From December 30 to January 6, 2024, the mixed xylene market fluctuated and rose. The base price of mixed xylene on December 30 rose by 1.64% compared with January 6. This week, the regional performance of the xylene market was slightly different. The downstream demand in Shandong was insufficient, and most of the listed prices of local refineries were lowered. The inventory in Central China and South China was tight, and the rise in crude oil drove the spot market up.
Cost side: Crude oil prices rose slightly during this cycle. On the one hand, the OPEC+ production cut agreement was extended to the end of the first quarter, and some oil-producing countries still had compensatory production cuts, which provided positive support for crude oil supply and pushed up crude oil market prices. On the other hand, the instability of the situation in the Middle East still exists, and this news is good for the international oil market. Overall, the crude oil change rate remained positive during the cycle. As of January 3, international crude oil futures rose, and the settlement price of the main contract of US WTI crude oil futures was US$73.96 per barrel. The settlement price of the main contract of Brent crude oil futures was US$76.51 per barrel.
Supply side:
Sinopec xylene quotation summary, the company is currently operating normally, the unit is operating steadily, production and sales are stable, and the company’s quotation is the same as the previous day.
Demand side: Paraxylene foreign market rebounded slightly, demand support is still good
On January 6, Sinopec Sales Company’s paraxylene price was temporarily stable, and the Yangzi Petrochemical, Zhenhai Petrochemical and other units were operating stably, and sales were normal, which was the same as the price on December 30. The domestic and foreign PX prices continued to decline.
Market Forecast: The crude oil market has performed well recently, and the subsequent cost support is expected to remain good. On the supply side, Shandong’s recent inventory is running at a low level, and the supply support is good. With the upcoming holidays, downstream demand is expected to gradually weaken, and the support for the market is weak. Overall, the market demand is weak, and it is expected to be stable but weak in the future.
Post time: Jan-06-2025