Domestic p-xylene price trend:
As can be seen from the p-xylene trend chart, the market price of p-xylene declined this week. As of the 4th, the ex factory price of domestic p-xylene was 5700 yuan / ton, down 8.22 from 7300 yuan / ton at the beginning of the week, up 55.81% year-on-year.
Recently, the domestic p-xylene supply is normal, the domestic PX operating rate is more than 60%, the 600000 ton unit of Sinochem Hongrun Petrochemical operates stably, the unit of Yangzi Petrochemical operates stably, the unit of Pengzhou Petrochemical operates stably, the PX unit of Yangzi Petrochemical operates normally, the unit of Jinling Petrochemical operates stably, the unit of Qingdao Lidong operates at full load, and the unit of Qilu Petrochemical operates stably, About 50% of Urumqi petrochemical units were started, and the domestic p-xylene supply was relatively normal, but some overseas units were still under maintenance. Due to the general downstream demand, the domestic p-xylene price trend fell sharply. The closing price of international crude oil fell and the PX external price fell. As of the 2nd, the closing prices were US $785-787 / T FOB Korea and US $803-805 / T CFR China. Recently, the operating rate of PX units in Asia has been relatively stable. On the whole, the operating rate of p-xylene units in Asia is more than 60%. The PX supply in Asia is normal, and the PX external closing price has fallen sharply, The price trend of domestic p-xylene market declined.
Crude oil prices fell sharply this week. The settlement price of the main contract of WTI crude oil futures in the United States was reported as USD 66.50/barrel, and the settlement price of the main contract of Brent crude oil futures was reported as USD 69.67/barrel. Firstly, since the middle of the year, the outbreak of the European epidemic has triggered investors’ concerns about the demand prospect, and the oil price began to enter the downward channel. Second, in order to deal with domestic inflation, the United States has been committed to suppressing the decline of oil prices. On the 19th, it announced that it would unite with multinational governments to release strategic oil reserves. Affected by supply expectations, oil prices are falling sharply. Finally, on the 26th, a new crown variant strain was found, causing market panic, market concerns about the recovery of future demand, a huge earthquake in the capital market, and oil prices fell sharply with the global stock market. The sharp decline of oil price has a certain negative impact on the domestic petrochemical market, and the price trend of p-xylene has declined.
The downstream PTA market price trend declined this week. As of the 4th, the average PTA market price was 4400-4500 yuan / ton, and the PTA price fell by 6.62% this week. The PTA Market of raw materials declined. With the restart of 1.5 million tons of Honggang petrochemical and 2.2 million tons of Hengli Dalian, the spot supply in the market was sufficient and the accumulated inventory was maintained. At present, the operating rate of the industry was maintained at around 81%. The performance of orders in the terminal market is still tired, and the downstream polyester factories also began to reduce production. The plan of reducing production by 20% based on the current output will be implemented one after another. In the follow-up, depending on the market situation, or increase the intensity of production reduction to 25%. At present, the operating load of the polyester industry has fallen below 83%, PTA demand performance is insufficient, procurement enthusiasm is not high, and the market of the textile industry is poor, The market price trend of p-xylene declined.
Chen Ling, PX analyst of business society, believes that the current crude oil price is weak affected by the epidemic, and the cost side support begins to weaken. In addition, the downstream PTA and textile market are poor, PTA stocks are accumulated, and the terminal demand is weak. It is expected that the market price of p-xylene may remain low and stabilize the market temporarily in the later stage.
