According to the Commodity Market Analysis System of Business Society, the mixed xylene market has slightly increased recently (5.13-5.22). On May 21st, the benchmark price of mixed xylene was 7670 yuan/ton, an increase of 2.82% from 7460 yuan/ton on May 13th.
International crude oil is weakly volatile, and the cost support for mixed xylene is weak
Recently (5.13-5.22), the international crude oil price range has fluctuated, providing weak support for the cost of mixed xylene. As of May 21st, the settlement of WTI07 contract is 78.66 USD/barrel; Brent 07 contract settlement is $82.88 per barrel. The narrow consolidation of Asian mixed xylene prices continues to support the domestic market, with Asian isomeric grade xylene prices ranging from $949 to $950 per ton as of May 21.
Mixed xylene port destocking and stagnant inventory still facing pressure
The inventory of mixed xylene at the port is still under pressure. It is understood that as of May 16th, the total inventory of xylene in East and South China amounted to 55000 tons, which is unchanged from the first half of May.
The production of xylene has slightly decreased, and the demand for mixed xylene is weak
Due to maintenance of some devices, the domestic PX production has slightly decreased, and as of May 21st, the PX production has slightly decreased to around 75%. It is understood that Weilian Chemical has recently shut down 2 million tons of PX for maintenance, with a planned maintenance period of around 40 days. The price of PX in the Asian outer market has significantly decreased, which has a bearish impact on the domestic PX market. As of May 21, the closing price in the Asian region is 1002-1004 yuan/ton FOB South Korea and 1027-1029 US dollars/ton CFR China.
The production of phthalic anhydride continues around 60%, and the demand for mixed xylene is stable, moderate, and weak
The operation of domestic phthalic anhydride plants is stable, with a recent operating rate of around 60%. The spot supply of phthalic anhydride is normal, and the sales situation of phthalic anhydride manufacturers is average. Recently, the price of industrial naphthalene has increased, and the market for naphthalene phthalic anhydride has slightly increased, which has affected the price trend of ortho phthalic anhydride.
The domestic mixed blending market is recovering slowly, and the demand for mixed xylene continues to be weakly supported
The recovery of the domestic mixed blending market is slow, and the demand for mixed xylene is weak. As of May 16th, the operating capacity of refineries nationwide has slightly decreased to around 690%.
Expected decrease in supply of mixed xylene for planned maintenance of multiple devices
Jiangsu Xinhai Petrochemical’s aromatics were shut down for maintenance on April 7th. In the later stage, there are still maintenance plans for toluene mixed xylene units such as Zhenhai Refining, Zhenghe Petrochemical, Dushanzi Petrochemical, and Dalian Xitai in May and June. Overall, the expected decline in toluene supply in the later stage provides some support for the toluene market.
Market forecast: Business Society’s mixed xylene analyst believes that 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; Multiple domestic devices are scheduled for maintenance in the later stage, and the supply of mixed xylene is expected to decline. Overall, it is expected that mixed xylene will continue to experience a slight upward trend in the later stage.
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