According to the Commodity Market Analysis System of Business Society, the mixed xylene market has slightly increased recently (12.29-1.8). On January 8th, the benchmark price of mixed xylene was 7090 yuan/ton, and on December 29th, the benchmark price of mixed xylene was 6950 yuan/ton, an increase of 2.01%.
International crude oil volatility and rebound in external market prices provide some support for mixed xylene
Recently (12.29-1.8), international crude oil prices have fluctuated widely, providing short-term support for the cost of mixed xylene. As of January 5th, WTI02 contract settlement is 73.81 USD/barrel; Brent 03 contract settlement is $78.76 per barrel. The rebound in Asian mixed xylene prices provides support for the domestic market, with prices of heterogeneous grade xylene in Asia ranging from $895 to $896 per ton as of January 5th.
Continuous increase in mixed xylene port inventory and increased supply pressure
The continued increase in mixed xylene port inventory has put pressure on the supply side of mixed xylene. It is understood that as of January 4th, the total inventory of xylene in East and South China was 56000 tons, a significant increase from 42000 tons at the end of December.
Temporary stability of xylene production and necessary support for mixed xylene production
The domestic supply of xylene is relatively normal, with a domestic PX operating rate of over 80%. A 750000 ton unit of Pengzhou Petrochemical has restarted, but some units are still undergoing maintenance, and spot supply is normal. This week, international crude oil prices have risen, and PX external prices have slightly increased due to this impact. As of the 4th, the closing prices in Asia are 996-998 yuan/ton FOB South Korea and 1021-1023 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has remained high. Overall, the operating rate of xylene plants in the Asian region is nearly 80%. PX supply in the Asian region is normal, and crude oil prices have slightly increased recently. The domestic xylene market prices are temporarily stable.
The market for phthalic anhydride saw a slight increase, with stable production and stable demand support for mixed xylene
The operation of domestic phthalic anhydride units is stable, with normal shipments of ortho phthalic anhydride from Tongling, Anhui. The 100000 ton phthalic anhydride unit of Xinyang Group is operating stably, while Shandong Hongxin phthalic anhydride is operating normally. However, some units are still in a shutdown state. Currently, the operating rate of domestic phthalic anhydride is less than 60%, and the supply of phthalic anhydride is low. The supply of naphthalene phthalic anhydride is normal, and the phthalic anhydride market is slightly rising.
Small fluctuations in the domestic mixed blending market, weak support for mixed xylene demand
Since the fourth quarter, the domestic mixed blending market has entered a low season, with weak downstream inquiries and weak demand for mixed xylene. As of early January, the operating rate of refinery facilities nationwide was around 7.1%.
Market forecast: In the short term, international crude oil will fluctuate widely, and there is a high risk of changes in the cost of mixed xylene. Domestic port inventories will continue to increase, and the demand for mixed xylene will be weak. In the short term, the mixed xylene market will be mainly affected by the crude oil market, and it is expected that mixed xylene will fluctuate and consolidate in the later period.
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