1、 Price trend

According to the data of the business club’s block list, the price of mixed xylene rose first and then fell this week, which was lower than that of last week. On May 16, the price of mixed xylene was 5990 yuan / ton; The price of this Sunday (May 23) was 5960 yuan / ton, down 30 yuan / ton or 0.5% from last week; It was 64.64% higher than that of the same period last year.

2、 Analysis and comment

Prophase good news support is insufficient, downstream demand is still weak, mixed xylene prices rose first and then fell this week. In terms of external market, as of May 14, the price of imported mixed xylene from South Korea was 786 US dollars / ton, down 4 US dollars / ton or 0.52% compared with May 14; The reference price of domestic imported mixed xylene was 788 US dollars / ton, down 7 US dollars / ton or 0.88% on May 14.

In terms of crude oil, crude oil rose first and then fell continuously during the week. In the early stage, driven by the optimistic prospect of demand recovery in Europe and the United States, international oil prices rose; However, we heard that the nuclear talks between the United States and Iran have made progress, and the market is worried about the supply of crude oil or the increase of bad oil price, so the oil price turns down. Compared with May 14, Brent fell by $2.15/barrel, or 3.11%; WTI fell $1.78 per barrel, or 2.72%.

Downstream, PX market, domestic PX prices remained stable this week, at 6400 yuan / ton, up 60% year on year. Recently, the domestic PTA market price has fallen sharply, and the downstream market is not good, which has a negative impact on the PX market. As of May 21, the closing prices in Asia were US $814-816 / T FOB Korea and US $832-834 / T CFR China.

In terms of PTA market, the price of PTA in East China fell sharply this week. On Sunday (May 23), the price was 4598.18 yuan / ton, down 1.42% from last week and up 29.16% from the same period last year. Recently, the PTA plant has been overhauled and restarted, and the supply side has increased. This week, the PTA operation rate is about 85%. The PTA delivery situation is general, and the price is high.

In terms of ox market, the price of ox this week was flat compared with last week. On Sunday, the price of ox in East China was 6200 yuan / ton, up 5.08% compared with last week and 55% compared with the same period last year. The domestic market of o-xylene is temporarily stable with sufficient supply; The external quotation fluctuated and rose; The cost fluctuates and falls; The downstream market fluctuated and fell, the demand was mainly rigid demand, and the trading enthusiasm of o-benzene was general.

3、 Future forecast

Xylene analysts from business society chemical branch think: first, look at the supply cost side, the implementation of OPEC + production reduction, the total number of oil drilling platforms in the United States, and weekly EIA and API inventory data. Second, on the demand side, the impact of the global epidemic on crude oil demand, the progress of industrial chain recovery, and the economic and trade situation in Europe and the United States. Third, look at the geopolitical situation in the Middle East, China and the United States, the progress of new technology, the dollar index and stock market linkage.

The recent nuclear discussions in the United States and Iran may be negative for oil prices. The crude oil market is full of uncertainty and may decline in the short term. The crude oil market is full of uncertainty, the downstream follow-up is general, and the good news brought by the consumption tax is short-term, and the short-term trend of mixed xylene is weak. We will continue to pay attention to the impact of crude oil and gasoline blending price trend, xylene blending unit maintenance trends, port inventory and downstream demand changes on xylene blending price.