The US-Iran military conflict shows no signs of easing, and crude oil prices continue to rise. Mixed Xylene (MX) supply remains tight, while PX operating rates both domestically and overseas are generally low, leading to a scarcity of spot goods. During the week, PX and naphtha processing spreads widened, whereas MX processing spreads narrowed, resulting in an absolute price increase for PX.
Key Highlights:
① Weekly PX production was 666,500 tons, a decrease of 0.01% week-on-week.
② The domestic weekly average PX capacity utilization rate was 80.39%, a decrease of 0.01% week-on-week.
③ The Asian weekly average PX capacity utilization rate was 70.64%, an increase of 1.23% week-on-week.
During this period (September 10–16, 2026), the US-Iran military conflict showed no signs of de-escalation, and crude oil prices continued to climb. With MX supply remaining tight and overall PX operating rates low both domestically and internationally, spot availability was scarce. Consequently, PX and naphtha processing spreads widened during the week, while MX processing spreads narrowed, driving up the absolute price of PX. On Wednesday, September 16, the average Asian PX market price stood at $1,267.33/ton CFR China and $1,246.33/ton FOB Korea, representing week-on-week increases of $79.66/ton (+6.71%) and +6.83%, respectively. Sinopec's August settlement price for PX was set at 8,640 RMB/ton (with a 10 RMB/ton discount for cash payments).
Within this cycle, Yisheng Dalian restarted operations, leading to sustained increases on the supply side. Partial restarts of downstream units slightly raised polyester loads, expanding inventory accumulation according to the balance sheet. However, geopolitical tensions between the US and Iran kept international crude oil prices strong, providing robust cost support. Downstream buyers continued to chase the market, while shipments from major producers remained sluggish, tightening spot liquidity. As a result, East China spot prices maintained their bullish trend throughout the week.
By the close of the week, the average spot PTA price in East China was 7,112 RMB/ton, a week-on-week increase of 618 RMB/ton.
There were no unit changes this week. Maintenance continues at Urumqi Petrochemical’s 1 million ton/year PX unit, Hainan Refining & Chemical’s 1.6 million ton/year unit, Fuhai Chuang’s 800,000 ton/year PX unit, and Yangzi Petrochemical’s 890,000 ton/year unit. Loads for other units remained unchanged. Weekly PX production totaled 666,500 tons, a slight decrease of 0.01% week-on-week. The domestic weekly average PX capacity utilization rate was 80.39%, down 0.01% week-on-week.
During this period, domestic PTA production reached 1.373 million tons, an increase of 76,400 tons from the previous week but a decrease of 57,900 tons year-on-year. The restart of Yisheng Dalian, combined with the restarts or load increases at Fuhai Chuang and other units last week, led to a continuous rise in overall domestic production during this cycle.
Next Week’s PX Production Forecast: Next week, maintenance will continue at Hainan Refining & Chemical’s 1.6 million ton/year unit, Yangzi Petrochemical’s 890,000 ton/year unit, and Urumqi Petrochemical’s 1 million ton/year PX unit. Fuhai Chuang’s 800,000 ton/year PX unit is expected to resume output. Projected weekly PX production is 681,800 tons, with an average weekly capacity utilization rate of 82.24%.
Table 1: China PX Supply-Demand Balance Sheet
Unit: 10,000 tons
| Data Type | Indicator | Current Period | Previous Period | Change | Next Period Trend |
|---|---|---|---|---|---|
| Supply | Domestic PX Production | 66.65 | 66.66 | -0.01 | 68.18 |
| PX Imports | 14.00 | 14.00 | 0.00 | 14.00 | |
| Total Supply | 80.65 | 80.66 | -0.01 | 82.18 | |
| Demand | Domestic Consumption | 90.84 | 85.79 | 5.05 | 92.92 |
| Exports | 0 | 0 | 0.00 | 0 | |
| Total Demand | 90.84 | 85.79 | 5.05 | 92.92 | |
| Supply-Demand Gap | Theoretical Weekly Balance Difference | -10.19 | -5.13 | -5.06 | -10.74 |
Data Source: Chempricehub Information
Next Week’s PTA Production Forecast: Helian Petrochemical is scheduled to restart and begin output next week, with no adjustment plans for other units. Domestic supply is expected to maintain an upward trend. Estimated weekly production for next week is approximately 1.4044 million tons.
This week, a total of 20 sample enterprises were surveyed, comprising 15 PX producers, 3 downstream consumers, and 2 traders.
PX prices are expected to remain volatile next week. While cost support may weaken, tight spot PX supplies and constrained upstream raw material availability suggest that prices will primarily fluctuate within a range. The PX price is projected to trade around $1,270/ton CFR China next week.
Cost Side: International crude oil prices may see a slight decline next week. WTI is forecast to trade between $99–105/barrel, and Brent between $102–108/barrel.
Supply Side: Maintenance will continue at Hainan Refining & Chemical’s 1.6 million ton/year unit, Yangzi Petrochemical’s 890,000 ton/year unit, and Urumqi Petrochemical’s 1 million ton/year PX unit. Fuhai Chuang’s 800,000 ton/year PX unit is expected to resume output. Projected weekly PX production is 681,800 tons, with an average weekly capacity utilization rate of 82.24%.
Demand Side: Helian Petrochemical is scheduled to restart and begin output next week, with no adjustment plans for other units. Domestic supply is expected to maintain an upward trend, with estimated weekly production reaching approximately 1.4044 million tons.
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