1、 Price trend
According to the data of the large scale list of business agencies, the market price of domestic isomeric xylene fell sharply this week. As of Friday, the average domestic price was about 3410 yuan / ton, down 10.97% on last week.
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2、 Analysis and comment
1. Products: The overseas epidemic continues to spread, worried about the shrinking demand for crude oil due to the economic recession, and Saudi Arabia and Russia have no sign of resuming production reduction negotiations. Affected by this, the international crude oil price continues to fall sharply this week, as well as the price of xylene in the South Korean market, the main source of imports. Although domestic enterprises have entered the resumption period, the market demand has gradually improved, but the price of domestic isomeric xylene still remains However, following the decline, the current mainstream price in East China is around 3800 yuan / ton.
2. Industrial chain:
Upstream, in terms of crude oil, the international oil price remained wide and volatile after the sharp fall at the beginning of this week. As of Friday, Brent futures fell 7.21%, Brent futures fell 4.12%, WTI futures fell 0.77% and Dubai futures fell 10.45%.
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Downstream, in PX market, the price of domestic Sinopec’s enterprises this week is about 5000 yuan / ton, and the latest price on the outside market is about 473 US dollars / ton for FOB South Korea and 491 US dollars / ton for CFR China. It is expected that PX market price will maintain a downward trend next week. In terms of PTA market, the domestic PTA spot market price is about 3300 yuan / ton, and the external price is about 439 US dollars / ton CFR China. It is expected that the PTA price will remain weak next week. In the ox market, Sinopec’s offer of ortho benzene fell, with the price at 4300 yuan / ton. The external price of ortho benzene is about 485 US dollars / ton fob in South Korea. It is expected that the trend of ortho benzene’s decline will be maintained next week.
3、 Future forecast
According to xylene analyst of business and chemical branch, we will continue to focus on the news of OPEC + production reduction agreement next week, worries about global economic recession due to the continuous spread of overseas epidemic, international crude oil trend and the progress of downstream enterprises’ resumption of work. On the whole, it is expected that xylene prices in the international crude oil market and South Korean market will continue to fluctuate broadly next week, and xylene prices in the domestic market may follow the shocks next week.
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