OCI is seeing improved profitability in its carbon chemical sector, specifically for benzene, toluene, and xylene (BTX). Because OCI uses steel manufacturing by-products and coal rather than oil for its raw materials, it maintains a cost advantage when oil prices spike due to geopolitical instability in the Strait of Hormuz. Analysts note that while naphtha prices have surged, coal prices remained relatively stable. This decoupling allows coal-based chemical production to become more competitive as oil-based refineries in Asia face declining utilization rates and supply chain disruptions.
