PX Weekly Review

 This week, the Asian PX showed a volatile and falling market. This week, the average weekly price of CFR China was US$923.8/ton, down 1.16% from the previous month; the average weekly price of FOB Korea was US$903.8/ton, down 1.18% from the previous month. This week, due to OPEC+'s agreement to increase production and the continued suppression of pandemic concerns, international oil prices were under pressure and plummeted, resulting in weak PX cost-side support. The current price of the downstream PTA period fluctuates widely due to the long-short game and poor polyester demand. In addition, under the expectation of the release of new domestic production capacity, participants have insufficient confidence in the outlook of supply and demand in the market outlook, and the buying sentiment in the market is not good, superimposing the Singapore Haji During the holidays, trading was particularly light. Therefore, led by the negative atmosphere, the PX price consolidated weakly this week, returning to near the $920/ton mark. PTA Weekly Review: PTA prices rose slightly this week. This week, PTA followed the rise of crude oil, and the spot basis was weaker and stronger. Crude oil inventories in the Cushing area of the United States fell to a record low in 18 months. Crude oil rebounded sharply on Wednesday, which strengthened support for PTA costs. Downstream polyester has stable demand for PTA. In addition, weather factors may affect PTA unloading in some ports. Under the premise of insufficient PTA spot, the PTA spot basis continues to strengthen. As of July 21, the warehouse receipts and effective forecast stocks were about 580,000 tons, a decline of about 110,000 tons in a single week. MEG Weekly Review: The ethylene glycol market fluctuated higher this week. Due to the approaching typhoon, frequent gale weather, increased port closure time, more delays in import arrivals, and rapid rebound of crude oil after a sharp drop at the beginning of the week, the price of PTA, polyester filament and other related varieties was superimposed to boost the price of the week. The price of alcohol continued to rise, and the 2109 contract refreshed this year's high. On July 22, Zhangjiagang ethylene glycol spot premium 09 contract this week is 30-35 yuan/ton, the offer is 5490 yuan/ton, and the offer is 5485 yuan/ton. As of July 22, the weekly average spot price of ethylene glycol in Zhangjiagang closed at 5,437.00 yuan/ton, an increase of 5.80% from last week.