On 6th November, the PX Commodity Index was 54.40, which was the same as yesterday. It was 46.88% lower than the highest point at 102.40 in the cycle (since 28th February 2013) and 19.43% higher than the lowest point at 45.55 since 15th February 2016 (Note: The period refers to since 1st February 2013).
According to statistics, on 6th November, the domestic xylene market price trend was temporarily stabilized. Company such as Hongrun’s 600,000 tons of new equipment was operating stably. The on-site installation of plant in Pengzhou petrochemical Co.,Ltd. operated stably. Urumqi petrochemical Co. Ltd. plants run at 50%. Fuhaichuang Co.,Ltd. run a production line for aromatic hydrocarbon. China National Offshore Oil Corporation (CNOOC) in Huizhou had overhauled their refinery equipment. Hengli Petrochemical Co.,Ltd. PX unit was put into operation. The other units were temporarily stable. Due to the normal supply of the new unit to the domestic xylene market, the price of xylene was temporarily stabilized. The operating rate of PX devices in Asia was around 80%. On 5th November, the closing price of the xylene market in Asia fell by 3 USD/t, and the closing price was 780-782 USD/t FOB Korea and 800-802 USD/t CFR China. More than 50% of domestic needs are satisfied by import. The increasing price of external prices has a certain positive impact on the domestic xylene market prices, but the domestic market price trend is temporarily stable.
On 6th November, the US WTI crude oil futures market price rose to 57.23 USD / barrel, an increase by 0.69 US dollars. Brent crude oil futures prices rose to 62.96 USD/ barrel, an increase by 0.83 US dollars. This is due to Saudi Arabia's largest crude oil processing plant quickly recovered after being attacked by drones. The Organization of Petroleum Exporting Countries (OPEC) oil production rebounded from an eight-year low in October. According to Bloomberg News for government officials, vessel tracking data and evaluation from consulting companies such as Resta energy Co.,Ltd., JBC Energy Co.,Ltd. and Petro-logistics Co.,Ltd., OPEC's 14 member countries produced an average of 29.7 million barrels of oil per day in October, an increase of 1.11 million barrels per day from September. The global price of oil increases. The domestic price of xylene is stable. Recently, the textile industry fluctuated and the operating rate of the PTA market declined with the PTA price trend remaining low. The average price in the East China region was raised to 4850-4950 RMB/t. Up to 5th November, the domestic PTA operating rate was about 85%. The operating rate of the polyester industry is around 87%. Due to the sufficient supply in the PTA field, the trading atmosphere is fair. The buying order is dominated by traders and followed by sporadic polyester factories. The price of the downstream PTA market is slightly lower due to the fluctuation of crude oil price. It is expected that the PX market price will remain at 6,800 RMB/t within a short period of time.
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