According to the Commodity Market Analysis System of Business Society, the mixed xylene market has continued to rise in recent days (4.1-4.16). On April 16th, the benchmark price of mixed xylene was 7930 yuan/ton, an increase of 4.62% from 7580 yuan/ton on the first day.
The high volatility of international crude oil prices provides some support for the cost of mixing xylene
Recently (4.1-4.16), under the resonance of multiple factors, the international crude oil has fluctuated at a high level, which still provides some support for the cost of mixed xylene. As of April 16th, WTI05 contract settlement is $85.36 per barrel; Brent 06 contract settlement is $90.02 per barrel. The high volatility of Asian mixed xylene prices provides support for the domestic market, with prices of heterogeneous grade xylene in Asia ranging from $979 to $980 per ton as of April 16th.
Mixed xylene port inventory slightly decreases, supply pressure slightly alleviates
The inventory of mixed xylene at ports has slightly decreased, but the supply pressure remains at a high level. It is understood that as of April 11th, the total inventory of xylene in East and South China amounted to 79000 tons, which continued to decline compared to the inventory at the end of March.
The production of xylene has slightly decreased, and the necessary support for mixed xylene still exists
The prices for parking and maintenance of some domestic devices have been adjusted to a high level, and as of April 15th, the PX production has slightly decreased to around 780%. The PX price in the Asian outer market continues to rise, providing some support for the domestic market. As of April 15th, the closing price in the Asian region was 1030 yuan/ton FOB South Korea and 1055 US dollars/ton CFR China.
The production of phthalic anhydride continues around 60%, and the demand for mixed xylene is stable, moderate, and 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 normal, and the sales situation of phthalic anhydride manufacturers is average. Recently, the price of industrial naphthalene has risen, and the market for naphthalene based phthalic anhydride has risen, which has affected the price of ortho phthalic anhydride.
The domestic mixed blending market is recovering slowly, and the demand for mixed xylene continues to be weakly supported
The domestic mixed blending market has recovered slowly, and the demand for toluene mixed blending has weakened. As of mid April, the operating capacity of refineries nationwide has slightly decreased to around 7.0.
Expected decrease in supply of mixed xylene for planned maintenance of multiple devices
Jiangsu Xinhai Petrochemical’s aromatics were shut down for maintenance on April 7th. There are still plans for equipment maintenance in May and June in the later stage, and overall, the expected decline in toluene supply is expected to provide some support for the mixed xylene market.
Future Market Forecast:
From a technical perspective, the mixed xylene index chart of Business Society shows that the 7-day moving average has been above the 30 day moving average since the beginning of the year and is showing an upward trend. During this period, the price of toluene gradually increased; At present, the 7-day moving average is still operating above the 30 day moving average, and it is expected that mixed xylene prices will still have strong support in the short term.
From a fundamental perspective, in the short term, the international crude oil market will consolidate at a high level, with some support for the cost of mixed xylene; Downstream PX production has slightly decreased, but overall there is still support, but the support for the phthalic anhydride and mixed blending industries is 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 mainly fluctuate in the later stage.
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