According to the Commodity Analysis System of SunSirs, as of September 25th, the mainstream factory price of domestic refined and hydrogenated naphtha was 8,244.00 RMB/ton, an increase of 0.67% compared to September 18th at 8,189.00 RMB/ton. The actual transaction price of refined and hydrogenated naphtha is around 8,200-8,300 RMB/ton.

As of September 25th, the mainstream factory average price of locally refined straight-run naphtha in China was 8,164.00 RMB/ton, an increase of 0.90% compared to September 18th at 8,091.50 RMB/ton. The actual transaction price of locally refined straight-run naphtha was around 8,100-8,200 RMB/ton.

Recently, the local refining naphtha market has been fluctuating and rising. Terminal restructuring is just needed to release, refineries are actively shipping, and the weakness of international crude oil has increased the wait-and-see sentiment in the domestic naphtha market. The market is just in need of trading, and operations are cautious.

Upstream: The international crude oil market has been fluctuating recently. The Federal Reserve has decided to maintain interest rates unchanged as expected by the market, but its attitude has been hawkish, with the possibility of interest rate hikes expected to continue within the year. Energy demand expectations are being suppressed, and oil prices are under pressure.

Downstream: According to the monitoring of SunSirs, the price of toluene has dropped from a high level. On September 25th, the price was at 8,270 RMB/ton, a decrease of 1.31% compared to 8,380 RMB/ton on September 18th; The price of mixed xylene has slightly declined from its high point, with mixed xylene reaching 8,580 RMB/ton on September 25th and 8,700 RMB/ton on September 18th, a decrease of 1.38%. In terms of PX, the domestic supply of paraxylene is normal, with a domestic PX operating rate of over 70%. However, during the maintenance of some paraxylene units, spot supply is relatively normal, and the overall domestic PX price remains stable. As of September 25th, the PX price is 9,500 RMB/ton.

Energy analysts from SunSirs believe that the international crude oil market is volatile, and there is no significant benefit for the local refining naphtha terminal. Market trading is cautious, and there is a strong wait-and-see sentiment; In addition, pre holiday stocking has basically ended, and the refinery is actively shipping before the holiday. It is expected that the local refined naphtha market will be dominated by weak consolidation in the near future.

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