According to the Commodity Market Analysis System of Shengyi Society, the overall trend of mixed xylene market has been declining recently (9.2-9.9). On September 2nd, the benchmark price of mixed xylene was 6950 yuan/ton, a decrease of 8.49% from 6360 yuan/ton on September 9th. The mixed xylene market continued to operate weakly in this cycle, with market prices experiencing a wide decline. As of September 9th, the mainstream price range for xylene in the East China region was 6380-6400 yuan/ton, a decrease of 350 yuan/ton compared to the same period last week. The crude oil market continued to decline during the week, dragging down market sentiment. Sinopec’s listing prices and refinery prices in various regions have been continuously lowered, and the current market atmosphere is weak. On the demand side, we will continue to make essential purchases this week, but there is insufficient demand for oil products. The focus of negotiations is relatively low, and the market has a strong wait-and-see attitude.

Cost aspect: During this cycle, the crude oil market has declined, partly due to the easing of tensions in the Middle East. Libya announced that it is expected to resolve restrictions on crude oil exports, easing the tight supply of crude oil and causing a significant drop in international oil prices. On the other hand, there are concerns that China’s crude oil demand may not meet expectations, coupled with the end of the peak oil season in the United States, which will drag down the crude oil market. As of September 6th, the settlement price of the main contract for WTI crude oil futures in the United States was $67.67 per barrel; The settlement price of the main Brent crude oil futures contract is $71.06 per barrel.

Supply side: During this cycle, Sinopec’s xylene quotation has been significantly reduced this week. Currently, the company is operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of September 9th, East China Company quoted 6300 yuan/ton, North China Company quoted 6450-6550 yuan/ton, South China Company quoted 6300-6400 yuan/ton, and Central China Company quoted 6400 yuan/ton.

Demand side: The phthalic anhydride and xylene markets are operating weakly

As of September 6th, the price of phthalic anhydride produced by the phthalic anhydride method was 7462.50 yuan/ton, a decrease of 1.65% from the price of 7587.50 yuan/ton on September 1st. In September, the price of ortho xylene dropped by 200 yuan/ton, and the cost of phthalic anhydride decreased, causing a further decline in the phthalic anhydride market. In September, domestic ortho phthalic anhydride was priced at 7300-7500 yuan/ton before leaving the factory, while domestic nano phthalic anhydride was priced at 7100-7300 yuan/ton before leaving the factory.

On September 9th, Sinopec Sales Company implemented a price of 7800 yuan/ton for xylene, a decrease of 250 yuan/ton compared to September 2nd. The PX price continued to decline both inside and outside the cycle, with CFR China closing at $865-867/ton as of September 6th, a cumulative decrease of $62/ton from $927-929/ton on August 30th.

On Friday (September 6th), the Asian xylene market closed lower: FOB Korea closed at $747-749/ton in September, a decrease of $3/ton; CFR China closed at $761/ton in September, a decrease of $8/ton.

Market forecast: The crude oil market continues to decline, dragging down the weak operation of the market. In recent times, the supply in the Shandong market has stabilized, and refineries have strengthened their pricing mentality. There are shipping schedules arriving at ports in the East China market, and inventory has slightly increased. Some goods will still resist ports in the future, and the market expects loose supply. The overall weakness of the East China market. The demand side has recently shown weak performance, with demand leaning towards rigid demand. Overall, there are still negative factors in the xylene market, and it is expected that prices will remain weak in the short term. The focus will be on downstream acquisition in the future.