January 29Th Market Morning Post: Cost Demand Double Bad PX Market Weak Operation
1. yesterday's market situation
On Friday, Asian PX prices dropped by 17.67 US dollars / ton to 1058 US dollars / ton CFR Taiwan / China and 1038.33 US dollars / ton FOB Korea.
Oil prices fell sharply yesterday, PTA night plate low shock.
Sinopec February PX listing price is 8800 yuan / ton, PTA is 6900 yuan / ton.
In February, PX ACP of Asia is negotiating. It is reported that SKGC is currently quoted at $1180 / tonne CFR Asia, and JX is quoted as $1150 / ton CFR Asia.
Cost support is weak, overlay operators are concerned about the trend of ACP negotiations. Yesterday, the PX spot market was trading poorly. In March, the spot paction price was $1058-1059 / ton CFR.
2. upstream market
(1) the closing day of 1/28: the world's major stock markets are down, the economic outlook is dim, demand is expected to be suppressed, and oil production in the United States remains high, and international oil prices have fallen sharply.
WTI51.99 fell 1.70 US dollars / barrel; Brent fell 59.93 US $1.71 / barrel.
China's SC main force rose 1903 to 0.2 yuan to 427.5 yuan / barrel.
(2) naphtha: in January 28th, the current price of naphtha in Japan was 488 US dollars / ton, which fell by 4.5 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 52.55 US dollars / barrel, which is 0.28 US dollars / ton lower than the previous trading day.
3. short term forecast
It is expected that the cost demand will be double negative and the PX market will be weak today.
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