On 12th 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 on 28th February 2013 in the cycle and 19.43% higher than the lowest point at 45.55 on 15th February 2016 in the cycle (Note: The cycle refers to since 1st February 2013).
According to data from SunSirs, on 12th November, the domestic xylene market price trend was temporarily stable. 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 stable. The operating rate of PX devices in Asia was around 80%. On 11th November, the closing price of the xylene market in Asia fell by US$ 7/ton, and the closing price was US$ 759-761/ton FOB Korea and US$ 779-781/ton 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 price trend of it is temporarily stable.
On 11th November, the US WTI crude oil futures market price decrease to US$ 56.86 barrel, a decrease by 0.38 US dollars. Brent crude oil futures prices decrease to US$ 62.18/ barrel, a decrease by 0.33 US dollars. The total amount of China’s crude oil imports in October was 45.51 million tons, which once again set a new record. However, natural gas imports declined, which was the first time that it declined within 3 years. The huge profit margin on refining in August has prompted the orders of China’s crude oil to increase. And new-added shipment arrived in October. It is expected that the importing amount of China's crude oil imports will be cut in November, which significantly affects the confidence of the crude oil market in the long term. The price of crude oil declines and the domestic price of xylene go 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 RMB 4,700-4,800 yuan/ton excluding transportation cost. Up to 11th November, the domestic PTA operating rate was about 95%. The operating rate of the polyester industry is around 88%. Due to the sufficient supply in the PTA field and fair trading atmosphere, 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 RMB 6,800 yuan/ton within a short period of time.
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