According to the Commodity Market Analysis System of Business Society, the mixed xylene market has slightly declined recently (3.1-3.12). On March 12th, the benchmark price of mixed xylene was 7340 yuan/ton, a decrease of 1.08% from 7420 yuan/ton on the 1st.
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Narrow range fluctuations in international crude oil prices provide some support for the cost of mixed xylene
Recently (3.1-3.12), on the one hand, the geopolitical situation has been relatively calm, but market concerns about demand still exist; On the other hand, OPEC+agreed earlier this month to extend its voluntary production reduction until the second quarter. The international crude oil market has recently experienced narrow fluctuations, which still provides some support for the cost of mixed xylene. As of March 11th, WTI04 contract settlement is $77.93 per barrel; Brent 05 contract settlement is $82.21 per barrel. The continued slight increase in the price of Asian mixed xylene provides support for the domestic market, with prices of Asian isomeric grade xylene ranging from $937 to $938 per ton as of March 11th.
Mixed xylene port inventory continues to remain high, and supply pressure remains on the supply side
The continued high supply of mixed xylene in port inventory has put pressure on mixed xylene. It is understood that as of March 8th, the total inventory of xylene in East and South China amounted to 108000 tons.
Stable demand for xylene production and support for mixed xylene production
The domestic supply of xylene is stable, and the domestic PX operating rate remains above 80%. However, there are still some units undergoing maintenance, and there is sufficient spot supply. This week, the international crude oil price range fluctuated, and PX external prices have decreased. As of the 7th, the closing prices in the Asian region were 977-979 yuan/ton FOB South Korea and 1002-1004 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has remained high, with an overall operating rate of nearly 80% for xylene plants in the Asian region. The supply-demand contradiction of PX supply in the Asian region has become apparent, and the domestic xylene market price trend is temporarily stable.
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Stable market for phthalic anhydride, low starting point, stable but weak support for mixed xylene demand
The operation of domestic phthalic anhydride plants is stable, with a recent operating rate of around 60%. The spot supply of phthalic anhydride is very abundant, and the sales situation of phthalic anhydride manufacturers is poor. In addition, the supply of naphthalene phthalic anhydride has slightly declined, which has affected the price trend of ortho phthalic anhydride.
After the holiday, the domestic mixed blending market recovered slowly, and the demand for mixed xylene continued to be weakly supported
After the holiday, the recovery of the domestic mixed blending market was slow, and the demand for mixed xylene mixed blending weakened. As of March 7th, the construction of refineries nationwide was around 7.3.
Market forecast: In the short term, international crude oil prices will fluctuate, with some support for mixed xylene costs. The downstream polyester industry will have strong support, but the support for phthalic anhydride and mixed blending industries will be weak. In addition, domestic port inventories of mixed xylene will continue to be high. Overall, it is expected that mixed xylene prices will mainly fluctuate in the later period.
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