PX：调油需求炒作有所降温 PX短期驱动有限

Supply and Demand - As of November 21, domestic PX operating rates reached 89.5%, an increase of 2.7% [2] - Asian PX operating rates were at 79.7%, up by 1.2% [2] - PTA operating rates decreased to 71%, down by 4.7% [3] Market Overview - On November 26, Asian PX prices increased by $3/ton to $829/ton, equivalent to RMB 6765/ton [1] - The market sentiment is supported by rumors of maintenance at a major PX plant in East China, although downstream product changes remain unclear [1] - The market trading atmosphere is generally average, with January spot prices expected to float around -3 and February around -2/-1 [1] Price Outlook - Recent changes in some isomerization units have occurred, but some factories are relying on MX to supplement PX operations, keeping PX supply at a high level [4] - The demand side is facing weakness due to concentrated PTA plant maintenance and gradually weakening terminal demand [4] - Despite short-term supply and demand being weak, medium-term expectations for PX supply and demand remain tight, indicating strong support for PX prices [4]