PX supply eased slightly this week, and demand increased. Although supply and demand have not changed much, the reduction in downstream maintenance burdens and peak season expectations have made PX prices bullish in the medium term.
[PX market supply eased, and prices rebounded slightly]
This week, some PX production units lost their burdens due to short processes and individual accidents, which was effectively alleviated.SafariSpinSafarisupply pressure.
With the resumption of production of some units and the gradual operation of new units at full capacity, the PTA unit load rate has increased to 71SafariSpinSafari.5%, the second phase of maintenance of Yisheng New Materials was added. This change has had a positive impact on the demand side of PX.
Between supply and demandSafariSpinSafariUnder the dual effect of, the PX market showed a slight destocking pattern, and the valuation level also improved. This week, the price difference between PX and naphtha is US$348/ton, and the price difference between PX and Brent crude oil is US$402/ton, indicating that the price of PX has shown a slight upward trend relative to raw materials.
Although the current gasoline cracking difference and aromatic oil price/performance ratio are not dominant, the improvement of commodity market sentiment and the steady recovery of crude oil prices have led to the stop of decline and recovery of PX prices.
Considering the reduction in downstream maintenance and the off-season in the terminal market, the driving force for PX prices is slightly insufficient in the short term. However, looking to the future, with the end of PTA maintenance, the increase in production in the polyester industry and the potential downstream replenishment of stocks during peak seasons, expectations for PX prices tend to be optimistic.
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