SunSirs: Domestic Market Dynamics of Xylene on May 10, 2023
May 11 2023 13:40:37 SunSirs (John)
Price Summary on May 10th:
Shijiazhuang Refining and Chemical quoted 7,400 RMB/ton, Qingdao Refining and Chemical quoted 7,500 RMB/ton, Yangba (solvent) quoted 7,450 RMB/ton, Changling Petrochemical quoted 7,650 RMB/ton, Guangzhou Petrochemical quoted 7,650 RMB/ton, and Maoming Petrochemical quoted 7,600 RMB/ton.
Fluctuation trend:
Analysis review
In terms of crude oil, Gulf News reported on May 5th that Saudi Arabia had lowered crude oil futures prices in the Asian market; The Abu Dhabi National Oil Company of the United Arab Emirates announced that it would reduce crude oil shipments by 5% from May to seek a balance between supply and demand of crude oil; Market concerns about economic recession continued to ease, with international oil prices rising on Tuesday. In the short term, the oil price will be supported and continue to rebound. However, the xylene market as a whole has been depressed by the favorable atmosphere. The market sentiment is pessimistic and the price continues to weaken.
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