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                Driving force to China toluene and MX markets – ChinaTexnet.com
                Home >> Textile News >> Driving force to China toluene and MX markets

                Driving force to China toluene and MX markets

                2022-06-27 09:02:36 CCFGroup

                China toluene and mixed xylenes markets spike in the beginning of Jun. East China toluene price has surged from 8,280yuan/mt on Jun 2 to 9,600yuan/mt on Jun 8, and MX price has soared from 8,320yuan/mt to 9,250yuan/mt over the same period.

                 

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                Firstly, the driving force comes from firm crude oil. Europe and US crude oil continues rising. The most active contract for Brent crude oil futures has advanced from $116.29/bbl on Jun 1 to $123.58/bbl on Jun 8, and WTI crude futures from $115.26/bbl to $122.11/bbl over the same period.

                 

                Secondly, Asian toluene and MX markets are driven up by strong demand for blending component in the US.

                 

                With the approaching of driving season in the US, demand for refined oil products such as gasoline is strong. With increasing appetite for blending components, USG toluene price has surged from $1670/mt on Jun 2 to $1995/mt FOB on Jun 8, and MX price from $1692/mt to $2004/mt FOB over the same period.

                 

                Refined oil products are in shortage in Europe and US, and demand for blending component is robust in peak demand season in summer. As a result, Asian toluene and MX markets are driven up sharply. China toluene exports surge and trade was heard done at $1300/mt FOB Ningbo, equivalent to 9,790yuan/mt. With domestic yuan price at around 9,300yuan/mt on Jun 8 and miscellaneous fees at 100yuan/mt, the exporting profits was around 400yuan/mt. Therefore, high USD-denominated price and exporting demand are the most important advancing momentum for China domestic markets.

                 

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                Thirdly, toluene and mixed xylenes supplies remain tight in coastal market. Though port inventory of toluene has increased to 77.8kt and that of MX to 87.1kt as of the week ending Jun 8, it is expected to reduce. About 40kt of toluene and another 40kt of MX cargoes are expected to be exported and moved out from the reserve areas. In addition, as PX profits are attractive, MX cargoes to East China would decrease in Jun.

                 

                Last but not least, China issues on Jun 7 additional refined oil product export quota of 4.5 million tons to four state-owned companies. Sinopec gets 1.53 million tons, CNPC receives 2.4 million tons, and 0.42 million tons and 0.15 million tons go to CNOOC and Sinochem respectively.

                 

                In Mar-Apr, due to the lockdown and travelling restrictions in China, gasoline and diesel inventory in state-owned and independent refineries swelled, and demand for blending components such as toluene and MX were weak. In May, with increasing travelling and Shanghai lifting lockdown, commercial inventory of refined oil products has decreased. Gasoline consumption is expected to keep increasing with the nearing of peak demand season in summer. Therefore, China toluene and MX markets are driven up.

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