January 16Th Market Morning Post: PX Late Supply Has A Downward Trend, Prices Continue To Narrow Or Pull Up.

1. yesterday's market situation

Yesterday (January 15, 2019) Asian PX prices rose 3.42 US dollars / ton to US $1074.42 / ton CFR Taiwan / China and 1054.42 US dollars / ton FOB Korea.

China says it will introduce economic incentives such as tax cuts, and international oil prices will rebound sharply.

A temporary shutdown of a large factory in eastern China affected the rise of crude oil futures. Yesterday's PTA night market was at a high level.

Enquiries in the PX field are general, but prices continue to narrow in the late stage due to a downward trend in supply.

Upstream market

(1) 1/15 closed: China said it would introduce tax incentives and other economic stimulus policies. Global economic and oil demand expectations were boosted, and international oil prices rebounded sharply.

WTI52.11 rose 1.60; Brent 60.64 rose 1.65 dollars / barrel.

China's SC main force fell 1903 to 3.5 yuan to 416.2 yuan / barrel.

(2) naphtha: in January 15th, the current price of naphtha in Japan was 484.5 US dollars / ton, which fell by 5.25 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 51.47 US dollars / barrel, which is 0.58 US dollars lower than that on the previous trading day.

2. short term forecast

PX prices are expected to stabilize at a high level today.