In August, The PX Price Continued To Decline, And The Trend In September Was Not Large.

Price continued downward trend:

In August, the price of PX only moved near $40 / ton at the beginning of the month, and the rest of the time was on the side of $780-800 / ton. At the beginning of the month, the tension of trade relations, the depreciation of RMB and other factors, oil prices fell, the downstream PTA futures prices also showed a downward trend, and the PX market declined in depth. After mid month valuation, the PX market was scarce, and the price narrowed to $780-790 / ton. As of August 29th, Asian PX price was 783 US dollars / ton CFR Taiwan / China and 763 US dollars / ton FOB Korea, down 54.17 US dollars / ton from last month.

Output continues to rise:

In August, the output of PX was 1 million 330 thousand tons, which continued to rise from last month. During the month, Fu Hai Chuang, Liaoyang Petrochemical second, Luoyang petrochemical and SINOCHEM Hongrun plant resumed production or operation.

Go to the Kouge Bureau.

In August, PX output and net import volume totaled 2 million 330 thousand tons, consumption was 2 million 520 thousand tons, PX social inventory dropped to 2 million 100 thousand tons, and continued to the Kouge Bureau. It is estimated that the supply and demand of global PX market will be in balance before the end of the year.

Future forecast:

Supply side: in September, Hainan refining and chemical PX will be put into operation, and the supply of PX will further increase. But because of the new Feng Ming's purchase of raw materials in September, it is expected that the market is still in a state of supply and demand balance. Demand side: next month is the peak season for the terminal market, and demand is firmly supported. Cost side oil prices still have room for growth. Considering the September ACP agreement reached at 780 US dollars / ton CFR Asia, it is estimated that PX price volatility will not fluctuate in September, and the operation range will be 770-820 US dollars / ton CFR China.