According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market trend was volatile from November 8th to 15th, 2024. On November 8th, the benchmark price of mixed xylene was 5900 yuan/ton, a decrease of 0.68% from 5860 yuan/ton on November 15th. The xylene market has fluctuated downward in this cycle, with overall supply being loose and downstream procurement enthusiasm not high. The market is generally on a wait-and-see attitude.
Cost wise: As of November 16th, WTI crude oil futures for December were reported at $67.02 per barrel, down 4.77% this week. Brent crude oil futures for January were reported at $71.04 per barrel, down 3.83% this week. After the US election, the US dollar exchange rate continued to rise, putting pressure on crude oil prices. In addition, the market expects strong support for the oil and gas industry to reduce inflation and achieve energy independence during the campaign. The market expects an increase in US crude oil production, and the International Energy Agency predicts that the global crude oil oversupply will reach over 1 million barrels per day by 2025. Affected by this, crude oil prices have shown a weak trend this cycle.
Supply side: During this cycle, Sinopec’s xylene quotation has been partially reduced. Currently, the company is operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of November 15th, East China Company quoted 5850 yuan/ton, North China Company quoted 5900 yuan/ton, South China Company quoted 5800-5900 yuan/ton, and Central China Company quoted 5850 yuan/ton.
Demand side: The external market for xylene continues to decline, and demand support is weak
On November 15th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7300 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities are operating stably, with normal sales, and the price is unchanged from November 11th. The PX price continued to decline both inside and outside the cycle. As of November 14th, the closing price of the Asian xylene market fell by $7/ton, with closing prices of $786-788/ton FOB Korea and $811-813/ton CFR China, a decrease of $23/ton compared to the same period last week.
Market forecast: The crude oil market trend is weak, with limited cost support. In terms of supply, refinery inventories have been low recently, and port inventories have also been operating at a low level, resulting in less supply pressure. On the demand side, downstream procurement intentions are biased towards rigid demand. Overall, the market atmosphere has been relatively weak recently, and the price trend has been volatile.
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