According to the Commodity Analysis System of SunSirs, the market for refined and hydrogenated naphtha slightly increased last week. As of March 25th, the mainstream ex factory price of refined and hydrogenated naphtha in China was 8,384.00 RMB/ton, an increase of 0.51% from March 18th at 8,341.50 RMB/ton. The actual transaction price of refined and hydrogenated naphtha was around 8,300-8,400 RMB/ton.

Last week, the market for locally refined straight run naphtha slightly increased. As of March 25th, the mainstream ex factory price of domestically refined straight run naphtha was 8,291.50 RMB/ton, an increase of 0.70% from March 18th's 8,234.00 RMB/ton price. The actual transaction price of locally refined straight run naphtha was around 8,200-8,300 RMB/ton.

Last week, a small amount of rigid demand for downstream ethylene in the naphtha market was released, and refineries actively pushed up prices. However, there was a lack of substantial positive news at the end, and market trading was mainly focused on local refining and restructuring. The market mentality was cautious.

Upstream: Last week, the international crude oil market first rose and then fell, supported by the tense geopolitical situation in the Middle East in the early stage; In addition, the expected reduction in production by oil producing countries is also a major factor supporting oil prices, leading to an increase in international oil prices. The weak data on US gasoline demand in the later period and reports on the draft resolution calling for a ceasefire in Gaza by the United Nations have put pressure on oil prices.

Downstream: According to the monitoring of SunSirs, the toluene market has slightly increased, with high levels of toluene port inventory continuing, and supply pressure still remaining; The mixed xylene market has slightly increased, while the mixed xylene port inventory has slightly decreased, and supply pressure remains; The domestic xylene market has sufficient spot supply, and the operating rate of PX units in Asia has remained high recently. Overall, the operating rate of PX units in the Asian region is nearly 80%. The supply-demand contradiction of PX supply in the Asian region is evident, and the domestic xylene market prices are declining.

The international crude oil market is falling, and the naphtha market is in a strong wait-and-see mood; At present, there is a lack of significant positive news for the local refining naphtha terminal. Downstream demand is cautious in chasing higher prices, with a focus on on-demand procurement. It is expected that the local refining naphtha market may consolidate at a high level in the near future.

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