Domestic price trend:

It can be seen from the trend chart of paraxylene that the price of paraxylene rose sharply in January. By the end of the month, the domestic ex-factory price of paraxylene was 8500 yuan/ton, up 14.09% from the price of 7450 yuan/ton at the beginning of the month, up 16.44% year-on-year.

In January, the supply of paraxylene was normal, the domestic PX operating rate was more than 60%, the operation of Sinochem Hongrun Petrochemical 600000 tons unit was stable, the operation of Yangzi Petrochemical unit was stable, the operation of Pengzhou Petrochemical unit was stable, the operation of Yangzi Petrochemical PX unit was normal, the operation of Jinling Petrochemical unit was stable, the Qingdao Lidong unit was operating at full load, the operation of Qilu Petrochemical unit was stable, the operation of Urumqi Petrochemical unit was about 50%, and the domestic paraxylene supply was normal, The operation of overseas units was normal, and the domestic price of paraxylene rose. In January, the international crude oil price rose, and the PX outer price rose. As of the 27th, the closing price was 1050-1052 yuan/ton FOB Korea and 1075-1077 dollars/ton CFR China. The operating rate of PX devices in Asia has maintained recently. Overall, the operating rate of PX devices in Asia is around 60%. The supply of PX goods in Asia is normal, and the domestic PX market is rising.

In January, the international crude oil price rose by 1.63%. As of the end of the month, the settlement price of the main contract of WTI crude oil futures in the United States was 79.68 dollars/barrel, and the settlement price of the main contract of Brent crude oil futures was 86.40 dollars/barrel. On the one hand, the number of oil and natural gas rigs of American energy companies decreased by 8 in July, the largest monthly decline since July 2020, and also the first two consecutive months since July 2020. US crude oil supply has declined, supporting international oil prices. On the other hand, the economic recovery in the Asian region, China’s crude oil import volume increased significantly, and the positive demand recovery supported the rise of international oil prices. However, the inflation level of western developed economies is high, and it is difficult to tighten monetary policy or withdraw in the short term, which will harm the global economy and undermine the international crude oil price. In general, the price trend of crude oil market rose, and the price of paraxylene rose sharply due to the impact of cost.

The domestic PTA spot market rose in January, with the average price of 5756.82 yuan/ton in the East China market by the end of the month, up 2.50% from the beginning of the month. Before and after the Spring Festival, the number of PTA devices restarted increased, the supply of PTA increased, and the confidence of downstream textile enterprises was improved. After the holiday, they began to purchase raw materials, and the market entered a cyclical replenishment stage. The quotations of mainstream polyester factories in Jiangsu and Zhejiang continued to rise, and the overall situation in the downstream market improved. Overall, the downstream textile industry has improved, and the domestic market price of paraxylene has risen.

Chen Ling, an analyst at PX Business Agency, believes that the current supply side and demand side of the crude oil market will continue to play against each other, and the downstream demand will improve. At present, the textile industry is gradually entering the spring peak season, and PTA prices are rising slightly. In general, it is expected that the market price of paraxylene will rise in the future.