SunSirs: The Trend of the Xylene Market Was Fluctuating

https://www.chemnet.com   Nov 12,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, the overall market for xylene will decline from November 1st to 11th, 2024. On November 11th, the benchmark price of xylene was 5,900 RMB/ton, a decrease of 0.34% from 5,920 RMB/ton on November 1st. The xylene market haD fluctuated downward in this week, with overall supply being loose and downstream procurement enthusiasm not high. The market was generally on a wait-and-see attitude.

Analysis review

Cost wise: As of the 8th, international crude oil futures closed down, with the settlement price of the main contract for US WTI crude oil futures at 70.38 US dollars per barrel. The settlement price of the main Brent crude oil futures contract was 73.87 US dollars per barrel. During this cycle, crude oil prices have mainly fluctuated, with little overall change. On the one hand, OPEC's production reduction plan of 2.2 million barrels per day has been extended until the end of December, which was good news for international oil prices. On the other hand, the local economy in Asia has improved, and market panic on demand has eased, boosting the international oil market. However, geopolitical tensions have eased, and this news was bearish for the international oil market. There was a long short game, and overall, crude oil first rose and then fell during the cycle.

Supply side: During this cycle, Sinopec's xylene prices have fluctuated. As of November 11th, the company was operating normally, with stable production and sales. The company's quotations have remained unchanged from the previous day. As of November 11th, East China Company quoted 5,850 RMB/ton, North China Company quoted 5,900-5,950 RMB/ton, South China Company quoted 5,900-6,000 RMB/ton, and Central China Company quoted 5,800 RMB/ton.

Demand side: The external market for PX continued to decline, and demand support was weak

On November 11th, Sinopec Sales Company temporarily stabilized the price of PX, with the execution price being 7,300 RMB/ton. This price was being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities were operating stably, with normal sales, and the price was unchanged from November 1st. The PX price continued to decline both inside and outside the cycle. As of November 8th, the closing prices of the Asian PX market were 809-811 US dollars/ton FOB Korea and 834-836 US dollars/ton CFR China.

Market outlook

The crude oil market trend was weaker, with limited cost support. In terms of supply, refinery inventories have been stable but weak recently, and port inventories have also been running at a low level, resulting in less supply pressure. On the demand side, downstream procurement intentions were biased towards rigid demand. Overall, the market atmosphere has been weaker recently, and the price trend will be volatile.

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