PX：09合约单周跌324元，后续有望持续去库

Group 1 - PX prices experienced a decline followed by a rebound this week, with the September contract dropping by 324 yuan to 6752 yuan, and spot CFR China prices decreasing by 28 USD to 868 USD [1] - Supply side analysis indicates that China's PX operating rate is at 83.8%, down 1.8% week-on-week, while Asia's operating rate is at 73%, down 1.3% week-on-week [1] - Korean PX exports to China in mid-June reached 243,000 tons, an increase of 42,000 tons year-on-year, while domestic maintenance season has ended with fewer upcoming maintenance plans [1] Group 2 - Demand side shows PTA operating rate at 77.7%, down 1.4% week-on-week, with a reduction in load from Yisheng New Materials [1] - As of the end of May, social inventory stood at 4.346 million tons, with a reduction of 165,000 tons month-on-month, continuing the trend of inventory reduction into June [1] - The valuation cost for PXN as of June 26 is 283 USD, an increase of 21 USD year-on-year, while the naphtha crack spread has risen by 14 USD to 80 USD [1] Group 3 - The geopolitical easing led to a significant drop in crude oil prices, which in turn affected PX prices; however, strong fundamentals supported the PXN [1] - With the maintenance season for PX concluded and operating rates remaining high, PXN is expected to expand in the short term due to liquidity tightening and downstream production expectations [1] - The third quarter may see continued inventory reduction for PX due to new PTA installations coming online, with current valuations at a neutral to slightly elevated level [1]