According to the commodity market analysis system of Shengyishe, the mixed xylene market slightly increased in February. On February 28th, the benchmark price of mixed xylene was 7420 yuan/ton, an increase of 1.09% from 7340 yuan/ton at the beginning of the month. The low point of the cycle was 7270 yuan/ton, and the high point was 7440 yuan/ton.
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The rise in international crude oil and foreign market prices supports the formation of mixed xylene
Affected by the situation in the Middle East, international crude oil prices rose during and after the holiday in February, leading to stronger support for the cost of mixed xylene. As of February 27th, WTI04 contract settlement is 78.87 USD/barrel; Brent 05 contract settlement is $82.66 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 $942 to $943 per ton as of February 27th.
Relative high level mixed xylene production requires support for xylene production
The domestic supply of xylene is relatively normal, and the domestic PX operating rate remains at 8.4%. The external price of PX has slightly increased, and as of the 27th, the closing price in the Asian region is 1019-1021 yuan/ton FOB South Korea and 1044-1046 US dollars/ton CFR China.
Low level temporary stable mixed xylene demand support for phthalic anhydride production is weak
The operation of domestic phthalic anhydride units is stable, but some units are still in a shutdown state. Currently, the operating rate of phthalic anhydride in China is around 60%. During the Spring Festival, inventory consumption on site is fast, and prices of phthalic anhydride manufacturers have increased. The supply of naphthalene phthalic anhydride has slightly increased, which has affected the price of ortho phthalic anhydride.
Domestic mixed blending demand weakened during the off-season mixed xylene demand support
During the off-season of the domestic mixed blending market before and after the Spring Festival, downstream inquiries were light, and the demand for mixed xylene mixed blending weakened. In the later stage, with the increase in local refining operations, the demand for oil blending in the market is expected to recover. As of February 22, the nationwide refinery operation fluctuated narrowly around 7.1 to 7.3.
Continuous increase in mixed xylene port inventory and supply pressure still present
The continued increase in mixed xylene port inventory has put pressure on the supply side of mixed xylene. It is understood that as of February 23, the total inventory of xylene in East and South China amounted to 100800 tons, continuing to increase from 99000 tons in early February.
Market forecast: In the short term, international crude oil will fluctuate, with some support for the cost of mixed xylene. Domestic supply will continue to accumulate, and with the arrival of downstream peak season, the demand for mixed xylene is expected to increase. Overall, it is expected that mixed xylene will fluctuate and rise in the later period.
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