Industrial Activity Inching Upward as Spread of Coronavirus Shows Signs of Moderating in China, an Industrial Info Market Brief

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The spread of the COVID-19 coronavirus has been "basically curbed" in China's Hubei Province and its capital city, Chinese President Xi Jinping said Tuesday, according to the government-affiliated Global Times.

Jinping made his comments while inspecting epidemic prevention and control work in the capital city of Wuhan, the newspaper said.

China reported just 19 new cases of the virus on Tuesday, according to Xinhua News Agency. It also reported 17 deaths on Monday, all in Hubei Province. Thirty-six new suspected cases were reported.

The overall confirmed cases on the mainland had reached 80,754 by the end of Monday, according to the news agency, including 17,721 patients who were still being treated, 59,897 patients who had been discharged after recovery and 3,136 people who have died.

Industrial Info monitors plant shutdowns and derates as impacted by the coronavirus via IIR Energy's Coronavirus Impact Report. This includes information on nearly 50 petroleum refineries in China that are running at reduced rates, nearly 20 refinery operations that have shut down and two refinery restarts, according to the March 9 report. The report also indicates that most of these units are scheduled to be back online by the end of March.

Also, faced with falling demand during the past week in the wake of the coronavirus, ethylene producers have significantly reduced operating rates for several key production units in Northern and Eastern China.

Many industrial manufacturing plants have reduced operating rates to approximately 70% of their normal production levels, decreasing demand for ethylene, polyethylene, polypropylene and similar commodities. However, the situation is improving day by day, and there is light at the end of the tunnel as workers return to work and factories ramp up production.