Recently, Wanhua Chemical (600309.SH) announced that the feedstock diversification modification mentioned in the shutdown and technical renovation announcement for the Phase I ethylene plant released on May 23, 2025, has been fully completed. The plant has now produced qualified products. After the modification, the switch between ethane and propane as feedstocks has been achieved, effectively enhancing the competitiveness of Wanhua's petrochemical industry chain.

PriceSeek Analysis:
Ethylene, Long-Short Score: -1
Wanhua Chemical has completed the feedstock diversification modification of its ethylene plant, enabling flexible switching between ethane and propane, improving production efficiency. This is expected to increase ethylene supply, exerting downward pressure on ethylene spot prices.

Ethane, Long-Short Score: 1
The modification has increased the demand for ethane, as its utilization as a feedstock for ethylene production has improved. This may drive up ethane spot prices, reflecting expectations of tight supply.

Propane, Long-Short Score: 1
Similar to ethane, the demand for propane as a feedstock has risen. The optimization of the company's production chain may exacerbate the supply-demand gap in the market, supporting an increase in propane spot prices.