SunSirs: Reforming Rigid Demand, China Refined Naphtha was actively Pushed Up

According to the commodity analysis system of SunSirs, as of July 23, the average ex factory price of the mainstream Naphtha of domestic local refining and hydrogenation was 7,864.00 RMB/ton, up 1.62% from 7,739.00 RMB/ton on July 17. The actual transaction price of local refining and hydrogenation Naphtha was about 7,700-7,900 RMB/ton.

As of July 23, the average ex factory price of domestic straight run Naphtha mainstream was 7,726.50 RMB/ton, up 1.91% from 7,581.50 RMB/ton on July 17. The actual transaction price of local straight run Naphtha was about 7,600-7,800 RMB/ton.

On July 23, the Naphtha commodity index was 97.06, unchanged from yesterday, down 20.21% from the cycle's highest point of 121.64 (2022-03-10), and up 129.78% from the lowest point of 42.24 on July 19, 2016. (Note: The cycle refers to the period from September 1st, 2012 to the present)

The price of locally refined Naphtha continued to rise last week. Supported by the need for terminal restructuring, the refinery actively pushed up, and the deal was good.

Last week, the international crude oil market fluctuated and rose. Affected by the decline in US crude oil inventories and the increase in Chinese crude oil imports, oil prices remain relatively rigid, but concerns about the demand outlook limit the upward trend of oil prices.

According to the monitoring of SunSirs, the price of toluene remained stable last week. On July 23, the price of toluene was 7,490.00 RMB/ton, and the price remained stable last week. Last week, the price of mixed xylene slightly increased. On July 23, the price of mixed xylene was at 7,720 RMB/ton, and on July 17, it was at 7,700 RMB/ton, an increase of 0.26%. PX prices rose last week. The ex factory price of P-Xylene was 8,500 RMB/ton on July 23 and 8,400 RMB/ton on July 17, up 1.19%.

The energy analysts of SunSirs believe that last week, the international crude oil fluctuated upward, supporting the cost of the Naphtha market. The downstream restructuring just needs to be strengthened, and the refinery actively pushed up. It is expected that the Naphtha market will continue to rise in the near future.

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