Latest price of PX (5-10): 8300 RMB/ton, fluctuating in the future market

Key points of analysis: On May 10th, the daily price drop was 7.78%. The price trend of the domestic PX market declined. On the one hand, due to the small increase in supply, the early maintenance equipment was restarted, and the operating rate rose to more than 60%. The increase in spot supply caused the price to decline. On the other hand, the demand is not good, the price trend of the downstream PTA market is declining, and the PTA social inventory is maintained at about 2.8 million tons, and the market presents a situation of small stock accumulation. Downstream polyester just needs to be restocked, and the factory is allowing profits to ship at the end of the month, resulting in a continuous accumulation of inventory. Polyester production has recently slightly declined, and the terminal weaving production rate has continued to decline to below 55%. The downturn in the downstream market has dragged down PX prices.

Future forecast: The recent rise in the price of crude oil market has a certain cost support effect on PX, but the downstream PTA and textile industry are sluggish, and the price trend of PX market is expected to be volatile in the short term.

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