Domestic price trend:

As can be seen from the p-xylene trend chart, the price trend of p-xylene rose in January. As of the end of the month, the domestic ex factory price of p-xylene was 7300 yuan / ton, an increase of 8.96% over the price of 6700 yuan / ton at the beginning of the month, a year-on-year increase of 40.38%. The price trend of domestic PX market rose in January.

In January, the domestic p-xylene supply was normal, the domestic PX operating rate was more than 60%, the 600000 ton unit of Sinochem Hongrun Petrochemical operated stably, the unit of Yangzi Petrochemical operated stably, the unit of Pengzhou Petrochemical operated stably, the PX unit of Yangzi Petrochemical operated normally, the unit of Jinling Petrochemical operated stably, the unit of Qingdao Lidong operated at full load, and the unit of Qilu Petrochemical operated stably, The start-up of Urumqi petrochemical unit is about 50%, and the domestic p-xylene supply is general, but the start-up of overseas units is general, and the domestic p-xylene price is affected by the support of crude oil. In January, the international crude oil price trend rose, and the PX external price trend rose. As of the 26th, the closing prices were 979-981 US dollars / ton FOB Korea and 997-999 US dollars / ton CFR China. Recently, the operating rate of PX units in Asia is normal. On the whole, the operating rate of p-xylene units in Asia is less than 60%, the supply of PX goods in Asia is general, the closing price of PX in the external market is rising, and the domestic market price of p-xylene is rising.

In January, international crude oil prices rose sharply, with crude oil rising by 16.14%. WTI stood above US $85 and reached a high of nearly two months. The main reason is that the supply tension is expected to continue to rise and boost oil prices, the tension between Russia and Ukraine is escalating, and the output increase of the organization of Petroleum Exporting Countries and its allies (OPEC +) is lower than expected. Crude oil rose sharply on Tuesday and Wednesday, and WTI crude oil rose nearly 5%. Previously, the market was worried that the Fed may adopt a more radical monetary policy, the process of raising interest rates may be faster than expected, and the decline in risk appetite led to the decline in the prices of venture capital products such as stock market and crude oil. At present, the oil price has returned to fundamentals, and the geopolitical turmoil has exacerbated the expectation of tight supply. As of February 26, the settlement price of the main contract of WTI crude oil futures in the United States was US $87.35/barrel, and the settlement price of the main contract of Brent crude oil futures was US $88.74/barrel. On the whole, the international crude oil price rose sharply in January, and the price trend of p-xylene rose.

The downstream PTA market price rose sharply in January. As of the 27th, the average PTA market price was 5300-5400 yuan / ton, up 7.23% in January. In terms of supply, with the recent restart of multiple units, the industrial commencement has increased to more than 86%. The 3.3 million ton new unit of Yisheng new materials is planned to be commissioned at the end of January, and the PTA supply is expected to increase. However, two sets of PTA units in East China announced maintenance plans, which significantly boosted the market. Among them, Yisheng Ningbo 2 million ton PTA unit is planned to be overhauled in February; The 3.3 million T / a PTA device of Yisheng new material is planned to be overhauled in February. With the arrival of the long Spring Festival holiday and the holiday of the terminal textile factory, the current situation is that the procurement is stopped, the pre holiday goods preparation is coming to an end, and the demand is declining. In the continuous shutdown of dyeing factories and weaving factories, the comprehensive startup rate of Jiangsu and Zhejiang looms has dropped to less than 13%, mainly focusing on the closing of early orders and being cautious in receiving new orders. At present, the idea of replenishing inventory is not strong and remains in a tepid state. The operating load of polyester factories in Jiangsu and Zhejiang decreased to less than 80%, the quotation remained stable, and some factories promoted individual specifications. The downstream PTA market price rose sharply, which was good for the domestic p-xylene market, and the p-xylene market price trend rose.

Chen Ling, PX analyst of business agency, believes that there is a certain positive support for the current crude oil cost, but polyester manufacturers in the downstream of the terminal market have reduced production. As the Spring Festival approaches, the number of terminal orders decreases, some factories have holidays, the demand is still insufficient, and the power of PTA price rise is insufficient. It is expected that the market price of p-xylene will rise slightly in the later period, and the overall increase is not large.