According to the data from the business associations’list, the overall price of xylene in China increased this week. At the beginning of the week, the average price of xylene was 5 612 yuan per ton, while on Friday, the average price of xylene was 5 722 yuan per ton, with a weekly increase of 1.96%.
II. Analytical Review
1. Upstream: IEA said the pace of global crude oil demand may slow down. Russia said it had the ability to increase production to ease the supply contraction caused by geographical situation such as Venezuela. International oil prices rose steadily, with spot Brent between $70.82 and $71.585 per barrel. Crude oil outside high support, xylene prices all the way up.
2. FOB Korean toluene reference price also rose from $716 per ton at the beginning of the week to $723 per ton (closing on Friday). Since Tuesday, the price of xylene in Sinopec’s subsidiary has been raised by 100-200 yuan per ton.
3. Downstream: The inventory of xylene port has declined. The inventory of East China is about 89,000 tons. The market atmosphere has been cold since midweek, and the wait-and-see atmosphere is strong, but the overall turnover is considerable.
3. Future Market Forecast
The Xylene Analyst of Business Society Chemical Branch thinks that in the near future, the Xylene plant of large factories has entered the overhaul period one after another, the output has decreased slightly, the international crude oil market is more ideal, while the Xylene market is more stable and the market turnover is good, so it is expected that the price of Xylene will be more stable in the near future.