Domestic P-Xylene price trend:

According to the commodity market analysis system of the business community, the price trend rose this week. As of the weekend, the factory price of P-Xylene in China was 8400 yuan/ton, 1.82% higher than the price of 8250 yuan/ton at the beginning of the week, down 12.04% year on year.

The domestic supply of P-Xylene is normal, and the domestic PX operating rate is more than 70%. However, in the maintenance of some P-Xylene devices, the spot supply is slightly tight, and the price of PX in the external market has risen. As of the 13th, the closing price in Asia was 1010-1012 yuan/ton FOB South Korea and 1036-1038 dollars/ton CFR China. Recently, the operating rate of PX units in Asia has fluctuated mainly. On the whole, the operating rate of P-Xylene units in Asia is about 70%. The supply of PX goods in Asia has not changed much. Affected by the rise in external prices, the price of P-Xylene in the domestic market has risen.

This week’s crude oil price trend has risen, with the settlement price of the main contract for WTI crude oil futures in the United States at $76.89 per barrel as of the 13th, and the settlement price of the main contract for Brent crude oil futures at $81.36 per barrel. On the one hand, the production reduction of the OPEC and its allies (OPEC+) has exacerbated supply concerns. On the other hand, the United States Department of Energy’s plan to replenish the strategic oil reserve also warmed up the oil market. On July 7, the US announced that it would purchase an additional 6 million barrels of crude oil to replenish the strategic oil reserve. The procurement plan will be carried out in October and November. Finally, the US dollar strengthened, Asian demand growth boosted international oil prices, supported by demand in the summer peak oil season, and the Energy Information Administration (EIA) data report on Wednesday showed a rapid decline in crude oil inventories. Multiple favorable factors supported the rising trend of international oil prices, which affected the rising trend of domestic P-Xylene market.

The downstream PTA market price trend has increased this week, with an average PTA market price of around 59100 yuan/ton as of the 14th. The price has increased by 2.86% this week. On the supply side of PTA, the operating rate of PTA has decreased to around 73% this week, and PTA factory inventory has slightly decreased, leading to a rise in PTA market prices. Downstream polyester is mainly in demand for restocking, and demand end textile enterprises have staged restocking actions. However, with the arrival of the high temperature season, textile and clothing consumption is in the off-season stage, with insufficient terminal orders and a slight increase. The weaving start-up rate in Jiangsu and Zhejiang is around 65%, and downstream PTA market prices are rising, while PX prices are rising.

Chen Ling, a PX analyst from the business community, believes that the current oil market is supported by favorable factors. In the short term, the price of crude oil is mainly rising, coupled with a slight rise in the downstream PTA market. However, the demand of the textile industry is weak, and the purchase on demand is mainly. In general, it is expected that the price of P-Xylene market will be stable in the later period.