Domestic price trend:

As can be seen from the p-xylene trend chart, the price trend of p-xylene declined in April. As of the end of the month, the domestic ex factory price of p-xylene was 8900 yuan / ton, down 4.3% from the price of 9300 yuan / ton at the beginning of the month, up 39.06% year-on-year. The price trend of domestic PX market declined in April.

In April, the domestic supply of p-xylene was normal, the domestic PX operating rate was more than 60%, the 600000 ton unit of Sinochem Hongrun Petrochemical operated stably, the Yangzi petrochemical unit operated stably, the Pengzhou petrochemical unit operated stably, the Yangzi Petrochemical PX unit operated normally, the Jinling Petrochemical unit operated stably, the Qingdao Lidong unit operated at full load, the Qilu petrochemical unit operated stably, and the Urumqi petrochemical unit started at about 50%, The domestic supply of p-xylene is normal, but the operation of overseas units is general, and the domestic price of p-xylene declines due to the impact of crude oil shock. In April, the trend of international crude oil prices fell, and the external price of PX fell. As of the 28th, the closing price was 1150-1152 US dollars / ton FOB Korea and 1168-1170 US dollars / ton CFR China. Recently, the operating rate of PX units in Asia is normal. On the whole, the operating rate of p-xylene units in Asia is less than 60%, the supply of PX goods in Asia is general, the closing price of PX outside the market fell slightly, and the domestic market price of p-xylene fell.

In April, the international crude oil price fluctuated sharply. On the whole, the crude oil price rose by 5.07%. The crude oil price experienced a sharp rise and fall. As of the end of the month, the settlement price of the main contract of WTI crude oil futures in the United States was $105.36/barrel and that of Brent crude oil futures was $107.26/barrel. The conflict between Russia and Ukraine continues to evolve, and it is unlikely to end the war in the short term. Western sanctions against Russia continue to increase. Since the United States imposed an oil embargo on Russia, whether EU Member States imposed an oil embargo on Russia has become the most concerned issue in the market. From the perspective of current crude oil fundamentals, the geopolitical conflict between Russia and Ukraine will exacerbate the expectation of tightening oil supply in the future under the background of continuing to disturb the market. In addition, in terms of other supply factors, the organization of Petroleum Exporting Countries (OPEC) has continued the gradual and small increase in production policy, which will stabilize the tightening of crude oil supply, with little effect. The OPEC monthly meeting may be held on May 5. Considering the interest binding between OPEC and its Russian allies, the possibility of policy change is small, and the market generally expects that there is a high possibility of a small increase in production in June. On the whole, the crude oil price rose in April, the original high p-xylene rose sharply in the early stage, and a rational correction was made in April.

In April, the price trend of downstream PTA market rose. As of the 29th, the average price of PTA market was 6400-6450 yuan / ton, up 6.09% in April. Recently, domestic PTA plant restart and maintenance coexisted. Fuhai Chuang 4.5 million tons reduced the load to 50% in early April and began to increase the load on April 26. The 1.2 million ton PTA unit of Zhongtai Petrochemical was overhauled on March 25 and restarted around April 29. 1.2 million tons of hailun Petrochemical stopped on April 26, and the restart time is to be determined. One million tons of chuanneng chemical stopped on April 13 and is planned to restart around mid May. On the whole, the supply is still shrinking, and the operating load of corresponding PTA enterprises is still maintained at a low level. At present, the operating rate of PTA industry is 73%. With the gradual easing of the problem of poor logistics and the gradual resumption of work and production, the comprehensive startup rate in Jiangsu and Zhejiang has increased to around 57%. It is expected that the process of logistics recovery and resumption of work and production will be accelerated in the future, resulting in a certain degree of destocking of polyester industry chain inventory from bottom to top. The smooth flow of orders and good transfer drive the destocking of finished products. The downstream market is good for the domestic p-xylene Market, but the previous price of p-xylene is high, and the manufacturer reduces the price slightly.

Chen Ling, PX analyst of business society, believes that there is a certain supporting impact on the current crude oil cost. In addition, the commencement of polyester manufacturers in the downstream of the terminal market has improved, and the PTA price trend has risen. It is expected that the market price trend of p-xylene will remain stable in the later stage, and there is no lack of room for rise.