The demand is weak and the supply is tight. In May, the mixed xylene market first fell and then fluctuated slightly upwards. According to the commodity market analysis system of Shengyishe, the benchmark price of mixed xylene was 7770 yuan/ton on May 31, an increase of 1.17% from 7680 yuan/ton at the beginning of the month and 4.16% from the low point of 7460 yuan/ton in the cycle.
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International crude oil price range fluctuations have weak support for mixed xylene
The international crude oil price range fluctuated in May, with weak support for mixed xylene. As of May 31st, the closing price of WTI07 contract is 76.99 US dollars per barrel; The Brent 08 contract closed at $81.11 per barrel. The narrow consolidation of mixed xylene prices in Asia in May provided support for the domestic market. As of May 30th, the price of heterogeneous grade xylene in Asia was between 953-954 US dollars per ton.
The production of xylene is gradually decreasing, and the demand support for mixed xylene is weakening
In early May, due to the restart of the early maintenance equipment, the overall production of xylene rebounded to around 7.9%; Starting from mid May, PX units such as Weilian Chemical, Fuhai Chuang, and Hengli Petrochemical began to shut down for maintenance. Domestic PX production gradually decreased to around 740% at the end of the month. In May, the price of PX in Asian foreign markets rose significantly, providing strong support for the domestic PX market. As of May 30th, the closing price in the Asian region was 1032-1034 yuan/ton FOB South Korea and 1057-1059 US dollars/ton CFR China
The production of phthalic anhydride is basically stable, and the demand support for mixed xylene is weak
The domestic phthalic anhydride plant is running smoothly, and Anhui Tongling ortho phthalic anhydride is starting to be shipped normally. The 100000 ton phthalic anhydride plant of Xinyang Group is running stably, and Shandong Hongxin phthalic anhydride is operating normally. Recently, the domestic phthalic anhydride operating rate is around 60%, and the spot supply of phthalic anhydride is normal. The production situation of phthalic anhydride manufacturers is average. In May, the price of industrial naphthalene rose, and the market for naphthalene phthalic anhydride has risen, which has affected the price of ortho phthalic anhydride to rise.
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Slow recovery of domestic mixed production and weak support for mixed xylene demand
The recovery of the domestic mixed blending market is slow, and the demand for mixed xylene is weak. As of the end of May, the construction of refineries nationwide was around 7.0.
The inventory of mixed xylene at ports continues to decrease, and the pressure on port inventory has slightly eased
The inventory of mixed xylene at the port has slightly decreased, but overall it remains at a high level, and there is still pressure on the supply side of mixed xylene. It is understood that as of May 30th, the total inventory of xylene in East and South China amounted to 46500 tons, a significant decrease from the end of April.
The pressure on the supply side of mixed xylene for multiple device maintenance is not high
Jiangsu Xinhai Petrochemical’s aromatics were shut down for maintenance on April 7th and restarted in late May. There is still a plan for device maintenance in the later stage, and overall, the pressure on the xylene supply side is not high in the later stage, which provides some support for the toluene market.
Market forecast: In the short term, the international crude oil range will consolidate, and the cost support for mixed xylene will weaken; The decline in downstream PX production has weakened support for mixed xylene. The mixed blending and phthalic anhydride industries are operating at a low level, and the overall support for the demand for mixed xylene is weak; There are still plans for equipment maintenance in the later stage in China, and there is not much pressure on the supply of mixed xylene. Overall, it is expected that mixed xylene will be sorted out in the later stage.
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