On the cost side, the US proposed lifting the blockade and sanctions in exchange for Iran opening up the Strait of Hormuz. According to foreign media, the US and Iran have reached a consensus on the terms of the cease-fire agreement, which includes free navigation in the Strait of Hormuz. Iran and Oman have reached an understanding on a temporary new route in the Strait of Hormuz, and negotiations will commence on setting up a new permanent route in the future. The geographical situation has eased, expectations for the resumption of navigation in the strait have risen, and international oil prices have dropped sharply. On the supply side, Yangzi Petrochemical delayed the restart of 890,000 tons; Hainan Refining and Maintenance of its 1 million tons from June 2 to mid-September, and another 660,000 ton set to stop from the end of June to the beginning of October; Fuhua Group restarted 800,000 tons, and the other 800,000 ton plan to restart at the end of August and early September; Shenghong Refining and Chemical has restarted 2 million tons next week. Thailand's PTTG plans to stop a 770,000-ton vehicle next week. Last week, Asia's PX load fell 1.1 percentage points month-on-month, while domestic PX load declined slightly by 0.1 percentage points month-on-month. As devices restart one after another, the domestic PX load will increase further. On the demand side, the domestic PTA load increased 1.9 percentage points from month to month last week. A number of PTA devices are still scheduled to be restarted before the end of the month, and the PTA load will increase further in the future. The downstream polyester load declined slightly by 0.2 percentage points. Overall, the geographical situation has eased, expectations for the resumption of navigation in the strait have risen, and oil prices have suffered a severe drop, triggering a collective decline in the energy sector. Furthermore, as maintenance devices were restarted one after another, the supply of PX increased rapidly. Short-term PX futures are expected to fluctuate and adjust, focusing on the progress of the geographical situation, crude oil price trends, and changes in the industrial chain system.
Zhitongcaijing · 2d ago
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On the cost side, the US proposed lifting the blockade and sanctions in exchange for Iran opening up the Strait of Hormuz. According to foreign media, the US and Iran have reached a consensus on the terms of the cease-fire agreement, which includes free navigation in the Strait of Hormuz. Iran and Oman have reached an understanding on a temporary new route in the Strait of Hormuz, and negotiations will commence on setting up a new permanent route in the future. The geographical situation has eased, expectations for the resumption of navigation in the strait have risen, and international oil prices have dropped sharply. On the supply side, Yangzi Petrochemical delayed the restart of 890,000 tons; Hainan Refining and Maintenance of its 1 million tons from June 2 to mid-September, and another 660,000 ton set to stop from the end of June to the beginning of October; Fuhua Group restarted 800,000 tons, and the other 800,000 ton plan to restart at the end of August and early September; Shenghong Refining and Chemical has restarted 2 million tons next week. Thailand's PTTG plans to stop a 770,000-ton vehicle next week. Last week, Asia's PX load fell 1.1 percentage points month-on-month, while domestic PX load declined slightly by 0.1 percentage points month-on-month. As devices restart one after another, the domestic PX load will increase further. On the demand side, the domestic PTA load increased 1.9 percentage points from month to month last week. A number of PTA devices are still scheduled to be restarted before the end of the month, and the PTA load will increase further in the future. The downstream polyester load declined slightly by 0.2 percentage points. Overall, the geographical situation has eased, expectations for the resumption of navigation in the strait have risen, and oil prices have suffered a severe drop, triggering a collective decline in the energy sector. Furthermore, as maintenance devices were restarted one after another, the supply of PX increased rapidly. Short-term PX futures are expected to fluctuate and adjust, focusing on the progress of the geographical situation, crude oil price trends, and changes in the industrial chain system.
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