According to the Commodity Analysis System of SunSirs, the market for locally refined hydrogenated naphtha slightly increased last week. As of March 31, the mainstream ex factory price of domestically refined hydrogenated naphtha was 8,401.50 RMB/ton, an increase of 0.21% from March 25's 8,384.00 RMB/ton. The actual transaction price of locally refined hydrogenated naphtha was around 8,300-8,400 RMB/ton.

Last week, the market for locally refined straight run naphtha remained stable. As of March 31, the mainstream ex factory price of domestically refined straight run naphtha was 8,291.50 RMB/ton, which remained stable compared to March 25. The actual transaction price of locally refined straight run naphtha was around 8,200-8,300 RMB/ton.

Last week, the downstream demand for ethylene in the naphtha market continued to be weak, and there was a lack of substantial positive news at the end. Market trading mainly focused on local refining and restructuring, and the market mentality was cautious.

Upstream: Last week, the international crude oil market fluctuated and rose, mainly due to market concerns about future supply expectations and risk performance: Russia's oil facilities were attacked, and production expectations decreased; Against the backdrop of OPEC+ production reduction in oil producing countries, the supply outlook is tightening; The number of active drilling rigs in the United States continues to decline, making it difficult to increase production in the future.

Downstream: According to the monitoring of SunSirs, the toluene market is on the rise, and some downstream industries are experiencing slow recovery in demand with weak support for essential needs. The inventory of toluene ports is decreasing, and the plan for equipment maintenance is underway. The expected supply of toluene continues to decline; The mixed xylene market is on the rise, with strong support for the downstream polyester industry to start at a high level, but weak support for the phthalic anhydride and mixed blending industries. Many domestic devices are planned for maintenance in the later stage, and the supply of mixed xylene is expected to decline; The domestic xylene market has sufficient spot supply, and the operating rate of PX plants in Asia has remained high recently. Overall, the operating rate of xylene plants in the Asian region is nearly 80%, and the domestic xylene market prices are rising.

The international crude oil market is rising, supporting the domestic naphtha market; 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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