1、 Price trend
According to the data of the large scale list of business agencies, the domestic xylene market price rose slightly this week. As of Friday, the domestic average price was about 3830 yuan / ton, up 2.13% on last week.
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2、 Analysis and comment
Due to the impact of this week’s surge in international crude oil, the current market wait-and-see atmosphere has increased sharply, and the port inventory is average. At present, the mainstream price in East China is about 3700 yuan / ton. Due to the uncertain prospect of crude oil supply and demand, the future market will focus on the trend of oil price and wait for stabilization.
Upstream, in terms of crude oil, the market is worried about the risk of the second spread of the epidemic, which led to the surge in crude oil prices this week. As of early Friday morning, spot Brent fell 4.19%, Brent futures fell 4.76%, WTI futures fell 8.07%, and Dubai futures fell 0.51%.
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Downstream, in PX market, this week, the price of domestic Sinopec’s enterprises was about 4100 yuan / ton, and the latest price on the outside market was about 505 US dollars / ton for FOB South Korea and 525 US dollars / ton for CFR China. It is expected that the market price of PX will be slightly revised back in the short term. In terms of PTA market, the spot market price of PTA in China is about 3650 yuan / ton, and the external market price is about 425 US dollars / ton CFR China. It is expected that PTA price will be slightly revised back next week. In the ox market, Sinopec’s price of o-benzene is stable, at 4300 yuan / ton, and the external price of o-benzene is about 515 US dollars / ton FOB South Korea. It is expected that the price of o-benzene will be slightly revised back next week.
3、 Future forecast
According to xylene analyst of business and chemical branch, in the short term, we can see the supply cost side, OPEC + production reduction, total number of us oil drilling and EIA inventory. In the medium term, we can see the demand side, the economic and trade situation between China and the United States, the progress of economic restart in Europe and the United States, and the progress of industrial chain recovery. Next week, we will focus on the trend of crude oil. Overall, we expect xylene prices in the domestic market to adjust next week.
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