SunSirs--China Commodity Data Group

Member ID: password: Join Now!
Commodity News

SunSirs: The Price of PX was Temporarily Stable This Week (11.4-11.8)

November 11 2019 10:48:17      (Daisy)

Price Trend

According to data from SunSirs, the domestic price trend of P-xylene (PX) was temporarily stable this week. The average price of the weekend was RMB 6,800 yuan/ton, which was the same as the price of 6,800 RMB yuan/ton at the beginning of the week, felling by 34.62% year-on-year.

Market Analysis

Products: This week, the domestic PX market price trend is temporarily stable this week (11.4-11.8). The operating rate of PX keeps at more than 70%. Company Hongrun’s 600,000 tons of new equipment is operating stably. Huizhou runs their refinery equipment well. Fuhaichuang Co.,Ltd. run a production line for aromatic hydrocarbon. Pengzhou Petrochemical Co.,Ltd. operated stably. Yangzi Petrochemical Co.,Ltd. runs their PX plant stably. Jinling Petrochemical Co.,Ltd. runs stably. Qingdao Lidong Company runs at the maximized operating load. Qilu Petrochemical runs stably. The operating rate of plant in Urumqi petrochemical Co.,Ltd. is around 50%. Hengli Petrochemical Co.,Ltd. PX unit runs stably. With the normal supply of PX in domestic market, the price of PX in domestic is stable.

In terms of Asia, the operating rate of PX devices in Asia is around 80%. PX supply is normal. The external disk fluctuates this week. Till the weekend, the closing price of PX in Asian area is US$ 767-769 /ton FOB Korea and US$ 787-789 /ton CFR China. Although affected by the fluctuation of international crude oil prices, the price of PX outside this week has not changed much. More than 50% of domestic needs are satisfied by import. The increasing price of external PX prices has a certain positive impact on the domestic market prices. The domestic market price trend is temporarily stable.

Industry Chain: The domestic crude oil closing price mainly fluctuated this week. Till 7th November, the US WTI crude oil futures market price was reported at US$ 57.15/ barrel, and the Brent crude oil futures price was reported at US$ 62.29/ barrel. Overall, the crude oil closing price rose slightly higher this week. As data from US Energy Information Administration (EIA) show that US crude oil inventories (excluding strategic oil reserves) increased by 7.9 million barrels in the week at the ending of 1st November compared to last week. At present, the total crude oil inventories are 446.8 million barrels, which is 3% higher than the 5-year average.

The fluctuation of crude oil price has a certain cost support impact on the price of downstream petrochemical products. The price trend of PX market is temporarily stable. This week, the price trend of the downstream PTA market declined slightly. At the end of the weekend, the PTA market in China was negotiated for RMB 4,800-4,900 yuan/ton excluding transportation cost. The price trend of the upstream raw material PX market was temporarily stable. The recent PTA start-up load was about 91.5%. The restart on multiple sets of plants among the overall supply side has bearish PX market. In terms of supply side, there are multiple sets of devices restarting, which bearish PX market. In the demand side, the demand keeps stable. The polyester industry keeps stable. The downstream polyester start-up load is around 87%. And the operating rate of Jiangsu and Zhejiang Looms Company is at 75%. The profit of terminal weaving and bombing enterprises is not optimistic. The average operating rate of Jiangsu and Zhejiang Looms Company is around 75%. The purchasing intention is general fair. The price of mainstream polyester factories in Jiangsu and Zhejiang are quite stable, with little improvement on the terminal demand of supply chain. The price of PX is stable.

Industry: This week, the trend of the textile industry continued to fluctuate. The operating rate of the textile industry did not change much. The price of crude oil fluctuated, and the market for raw materials PX was temporarily stable.

Market Forecasting

Chen Ling, a business PX analyst and SunSirs’ analyst, believes that the recent crude oil price range fluctuates, but the PTA market price is weak. The PX outer disk price has not changed much. The downstream textile industry operating rate has remained high. The domestic PX market supply is normal, and the PX market price is expected to remain at RMB 6,800 yuan/ton next week.

Related Listed Companies

Sinopec, PetroChina

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

 

 

 

Energy
Chemical
Rubber & plastics
Textile
Non-ferrous metals
Steel
Building materials
Agricultural & sideline products