Summary of Toluene Prices on April 6, 2023:

Shijiazhuang Petrochemical quoted 7,400 RMB/ton, Qilu Petrochemical quoted 7,350 RMB/ton, Yangba quoted 7,250 RMB/ton, Maoming Petrochemical quoted 7,200 RMB/ton, and Changling Petrochemical quoted 7,350 RMB/ton.

Fluctuation trend:

Analysis review

In terms of crude oil, OPEC+ member countries, mainly Saudi Arabia, and Russia, hadannounced further production cuts. Starting from May, OPEC+ will further reduce production by approximately 1.15 million barrels per day compared to April. The OPEC production reduction plan is expected to reverse the structure of crude oil supply and demand, and the pattern of crude oil supply exceeding demand has caused the operating range of oil prices to shift upward again.

Downstream, the supply and demand side of PX is good, and PX is relatively strong in the short term, boosting the toluene market. The toluene quotation in North China was increased by 100 RMB/ton on the 6th.

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