The relevant information this week is as follows:
1. Raw material
Crude oil: Compared to the previous statistical period, the average international crude oil price remained basically flat during this period, with Brent crude oil averaging $64.46 per barrel. International crude oil prices fluctuated around $64 per barrel this week, but rebounded on Friday after US President Trump issued another threat against Iran, triggering market concerns that Middle East conflict would severely disrupt oil supplies.
Previously, the basic assessment of the international crude oil market was that it might rise in the short term, while the long-term trend,
influenced by “oversupply,” was more likely to decline. However, given President Trump’s current style and approach, he may well use the momentum of “capturing Maduro alive” to escalate the situation in the Middle East.
2. Production capacity
Among the major refineries in the country, Maoming and Dalian have stopped production, and the rest of the refineries are operating normally.
|
Period |
Factory |
Status |
|
20260116-0122 |
Daqing Pec |
Normal |
|
20260116-0122 |
Daqing Ref & Che |
|
|
20260116-0122 |
Dalian Pec |
Closed and Relocating |
|
20260116-0122 |
Fushun Pec |
Normal |
|
20260116-0122 |
Lanzhou Pec |
Normal |
|
20260116-0122 |
Jingmen Pec |
Normal |
|
20260116-0122 |
Gaoqiao Pec |
Normal |
|
20260116-0122 |
Maoming Pec |
Suspended |
|
20260116-0122 |
Jinan Ref & Che |
Normal |
|
20260116-0122 |
Nanyang Pec |
Normal |
|
20260116-0122 |
Panjing Beiran |
Normal |
3. Stock
The paraffin market rebounded this week, and the national inventory has now dropped to 11,000 tons.
4. Market demand
Demand for paraffin wax remained strong this week due to a significant drop in listed prices.
5. Industry analysis overview
This week, Sinopec adjusted the listed prices of paraffin wax products across its various refineries. The Jingmen refinery raised prices for its main products by 50 yuan/ton, while microcrystalline wax saw a substantial decrease of 200-300 yuan/ton. The Jinan and Gaoqiao refineries lowered prices for their main paraffin wax products by 100-200 yuan/ton. Overall, listed prices for low-to-medium melting point (58℃ and below) paraffin wax products increased, while listed prices for high melting point (60℃ and above) paraffin
wax products decreased.
Given current inventory levels, this price adjustment was somewhat unexpected, suggesting Sinopec may be planning a pre-Chinese New Year promotion.
6. Price expectations
Next week, paraffin wax prices are expected to remain stable, with PetroChina potentially adjusting its listed prices accordingly. The paraffin wax market remains in a downward cycle.