Domestic price trend:

From the trend chart of p-xylene, it can be seen that the price of p-xylene remained stable in March. As of March 31, the domestic ex factory price of p-xylene was 6700 yuan / ton, which was flat compared with the price at the beginning of the month. The price trend of domestic PX market in March was stable.

In March, the domestic supply of p-xylene was normal, and the domestic PX operating rate was more than 60%. Sinopec Hongrun Petrochemical 600000 ton unit operated stably, Yangzi petrochemical unit operated stably, Pengzhou petrochemical unit operated stably, Yangzi Petrochemical PX unit operated normally, Jinling Petrochemical unit operated stably, Qingdao Lidong unit operated at full load, Qilu petrochemical unit operated stably, and Urumqi petrochemical unit operated stably The domestic supply of p-xylene is average, but there are many overhauls of overseas units, and the domestic price of p-xylene remains high. Recently, the international crude oil price has maintained around us $60 / barrel, and the PX external price has declined. As of the 31st, the closing prices in Asia are US $795-797 / T FOB Korea and US $813-815 / T CFR China. Recently, the operating rate of PX unit in Asia is normal. As a whole, the operating rate of PX unit in Asia is less than 60%, the supply of PX in Asia is general, and the PX external closing price has dropped sharply, Affected by the external price, the price trend of domestic p-xylene market is temporarily stable.

In March, the oil price dropped slightly, and the production restriction policy of OPEC + was extended. However, the commercial crude oil inventory of the United States rose. In addition, the vaccine advance was slow under the background of the resurgence of the epidemic situation, and the economic recovery was expected to slow down. The recent decline in oil prices is mainly due to the repeated epidemic situation in Europe and emotional stimulation. However, the market generally believes that this is only a short-term impact. With the acceleration of vaccination progress in the later stage, the process of global economic recovery can still be expected. The overall positive effect of oil price on the demand side can also be predicted. In addition, OPEC’s production control policy still provides the main support for the supply side. During the implementation period before the end of April, the crude oil supply side has little change. According to the monitoring, on March 31, the settlement price of the main contract in the U.S. WTI crude oil futures market was 59.16 US dollars / barrel, and the settlement price of the main contract in Brent crude oil futures market was 62.74 US dollars / barrel. Affected by this, the price trend of p-xylene was temporarily stable.

In the near future, the price trend of PTA Market in the downstream has dropped sharply, and the domestic PTA spot market has declined. As of the 31st, the average price of PTA market is 4400-4450 yuan / ton, with a decrease of 6.96% in March. PTA supply continues to be at a high level. Due to limited maintenance efforts, the operation rate of domestic PTA plant is about 85%. The orderly resumption of the terminal market after the festival has made the resumption time ahead of schedule. As of March 31, the comprehensive start-up rate of chemical fiber weaving in Jiangsu and Zhejiang has increased to more than 86%. As the current PTA price is still affected by crude oil, the number of new cases in Europe increases, the blockade and restriction measures are restarted, and the market is worried that the blocked vaccination process in Europe will damage the economic recovery and fuel demand. The sharp decline of crude oil has dragged down the center of gravity of the chemical products market, weakened the support for PTA cost, and the continuous decline of downstream market, which has a certain negative impact on PX market.

Business community PX analyst Chen Ling believes that there is a certain risk of decline in the current cost side, short-term crude oil prices will remain high volatility, but the downstream PTA and textile market is not optimistic, and it is expected that the market price of p-xylene will fall later.