Domestic price trend:
From the trend chart, it can be seen that the price of para xylene has slightly increased this week. As of the weekend, the domestic ex factory price of para xylene was 8700 yuan/ton, an increase of 1.0% from the beginning of the week’s price of 8600 yuan/ton, and a year-on-year increase of 2.18%.
The domestic supply of xylene is relatively normal, with a domestic PX operating rate of over 80%. A 750000 ton unit of Pengzhou Petrochemical has restarted, but some units are still undergoing maintenance, and spot supply is normal. This week, the international crude oil price trend has declined, and PX external prices have slightly decreased. As of the 1st, the closing price in Asia is 995-997 yuan/ton FOB South Korea and 1020-1022 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has remained high. Overall, the operating rate of xylene plants in the Asian region is nearly 80%. The supply of PX goods in the Asian region is normal. Last week, crude oil prices increased significantly, and the domestic xylene market prices slightly increased.
Recently, the international crude oil price trend has fallen. As of the 1st, the settlement price of the main contract for WTI crude oil futures in the United States was $73.82 per barrel, while the settlement price of the main contract for Brent crude oil futures was $78.70 per barrel. The crude oil market has declined this week, partly due to concerns about future demand, and the news is bearish for the crude oil market. On the other hand, US crude oil inventories increased by 1.2 million barrels to 4219.1 million barrels, leading to an increase in US crude oil inventories and a decline in oil prices; Overall, crude oil prices are still in a wide range of fluctuations, with slight adjustments in the domestic market price of xylene.
The domestic PTA spot market is on the rise, with an average price of 6020 yuan/ton in the East China market as of the weekend, an increase of 0.22% from the price of 6007 yuan/ton at the beginning of the week. From the recent changes in PTA’s own equipment, the industry’s operating rate has slightly decreased to around 82%, but there is still pressure from sufficient supply of goods. The downstream polyester production load is 81%, and the polyester filament market is cautious and cautious, with terminal orders gradually becoming lighter. Recently, the production of autumn and winter fabrics for domestic sales has gradually come to an end, and orders for spring and summer fabrics have been issued one after another. However, there is sufficient supply of goods, and there are many factories selling inventory at low prices. Weaving factories are under increasing pressure to lose money, and the comprehensive operating rate of Jiangsu and Zhejiang weaving continues to decline to around 21%. The demand for downstream terminals has not improved, and the increase in PX market is limited due to this impact.
Chen Ling, an analyst at Business Society PX, believes that there is not much change in the domestic PX supply. The upstream crude oil market is a long short game, and overall, crude oil prices remain mainly fluctuating in the range. There is not much change in the operation of downstream PTA maintenance equipment in the early stage, but with the gradual holiday of the textile industry, the downstream polyester operation load has decreased, and terminal demand has weakened. It is expected that the price trend of the xylene market will remain stable in the later stage.