On May 26, PX closed at $1,094/ton, down $5/ton (CFR China); the weekly average price in the Asian PX market was $1,124.75/ton CFR China and $1,102.75/ton FOB Korea, down $75.92/ton from the previous week, representing changes of -6.32% and -6.44%, respectively.

The decline in PX prices this round was mainly driven by a significant reduction in costs, geopolitical easing, and lower oil prices. With weak cost support, PX absolute prices fell during the week. The U.S.-Iran talks had a greater impact on naphtha, leading to a sharper drop in naphtha prices and narrowing the PX-naphtha processing spread. However, supported by rising overseas gasoline demand and limited refinery profitability amid lower operating rates, MX prices remained firm, widening the PX-MX spread.

Taking into account multiple factors such as cost and supply, PX prices have dropped significantly. For the subsequent trend, attention should be paid to further changes in the geopolitical landscape and shifts in supply and demand. It is expected that there may be some room for further price correction in the short term.

Top 5 PX Representative Enterprises by Operating Capacity:

| Company Name | Capacity: 10,000 tons/year |
| :--- | :--- |
| Zhejiang Petrochemical | 900 |
| Sinopec | 733 |
| CNPC | 535 |
| Hengli Petrochemical | 500 |
| CNOOC | 405 |