According to the Commodity Market Analysis System of Business Society, the mixed xylene market has been weak and declining recently (11.20-11.29). On November 29th, the benchmark price of mixed xylene was 7060 yuan/ton, a decrease of 0.84% from last Monday’s 7120 yuan/ton.
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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 November 29th, the price of heterogeneous grade xylene in Asia is between $846-847 per ton.
The external price of mixed xylene has decreased, and port inventory has slightly increased
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 November 23, the total inventory of xylene in East and South China amounted to 27500 tons, a slight increase from 26000 tons in mid November.
The international crude oil price range fluctuates, and the cost support for mixed xylene is weak
Recently (11.20-11.29), the international crude oil price range has fluctuated, providing weak support for the cost of mixed xylene. As of November 219, the WTI01 contract closed at $77.70 per barrel and settled at $77.86 per barrel; The Brent 02 contract closed at $82.68 per barrel and settled at $81.47 per barrel.
PX starts stable mixing of xylene and obtains necessary support
The domestic supply of xylene is relatively normal, with a domestic PX operating rate of over 70%. However, there is little change in spot supply during the maintenance of some xylene units. This week, international crude oil prices have risen, and PX external prices have been mainly affected by this. As of the 23rd, the closing prices in the Asian region are 984-986 yuan/ton FOB Korea and 1009-1011 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has been mainly fluctuating. Overall, the operating rate of xylene plants in the Asian region is around 70%. The supply of PX goods in the Asian region has not changed much, and the domestic xylene market price trend is temporarily stable.
Weak market for phthalic anhydride and weak demand support for mixed xylene
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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 decreasing, which has correspondingly impacted the ortho phthalic anhydride market. In November, downstream procurement was mainly based on demand, and phthalic anhydride manufacturers lowered their factory prices, resulting in a continuous decline in the phthalic anhydride market.
Small fluctuations in the domestic mixed blending market, weak support for mixed xylene demand
Since the fourth quarter, the domestic mixed blending market has entered a off-season, with weak downstream inquiries, and the demand for mixed xylene continues to weaken. As of late November, the operating capacity of refineries nationwide has slightly declined to around 640%; The gasoline production of independent refineries has slightly decreased by 12000 tons compared to the previous period.
Market forecast: Currently, the international crude oil price range is fluctuating, and the cost support for mixed xylene is weak; Downstream mixed blending and other industries are experiencing weak demand, coupled with a slight increase in mixed xylene port inventories. It is expected that the mixed xylene market will experience a weak consolidation in the short term.
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