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PX:产业链终端负反馈加剧叠加油价偏弱 PX短期承压
Jin Tou Wang·2025-07-17 02:37

Supply and Demand - As of July 11, domestic PX operating rate increased to 81.3% (+0.3%) while Asian PX operating rate decreased to 73.6% (-0.5%) [2] - As of July 11, PTA operating rate increased to 79.7% (+1.5%) [3] Price Trends - On July 16, Asian PX prices continued to decline, with a decrease of $3/ton to $834/ton, equivalent to 6876 RMB/ton [1] - PX spot prices are expected to stabilize with September estimated in the range of +12/+14 and October in +2/+8.5 for negotiations [1] - A transaction for September Asian spot PX was completed at $836.5 and for October at $830 [1] Market Outlook - Due to previous PXN recovery, delayed domestic maintenance schedules, and gradual recovery of overseas PX supply, PX is expected to face short-term pressure [4] - However, the anticipated commissioning of new PTA facilities suggests a tight supply-demand balance for PX, providing some support at lower price levels [4] - PX is expected to fluctuate in the short term within the range of 6600-6900 RMB [4]