I. price trend
According to the data in the business club’s bulk list, the price of domestic isomeric xylene market rebounded about 2.6% steadily this week due to the support of low port inventory and the rebound of international oil price.
II. Analysis and comment
1. Products: compared with last week, the market transaction this week is flat, and the current mainstream price in East China is about 6250 yuan / ton. According to the feedback from traders, last week’s trading volume was average, and the port inventory remained low, about 19000 tons.
2. Industrial chain:
Upstream, crude oil, this week’s oil price shock correction, spot Brent up 3.63%, Brent futures up 3.39%, WTI futures up 1.56%, Dubai futures up 4.17%.
In the downstream, PX market, the trend of domestic PX price this week is temporarily stable, and the price of external market fluctuates slightly. It is expected that the market price of PX will maintain about 6800 yuan / ton in the short term. In terms of PTA market, domestic PTA prices fell slightly this week, with the average offer price in East China around 4850-4900 yuan / ton, and it is more likely that PTA will continue to maintain a weak trend in the later period. In the ox market, Sinopec’s o-benzene price is temporarily stable, with a price of 6200 yuan / ton. The external price of o-benzene fluctuates and falls, and it is expected that the weak price of o-benzene will fall in the future.
III. future forecast
Xylene analysts from business and Chemical Bureau said: next week, we will continue to focus on the progress of China US trade negotiations and the expected fluctuation of crude oil demand due to the weak prospect of global economic indicators. In general, toluene market is expected to continue the shock correction trend next Tuesday.