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Replies to post #20889 on The Rising Influence of Rising Affluence
DewDiligence
02/12/20 5:50 PM
#20895 RE: DewDiligence #20889
China announced in late January that it will ban nonbiodegradable plastic bags in most stores and for takeout food in major cities by the end of 2020. These restrictions, and new limits on other single-use plastic items, will gradually be expanded nationwide over the next half decade. …All those plastic bags may not seem like much, but they add up. Commodities consulting firm ICIS estimates that the bag ban could ultimately dent China’s demand for polyethylene, the most important plastic globally, by about three million metric tons, or 9% of the country’s 2019 demand. China is by far the world’s largest importer and user of the substance, accounting for around 30% of global consumption. … Polyethylene prices already were pummeled in 2019 by the trade war and big new capacity expansions in the U.S. [thanks to cheap natural gas]. China’s plastic-bag ban risks piling more downward pressure on prices over the next several years. The losers probably will be European and Asian petrochemical producers.
02/17/20 11:56 AM
#20922 RE: DewDiligence #20889