Bad news! This seems to follow the typical playbook of the Communist Party of China like solar panels, rare earth metals processing and other products before! Produce large quantities, export excess, use price dumping, exploit free trade.
When will Western countries finally wake up! President Trump is right to oppose this managed foreign trade by China! This is not free trade, but an attempt to dominate certain industries to the benefit of China. China got away with this for too long!
"The global petrochemicals landscape is undergoing a massive shift. According to a ranking of the top 100 chemicals firms by ICIS, China’s majority state-owned Sinopec has supplanted BASF at the top of the list, with three other Chinese firms in the top 10. That will come as no surprise to anyone with half an eye on this sector, since China has been supporting domestic firms to aggressively build new integrated petrochemicals plants to turn the country from a net importer of petrochemicals to an exporter."
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