Morning Market Briefing for Xylene

I. Key Focus Areas

1. Crude Oil: On September 21, reports indicating a potential resumption of US-Iran negotiations eased market concerns, causing international crude oil prices to fall. The NYMEX WTI October contract closed at $95.78/bbl, down $4.52 (-4.51% MoM). The ICE Brent November contract closed at $100.34/bbl, down $3.53 (-3.40% MoM). The INE Shanghai crude oil November 2026 contract fell by 23.6 CNY to 730.8 CNY/bbl during the day session and dropped another 16.5 CNY to 714.3 CNY/bbl in the night session.

2. Xylene: Sinopec East China posted its xylene listing price at 8,650 CNY/ton.

3. Gasoline: Yesterday, the production-to-sales ratio for Shandong local refineries' gasoline was 102%, an increase of 3 percentage points compared to the previous period.

Core Logic: Crude oil futures dipped slightly. Yesterday, Shandong local refinery sales exceeded production (unbalanced supply-demand), factory auctions did not command a premium, but on-site purchasing sentiment improved. The Asian USD-denominated market rose yesterday, while xylene prices showed mixed movements.

II. Price List

Notes:

1. FOB Korea: USD/ton; East China and Shandong Markets: CNY/ton.
2. Xylene prices reflect the average closing prices of mainstream markets.
3. All RMB prices in the table above are spot exchange rates, tax-inclusive, ex-works prices.

III. Market Outlook

Crude oil futures closed with four consecutive declines, providing insufficient support to market sentiment. Yesterday, the gasoline market saw sales exceed production, improving xylene shipment conditions for refineries. Shandong refineries engaged in pre-holiday inventory reduction operations, leading to continued price drops. In contrast, the East China market remained supported by tight supply, continuing to trade firm. Today's domestic xylene prices are expected to show mixed trends.

Legend:

1. ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range fluctuation, highlighting data with changes within 0-3%.