Domestic price trend of paraxylene:

It can be seen from the p-xylene trend chart that the price trend of this week is temporarily stable. As of the end of the week, the domestic ex-factory price of p-xylene was 8500 yuan/ton, which is the same as the price of 8500 yuan/ton at the beginning of the week, with a year-on-year increase of 6.25%.

The domestic paraxylene supply is normal, and the domestic PX operating rate is about 70%. The external dependence of PX products has dropped to about 30%, and the recent price trend of PX external market has increased. As of the 9th, the closing price of paraxylene market in Asia was 1026-1028 yuan/ton FOB Korea and 1051-1053 dollars/ton CFR China, and the rise of external market price is good for the domestic market. Recently, the operating rate of PX units in Asia is normal. Overall, the operating rate of paraxylene units in Asia is about 60%, and the price trend of domestic paraxylene market is temporarily stable.

The price of crude oil rose this week. As of September 9, the settlement price of the main contract of WTI crude oil futures in the United States was US $78.06/barrel, and the settlement price of the main contract of Brent crude oil futures was US $84.50/barrel. On the macro level, driven by the unexpected non-agricultural employment data, the US dollar index rebounded strongly, rising sharply on the third day, with a rebound of nearly 1.2%, which put valuation pressure on commodities and risky assets denominated in US dollars. Crude oil was obviously under pressure, and the oil price hit a one-month low on the fifth day. The pressure on the supply side coexists, and the decline of Russian oil supply is not obvious, although the EU and the Group of Seven (G7) countries have officially implemented the embargo and price ceiling measures on Russian oil products since February 5. However, the data shows that with the support of more Asian buyers, Russia’s oil supply performance is strong, the international oil price trend is rising, and the domestic paraxylene market price is temporarily stable due to the high crude oil price.

The price trend of the downstream PTA market declined this week, and the average price of the PTA market was 5600-5650 yuan/ton as of the 10th, with a decline of 2.52%. In terms of PTA supply, PTA starts this week are relatively stable. At present, the industry starts around 73%. Affected by the rise of crude oil price, the PTA market price decline is limited. Some downstream staple fiber devices were restarted, and the downstream cotton mills and weaving mills resumed their operations slowly. The operation was still at a low level and only sporadic purchases were needed. The staple fiber enterprises accumulated stocks, and the staple fiber futures fell along with the cost. However, staple fiber enterprises are optimistic about the recovery of future demand. This week, the trading atmosphere of the yarn market has gradually recovered. With the recovery of logistics and downstream acceptance capacity, the delivery of the yarn factory is gradually normal. The trading atmosphere of pure polyester yarn and polyester cotton yarn market has gradually recovered, and the prices of various grades of yarn have increased to different degrees compared with the year before. On the whole, the downstream market has increased, and the price trend of paraxylene is temporarily stable.

Chen Ling, a PX analyst at the Business Agency, believes that the current oil market is playing a long and short game, and the recovery of demand in Asia has brought some benefits, but the risk of economic recession in Europe and the United States still exists, and the oil market will still face fundamental pressure in the future. The terminal downstream operating rate will rise, the downstream demand is expected to rise, and the PX market supply is normal. It is expected that the market price of paraxylene will rise slightly in the future.