The domestic paraxylene market price was stable this week (3.4-3.10)

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 decline of 10.53%.

The domestic paraxylene supply is normal, and the domestic PX operating rate is about 70%. The external dependence of PX products is about 29%. The recent price trend of PX external market is volatile. As of the 9th, the closing price of the Asian paraxylene market is 1006-1008 yuan/ton FOB Korea and 1031-1033 dollars/ton CFR China. The low external price is negative for the domestic market. The recent operating rate of PX devices in Asia is normal. On the whole, the operating rate of paraxylene devices in Asia is about 60%, and the price trend of the domestic paraxylene market is temporarily stable.

The price of crude oil fell this week. As of September 9, the settlement price of the main contract of WTI crude oil futures in the United States was US $75.72/barrel, and the settlement price of the main contract of Brent crude oil futures was US $81.59/barrel. On the macro level, Federal Reserve Chairman Powell publicly said that due to the strong economic data, the Federal Reserve is likely to need to raise interest rates more sharply than expected in order to suppress inflation. The Group of Seven (G7) and its allies’ oil price ceiling measures against Russia have worked well. The risks of Russian oil supply are decreasing in the short term, and the trend of crude oil price is falling. The domestic paraxylene market price is temporarily stable due to the decline of crude oil price.

The price trend of the downstream PTA market rose slightly this week. As of the 10th, the average price of PTA market was 5850-5900 yuan/ton, up 1.67%. In terms of PTA supply, there are many PTA devices that have been overhauled and reduced in production at present. The industry has started about 72%. PTA has been slightly destocking. In terms of supply and demand, PTA3 has been expected to destock in April, supporting the strength of PTA prices. Downstream polyester starts remain at a high level of more than 80%, and domestic orders in spring and summer have increased. Under the background of moderate recovery of demand, although there is no significant increase, it can maintain at a high level of rigid demand. However, foreign trade orders are still not improving. The factory feedback is that new orders are insufficient, and the final foreign trade orders of the weaving factory are shrinking. On the whole, the downstream market is slowly recovering, 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. The oil market in the future will still face fundamental pressure, and the downstream market of the terminal will still face insufficient demand, as well as the uncertain prospect of foreign trade. The PX market supply is normal, and the price trend of paraxylene market is expected to be temporarily stable in the later period.