SunSirs: Xylene Continues to Bottom out This Week Due to High Inventory and Low Downstream Operating Rate (February 10-16)
February 18 2020 11:30:11 SunSirs (John)
Price trend
According to data from SunSirs' block list, the domestic xylene market has fallen slightly this week, and as of Friday, it has fallen by 1.98%.
Analysis review
Product: Affected by high inventory and low downstream operating rate, the price of xylene in the domestic market continued to bottom out this week. At present, the mainstream price in East China is about 5,100 RMB/ton.
Industry chain:
On the upstream crude oil fronts, this week's international oil price showed a volatile rebound trend. As of Friday, spot Brent rose 4.07%, Brent futures rose 2.03%, WTI futures rose 2.20%, and Dubai futures rose 0.31%.
On the downstream side, in the PX market, the domestic market price is about 6,300 RMB/ton this week, and the latest external disk prices are about US $ 717/ton FOB Korea and US $ 737/ton CFR China. It is expected that the price of the PX market will remain stable next week. In the PTA market, the domestic spot PTA market price is about 4400 RMB/ton, and the external disk price is roughly $ 575/ton CFR China. It is expected that the short-term PTA market will remain stable. In the OX market, Sinopec's phthalate prices remained flat at 5,800 RMB/ton, and the price of phthalate in outer disk was about US $ 750/ton FOB Korea. It is expected that benzene will remain stable in the market.
Market outlook
Xylene analyst of SunSirs believes that next week will continue to focus on the trend of crude oil. On the whole, as the resumption of business is approaching, superimposed crude oil prices are the first to stabilize and rebound. It is expected that the xylene market may usher in a small rebound rebound next week.
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