1、 Price trend
According to the data of business club’s block list, the domestic market price of mixed xylene showed an upward trend this week. The price of xylene was 4230 yuan / ton on January 24 and 4350 yuan / ton on this Sunday (January 31), up 120 yuan / ton or 2.84% from last week.
2、 Analysis and comment
Within the week, Sinopec’s mixed xylene increased by 100-200 yuan / ton. Xylene supply was stable in the week, and the dealers had a good attitude of supporting the price. In terms of external market, as of January 29, the price of mixed xylene imported from South Korea was 599 US dollars / ton, up 21.5 US dollars / ton or 3.72% on January 22, and the reference price of domestic imported mixed xylene was 613 US dollars / ton, up 20.5 US dollars / ton or 3.46% on January 22. Xylene inventory in East China ports this week was about 76900 tons, down 11000 tons from last week.
In terms of crude oil, the news of Iraq’s decision to make compensatory production cuts at the beginning of this week supported the crude oil market, but the epidemic situation was still severe, curbing the demand of the crude oil market. On January 22, Brent fell 0.095 USD / barrel, or 0.17%; WTI fell 0.19 USD / barrel, or 0.36%.
Downstream, PX market, domestic PX prices stabilized this week, the weekend average price at 5200 yuan / ton, a year-on-year decline of 24.64%. The domestic PX operating rate is about 60%. This week, the operation rate of p-xylene plant in Asia dropped to 60%, the supply of PX in Asia decreased, and the external price of PX remained volatile this week. As of the end of the week, the closing price of p-xylene market in Asia was US $665-667 / T FOB Korea and US $683-685 / t CFR China.
In terms of PTA market, PTA in East China rebounded after a slight decline this week. On January 31, the price was 3856.67 yuan / ton, up 0.41% compared with last week and down 21.06% year on year. The domestic PTA start-up rate is above 87%. The planned overhaul of Ningbo Yisheng 2 million ton plant will be carried out from January 24.
In terms of ox market, the price of ox remained stable this week, with the price of ox in East China at 4700 yuan / ton. Sinopec’s o-benzene price was temporarily stable, the external quotation was adjusted in a volatile manner, and the supply of o-benzene was stable; at the end of the month, the price of phthalic anhydride rebounded, the demand for o-benzene rose, the rising power of o-benzene was released, the rising power of o-benzene increased, and it was expected that o-benzene would hit the bottom and rebound.
3、 Future forecast
Xylene analysts from business society chemical branch think: first, look at the supply cost side, the implementation of OPEC + production reduction, the total number of oil drilling platforms in the United States, and weekly EIA and API inventory data. Second, on the demand side, the impact of the global epidemic on crude oil demand, the progress of industrial chain recovery, and the economic and trade situation in Europe and the United States. Third, look at the geopolitical situation in the Middle East, China and the United States, the progress of new technology, the dollar index and stock market linkage.
The downstream terminals are shut down one after another, the logistics is reduced, and the mixed xylene market is expected to enter a stable price consolidation period. Continue to pay attention to the downstream purchasing situation, as well as the impact of crude oil and external market on the price of mixed xylene.
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