It can be seen from the above table that in the first three quarters, except that the operating income of Yongdong Chemical kept positive growth, the operating income of the rest three listed companies had negative growth.

According to the information of Blackcat, since the second quarter of this year, the carbon black and its downstream market became stable on the whole, the gross profit rate of carbon black products had a slight month-on-month rise, however, affected by the factors such as high price of domestic coke carbon black raw oil, weak demand of automobile industry and continuous shock and decline in price of international crude oil, the operating rate of downstream tire market fell and the selling price of carbon black products fell, which resulted in sharp year-on-year fall of gross margin of carbon black products in the first three quarters.

Some industry insiders also pointed out that the excess capacity of carbon black industry was also an important factor affecting its profit. The situation of carbon black industry turned better in 2017, however, only in 2018, the whole industry had a newly-added capacity of 600000 tons, along with the release of newly-added capacity, the price competition of carbon black was further aggravated, which resulted in a decline in profit rate of carbon black enterprises. 

China carbon black listed company performance in the first three quarters of 2019 

Hundred Million Yuan