During the reporting period (September 30 – October 7, 2026), crude oil prices rose, providing strong cost support. Combined with tight spot availability, paraxylene (PX) prices increased. Mixed xylene (MX) supply remained constrained, and PX spot tightness persisted. Throughout the week, PX-to-naphtha processing margins remained at elevated levels, while PX-to-MX margins showed little fluctuation.
Key Highlights:
During the reporting period (September 30 – October 7, 2026), rising crude oil prices provided robust cost support. Coupled with a tight spot market, PX prices climbed. MX supply constraints continued to exacerbate PX spot shortages. PX-naphtha processing margins remained high, whereas PX-MX margins were relatively stable.
As of October 7, the average Asian PX price was $1,266.06/ton CFR China and $1,245.06/ton FOB Korea, representing week-over-week increases of $7.89/ton (+0.63%) and $7.89/ton (+0.64%), respectively. The September Sinopec PX settlement price was set at 9,655 RMB/ton (with a cash discount of 15 RMB/ton).
During the National Day holiday, Dushan Energy and Jiaxing Petrochemical halted operations for maintenance, leading to a slight reduction in domestic supply. Demand performance was weak; however, the rate of inventory buildup narrowed due to reduced supply, resulting in tighter spot liquidity. Tensions in the Middle East kept oil prices firm, maintaining solid support from the cost side. Although downstream players engaged in some restocking after the holiday, persistent strength in raw material prices fueled resistance among buyers. Most procurement remained on an as-needed basis, reflecting cautious market sentiment.
By closing, the average weekly PTA spot price in East China was 7,688 RMB/ton, up 495 RMB/ton from the previous week.
This week, Hainan Refining & Chemical’s 1.6 million ton/year unit and Yangzi Petrochemical’s 340,000 ton/year unit remained under maintenance. Fuhua’s 700,000 ton/year unit and Zhejiang Petrochemical’s 2 million ton/year unit were shut down. Other units maintained stable operating rates. Consequently, weekly PX production was recorded at 674,500 tonnes, a decrease of 2.08% from the previous week. Domestic PX average weekly capacity utilization fell to 81.36%, down 1.69 percentage points.
During this period, domestic PTA output totaled 1.385 million tonnes, a decrease of 59,000 tonnes from the previous week and 55,700 tonnes year-on-year. With Dushan Energy and Jiaxing Petrochemical undergoing maintenance, other units operated stably, resulting in a slight contraction in overall domestic production.
Next Week’s PX Production Forecast: No new maintenance plans are scheduled for the upcoming period. However, supply will continue to contract due to maintenance activities during the National Day holiday. Next week’s weekly production is projected to be approximately 1.3119 million tonnes. (Note: This figure appears inconsistent with typical PX production volumes cited earlier; please verify source data if necessary, as 1.3119 million tonnes aligns more closely with PTA production figures mentioned below.)
Next Week’s PTA Production Forecast: No new maintenance plans are scheduled. Supply will remain constrained due to holiday-period shutdowns. Next week’s weekly production is projected to be approximately 1.3119 million tonnes.
Market sentiment survey for next week’s Chinese PX market:
A sample of 20 enterprises was surveyed, comprising 15 PX producers, 3 downstream users, and 2 traders.
Overall, the interplay between cost pressures and supply constraints is expected to keep prices volatile yet generally firm.
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