1、 Price trend
According to the data of the large scale list of business agencies, the domestic xylene market price rebounded and rose this week. As of Friday, the domestic average price was about 3560 yuan / ton, up 6.27% on last week.
| Melamine |
2、 Analysis and comment
1. Product: with the entry into may, the OPEC + production reduction agreement came into effect, and many countries in Europe and the United States gradually restarted their economies. During the 5.1 long holiday, the international crude oil rebounded sharply. Affected by this, the domestic xylene price rebounded and rose this week. At present, the mainstream price in East China is around 3650 yuan / ton.
2. Industrial chain:
Upstream, in terms of crude oil, with the gradual economic restart in Europe and the United States, the crude oil market gradually transited from a state of declining demand, near saturation of storage capacity, worrying that the reduction of production is less than expected to a state of demand recovery, and a rebalancing process of supply and demand with declining production. On May 7, Saudi Aramco announced a substantial increase in the price of oil for Europe in June, which led to a strong rebound in international crude oil prices. As of early Friday morning, Brent rose 29.62%, Brent futures rose 17.68%, WTI futures rose 17.41%, and Dubai futures rose 25.12%.
| EDTA |
Downstream, in PX market, the price of domestic Sinopec’s enterprises this week is about 4000 yuan / ton, and the latest price on the outside market is about 471 US dollars / ton for FOB South Korea and 491 US dollars / ton for CFR China. It is expected that the market price of PX will maintain a stable trend in the short term. In terms of PTA market, the price of domestic PTA spot market is about 3450 yuan / ton, and the price of external market is about 420 US dollars / ton CFR China. It is expected that PTA price trend will be stable next week. In the ox market, Sinopec’s offer of o-benzene is stable, with the price of 4000 yuan / ton. The external price of o-benzene is about 440 US dollars / ton FOB South Korea. It is expected that the price of o-benzene will be stable next week.
3、 Future forecast
According to xylene analysts from the chemical branch of business society, in the short term, we can see the supply cost end, OPEC + production reduction, crude oil futures delivery trend in June, and the situation in the US and Iraq. In the medium term, we can see the demand side, the progress of economic restart in Europe and the United States, and the progress of industrial chain recovery. Next week, we will focus on the impact of the delivery trend of crude oil futures in June. In a word, xylene price in the domestic market next week is expected to depend on the trend of crude oil.
| EDTA 2Na |