According to China Petroleum Daily, China National Petroleum Corporation's (CNPC) ethylene output increased by 26.4% year-on-year in the first three quarters of this year, reaching a new historical high. As of now, CNPC's total ethylene production capacity has exceeded 12 million tons per year, with six of its subsidiaries having an annual ethylene production capacity of over one million tons. Against the backdrop of long-term disruptions to passage through the Strait of Hormuz and tight naphtha supply in Asia, this production growth has provided crucial support for stabilizing China's domestic chemical market supply and ensuring the security of industrial and supply chains. Data from Longzhong Information shows that on October 23, spot ethylene prices in Northeast Asia rose to $1,190 per ton, an premium of over 70% compared to pre-conflict levels.