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Jul 07, 2022 06:23 PM
BUSINESS

Asia Plastic-Makers Frustrated by Delay in China Demand Recovery

Plastic trays sit stacked in a facility in Chennai, India, in November 2017. Photo: Bloomberg
Plastic trays sit stacked in a facility in Chennai, India, in November 2017. Photo: Bloomberg

(Bloomberg) — Asian plastic-makers have been eagerly anticipating a post-lockdown pick-up in Chinese consumption, but weak consumer demand and high inventories mean it could be a long time coming.

Petrochemicals has been the hardest hit segment of the oil market this year. Covid-19 restrictions in manufacturing giant China decimated demand over April and May, while the invasion of Ukraine upended fuel flows and raised costs for naphtha, a major feedstock.

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