Recently, Wanhua Chemical announced that as of January 9, the raw material transformation of the Phase I ethylene plant has been fully completed. The plant now produces ethylene through ethane cracking, and qualified products have been successfully produced. PriceSeek's analysis of ethylene indicates a bearish score of -1. The increase in ethylene supply may lead to a decline in spot prices. The completion of Wanhua Chemical's plant transformation, which utilizes ethane cracking for efficient ethylene production and has already yielded qualified products, enhances production efficiency and expands market supply. This exerts downward pressure on ethylene spot prices. Ethane cracking technology is generally cost-effective, further reinforcing expectations of oversupply and increasing the risk of price pressure in the short term.