Domestic p-xylene price trend:

It can be seen from the p-xylene trend chart that the price trend of this week was temporarily stable. As of the end of the week, the domestic ex factory price of p-xylene was 9900 yuan / ton, unchanged from the price of 9900 yuan / ton at the beginning of the week, with a year-on-year increase of 54.69%.

Recently, the domestic paraxylene supply is normal, the domestic PX operating rate is about 70%, Sinochem Hongrun Petrochemical 600000 ton unit operates stably, Yangzi petrochemical unit operates stably, Pengzhou petrochemical unit operates stably, Yangzi Petrochemical PX unit operates normally, Jinling Petrochemical unit operates stably, Qingdao Lidong unit operates at full load, Qilu Petrochemical Unit operates stably, and Urumqi petrochemical unit starts at about 50%, Domestic p-xylene supply is relatively normal, but the supply of overseas units is reduced. This week, the crude oil price rises, and the domestic p-xylene price remains high. Affected by the higher closing price of international crude oil, the PX external price rose slightly. As of the 26th, the closing price in Asia was $1286-1288 / T FOB Korea and $1304-1306 / T CFR China. Recently, the operating rate of PX devices in Asia has remained low. A PX device in South Korea was shut down unexpectedly, resulting in a production capacity of 1.79 million tons. This accident led to a significant reduction in the source of imported goods. In addition, the export of PX sources in Asia to Europe and the United States increased, and the export of PX to China decreased, The closing price of PX rose, and the domestic paraxylene market price remained high.

The crude oil price trend rose as a whole this week. The settlement price of the main contract of WTI crude oil futures in the United States was $114.09/barrel, and the settlement price of the main contract of Brent crude oil futures was $114.17/barrel. The European Union’s oil ban on sanctions against Russia has been delayed, and the expectation of tight supply remains unchanged. With the arrival of summer driving season in the United States, demand is expected to improve, supply and demand fundamentals are still good for oil prices, oil prices are supported upward, and the domestic paraxylene market price trend is temporarily stable due to the rise of crude oil prices.

The downstream PTA market price rose slightly this week. As of the 27th, the average PTA market price was 6800-6900 yuan / ton. PTA market closely followed the trend of crude oil. In the early stage, driven by the rise of crude oil price, PTA price rose. In terms of self supply, PTA operation rate is about 68%. Under the guidance of buying up sentiment, the downstream market made up an appropriate amount of positions, and the polyester start-up also increased to around 78%. In terms of prices, affected by the boost of raw materials in May, the prices of downstream polyester factories rose by 5-8%. In Jiangsu and Zhejiang provinces, the startup rate of looms has rebounded significantly due to the warmer orders. Especially in Xiaoshao, Haining, Changshu and other places, the factory’s order receiving rate improved moderately, which was better than that in April. However, at present, some domestic trade orders are improving, while foreign trade orders are still not improving. There is a strong wait-and-see mood in the terminal textile market, and the purchase is cautious. The domestic paraxylene market price remains high.

Chen Ling, PX analyst of business club, believes that the current crude oil price trend is rising, the cost side is still supporting, the downstream operation of the terminal is not high, and the overall demand side is normal. However, the supply of imported paraxylene is relatively tight. In general, it is expected that the market price of paraxylene may rise slightly in the later period.