① Industry operating rate this month was 77.84%, up 7.46% month-on-month. Industry output totaled 2.858 million tons, up 10.6% month-on-month.
② During the period, the average PX-naphtha spread was USD 318.57/ton, an increase of USD 21.26/ton month-on-month; the average PX-methanol spread was USD 85.24/ton, a decrease of USD 39.73/ton month-on-month.
PX prices rose in September. Crude oil prices increased during the month, leading to improved profitability for oil products. Tightness in xylene supply and difficulties in procuring PX feedstocks exacerbated spot shortages of PX, driving absolute PX prices higher and expanding naphtha processing margins. Hainan Refining & Chemical’s 1.6 million ton/year PX unit underwent maintenance, while Fujia Dahua’s 700,000 ton/year PX unit also went offline for maintenance. Meanwhile, Yangzi Petrochemical’s 550,000 ton/year and Fuhai Chuang’s 1.6 million ton/year PX units restarted, boosting capacity utilization. As of September 27, the average Asian PX price stood at USD 1,224.32/ton CFR China and USD 1,203.32/ton FOB Korea, representing month-on-month increases of 12.32% and 12.56%, respectively, and year-on-year increases of 47.99% and 49.43%. Sinopec’s September PX settlement price was RMB 9,655/ton (with a discount of RMB 15/ton for cash transactions).
Asian PX Monthly Price Movement Table
Unit: USD/ton
| Region | Current Average | Previous Average | Same Period Last Year | MoM Change | YoY Change | Remarks |
|---|---|---|---|---|---|---|
| CFR China | 1224.32 | 1090.02 | 827.28 | 12.32% | 47.99% | USD/ton |
| FOB Korea | 1203.32 | 1069.02 | 805.28 | 12.56% | 49.43% | USD/ton |
Source: Chempricehub Information
On the supply side, Hainan Refining & Chemical’s 1.6 million ton/year PX unit and Fujia Dahua’s 700,000 ton/year PX unit were under maintenance during the month. Conversely, Yangzi Petrochemical’s 550,000 ton/year and Fuhai Chuang’s 1.6 million ton/year PX units restarted, improving capacity utilization. The industry operating rate reached 77.84%, up 7.46% month-on-month, with total industry output at 2.858 million tons, up 10.6% month-on-month.
On the demand side, PTA production this month was 5.84 million tons, with a PTA capacity utilization rate of 70.71%.
October Outlook: PX market prices are expected to trend upward next month. Spot tightness will persist as destocking continues into October, supporting a rising price trajectory. On the cost front, international crude oil prices may decline, with WTI likely trading within a range of USD 85–96/barrel and Brent within USD 98–109/barrel. On the supply side, Hainan Refining & Chemical’s 1.0 million ton/year unit is scheduled to restart next month, with projected PX output at 3.10 million tons. On the demand side, total PTA production is forecasted to reach approximately 5.86 million tons.
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