1、 Price trend
According to the business club’s big list data, the domestic xylene market price rose this week. The xylene price was 3640 yuan / ton on November 29, and 3860 yuan / ton on Sunday (December 6), up 220 yuan / ton or 6.04% compared with last week.
2、 Analysis and comment
This week, the domestic xylene market is mainly supported by crude oil, showing a broad upward trend. The listed price of toluene in Sinopec’s North China, South China and East China increased by 150 yuan / ton, and the listing price of enterprises in Central China increased by about 200 yuan / ton. The port inventory is high. At present, the port inventory in East China is about 117000 tons, down 6000 tons compared with last week. The pressure to go to the warehouse is not reduced. Market oversupply, downstream Px, gasoline blending demand is general.
In terms of crude oil, this week’s crude oil showed a trend of first falling and then rising, which was higher than that of last week. The new crown vaccine has made new progress, and OPEC + has reached a decision to gradually increase crude oil production, bringing benefits. Compared with November 27, Brent rose $1.85/barrel, or 3.93%; WTI rose by $0.71/barrel, or 1.55%. Compared with December 31, 2019, Brent decreased by 26.8%, and WTI decreased by 23.61%.
Downstream, in terms of PX market, the listed price of domestic Sinopec’s enterprises was about 4300 yuan / ton this week, which was stable compared with last week. The PX unit of Sinopec was shut down for maintenance for two months.
In terms of PTA market, PTA prices in East China decreased slightly and then rose this week, with an overall increase of 86.25 yuan / ton or 2.58% compared with last week.
In terms of ox market, ox prices in East China rose by 140 yuan / ton or 4.46% over last week.
3、 Future forecast
Xylene analysts of the chemical branch of the business society think: look at the supply cost side, the implementation of OPEC + production reduction, the total number of us oil drilling and weekly EIA, API inventory data. Second, on the demand side, the impact of the worsening global epidemic situation on crude oil demand, the progress of industrial chain recovery, the economic and trade situation of Europe and the United States and the progress of economic recovery and rescue plan. Third, look at the geopolitical situation in the Middle East and China and the United States, the progress in the research and development of new coronal vaccine, the linkage between the US dollar index and the stock market. The future market will focus on the new progress of the new crown vaccine and the related progress of the US economic stimulus plan. Overall, xylene in the domestic market is expected to continue to rise next week.
| Melamine |