According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated within a certain range this week, with a slight overall decline. From February 17 to February 24, 2025, the mixed xylene price was 6670 yuan/ton, a decrease of 0.6%. There are slight differences in performance among different regions, with Shandong experiencing a decline followed by an increase, and downstream demand initially weak and then strong during the week. The PX and oil blending industries actively entered the market for procurement, driving prices in Shandong to fall first and then rise. Affected by high inventory, the spot market in East China is under pressure and experiencing a slight decline. The overall inventory in southern China is high, and the market is under pressure to decline.

Cost aspect: During this cycle, crude oil prices first rose and then fell. As of February 21st, the settlement price of the main contract for WTI crude oil futures in the United States was $70.40 per barrel. The settlement price of the main Brent crude oil futures contract is $74.43 per barrel. The geopolitical risks in the Middle East have decreased, and the premium of oil prices has fallen; In addition, the increase in US crude oil inventories has affected investor confidence. During this cycle, crude oil prices have fluctuated at a low level. On the one hand, the US has imposed tariffs and Trump has requested OPEC to increase production to lower oil prices. In addition, US crude oil inventories remain high, and there are still concerns in the market about crude oil demand, which has suppressed crude oil prices; On the other hand, the geopolitical situation between Russia and Ukraine has eased, and crude oil market prices remain low.

Supply side: Sinopec xylene quotation summary. Currently, the company is operating normally, with stable production and sales of equipment. The company’s quotation remains unchanged from the previous day. As of February 24th, East China Company quoted 6700 yuan/ton, North China Company quoted 6500 yuan/ton, South China Company quoted 6750-6800 yuan/ton, and Central China Company quoted 6500 yuan/ton.

Demand side:

On February 24th, the price of xylene in the petrochemical sales company was temporarily stable, with a current execution price of 7500 yuan/ton. This price was implemented in East China, North China, Central China, and South China. The operation of Yangzi Petrochemical, Zhenhai Petrochemical and other facilities was stable, with normal sales, and the price was temporarily stable compared to February 17th. As of February 21st, the closing prices of the xylene market in Asia were 860-862 US dollars/ton FOB Korea and 885-887 US dollars/ton CFR China, an increase of only 1 US dollar/ton compared to the closing price on February 14th.

Market forecast: The overall outlook for the crude oil market is weak, with limited cost support. In terms of supply, Shandong’s local refining enterprises have recently had low inventory, and downstream purchasing intentions are still acceptable. Inventory in the East China region has been running at a relatively high level recently. In terms of demand, except for Shandong region, which has a good purchasing intention, the downstream purchasing intention in other regions has been relatively weak in recent times, and the ability to receive goods is limited. Overall, Shandong region is expected to operate steadily, moderately, and strongly under the support of demand, with slight upward potential, while other regions are expected to have weaker trends.