1、 Price trend

According to the business news agency’s block list data, the price of mixed xylene continued to decline this week. On March 21, the price of mixed xylene was 5550 yuan / ton; on this Sunday (March 28), the price was 5487.5 yuan / ton, down 62.5 yuan / ton or 1.13% from last week.

2、 Analysis and comment

This week, Sinopec’s mixed xylene price adjustment range is – 300 / – 100 (yuan / ton). Affected by the sharp rise and fall of crude oil, the mixed xylene spot market price fluctuated mainly in the week. Follow up the weak side and maintain the downstream demand. Xylene stocks in ports in East China rose slightly this week, while those in ports in South China fell. In terms of external market, as of March 26, the price of South Korea’s imported mixed xylene was 733 US dollars / ton, up 23 US dollars / ton or 3.24% on March 19, and the reference price of domestic imported mixed xylene was 750 US dollars / ton, up 23 US dollars / ton or 3.16% on March 19.

In terms of crude oil, this week’s crude oil showed a “W” trend. Under the long short game, it experienced many ups and downs. Good news: within the week, it was reported that a freighter ran aground in the Suez Canal. The channel may be blocked for several weeks, and crude oil transportation will be blocked. Bad news: US commercial crude oil inventories increased for five consecutive weeks; US bond yields continued to rise; severe epidemic in Europe and India, new round of blockade measures implemented in many places, resulting in weak crude oil demand. On March 19, Brent rose 0.08 USD / barrel, or 0.13%; WTI fell 0.48 USD / barrel, or 0.78%.

Downstream, PX market, the domestic p-xylene ex factory price this week was more stable than last week, the price was 6700 yuan / ton, up 42.55% over the beginning of the year and 34% over the same period last year. The supply of goods in the yard is normal, and the goods are in good condition within a week. As of the 26th, the closing prices in Asia were 795-797 USD / T FOB Korea and 813-815 USD / T CFR China.

In terms of PTA market, the price of PTA in East China fell in shock this week, with the price at 4507.27 yuan / ton on March 21 and 4397.8 yuan / ton on March 28, down 2.43% from last week and up 32.2% from the same period last year. As of March 25, PTA operation rate was 82.61%.

In terms of ox market, the price of ox fell this week compared with last week. On Sunday, the price of ox in East China was 5700 yuan / ton, down 8.06% compared with last week and up 32.56% compared with the same period last year. The external quotation of o-benzene fluctuated and fell; the cost fluctuated and adjusted; the downstream market fell, and the demand was mainly rigid demand. O-benzene trading enthusiasm in general, o-benzene market fell.

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.

At present, the price of mixed xylene mainly fluctuates in the trend of crude oil. Pay attention to the OPEC + meeting and discuss the new decision on reducing production. On the demand side, the delivery is near the end of the month and the replenishment before the festival, and the downstream market purchasing is concerned. We will continue to pay attention to the trend of international crude oil, the arrival volume of mixed xylene, the dynamic of domestic enterprises and the impact of downstream demand changes on the price of mixed xylene.