The relevant information this week is as follows:
1. Raw material
Crude oil: Compared to the previous statistical period, the average price of international crude oil fell slightly during this period, with Brent crude oil averaging $63.71 per barrel. This week, international oil prices continued to fluctuate slightly around $64 per barrel, but following OPEC’s monthly oil market report released on Wednesday, international oil prices experienced their largest drop since June,
with recent futures trading prices generally falling by about 4%. The report indicated that with increased global supply, the oil market will experience a slight surplus in 2026. Prior to this, all OPEC forecasts predicted a prolonged period of supply shortages in the oil market. Fortunately, international oil prices rebounded somewhat on Thursday and Friday, but the volatility increased.
2. Production capacity
Among the major refineries in the country, Maoming, Dalian and Lanzhou have stopped production, and the rest of the refineries are operating normally.
Period | Factory | Status |
20251107-1113 | Daqing Pec | Normal |
20251107-1113 | Daqing Ref & Che | |
20251107-1113 | Dalian Pec | Closed and Relocating |
20251107-1113 | Fushun Pec | Normal |
20251107-1113 | Lanzhou Pec | Suspended |
20251107-1113 | Jingmen Pec | Normal |
20251107-1113 | Gaoqiao Pec | Normal |
20251107-1113 | Maoming Pec | Suspended |
20251107-1113 | Jinan Ref & Che | Normal |
20251107-1113 | Nanyang Pec | Normal |
20251107-1113 | Panjing Beiran | Normal |
3. Stock
The paraffin market saw a slight decline this week, with national inventory currently remaining at 10,000 tons.
4. Market demand
November is traditionally a slow season for paraffin sales, and demand begins to decrease.
5. Industry analysis overview
Paraffin wax prices remained stable this week. With the arrival of November, the paraffin wax market is gradually entering its traditional off-season, and national inventory has surged from 7,000 tons last week to 11,000 tons. Refineries are flexibly adjusting their list prices based on actual production and market demand. For example, this week, Gaoqiao Petrochemical raised its list prices for 54 semi-refined, 60 semi-refined, and 60 fully refined paraffin wax by 50 yuan/ton; it lowered the list price for 64/66 semi-refined paraffin wax by 250 yuan/ton, and the list price for 64/66 fully refined paraffin wax by 300 yuan/ton.
Based on past experience, demand for high-melting-point paraffin wax grades decreases in winter, while demand for low-melting-point paraffin wax grades increases.
6. Price expectations
Paraffin wax prices are expected to remain stable in the near term, with the possibility of slight, flexible increases. However, with the arrival of the traditional off-season, downward pressure on paraffin wax prices is increasing.