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The chemical industry's output value saw an 11.9 percent on-year growth and a rate of growth up 4.5 percentage points on month, and that of the petroleum and natural gas exploration industry fell 23.7 percent on year with its rate of decrease narrowing 13.7 percentage points on month. The refining industry achieved its first on-year growth at 1.2 percent in output value since the end of last year, with the rate of growth up 13.3 percentage points on month
The industries total output value accumulated to 4.68 trillion yuan in the first nine months of 2009, down 7.9 percent on year, but the rate of decrease was 1.7 percentage points less than that from January to August, which has displayed an apparent rising momentum.
The association predicted positive output growth for the entire industry in the fourth quarter of 2009. Besides, if the macroeconomy maintains its present upward trend, the petroleum and chemical industry may be able to escape their trough and enter into an expansionary phase.
Driven by surging oil prices, the domestic petrochemical industry has switched to have an optimistic outlook. The petrochemical industry's price index rebounded to 85.8 points in September, up 4.5 percentage points on month.
Noteworthy, the chemical industry's price index jumped up 0.34 percentage points on month to 83.83 percentage points in September. Although minor, it is the first uptick since the international financial crisis commenced.
Meanwhile, the domestic crude price index surged 11.8 percentage points on month in September, and that of gasoline, kerosene, and diesel by 2.91 percentage points, 4.93 percentage points, and 2.83 percentage points, respectively.
However, the association also pointed out that China's chemical market remains in a state of sluggishness while China faces serious productivity and structural adjustment problems.
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