According to the Commodity Market Analysis System of Shengyi Society, the overall trend of mixed xylene market has been declining recently (8.9-8.19). On August 9th, the benchmark price of mixed xylene was 7460 yuan/ton, a decrease of 1.47% from 7350 yuan/ton on August 19th. The mixed xylene market is still declining this cycle, but the magnitude of the downward adjustment varies among different regions, with a decline range of 100-250 yuan/ton. As of August 19th, the mainstream price range for xylene in the South China market in the morning was 7250-7350 yuan/ton (out of tank), a decrease of 150 yuan/ton compared to the same period last week. The crude oil market experienced a wide range of fluctuations within the week, with insufficient guidance for the market. Sinopec’s listing prices and prices of refineries across the country have generally decreased, especially in the Shandong region where refinery prices have fallen sharply. Currently, the market atmosphere is weak. On the demand side, we will continue to make essential purchases this week, but there is insufficient demand for oil products. The focus of negotiations is relatively low, and the market has a strong wait-and-see attitude.
Cost wise: During this cycle, the international crude oil market first rose and then fell, with an overall upward trend. As of August 16th, the settlement price of the main contract for WTI crude oil futures in the United States was $76.65 per barrel, a decrease of $1.51 or 1.9%. The settlement price of the main Brent crude oil futures contract was $79.68 per barrel, a decrease of $1.36 or 1.7%.
Supply side: As of August 19th, Sinopec’s xylene prices have generally decreased this week. Currently, the company is operating normally, with stable plant production and sales. The company’s prices have remained the same as the previous day. Among them, the East China Company quoted 7200 yuan/ton, the North China Company quoted 7200 yuan/ton, the South China Company quoted 7250-7350 yuan/ton, and the Central China Company quoted 7250 yuan/ton.
Demand side: The phthalic anhydride and xylene markets are operating weakly
According to the Commodity Market Analysis System of Shengyi Society, the phthalic anhydride market continued to decline this week, with downstream factories maintaining their essential purchases and high-end transactions being hindered. As of August 19th, the mainstream price range for ortho phthalic acid source negotiations in the market is between 7500-7700 yuan/ton; The mainstream price range for naphthalene based source negotiations is 7300-7400 yuan/ton. The price of raw material ortho benzene is stabilizing, and the downstream plasticizer market is rebounding and rising. The operation of on-site merchant equipment is stable, and the sales situation is average. The phthalic anhydride market is stabilizing in the future.
On August 19th, Sinopec Sales Company’s xylene price dropped by 200 yuan/ton, and the current execution price is 8300 yuan/ton, a decrease of 200 yuan/ton compared to the same period last week. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical, and other facilities are operating stably and selling normally. As of August 16th, the closing price of the xylene market in Asia, CFR China, was between $934-936 per ton, a decrease of $48 per ton from last week.
On Friday (August 16th), the Asian xylene market closed partially lower: FOB Korea closed at $824-826/ton in September, unchanged; In September, China closed at $851 per ton, a decrease of $3 per ton.
Market forecast: The crude oil market is experiencing wide fluctuations, with limited impact on the market. On the supply side, there are expectations of an increase in the operating rate of some refinery units in Shandong region, coupled with the recent influx of more goods to ports in East China, and an expected increase in port inventory. The market expects loose supply in the future, and there may be negative factors in the supply side. The demand side has recently shown weak performance, with demand leaning towards rigid demand. Overall, there are still negative factors in the xylene market, and it is expected that prices will remain weak in the short term. Prices will be relatively low in the near future, and we will focus on downstream market acquisition.
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