1、 Price trend
According to the data in the business club’s large list, the domestic market price of isomeric xylene fell sharply this week. As of Friday, the domestic average price was about 3830 yuan / ton, down 12.36% month on week.
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2、 Analysis and comment
1. Products: The overseas epidemic continues to spread, worrying about the shrinking demand for crude oil due to the economic recession, and adding OPEC + production increase expectations. Affected by this, the price of international crude oil fell sharply this week, as well as the price of xylene in the South Korean market, the main source of imports. Although domestic enterprises gradually enter the resumption period and the market demand gradually improves, the price of domestic isomeric xylene still follows the decline. At present, in East China The main price is about 4000 yuan / ton.
2. Industrial chain:
Upstream, in terms of crude oil, the international oil price fell sharply at the beginning of this week and maintained a wide and volatile trend. As of Friday, Brent futures fell by 17.30%, Brent futures by 14.92%, WTI futures by 23.78% and Dubai futures by 8.30%.
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Downstream, in PX market, the price of domestic Sinopec’s enterprises this week is about 5500 yuan / ton, and the latest price on the outside market is about 514 US dollars / ton for FOB South Korea and 532 US dollars / ton for CFR China. It is expected that PX market price will gradually stabilize and fluctuate next week. In terms of PTA market, the spot market price of PTA in China is about 3520 yuan / ton, and the external market price is about 467 US dollars / ton CFR China. It is expected that PTA prices will remain weak next week. In the ox market, Sinopec’s offer of ortho benzene fell, with the price at 4600 yuan / ton. The external price of ortho benzene is about 520 US dollars / ton fob in South Korea. It is expected that ortho benzene will gradually stabilize next week.
3、 Future forecast
According to xylene analyst of business and chemical branch, we will continue to focus on the news of OPEC + production reduction agreement next week, worries about global economic recession due to the continuous spread of overseas epidemic, international crude oil trend and the progress of downstream enterprises’ resumption of work. On the whole, it is expected that xylene prices in the international crude oil market and South Korean market will gradually stabilize next week, adding that domestic enterprises will gradually enter the resumption period, and market demand will gradually improve. It is expected that xylene prices in the domestic market will stabilize and fluctuate next week. However, in the environment of high inventory of xylene industry and unsmooth industrial chain recovery, it is not optimistic to expect the rebound range.
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