In April, the domestic PX market prices slightly decreased, with an average price of 9700 yuan/ton at the beginning of the month and 9600 yuan/ton at the end of the month, a decrease of 1.03% and a year-on-year increase of 41.18%.
The decline in the crude oil market has led to a collapse in cost support

Due to the ceasefire talks between the United States and Iran, the price trend of crude oil in the middle of the month has declined, resulting in a decline in the trend of naphtha market. The center of gravity of PX raw material costs has shifted downwards, and PX has lost its core support. In addition, the narrowing of the PX stone brain oil price difference and the intensification of corporate losses have further suppressed the willingness to quote, leading to a decline in the PX market trend.
PTA and polyester weaken, with significant negative feedback
Multiple PTA units underwent maintenance in April, leading to a decline in domestic operating rates and a decrease in PX essential procurement. Terminal textile and clothing exports have been impacted by tariffs, with insufficient export orders and high domestic inventory. Weaving production has declined, and polyester factories have maintained essential procurement and are afraid to stockpile goods. The negative feedback transmission from the terminal to PX has weakened the market mentality.
Stable domestic production, concentrated import arrivals, and rising inventory pressure
In April, there were not many domestic PX plant maintenance, and the industry’s operating rate remained at around 80%, with stable supply. The import volume of PX increased month on month in March, and concentrated at the port in early April. Port inventory rebounded, and loose spot prices suppressed prices. The overall operating rate of PX in Asia is not low, with smooth flow of goods within the region and intensified competition for spot goods.
Market forecast: In the short term, the PX market is mainly characterized by strong fluctuations, intensified volatility, and easy to rise but difficult to fall. The core depends on whether the geopolitical conflict in the Middle East has eased and the recovery of shipping in the Strait of Hormuz; Progress of load reduction/maintenance and restoration of raw material supply in Asian refineries.