Supply and Demand - As of August 22, overseas PX operating rates have significantly rebounded, with domestic PX load at 84.6% (+0.3%) and Asian PX load at 76.3% (+2.2%) [2] - As of August 22, PTA operating rates have decreased to 72.9% (-3.1%) [3] Market Outlook - Domestic and international PX maintenance units are gradually restarting, leading to an expected increase in PX supply; however, the downstream PTA sector is experiencing many unplanned maintenance due to low processing fees, resulting in a marginal weakening of PX supply and demand expectations in August [4] - Despite continuous destocking of PX since the second quarter, there is currently not much absolute inventory pressure, and the traditional demand peak season in September and October is expected to support downstream polyester load recovery [4] - Recent price support for PX is influenced by frequent device news, but absolute prices are also pressured by short-term oil price declines and a weak commodity market atmosphere; the strategy suggests a short-term wait-and-see approach for PX11, focusing on low long opportunities and rolling expansion of PX-SC price spreads [4] Spot Market - On August 27, the Asian PX procurement atmosphere was relatively good, providing some support; however, geopolitical tensions and a rapid drop in overnight crude oil prices led to insufficient cost support, resulting in a weak PX price during the day [1] - PX prices at the end of the day were 855.50 USD/ton for October and 851.50 USD/ton for November, with a closing price of 854.17 USD/ton, down 9.83 USD/ton (CFR China) [1] - On August 27, Asian PX fell by 10 USD/ton to 854 USD/ton, equivalent to 6999 RMB/ton; PXN is around 264 USD/ton [1]
PX：供需压力不大 但在油价偏弱拖累下PX反弹承压
Jin Tou Wang·2025-08-28 03:11