PX：近端供需偏弱但油价偏强 PX区间震荡对待

Group 1 - The core viewpoint of the articles indicates a significant decline in Asian PX prices due to high supply and reduced demand from downstream polyester producers, leading to a notable price adjustment [1] Group 2 Spot Market - On January 8, Asian PX prices experienced a significant drop, with February floating prices decreasing to -6/-5 and March expected to remain weak at around -1/+0.5 [1] - The trading prices for February and March Asian spot PX were reported at 883/886 and 879/888 respectively, with two transactions for February at 885 and 884, and two for March at 888 [1] Profitability - As of January 8, Asian PX prices fell by $14/ton to $886/ton, equivalent to a domestic price of 7169 RMB/ton, while PXN compressed to around $345/ton [1] Supply and Demand - As of January 8, domestic PX operating rates reached 90.9%, while Asian PX operating rates were at 81.2% [1] - The PTA operating rate was reported at 78.2%, with no significant changes in the demand side as some facilities increased their load [1] Market Outlook - The current PX profitability remains favorable, with some PX plants increasing production; however, post-New Year, terminal operations continue to decline, leading to high supply and weak demand, which will gradually highlight the pressure on polyester factories [1] - It is expected that the overall supply and demand for PX and PTA will weaken in the first quarter, with PX prices anticipated to fluctuate before the Spring Festival, while the second quarter is expected to see tighter supply and demand conditions [1]