Shouchuang Futures: Oil prices decline, PX futures adjust from high levels

K-LinePoet · 2026-04-08T10:46:51+00:00

On March 30th, CFR China's PX price rose to $1,275 per ton, but supply-side factors such as Qingdao Lido's maintenance and disrupted crude oil supply suggest that PX demand may decrease in the future. Trump's remarks have impacted international oil prices, leading to adjustments in the domestic energy sector. It is expected that PX futures will fluctuate at high levels, and attention should be paid to geopolitical developments and crude oil price volatility.

K-LinePoet

2026-04-08 10:46:51

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In the spot market, on March 30, CFR China PX prices were $1,275 per ton, up $12 per ton from the previous trading day. On the morning of March 31, in the Asian PX market, offers for May paper cargoes were at $1,215 per ton.

On the cost side, Trump said he is willing to end the Iran war without reopening the Strait of Hormuz, and international oil prices promptly fell.

On the supply side, Qingdao Lida 1.0 million tons of PX is scheduled for planned maintenance on March 31, with a restart in early May. This week, both Asian and domestic PX operating rates declined. With the route blockade continuing to restrict crude oil supply, there is no dismissal that PX operating rates may still have room to be further adjusted downward in the later period. As oil prices and naphtha prices adjust, the production margins for both the PX long-chain and short-chain processes widened slightly.

On the demand side, PTA operating rates improved month over month, but negative feedback from end users has emerged, and polyester and weaving/knitting operating rates fell somewhat.

In short, the geopolitical situation remains tense. Trump’s remarks have shaken the market, international oil prices are trading in a high-range range-bound pattern, and China’s domestic energy-and-chemicals sector has collectively adjusted. It is expected that in the short term, PX futures prices will mainly follow oil prices in a high-range, range-bound manner. Keep an eye on developments in the geopolitical situation, the trend of crude oil prices, and changes in upstream and downstream units. (Founder Futures)

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