Impacted by external sanctions news and concentrated pre-holiday stockpiling of oil products, toluene and xylenes prices at Shandong refineries have experienced consecutive and substantial increases of nearly RMB 1,000 per tonne.
Last week, the market entered the pre-New Year stockpiling period, experiencing a trend of falling first and then rising. Coupled with the strengthening of crude oil prices, the price difference between raw materials and styrene narrowed.
With Zhejiang Petrochemical starting to deliver and imported resources arriving at the port, the inventory in East China has risen. The market has slightly declined as downstream buyers are cautious in taking delivery. However, given the support of raw material benzene and the expanding losses of the phenol-acetone plants, the decline in acetone prices is expected to be limited.
Last week, downstream buyers of ethyl acetate products were quite active in stocking up. Due to inventory pressure, manufacturers did not raise the ex-factory prices.
This week, domestic production capacity increased slightly as the market entered the pre-holiday stockpiling period. Port inventories declined but remained high overall. Due to sluggish overseas demand, incoming shipments will be relatively concentrated in the coming period, and the market remains bearish in the long term.
With crude oil prices continuously surging, the month-end delivery of toluene and xylene in East China has concluded, and the overall market sentiment is slightly…
Leave your questions and we will get in touch with you as soon as possible
