Industry News
The PX market performance is relatively strong, and there is very limited room for improvement
Let's first review the trend of the PX market in Asia in the third quarter. In early July, the cost support was good, especially due to the policy of levying consumption tax on some gasoline raw materials, which led to a strong raw material price. In addition, a 600000 ton/year PX device at Hainan Refining and Chemical started to be shut down for maintenance in early July, leading to a tightening of domestic PX supply. In addition, a new PTA device at Hengli Petrochemical in Huizhou was put into operation, and PX demand gradually increased. At the end of July, the tense supply of raw material MX was fermenting, Driven by the cost side, the PX market continues to rise. Starting from August, the downstream PTA market has shown weak performance, especially with PTA companies experiencing further losses. Merchants are concerned that PX demand is weakening and shipping intentions are strengthening. In addition, as the international crude oil high level drops, the PX market is under pressure. However, starting from late August, the raw material naphtha is relatively strong, and a 600000 ton/year PX device in Shandong has been temporarily shut down. Especially driven by the general strength of domestic chemicals, the downstream PTA market is rising, and PX spot demand is good, The PX market follows the rebound of upstream and downstream. In September, international crude oil continued its previous strong performance, while the downstream PTA industry continued to operate at a relatively high level. PX demand was good, with Pengzhou Petrochemical's 750000 ton/year PX device starting to be shut down for maintenance and a decrease in the 9 million ton/year PX device at a large factory in East China. Domestic PX supply tightened and the market continued to be strong. However, since late September, there has been an overall correction in domestic chemical products, and the main PX futures contracts have continued to decline after being listed, In addition, Fuhai Chuang has resumed production of an 800000 ton/year PX device, and the PX industry's construction has increased to a relatively high level. Business confidence has loosened, and market sentiment has weakened. As of the end of September, the estimated price of CFR Taiwan PX was $1118 per ton, an increase of $153 per ton from the end of the previous quarter, or 15.85%.
It is expected that the Asian PX market will strengthen and consolidate in the fourth quarter, and there are not many maintenance plans for PX devices in the fourth quarter. In addition, as the demand for oil transfer gradually enters the off-season and PX production profits are considerable, PX construction will remain high. However, there is no new production capacity for PX in the fourth quarter, and there are still several downstream PTA devices planned to be put into operation. If the demand for terminal polyester remains high, PX will maintain a small inventory reduction logic. However, considering the continued low processing costs and oversupply of downstream PTA, It is difficult to significantly increase the demand for PX. Overall, the performance of the PX market is relatively strong, but there is very limited room for improvement.
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