1、 Price trend

Mixed xylene prices rose first and then fell this week, down from last week, according to data from the business agency’s bulk list. On May 9, the price of mixed xylene was RMB 6060 / ton; The price of this Sunday (May 16) was 5990 yuan / ton, down 70 yuan / ton, or 1.16% from last week; It was 74.64% higher than the same period last year.

2、 Analysis and comment

Mixed xylene continued to rise last week at the beginning of this week, with strong sentiment of stir fry and positive negotiation; In the second half of the week, due to the lack of downstream demand, the weak gasoline reconciliation market and other negative effects, coupled with the reduction of Sinopec listing price, the market bearish increased, and prices fell. This week, the mixed xylene inventory in East China port fell. On the external market, as of May 14, the price of imported mixed xylene in South Korea was US $770 / T, while on May 7, the price fell 20 USD / T, or 2.53%; The reference price of domestic imported mixed xylene was USD 795 / T, which was down 20 US dollars / ton, or 2.45% on May 7, on May 7.

On the crude oil side, the US colonial pipeline was forced to close by hackers in the week, but the positive effect of the closure was short, and international oil prices fell back after rising. The market is concerned about the impact of the Indian epidemic on demand recovery. Brent rose 0.235 US dollars / barrel this week, or 0.34 percent, on May 7; WTI rose $0.48/barrel, or 0.74 percent.

In the downstream and PX market, the domestic PX price remained stable this week, with the price of 6400 yuan / ton, 60% year-on-year. Recently, the domestic PTA market price has declined sharply, and the downstream market is not good, which has a negative impact on PX market. The closing price for Asia as of May 14 was $828-830 / T FOB Korea and $846-848 / T CFR China.

PTA market, this week, the East China region PTA fell, Sunday (May 16) prices at 4664.55 yuan / ton, down 4.09% from last week, 35.77% higher than the same period last year.

In the ox market, the ox price of this week rose significantly from last week. On Sunday, the price of ox in East China was 6200 yuan / ton, up 5.08% from last week, up 55% from the same period last year.

3、 Future forecast

Xylene analysts of the chemical branch of business society think: on the supply cost side, opec+ production reduction implementation, the total number of us oil drilling platforms and weekly EIA and API inventory data. Second, the demand side, the impact of global epidemic on crude oil demand, the recovery of industrial chain, and the economic and trade situation in Europe and America. Third, we will look at the geopolitical situation between the Middle East and the United States, the progress of the new crown vaccine, the dollar index and the stock market linkage.

The crude oil market is full of uncertainty, and the downstream follow-up is general, but the peripheral news is still strong. The Ministry of Finance and other three departments jointly issued a notice that, from June 12, 2021, consumption tax on some finished oil products will be levied on import links. Mixed xylene is used as gasoline blending material or affected. In general, it is expected that mixed xylene can stop falling and rising. We will continue to pay attention to the influence of the price trend of Blending Crude Oil and gasoline, the maintenance dynamics of mixed xylene plant, port inventory and downstream demand changes on the price of mixed xylene.