According to the commodity market analysis system of Business Society, the mixed xylene market continued to rise slightly in March. On March 31st, the benchmark price of mixed xylene was 7570 yuan/ton, an increase of 1.35% from 7420 yuan/ton at the beginning of the month.
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High international crude oil and foreign market prices provide support for mixed xylene production
In March, supply risks increased due to the geopolitical situation, and international crude oil prices rose, providing stronger support for the cost of mixed xylene. As of March 28th, WTI05 contract settlement is $83.17 per barrel; Brent 06 contract settlement is $87.00 per barrel. The slight increase in the price of mixed xylene in Asia has supported the domestic market, with prices of heterogeneous grade xylene in Asia ranging from $948 to $949 per ton as of March 29th.
Relative high level mixed xylene production requires support for xylene production
In March, international crude oil and PX prices remained high, providing support for the price of mixed xylene. As of March 29th, the closing prices in the Asian region were 1026-1028 yuan/ton FOB South Korea and 1051-1053 US dollars/ton CFR China. Recently, the operating rate of PX plants in Asia has remained high, with an overall operating rate of nearly 80% for xylene plants in the Asian region. The supply-demand contradiction of PX supply in the Asian region has become apparent, and the domestic xylene market prices have fluctuated narrowly.
The production of phthalic anhydride is basically stable, and the demand support for mixed xylene is weak
The operation of domestic phthalic anhydride plants is stable, with a recent operating rate of around 60%. The spot supply of phthalic anhydride is very abundant, and the sales situation of phthalic anhydride manufacturers is poor. In addition, the supply of naphthalene phthalic anhydride has slightly declined, which has affected the price of ortho phthalic anhydride slightly.
Slow recovery of domestic mixed production and weak support for mixed xylene demand
The recovery of the domestic mixed blending market is slow, and the demand for mixed xylene is weak. As of the end of March, the operating capacity of refineries nationwide has slightly decreased to around 7.2.
The inventory of mixed xylene at ports has decreased, and the supply pressure has slightly eased
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The continued increase in mixed xylene port inventory has put pressure on the supply side of mixed xylene. It is understood that as of March 28th, the total inventory of xylene in East and South China amounted to 88000 tons, a decrease of about 12000 tons from late February.
Expected decrease in supply of mixed xylene for planned maintenance of multiple devices
The xylene units of Hubei Jin’ao and Jinke Refinery were shut down for maintenance in March; Jiangsu Xinhai, Zhenghe Petrochemical and other facilities plan to shut down for maintenance in April, and there are still plans for maintenance in May and June. Overall, the expected decline in the supply of mixed xylene in the later period provides some support for the mixed xylene market.
Market forecast: In the short term, international crude oil will consolidate at a high level, with some support for the cost of mixed xylene; The downstream polyester industry has strong support for the high starting point, but the support for the phthalic anhydride and blending industries is relatively weak; Multiple domestic devices are scheduled for maintenance in the later stage, and the supply of mixed xylene is expected to decline. Overall, it is expected that mixed xylene will continue to rise in the later stage.
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