of 20,000 tons, making it a benchmark project as one of the world’s first large-scale biobased PBS producers.

Ⅱ、

Market Dynamics of Major Chemical Products

Naphtha CFR Japan rose by 3% to $999.8/tonne

Plant and Market Dynamics: This week, the Asian naphtha market showed a trend of rising first and then falling, with a slight overall increase. On one hand, navigation conditions in the Strait of Hormuz have eased somewhat, and Asian refiners have increased production of light distillates, marginally alleviating supply tightness. On the other hand, operating rates at ethylene crackers remain low, resulting in weak naphtha demand, with the overall market supply and demand trending toward looser conditions.

Ethylene CFR Northeast Asia fell by 5.4% to $1,149/tonne

Plant and Market Dynamics:This week, Asian ethylene continued its downward trend. The rally and subsequent retreat of international crude oil and naphtha prices dampened market purchasing sentiment, with spot trading thin and wide bid-ask spreads. Poor cracker profitability weakened sellers’ willingness to ship, and with downstream demand remaining sluggish, the overall market operated on a weak note, with some plants potentially facing further operating rate cuts.

Benzene FOB South Korea fell by 0.1% to $1,067/tonne

Plant and Market Dynamics: This week, regional benzene markets showed divergent trends: Asia and Europe moved higher with volatility, while the U.S. market remained relatively weak. In the U.S., poor profitability in the downstream styrene chain and low operating rates weighed on benzene demand. The European market continued to climb, supported by post-holiday export activity. The arbitrage window between Asia and the U.S. opened, and active discussions on aromatics exports boosted regional market sentiment.

Paraxylene CFR China fell by 0.5% to $1,200.9/tonne

Plant and Market Dynamics:This week, the global PX market showed overall volatile weakness. In the Asian market, early support from strong crude oil prices and plant turnarounds led to stalemated conditions. Later, as crude oil retreated and downstream demand remained persistently weak, spot buying interest waned, and weaker futures further dampened market sentiment. PX markets in Europe and the Americas followed Asia’s downward trend.