Domestic price trend:

From the trend chart of p-xylene, it can be seen that the price trend of p-xylene increased in March. As of the end of the month, the domestic factory price of p-xylene was 8800 yuan/ton, an increase of 3.53% compared to the initial price of 8500 yuan/ton, and a year-on-year decrease of 5.38%.

In March, the supply of xylene slightly decreased, and the domestic PX operating rate was around 60%. Due to the maintenance of some xylene plants in March, the price trend of xylene in China increased. In March, the international crude oil price fluctuated, while the PX outer market price rose. As of the 30th, the closing prices in Asia were 1077-1079 yuan/ton FOB South Korea and 1102-1104 dollars/ton CFR China. Recently, the operating rate of PX devices in Asia has slightly declined. Overall, the operating rate of xylene devices in the Asian region is around 60%. The supply of PX goods in the Asian region has slightly declined, and the domestic xylene market has been affected by the rise in external prices.

In March, international crude oil prices fell first and then rose, with an overall decline of 3.48%. As of the end of the month, the settlement price of the main contract for WTI crude oil futures in the United States was at $74.37 per barrel, while the settlement price of the main contract for Brent crude oil futures was at $78.60 per barrel. In early March, macroeconomic data was strong, and crude oil prices rose. The collapse of the US Silicon Valley Bank in mid March, superimposed on the US inflation report data is not optimistic, triggered the market’s concern about financial risks. In addition, Credit Suisse’s anxiety hit the financial market, putting pressure on the stock market, crude oil and other risk assets, superimposed on the negative impact of the US crude oil inventory growth exceeding expectations and the reduction of China’s crude oil imports, and then dragged down the crude oil price. In the latter half of the year, Iraq stopped exporting crude oil from its semi-autonomous Kurdistan region, while the risk impact on the European and American banking industry weakened, and supply and demand concerns eased, driving up oil prices. China’s demand for crude oil became strong, further strengthening market bullish expectations. On the whole, the price of crude oil market declined, and the increase of paraxylene price was limited.

In March, the domestic PTA spot market saw a significant increase, with an average price of 6360 yuan/ton in the East China market as of the end of the month, an increase of 13.59% compared to the beginning of the month. Recently, some PTA devices have been undergoing maintenance, and the operating rate has dropped to below 75%. PTA supply has slightly decreased, and the downstream polyester load has remained at a high level of over 83%. PTA continues to destock. Downstream yarn mills and weaving factories have gradually resumed construction, and downstream demand has recovered. The demand for short fibers has increased, and overall, the downstream market is clearly improving. In general, the downstream textile industry is rising, and the domestic market price of paraxylene is rising.

Chen Ling, a PX analyst from the business community, believes that the current supply side of the crude oil market will continue to play a game against the demand side. Downstream PTA stocks and supplies are expected to tighten, demand in the textile industry is increasing, and the market’s expectation of demand is still relatively optimistic. Overall, it is expected that the market value price of paraxylene will rise in the future.