Recently, with the completion of the unhooking operation of the hexane distillation column (T-3101), the large-scale equipment lifting work at the Inner Mongolia Rongxin Chemical Project Department has been successfully concluded. The overall progress of the 800,000-ton-per-year olefin project of Inner Mongolia Rongxin Chemical Co., Ltd. has reached 63.14%, and it is expected to complete all construction tasks and commence feed-in trial operation by the end of 2026.

PriceSeek Analysis of Polyethylene, Bull-Bear Score: -1
The article reports that the progress of Inner Mongolia Rongxin Chemical's 800,000-ton-per-year olefin project has reached 63.14%, with an expected completion and trial operation by the end of 2026. The project involves the hexane distillation process, which is directly related to olefin production. As a primary derivative, polyethylene's anticipated new supply is expected to impact the market.

Impact on Spot Prices: In the short term (first half of 2026), the project is not yet operational, so the impact is limited. However, the medium- to long-term increase in supply (800,000-ton capacity) will intensify downward pressure, negatively affecting polyethylene spot prices.

Impact on Futures Prices: Based on polyethylene futures data (e.g., the 2605 contract closing price of 6,918 yuan/ton, up +28; the 2609 contract closing price of 6,975 yuan/ton, up +40), recent contracts have seen slight gains supported by factors such as demand. However, the increased certainty of project progress strengthens supply expectations, potentially putting pressure on far-month contracts. The rise in open interest reflects market positioning for bearish trends.

Overall, the score is moderately bearish (-1.0), as the new capacity, while not an immediate impact, reinforces the risk of future oversupply.