On May 21, the PX commodity index was 32.00, the same as yesterday, a new low in the cycle, 68.75% lower than the highest point of 102.40 on February 28, 2013. (Note: cycle refers to 2013-02-01 to now)

According to statistics, the market price trend of p-xylene in China is temporarily stable, the operation of new 600000 ton plant in Hongrun is stable, the operation of petrochemical plant in Pengzhou is stable, 50% of petrochemical plant in Urumqi is started, one line of aromatics plant in Fuhai Chuang is started, CNOOC Huizhou refining and chemical plant is overhauled, the PX plant in Hengli Petrochemical is put into operation, other units are temporarily stable, and the operation rate of domestic p-xylene plant is stable In about 70%, the domestic market supply of p-xylene is normal, and the domestic market price trend of p-xylene is stable temporarily. The operating rate of PX plant in Asia is about 80%. On May 20, the closing price of PX market in Asia was temporarily stable. The closing price was 487-489 US dollars / ton fob in South Korea and 507-509 US dollars / ton CFR in China. About 40% of PX needs to be imported in China. Recently, affected by the rise of crude oil price, the external price of PX fluctuated and the market price of PX was temporarily stable.

As of the 20th, WTI crude oil futures market price in the United States rose, and the settlement price of main contracts was 33.49 yuan / barrel, up $1.53. Brent crude oil futures market price rose, the settlement price of main contracts was $35.75/barrel, up $1.10, OPEC + cut oil exports in the first half of May, which showed a good start in complying with the new production reduction agreement. From May 1, OPEC +, Russia and other allies are cutting production at a record rate of 9.7 million barrels per day to offset the decline in prices and demand caused by the coronavirus outbreak. OPEC + seaborne oil exports have fallen 6.3 million barrels per day to 27 million barrels per day in the past month, according to kpler, a company that tracks oil flows, saying the decline was a “startling reversal” in the light of arbitrary production by oil producers in April. The rise of crude oil price has certain cost support for downstream petrochemical products, and the market price trend of p-xylene is stable.

In terms of downstream PTA, the price trend of domestic PTA spot market rose. As of May 21, the market average price was 3600-3700 yuan / ton, and PTA price rose. On the premise of overseas resumption of work and crude oil production reduction, the oil price is supported, and the recent rising crude oil price drives the PTA market price up; so far, PTA inventory has risen to a high near 3.55 million tons. According to the calculation of existing capacity, PTA operating rate is nearly 10% lower than polyester operating rate, so the market can be basically balanced. Compared with 91% operating load of PTA industry, polyester operating rate is obviously insufficient. It is understood that in June, Hainan Yisheng, Xinjiang Zhongtai and Yizheng Chemical fiber had maintenance plans for PTA, but under the condition of high processing cost, the possibility of postponement of maintenance could not be ruled out. In addition, the Hengli 5 × unit is expected to be put into operation in late June, and the short-term PTA accumulation situation is difficult to change. However, the price rise of downstream PTA market has brought some good support to PX market, and the domestic p-xylene price trend is temporarily stable.

In the near future, the crude oil price trend is rising, the downstream PTA market price is rising, and the downstream demand of the terminal is improving. The business community analysts believe that the PX market price may trend or slightly rise.