China'S Economy Is Still At The Bottom.

The National Bureau of statistics 1-2 monthly economic data show that China's economy is still at the bottom of the state of wandering, the downward pressure on the economy has not been reduced, the bottom of stabilization needs more support and stability.

In February, China's Manufacturing Purchasing Managers Index (PMI) slipped to 49%, the lowest in 4 consecutive years for seventh months in a row.

The industrial, consumption and investment data released in March 12th were weaker than expected in the 1-2 months. The growth rate of industry and consumption both showed different degrees of decline. In terms of investment, fixed asset investment grew steadily, real estate investment was significantly higher than expected, an increase of 3% over the same period last year, which rose sharply compared with the end of last year, and played a significant role in stimulating the overall investment growth.

3 in mid and late June, the three major central banks in Japan, the United States and the United Kingdom announced interest rate decisions in succession, and no further action was taken.

The Fed released a statement that hawks were not as good as market expectations at the March Conference on interest rates, but 5 of the 17 members of the open market committee of the Federal Reserve had published hawkish remarks.

Mixed interest rates, the Fed's interest rate hike slowed down, but still tend to maintain the expected rate of gradual increase in interest rates. If the US economy picked up in the second quarter, the Federal Reserve increased interest rate in June, the two quarter is expected to raise interest rates expected to moderate recovery, which will suppress market sentiment.

In terms of installation,

Aromatics company plans to park its tea aromatics plant for 45 days in March 28th.

The PX capacity of the unit is 500 thousand tons, and the pure benzene capacity is 200 thousand tons.

South Korea Han Hua's 1# aromatics plant in Dashan stops in mid March and stops for 40-45 days.

The company plans to restart near the end of April.

The PX capacity of the unit is 710 thousand tons, and the pure benzene capacity is 680 thousand tons.

South Korea's GS1#40 million tons PX plant and 3#55 million tons PX plant plan to stop in April for routine maintenance. The stopping time is 5 weeks and 3 weeks respectively.

India ONGC plans to stop the maintenance of its aromatics plant in Munger Carol for 3 weeks in early April.

The 1 million ton PX plant of Wu Petrochemical is scheduled to be overhauled in mid May.

About 2 months.

Japan's Nippon stone is located in Chita's 200 thousand tonne PX plant, which is scheduled to be stopped in mid May at the end of -6. The 350 thousand ton PX plant located at Kawasaki is scheduled to stop and repair at the end of July at the end of July.

International crude oil and naphtha showed a trend of low recovery; Asian PX plant operating rate remained at around 70%, and domestic PX plant operation rate was around 64%. In the two quarter of the Asian chemical plant centralized maintenance season, the PX plant was in the peak period of maintenance. It is expected that about three million tons of capacity will be overhauled and the market supply is expected to decrease. It is estimated that Asian PX prices will increase in the first quarter.

In the first quarter, international crude oil prices showed a trend of low recovery. WTI crude oil price fluctuated at 26 US dollars / barrel to 43 US dollars / barrel interval. Brent crude oil price was in the range of 28 US dollars / barrel to 45 US dollars / barrel interval. The difference between US crude oil and Brent crude oil was in the range of 1-6 US dollars; naphtha price showed a trend of low recovery, falling from 415 US dollars / ton to 300 US dollars / ton; in mid February, it began to rise gradually to 385 US dollars / ton CFR Japan; the MX price shocks in Asia increased, and gradually recovered from 540 US dollars / ton to 670 US dollar / ton FOB Korea.

PX prices in Asia also recovered slightly, rising from 660 US dollars / ton to 789 US dollars / ton FOB Korea.

As of March 25th, the profits of naphtha dropped to around $53, and MX's profits rose to $228, and PX's profits fell back around 30 dollars.

PX contract goods, Japan's JX introduced Asia PX in April, advocating price implementation of 850 U.S. dollars / ton CFR, compared with the fourth quarter of last year, ACP rose 20 U.S. dollars / ton.

South Korea Shuanglong in April PXACP advocated price, manufacturers to implement 850 U.S. dollars / ton CFR; Japan's light month PXACP advocacy price, manufacturers to implement $870 / ton CFR.

Sinopec Petrochemical Sales East China branch issued the PX contract cargo settlement price in March. The price was 6095 yuan / ton, up 80 yuan / ton compared with the final settlement price in the fourth quarter of last year.

The PX settlement price in the first quarter showed a gradual upward trend.