Supply and Demand - Asian PX prices have significantly increased due to unexpected losses in multiple PX facilities, tightening near-term supply and demand expectations [1] - Asian PX operating rates have improved to 70.6% (+2.7%), while domestic PX operating rates have risen to 78.6% (+5.6%) following the restart of some PX facilities [2] - PTA operating rates have decreased to 72.5% (-5.2%) due to planned shutdowns of certain facilities [2] Market Outlook - Recent progress in US-China trade negotiations has improved market sentiment, supporting a rebound in oil prices, although there are concerns about potential downward pressure due to Iran's willingness to negotiate and OPEC+ production increases [3] - PX supply is expected to tighten in the second quarter due to increased unexpected losses in PX facilities and delayed maintenance in some PTA plants, which supports short-term PX demand [3] - Despite potential short-term pressures on PX prices due to weak oil price momentum and expanded losses in downstream polyester, the overall supply-demand dynamics remain strong, leading to a bullish outlook for PX prices in the near term [3]
PX：供需驱动偏强 但油价支撑有限 PX继续上涨乏力
Jin Tou Wang·2025-05-15 02:19