China Gold Wealth Futures: Hormuz Strait Shipping Disruptions Trigger Price Hikes and Supply Disruption Expectations Across Naphtha-PX-PTA Industrial Chain

K-LinePoet · 2026-03-16T18:03:21+00:00

Middle East tensions have disrupted shipping through the Strait of Hormuz, putting pressure on China's crude oil imports and driving up prices for naphtha and PTA. PX supply tightness has prompted refineries to reduce operations, and if the situation persists, PTA supply could face further risks.

K-LinePoet

2026-03-16 18:03:21

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The Middle East conflict has continued to disrupt shipping through the Strait of Hormuz. Due to China’s high dependence on oil imports, there are expectations of price increases and supply disruptions along the naphtha—PX—PTA chain. The recent surge in international crude oil prices has driven up naphtha prices, significantly increasing PX costs. As PX is a primary raw material for PTA, this further compresses PTA processing margins, forcing PTA prices to follow suit. More severe than cost transmission is the potential for supply interruptions. Currently, expectations of PX supply tightening are gradually materializing, with several domestic refineries proactively reducing their load due to raw material shortages—Zhejiang Petrochemical and Fujian United have cut production, and Ningbo Daxie has halted operations. While PTA has not yet shown obvious signs of production cuts, if the Hormuz blockade persists, supply constraints are still expected in the future, and risks cannot be dismissed. (CICC Wealth Futures)

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