Price Trend
According to the data from the business associations’list, the domestic toluene market was rocking at a high level this week, with prices rising from last week. Enterprise prices were stable at the beginning of the week, and began to oscillate with the high oil prices in the middle of the week, with the amplitude not exceeding 0.54%.
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II. Analytical Review
1. Products: The market price of xylene was stable at the beginning of this week, and began to oscillate with the high oil price in the middle of this week. At present, the main market turnover is around 5480-5550 yuan/ton. Port stocks have been depleted. Port stocks in East China are about 61,000 tons. Some downstream units were put into operation in July, and the demand side in June is still the reason that restricts the rise of toluene price.
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2. Industrial chain:
On the upstream side, in terms of crude oil, international oil prices fell first and then rose this week, with a slight overall rise. Geographical tensions between the United States and Iraq, increased supply contraction expectations and the Fed’s interest rate cut expectations are the main positive factors. Brent crude oil ranges from $60.01 to $64.38 per ton, with weekly low prices on June 18 and weekly high prices on the weekend, with a weekly amplitude of about 3.82%.
On the downstream side, PXN fell to 317.045 US dollars/ton due to the sharp rise in oil prices and naphtha. The PX market is currently tight in July and August, and PTA and polyester are showing a rising trend, which supports PX and makes PX stronger. On the OX market, the decline in the execution price of Sinopec Neighbouring Benzenes in June released the downward pressure on neighbouring Benzenes, but overall neighbouring Benzenes weakened. Benzene market is weak and stable. There was no significant improvement in overall demand.
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3. Future Market Forecast
Analysts of Xylene Branch of Business Society and Chemical Industry believe that in general, the toluene market is expected to be strong volatility in the next two weeks. Next week, oil prices are expected to remain stable at high levels, with weak momentum to continue to move upwards, and US crude oil is expected to stabilize at $55 a barrel. PX downstream market has been supported, prices are still rising trend; OX downward pressure is still there, the expected future market phenyl vulnerability and stability. Demand side is still the reason that restricts the price rise of xylene.