Domestic p-xylene price trend:

It can be seen from the p-xylene trend chart that the market price trend of p-xylene this week is temporarily stable. By the end of the week, the ex factory price of domestic p-xylene was 6900 yuan / ton, the same as that at the beginning of the week, with a year-on-year increase of 46.81%.

Recently, the domestic p-xylene supply is normal, the domestic PX operating rate is more than 60%, the 600000 ton unit of Sinochem Hongrun Petrochemical operates stably, the unit of Yangzi Petrochemical operates stably, the unit of Pengzhou Petrochemical operates stably, the PX unit of Yangzi Petrochemical operates normally, the unit of Jinling Petrochemical operates stably, the unit of Qingdao Lidong operates at full load, and the unit of Qilu Petrochemical operates stably, About 50% of Urumqi petrochemical units have been started, and the domestic p-xylene supply is relatively normal, but some overseas units are still under maintenance. Due to the general downstream demand, the domestic p-xylene price trend is temporarily stable. The closing price of international crude oil rose, and the trend of PX external price rose. As of the 14th, the closing prices were US $942-944 / T FOB Korea and US $962-964 / T CFR China. Recently, the operating rate of PX unit in Asia was relatively stable. On the whole, the operating rate of p-xylene unit in Asia was more than 60%. The supply of PX goods in Asia was normal, and the closing price of PX external price rose, The domestic p-xylene market price trend is temporarily stable.

Crude oil prices rose this week. The settlement price of the main contract of WTI crude oil futures in the United States was US $83.82/barrel, and the settlement price of the main contract of Brent crude oil futures was US $86.06/barrel. The oil price hit a new high in recent two months. Market participants generally expect that the mutated virus Omicron has a limited impact on the global economic recovery, but the oil supply is still tight, superimposed on investors’ belief that the Fed is not as good as the expected hawks, and the oil price rebounded sharply. The current policy of the organization of Petroleum Exporting Countries and its allies (OPEC +) is to gradually restore the oil production stopped during the epidemic by increasing by 400000 barrels / day month by month. However, in fact, OPEC + production is limited, the supply growth is relatively slow, the tight supply expectation and the rise of risk appetite are good for oil prices. The continuous decline of US crude oil inventories also triggered supply concerns. API crude oil inventories decreased by 1077000 barrels in the week of January 7. It is generally expected that the data of the US Energy Information Administration (EIA) on Wednesday still point to the decline of crude oil inventories. The rising trend of oil price has a certain positive impact on the domestic petrochemical market, and the price trend of p-xylene is temporarily stable.

The downstream PTA market price rose slightly this week. As of the 17th, the average PTA market price was 5200-5300 yuan / ton, and the PTA price rose by 0.92% this week. At present, the improvement of PTA market is mainly due to the recovery of crude oil market and the good supply side brought by centralized maintenance of units. However, the current terminal orders are still relatively light, the downstream polyester inventory is accumulated, and the raw material procurement is mainly to meet the rigid demand. At present, the operating rate of the industry is maintained at nearly 77%. The terminal orders in the terminal market are still relatively light. At present, the comprehensive start-up rate of looms in Jiangsu and Zhejiang has fallen to 49%, and there are no new orders in the hands of some factories. In addition, the production inventory risk is high, and the start-up rate is expected to continue to decline. PTA plant in the raw material market is still planned to be overhauled, the positive support on the cost side remains, and the market price trend of p-xylene is temporarily stable.

Chen Ling, PX analyst of business society, believes that the current crude oil price is supported to a certain extent, and the cost side support is still in effect. In addition, some downstream PTA devices may be overhauled, resulting in poor demand in the terminal textile industry. However, affected by the strong support of crude oil, it is expected that the market price of p-xylene may rise slightly in the later period.