20251124~20251130paraffin market analysis of China 

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 by $1.20 during this period, with Brent crude oil averaging $62.85 per barrel. This week, the price fluctuation center has shifted from $64 per barrel to $62 per barrel, and the so-called “latest US government sanctions against Russia” has not had a halting effect. On the contrary, the negotiations between Russia and Ukraine regarding a ceasefire agreement seem to have gained the approval of most traders, further compressing
the premium brought by geopolitics.

This Sunday, OPEC+ will hold a video conference to determine whether to suspend production increases in the first quarter of next year. This measure was proposed earlier this month and appears likely to be implemented to alleviate the global crude oil oversupply.

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
20251121-1127	Daqing Pec	Normal
20251121-1127	Daqing Ref & Che	Normal
20251121-1127	Dalian Pec	Closed and Relocating
20251121-1127	Fushun Pec	Normal
20251121-1127	Lanzhou Pec	Suspended
20251121-1127	Jingmen Pec	Normal
20251121-1127	Gaoqiao Pec	Normal
20251121-1127	Maoming Pec	Suspended
20251121-1127	Jinan Ref & Che	Normal
20251121-1127	Nanyang Pec	Normal
20251121-1127	Panjing Beiran	Normal

 

3. Stock

The paraffin market was sluggish this week, with national inventory currently at 13,000 tons.

4. Market demand

November is traditionally a slow season for paraffin wax sales, with demand starting to decline.

5. Industry analysis overview

This week, paraffin wax prices remained stable. November is traditionally a slow season for paraffin wax sales, and this trend will
continue until after the Spring Festival. Based on past experience, demand for high-melting-point paraffin wax grades decreases in winter, while demand for low-melting-point grades increases.

6. Price expectations

Recently, paraffin wax prices have remained stable, with the possibility of flexible adjustments. However, with the arrival of the traditional slow season, downward pressure on paraffin wax prices is increasing.