crude oil
Crude oil: Crude oil prices have declined this week. As of the 23rd, the settlement price of the main U.S. WTI crude oil futures contract was US$75.39/barrel, and the settlement price of the April Brent crude oil futures contract was US$82.21/barrel. Developed Western economies are suffering from inflation and are still in the expected path of economic recession. Oil demand is unlikely to improve in the medium to long term. Clues can also be seen from the EIA inventory data. The super-depleted inventories of gasoline and refined oil have made market participants uneasy. In particular, the news that the United States is releasing crude oil reserves again is also negative for the oil market. Affected by the decline in crude oil prices, the domestic paraxylene market price is temporarily stable. .
PX
PX: The price trend is temporarily stable this week. As of the weekend, the domestic ex-factory price of paraxylene is 8,500 yuan/ton. The domestic supply of paraxylene is normal, and the domestic PX operating rate is around 70%. The external dependence of PX products is about 29%. The recent external price trend of PX has been volatile. As of the 23rd, the closing price of paraxylene market in Asia was 993-995 yuan/ton FOB South Korea and 1018-1020 US dollars/ton CFR China. The external price was low. It is negative for the domestic market. The operating rate of PX units in Asia has been normal recently. Overall, the operating rate of paraxylene units in Asia is around 60%. The domestic paraxylene market price trend is temporarily stable.
MEG
MEG: Ethylene glycol prices rose slightly this week. The current average price of domestic oil-based ethylene glycol is 4,246.67 yuan/ton. As of the 22nd, the CIF price of ethylene glycol in China in the international market was 524 US dollars/ton, and the CIF price in Southeast Asia was 521 US dollars/ton. In terms of inventory, as of the 23rd, the total inventory of MEG ports in the main port area of East China was 1.0591 million, with an accumulated inventory of 147,900 tons. The current ethylene glycol port inventory is still relatively high, at a relatively high level in the past six years. On the demand side, the downstream polyester production load has increased. At present, the polyester operating rate has risen to around 75%, and the chemical fiber weaving operating rate in Jiangsu and Zhejiang has increased to around 45.77%. The operating rate of pure polyester yarn companies increased to 72.41%, a month-on-month increase of 12.04%. Short-term inventory suppression is still the main factor leading to limited upward space for ethylene glycol. If the strong expectations for demand improvement in the near future and the news of production conversion cannot be realized, the possibility of a correction cannot be ruled out.
PTA
PTA: The price trend of downstream PTA market rose first and then fell this week. As of the 24th, the average PTA market price was 5,600-5,650 yuan/ton, with an increase of 1.71%. On the supply side, PTA start-ups have declined this week. The current industry start-up is around 72%. Production reduction and maintenance of PTA equipment have helped the PTA spot market rise. Driven by the improvement in market sentiment, terminal inquiry enthusiasm has increased significantly, and PTA supply and demand margins have improved. Many downstream polyester companies are still actively resuming work. The operating rate is in the process of gradually increasing, and the consumption of PTA is rising. In terms of terminal weaving, the operating rate is also in the process of seasonal improvement. As of February 23, the comprehensive operating rate of Jiangsu and Zhejiang looms has increased to more than 67%. In summary, short-term price shocks are expected to be mainly strong, and attention will be paid to demand improvement and downstream replenishment efforts.
polyester filament
Polyester filament: The price of polyester filament is temporarily stable this week. At present, the negotiation reference for polyester filament POY150D/48F in Zhejiang is 7350-7550, the negotiation reference for FDY150D/96F is 7950-8100, and the negotiation reference for DTY150D/48F is 8600-8750. (Unit: Yuan/ton) The dual raw materials fluctuated and rose, giving certain positive support to the polyester filament market. However, manufacturers’ production and sales are under pressure, and the market outlook is expected to be cautious. At present, polyester yarn factories have a strong willingness to ship goods, but the downstream replenishment power is insufficient, which is a drag on prices. Looking at the market outlook, on the one hand, the supply and demand game will continue to dominate the crude oil market, and the negative feedback on macro pressure will gradually be digested, and the oil market may have narrower room for decline. With low processing fees for PTA, the willingness to reduce factory maintenance burdens has increased, and the supply is likely to shrink. On the other hand, terminal rigid demand will gradually increase, so the fundamentals of polyester yarn will improve, and prices are expected to show a volatile and strong trend.
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