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SunSirs: Under the Dominance of Bearish Factors, the Price of CPL Had Fallen (March 18-24)

March 28 2024 10:44:01     SunSirs (John)

Price trend

According to the Commodity Market Analysis System of SunSirs, the average market price of domestic CPL on March 18th was 13,300 RMB/ton, and on March 24th, the average market price of domestic CPL was 13,200 RMB/ton. The price of CPL fell by 0.75% this week.

Analysis review

The market price of CPL had fallen this week. This week, the price of raw material pure benzene had decreased, weakening cost support. There was a high supply of CPL in the market, with downstream on-demand procurement and weak support from the supply and demand sides, leading to an increase in bearish sentiment in the market. The settlement price for Sinopec's liquid premium CPL in March was 13,680 RMB/ton.

Raw material pure benzene market: This week, the price of pure benzene first rose and then fell. On March 18th, the price of pure benzene was 8,508 RMB/ton, and on March 24th, it was 8,542 RMB/ton. The price decreased by 0.09% compared to last week and increased by 18.22% compared to the same period last year. This week, the price of Sinopec pure benzene was 8,700 RMB/ton.

Downstream PA6 market: This week, the domestic PA6 market continued to weaken, with most spot prices fluctuating and falling. According to data monitoring by SunSirs, as of March 24th, the average reference price of PA6 in China was 14,800 RMB/ton.

Market outlook

SunSirs’ CPL Analysts believe that the CPL market had been weakening recently. Insufficient cost support, coupled with market performance of oversupply as the main factor. It is expected that the market for CPL will be consolidated to be weaker in the short term.

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