China Investment in Petrochemical Industry up 31pct in Oct

China Knowledge quoted according to the latest statistics released by the National Development and Reform Commission that China saw its fixed-asset investment in the petrochemical industry surge 31% year on year to CNY 114.3 billion in October this year and the growth was the same as in September.

The country's fixed-asset investment in the chemical industry rose 38% year on year and 2.8%MoM to CNY 96.5 billion in October while that in the oil-refining sector fell 1%YoYr and 15.8% month on month to CNY 12.8 billion.

In the first ten months, China fixed-asset investment in the petrochemical industry amounted to CNY 924.3 billion up by 24.5%YoY. The figure included CNY 770.1 billion investment in the chemical industry and CNY 113.5 billion in the oil-refining sector up 26.2%YoY and 13.5%YoY respectively.

In October, the petrochemical industry total output value fell 2.3%MoM to CNY 864.5, although rising 26%YoY. The output value of the chemical sector rose 31%YoY but dropped 2.5%MoM to CNY 587.3 billion, and that of the oil refining sector grew 16%YoY but decreased 1.1%MoM to CNY 253.1 billion.

(steelguru.com)