According to the Commodity Market Analysis System of Business Society, the mixed xylene market has been weak and declining recently. On December 12th, the benchmark price of mixed xylene was 6920 yuan/ton, a decrease of 2.26% from 7080 yuan/ton at the beginning of the month.
Asia US arbitrage space narrows, mixed xylene external market prices lower
Since the fourth quarter, the demand for mixed blending in North America has continued to decline, the interest rate spread between Asia and the United States has severely shrunk, and the price of toluene in Asia has stabilized at a low level. As of December 12th, the price of heterogeneous grade xylene in Asia is between $842-843 per ton.
Mixed xylene port inventory continues to increase
The mixed xylene port inventory has increased compared to the previous period, putting pressure on the mixed xylene market. It is understood that as of early December, the total inventory of xylene in East and South China amounted to 31000 tons.
The overall fluctuation of crude oil decreases, and the cost support for mixed xylene weakens
Recently (12.1-12.12), international crude oil prices have been weakly volatile, providing weak support for the cost of mixed xylene. As of December 12th, the WTI01 contract closed at $68.75 per barrel and settled at $68.61 per barrel; The Brent 02 contract closed at $73.27 per barrel and settled at $76.03 per barrel.
Slight increase in demand 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, and spot supply is normal. This week, the international crude oil price trend has declined, and PX external prices have fallen due to this impact. As of the 7th, the closing price in Asia is 935-937 yuan/ton FOB South Korea and 960-962 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 PX supply in the Asian region is sufficient, and the domestic xylene market prices are temporarily stable due to the impact of lower crude oil prices.
The market for phthalic anhydride continues to decline, with weak support for mixed xylene demand
The domestic phthalic anhydride plant is running smoothly, and Anhui Tongling ortho phthalic anhydride is starting to ship normally. The 100000 ton phthalic anhydride plant of Xinyang Group is running steadily, and Shandong Hongxin phthalic anhydride is operating normally. Currently, the domestic phthalic anhydride operating rate is maintaining over 60%, and the supply of phthalic anhydride is relatively sufficient. In addition, the production of naphthalene phthalic anhydride is normal, and the price of naphthalene phthalic anhydride is fluctuating at a low level, which has correspondingly impacted the ortho phthalic anhydride market. The phthalic anhydride market has slightly declined.
Domestic mixed blending demand is gradually entering the off-season, and mixed xylene demand support is weakening
Since the fourth quarter, the domestic mixed blending market has entered a off-season, with weak downstream inquiries, and the demand for toluene mixed blending continues to weaken. As of early December, the operating rate of refinery facilities nationwide was around 690%.
Market forecast: In the short term, international crude oil will fluctuate and fall, and the cost center of mixed xylene will shift downwards. Domestic port inventories will continue to increase, and it is expected that mixed xylene will consolidate weakly in the later period.
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