According to the Commodity Market Analysis System of Business Society, the market for mixed xylene (1.5-1.26) has recently risen. On January 26th, the benchmark price of mixed xylene was 7390 yuan/ton, an increase of 4.38% from 7080 yuan/ton on January 5th.
International crude oil and mixed xylene prices rise, with mixed xylene receiving some support
Recently (1.5-1.26), international crude oil prices have risen from a low level due to the impact of the Red Sea incident, which has strengthened the cost support for mixed xylene. As of January 26th, WTI03 contract settlement is $77.36 per barrel; Brent 04 contract settlement is $81.96 per barrel. The price increase of mixed xylene in Asia has supported the domestic market, with prices of heterogeneous grade xylene in Asia ranging from $942 to $943 per ton as of January 26th.
Continuous increase in mixed xylene port inventory and increased supply pressure
The continued increase in mixed xylene port inventory has put pressure on the supply side of mixed xylene. It is understood that as of January 26th, the total inventory of xylene in East and South China amounted to 81000 tons, a significant increase from 56000 tons in early January.
Temporary stability of xylene production and necessary support for mixed xylene production
The domestic supply of xylene is relatively normal, with a domestic PX operating rate of over 80%. A 750000 ton unit of Pengzhou Petrochemical has restarted, but some units are still undergoing maintenance. The spot supply is normal. This week, the international crude oil price trend has fluctuated, and the external PX price has not changed much. As of the 26th, the closing price in Asia is 1000-1002 yuan/ton FOB South Korea and 1041-1043 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has remained high. Overall, the operating rate of xylene plants in the Asian region is nearly 80%. The supply of PX goods in the Asian region is normal, and the price range of crude oil has fluctuated recently. The domestic xylene market price trend is temporarily stable.
The market for phthalic anhydride saw a slight increase, with stable production and stable demand support for mixed xylene
The operation of domestic phthalic anhydride units is stable, but some units are still in a shutdown state. Currently, the operating rate of phthalic anhydride in China is around 60%. Recently, the price of industrial naphthalene has increased, and the supply of naphthalene based phthalic anhydride has increased. As a result, the price trend of ortho phthalic anhydride has increased.
Small fluctuations in the domestic mixed blending market, weak support for mixed xylene demand
Since the fourth quarter, the domestic mixed blending market has entered a low season, with weak downstream inquiries and weak demand for mixed xylene. As of late January, the operating rate of refinery facilities nationwide was around 7.3%.
Market forecast: In the short term, international crude oil will fluctuate widely, and there is a high risk of changes in the cost of mixed xylene. Domestic port inventories will continue to increase, and the demand for mixed xylene will be weak. In the short term, the mixed xylene market will be mainly affected by the crude oil market, and it is expected that mixed xylene will continue to rise in the future.
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