1、 Price trend
According to the data of the business club’s block list, the price of mixed xylene fell slightly this week. On April 30, the price of mixed xylene was 5850 yuan / ton; On Sunday (May 9), the price was 6060 yuan / ton, up 210 yuan / ton or 3.59% from last week; It increased by 70.22% over the same period last year.
2、 Analysis and comment
The mixed xylene market was active after the festival, boosted by the price rise of related aromatic products. Sinopec’s Toluene listing price continued to rise, and the bottom support strengthened. However, the follow-up of downstream demand is general, and the mixed xylene rise is limited due to the lack of sustainability of gasoline blending rise. In terms of external market, as of May 7, the price of imported mixed xylene from South Korea was 790 US dollars / ton, up 8.5 US dollars / ton, or 1.09% compared with April 30; The reference price of domestic imported mixed xylene was 815 US dollars / ton, up 11 US dollars / ton or 1.37% on April 30.
In terms of crude oil, good news: within the week, OPEC + kept the policy of gradually increasing production unchanged, and the energy demand in Europe and the United States improved to support the market. Bad news: the epidemic situation in India is severe, and the recovery of crude oil demand is full of uncertainty. On April 30, Brent rose $1.775/barrel, or 2.65%; WTI rose $1.4 per barrel, or 2.21%.
Downstream, PX market, domestic PX prices remained stable, at 6400 yuan / ton, up 60% year on year. As of May 7, the closing prices in Asia were US $859-861 / T FOB Korea and US $877-879 / T CFR China.
PTA market, PTA prices in East China rose, Sunday (May 9) at 4863.64 yuan / ton, 2.37% higher than last week, 43.14% higher than the same period last year.
In terms of ox market, ox prices remained stable this week. On Sunday, ox prices in East China were 5900 yuan / ton, up 47.5% over the same period last year.
3、 Future forecast
Xylene analysts from business society chemical branch think: first, look at the supply cost side, the implementation of OPEC + production reduction, the total number of oil drilling platforms in the United States, and weekly EIA and API inventory data. Second, on the demand side, the impact of the global epidemic on crude oil demand, the progress of industrial chain recovery, and the economic and trade situation in Europe and the United States. Third, look at the geopolitical situation in the Middle East, China and the United States, the progress of new technology, the dollar index and stock market linkage.
The external news is strong, and Sinopec’s listing price has strong support at the bottom, so it is expected that the trend of short-term mixed xylene will be strong. We will continue to pay attention to the impact of crude oil and gasoline blending price trend, xylene blending unit maintenance trends, port inventory and downstream demand changes on xylene blending price.