Due to the escalation of the Russia-Ukraine conflict, international crude oil prices have been continuously rising, providing support to the toluene and xylene markets after the holiday. In particular, prices at Shandong refineries have generally increased, and low-priced resources have become scarce. The fundamental situation in the East China market has changed little, and demand is mostly based on purchase as needed, remaining in a relatively rigid state.
Next week, as the post-holiday restocking pace slows down, the high prices at Shandong refineries will likely fall back somewhat, but overall changes will be limited. Closely monitor the impact of external news, as there is some sentiment of long and short position games, and caution is needed in operations.
