Review the trend of PX market in the hottest week,

One week review: PX market trend high volatility (10.15

one week review: PX market trend high volatility (10..19)

October 22, 2018

according to statistics, the domestic ex factory price of paraxylene remained high this week, with an average price of 11000 yuan/ton over the weekend, 11000 yuan/ton compared with the price at the beginning of the week. The registered price of Alcoa in 1969 remained stable, up 64.18% year-on-year

II. Market analysis:

products: the domestic paraxylene market price trend remained high and volatile this week, the domestic PX operating rate was less than 70%, the Tenglong aromatics unit was still in the shutdown state, the Pengzhou petrochemical unit was shut down for maintenance, the Yangzi Petrochemical PX unit was in normal operation, the Jinling Petrochemical Unit was in stable operation, the Qingdao Lidong unit was in full load operation, the Qilu Petrochemical Unit was in normal operation, and the Urumqi petrochemical unit was started at about 50%, The domestic supply of paraxylene is normal. This week, the market price trend of paraxylene remained at 11000 yuan/ton. The production and sales of domestic paraxylene products were stable, and the domestic market price was at a high level. The operating rate of paraxylene units in Asia is around 70%, the supply of PX goods in Asia is normal, and the recent sharp decline in the external price of PX. As of the 18th, the closing price is USD/ton FOB South Korea and USD/ton CFR China. More than 50% of domestic products need to be imported. The sharp decline in the external price of PX is undoubtedly a major negative impact on the domestic market, and the domestic price trend of paraxylene is temporarily stable for Chinese coatings

industrial chain: the closing price of domestic crude oil fell this week. As of the 18th, the futures market price of WTI crude oil in November fell to $68.65/barrel, down $1.10. The futures price of Brent crude oil in December fell to $79.29/barrel, down $0.76. The recent devaluation of the people's currency and the decline of the crude oil market price have lost some cost support for downstream petrochemical products, and the PX market price fluctuated. The downstream PTA market price fell this week, and by the end of the weekend, the East China PTA Market negotiation had fallen to around yuan ziti, and the overall price trend fell. The decline in the downstream PTA market price was also a negative impact on the domestic paraxylene market. This week, the operating rate of PTA plant was maintained at about 73%, while the operating rate of downstream polyester plants was about 84%, and the textile operating rate in Jiangsu and Zhejiang regions was about 73%. The operating rate of downstream PTA and polyester products did not change much. The downstream textile industry purchased on demand, and the domestic paraxylene market price trend was temporarily stable

industry: the production and sales of the textile industry are stable this week, the operating rate of the textile industry has not changed much, the price of crude oil has fallen, and the market trend of raw material PX is temporarily stable

III. future forecast:

Chen Ling, PX analyst of business news agency, believes that the recent decline in crude oil prices has lost a certain cost support for downstream petrochemical products, the spot supply in the PX field is normal, coupled with the decline in the downstream PTA market price, the operating rate of the textile industry does not change, hydraulic loading, cylinder under mounted host structure, load sensor force measurement The progress of computer control experiment is large, and it is expected to increase by more than 30% year-on-year; Based on the lingering consumption of cobalt in the previous two years, the PX market price may decline next week

IV. related listed companies:

Sinopec (600028), PetroChina (601857)