What impact of ethyl ethyne leading Shanghai Petrochemical Fire has on the downstream industry?

According to Shanghai Petrochemical (SH600688, the stock price of 3.35 yuan, a market value of 36.26 billion yuan) official Weibo "Shanghai Petrochemical Online", at about 4 am on June 18, a fire in the ethylene glycol device area of ​​Shanghai Petrochemical and Chemical Engineering. After preliminary verification, the accident has caused a third -party transport vehicle driver to be killed.

On the morning of June 18th, the reporter of "Daily Economic News" rushed to the factory involved, and he could still see thick smoke and smell the irritating odor. There were many firefighters and many firefighters around, near the core area. Many roads have been implemented. There are many windows and offices that are relatively close to the accident. Many windows glass is shattered, and glass fragments are scattered on the ground.

The reporter noticed that Shanghai Petrochemical just held the 50th anniversary of the establishment on June 17.

On June 18, fire rescue workers carried out rescue work at the scene of Xinhua News Agency

Protective combustion measures end

According to CCTV News, as of 16:30 on June 19, the protective combustion measures adopted by Shanghai Petrochemical ended, the on -site emergency response work was basically completed, and no new personnel were casualties. The municipal and district ecological environment departments continue to monitor the surrounding environment, and the surrounding environments such as air and water are basically normal. The accident investigation team led by the Municipal Emergency Administration is conducting investigations such as the cause of the accident.

According to media reports, Shanghai Petrochemical Ethylene glycol devices mainly produce two major products: ethylene ethylene and ethylene glycol. In 2021, the company's ethylene oxide output was 335,600 tons, and the output of ethylene glycol was 150,700 tons.

In terms of ethylene glycol products, Shanghai Petrochemical output accounts for only 1.5%to 2.5%of the country's total output. However, in the field of ethyne ethylene, Shanghai Petrochemical is still one of the largest manufacturers in China.

So, in what areas are ethylene oxide mainly used in? What impact will the fire will have on the downstream industry this time? According to the Shanghai Petrochemical Announcement, the company's ethylene glycol device area fire accident caused 1 person to die and 1 person was injured. The annual production capacity of the No. 1 ethylene glycol device of the Ministry of Chemical Engineering is 255,000 tons of ethylene glycol. The device can switch the production of ethylene glycol and epoxy ethane products according to the market conditions. In 2021, the sales revenue of device products accounted for 1.16%of the company's operating income. At present, the company is evaluating the overall impact of the company's production and operation on this accident.

Ethical ethylene ethyne price recently dropped

Many readers may not hear the name "ethylene ethylene", but people are inseparable from it in life. Most of the masks worn by daily wear are sterilized by ethylene oxide. In addition, ethylene oxide is also an important chemical raw material. The downstream polycarboxylic acid water reduction agent is widely used in highways and other projects.

On June 18, the staff of the Securities Department of the Securities Department told the "Daily Economic News" reporter on the phone: "E -epoxyhne is a hazardous chemical, flammable and explosive, flammable and explosive. ","

At present, Shanghai Petrochemical has become the head enterprise in the ethylene ethylene industry. Oriental Shenghong (SZ000301, a stock price of 17.85 yuan, and a market value of 106.1 billion yuan) said in a announcement in January this year: "The design and production capacity of Shanghai Petrochemical Ethylene Device is 290,000 tons/year, which is the largest in China, which is the largest in China. Ethylene ethylene manufacturer. "

The financial report in 2021 shows that the actual output of Shanghai Petrochemical Entrobane is 335,600 tons and sales of 327,800 tons. During the reporting period, the company's intermediate petrochemical product sales were 10.781 billion yuan, of which 20.52%of ethylene oxide. According to this calculation, the net sales of Shanghai Petrochemical ethylene oxide products in 2021 were 2.212 billion yuan, accounting for nearly 3%of the company's total sales of the company.

How will this fire affect the ethylene ethylene business of Shanghai Petrochemical? This should be combined with the overall situation of the ethylene oxide industry.

At present, the domestic ethylene ethylene market is relatively sluggish. According to Wind data, the spot price of ethylene oxide in China has continued to decline since June this year. It remained at a position of 8,200 yuan/ton on May 31. It dropped to 7350 yuan/ton, and the price decreased by more than 10%in less than half a month.

The price of the price is decreasing, but the cost of ethylene oxide is rising. It is understood that the main upstream raw materials of ethylene oxide are petroleum oil (also known as chemical light oil and coarse gasoline). Affected by the rise in international crude oil prices, the price of stone brain oil has risen overall in the past six months. According to Wind data, the price of Petrochemical Petrochemical Oil in December 2021 was 4880 yuan/ton, and by May 2022, it has increased to 6,560 yuan/ton. Jinlianchuang data shows that due to the universal price, epoxide products will return to a loss state again after a short profit in May this year.

Although the industry's profit is under pressure, competition is getting more and more intense. In 2021, Dongfang Shenghong won 100%equity of Jiangsu Sierbang Petrochemical Co., Ltd., and obtained the capacity of 420,000 tons/year -old oxygenne and its derivatives. According to Guohai Securities Research Report, satellite chemistry (SZ002648, a stock price of 27.52 yuan, and a market value of 66.23 billion yuan) also has 720,000 tons/annual ethylene ethylene production capacity in 2022.

For Shanghai Petrochemical, due to the relatively cautious expansion of the production capacity in the ethylene oxide field, it is now being fired, and the company's industry leader may face impact.

Forty demand for ethylene ethyne is weak

So how will it affect downstream companies?

It is understood that the main downstream products of ethylene oxide are polycarboxylic acid water reducing agents. Due to the influence of the epidemic and the current status of the real estate industry, the product demand is weak. The Everbright Securities Research Report shows that from January to March 2022, the consumer consumption (apparent consumption refers to the output plus net import volume of the year plus net import volume of the year) of the national polycarboxylic acid reduction agent (apparent consumption volume) decreased by 47%, 50%, and 50%, and Downs 39%.

Related listed companies related to polycar carboxylic acids include Oak (SZ300082, a stock price of 12.15 yuan, a market value of 8.263 billion yuan), Subopot (SH603916, the stock price of 23.81 yuan, a market value of 10.01 billion yuan), and Cologne shares.

Due to the non -working day, the reporter did not call Oak's shares and the Subopot Securities Department. The staff of the Cologne Co., Ltd. told reporters: "Our company is in Liaoyang, and the raw materials of the company's Liaoyang plant are purchased at Liaoyang Petrochemical (referring to China Petroleum Liaoyang Petrochemical Branch). At the same time, there is also a subsidiary in Panjin. From Huajin (referring to Huajin, SZ000059, the stock price is 6.26 yuan/share, and the market value is 10.01 billion yuan), the company has not purchased it in Shanghai. "

From Cologne's related reply, we can see that listed companies have obvious "regional" features for epoxide purchases. Oak also stated in the 2012 financial report: epoxy oxide is flammable, explosive, long -distance transportation is not easy, and it cannot be imported.

Therefore, when the purchase of ethylene oxide, companies in Zhejiang, Jiangsu, Anhui, Fujian, Jiangxi and other regions will choose Shanghai Petrochemical nearby.

According to Shanghai Petrochemical Online, Shanghai Petrochemical will cooperate with the government authorities to fully promote the investigation of the accident. Related devices will not have a significant impact on the market.

In the near future, Jinlianchuang's article believes that the off -season atmosphere of the downstream and terminal industries of epoxy oxide has gradually become stronger, and the demand is lacking support. Under the weak influence of the terminal industry, the subsequent market expectations are still not optimistic.

In addition to the impact on the market, will this fire affect the environment? "Shanghai Petrochemical Online" said that after the fire, Shanghai Petrochemical launched an environmental emergency plan simultaneously, continuously monitoring environmental monitoring of the company's factory and external regions, and the monitoring of volatile organic matter was normal. It has been arranged to strengthen the sampling and monitoring of rainwater discharge, and no impact on the surrounding water environment has been found. At present, the fire at the scene has been effectively controlled and protective burning is being implemented.

Daily Economic News

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