ShouChuang Futures: Oil prices fluctuate at high levels, PX futures fluctuate and adjust

K-LinePoet · 2026-03-28T03:57:51+00:00

The spot market CFR China PX price has risen to $1,295/ton due to spring maintenance leading to reduced supply. Downstream demand is seasonally recovering, but increased geopolitical uncertainties pose risks to businesses. Mid-term PX supply and demand are marginally improving, but the overall outlook remains bullish, with attention to subsequent market developments.

K-LinePoet

2026-03-28 03:57:51

Abstract generation in progress

In the spot market, the CFR China PX price is $1,295 per ton, an increase of $21 per ton from the previous trading day.
On the supply side, since March, Asian PX has entered spring maintenance, and both Asian and domestic PX operating rates have decreased for two consecutive weeks. Additionally, the risk of oil supply disruptions caused by geopolitical issues has forced refineries to significantly lower their production levels, leading to an increase in domestic and foreign PX maintenance schedules. In the future, PX production will continue to decline, and PX will enter a destocking phase.
On the demand side, downstream demand is seasonally recovering, with polyester and terminal weaving gradually resuming operations. However, uncertainties in the geopolitical situation have led to severe fluctuations in raw material prices, increasing operational risks for real enterprises. Some terminals lack new orders, resulting in a decrease in factory operations, and negative feedback from the terminals has become apparent.
In summary, high oil prices are fluctuating, and profit-taking has triggered significant adjustments in the chemical sector. In the medium term, PX supply and demand show marginal improvement, and a neutral view still supports a long allocation perspective. Future focus will be on developments in the geopolitical situation, trends in oil prices, and changes in upstream and downstream facilities. (CITIC Futures)

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