On October 23, the PX commodity index was 54.40, which was the same as yesterday, 46.88% lower than 102.40 (2013-02-28), the highest point in the cycle, and 19.43% higher than 45.55, the lowest point on February 15, 2016. (Note: cycle refers to 2013-02-01 to now).
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According to statistics, on the 23rd, the domestic market price trend of p-xylene was temporarily stable, the operation of new 600000 ton plant in Hongrun was stable, the operation of petrochemical plant in Pengzhou was stable, 50% of petrochemical plant in Urumqi was started, one line of aromatics plant in Fuhai Chuang was started, CNOOC Huizhou refining and chemical plant was overhauled, the PX plant in Hengli Petrochemical was put into operation, and other units were temporarily stable. Due to the new plant being put into operation, domestic The market supply of xylene is normal, and the market price trend of p-xylene is stable temporarily. The operating rate of PX plant in Asia is about 80%. On October 22, the closing price of p-xylene market in Asia was stable. The closing price was 761-763 US dollars / ton fob in South Korea and 781-783 US dollars / ton CFR in China. Over 50% of domestic products needed to be imported. The fluctuation of external market price had a certain negative impact on domestic market price of p-xylene, but the domestic market price trend was temporarily stable.
WTI crude oil futures market rose on October 22, to $54.16/barrel, or $0.85, while Brent crude oil futures rose to $59.70/barrel, or $0.74. Sources from the oil production club said that OPEC and its allies will consider whether to further cut crude oil supply at a meeting in December due to concerns about weak demand growth in 2020. According to sources, Saudi Arabia, OPEC’s de facto “dominant” country, wants to work first to comply with the production reduction agreement signed by the organization with Russia and other non member countries (known as OPEC + alliance), and then plan to further reduce crude oil production on this basis. Crude oil price rose slightly, which had limited cost support impact on downstream petrochemical products, and domestic p-xylene price trend was stable. In recent years, the textile industry market has been volatile, the PTA Market operating rate has declined, and the PTA price trend has remained low. The average offer price in East China is around 4900-5000 yuan / ton. As of the 22nd day, the domestic PTA operating rate is about 89.7%, and the polyester industry operating rate is about 89%. Due to the sufficient supply in PTA market, the transaction atmosphere is general, the buying is dominated by traders, followed by sporadic polyester factories, and affected by the original oil price. The price of PTA in the downstream market is slightly lower due to grid shock, and it is expected that PX market price will maintain 6800 yuan / ton in the short term.
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