Petrochemical Industry Daily: China increases tariffs on 44 chemicals Imported from the United States
Date and Time: 08 April 2018 08:00:37 China Finance Network
On April 4, the Customs Tariff Commission of the State Council decided to impose a tariff of 25% on 14 categories of 106 commodities such as soybeans, automobiles, and chemical products originated from the United States, including 44 types of chemicals, including liquefied propane, some ethylene polymers, and acrylic acid. Polymer, Acrylonitrile, Pure Polyvinyl Chloride, Polycarbonate, Methyl Phosphonate, Epoxy Resin, etc. Increasing the tariffs on certain chemical products exported to China will indirectly increase the sales prices of domestic production of such chemical companies, but increase the cost of importing such chemical companies.
Industry News
1. China announced that it imposes tariffs on 106 U.S. products, including liquefied propane, some ethylene polymers, acrylic polymers, acrylonitrile, pure polyvinyl chloride, polycarbonates, methyl phosphonates, and epoxy resins. Etc. (WIND Information);
2. In 2018, China's LNG consumption will reach 44 million tons, which is 2 times that of the US export of 22 million tons of LNG. If all the U.S. LNG exports to China will bring in 6.7 billion U.S. dollars in revenue, this will only reduce U.S.-China trade deficit by less than 2% (China Petroleum News Center);
3. API crude oil inventories fell by 3.28 million barrels last week, gasoline inventories increased by 1.12 million barrels, refined oil inventories increased by 2.2 million barrels, and Cushing's crude oil inventories increased by 4.06 million barrels. (WIND Information) Company News
Jereh Co., Ltd. (002353) released its 2017 annual report. Operating income increased by 12.47% year-on-year to RMB 3.19 billion, and net profit attributable to shareholders of listed companies decreased by 43.8% to RMB 68 million.
Risk Warning: International oil prices have fallen sharply; OPEC crude oil production limit rate has dropped significantly.
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