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 rose slightly during this period, with Brent crude oil averaging $63.09 per barrel. The OPEC+ video conference last Sunday confirmed a halt to production increases in the first quarter of 2026, slightly easing downward pressure on international crude oil prices. With no breakthrough in the Russia-Ukraine peace agreement negotiations, international oil prices rose steadily starting Wednesday.
However, overall international crude oil prices remain low, and the “oversupply” market situation continues to dominate the behavior
of most investors.
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 |
|
20251128-1204 |
Daqing Pec |
Normal |
|
20251128-1204 |
Daqing Ref & Che |
|
|
20251128-1204 |
Dalian Pec |
Closed and Relocating |
|
20251128-1204 |
Fushun Pec |
Normal |
|
20251128-1204 |
Lanzhou Pec |
Suspended |
|
20251128-1204 |
Jingmen Pec |
Normal |
|
20251128-1204 |
Gaoqiao Pec |
Normal |
|
20251128-1204 |
Maoming Pec |
Suspended |
|
20251128-1204 |
Jinan Ref & Che |
Normal |
|
20251128-1204 |
Nanyang Pec |
Normal |
|
20251128-1204 |
Panjing Beiran |
Normal |
3. Stock
The paraffin market was generally flat this week, with national inventory currently remaining at 13,000 tons.
4. Market demand
Currently, it is the traditional off-season for paraffin wax sales, with low demand.
5. Industry analysis overview
This week, paraffin wax prices showed a polarized trend. Sinopec flexibly adjusted the listed prices of some grades, taking Gaoqiao as a representative example, low-to-medium melting point grades (52#, 54#, 56#) decreased by 200-300 yuan/ton, while 60# increased by 50 yuan. Considering the recent production situation at the Gaoqiao refinery, it is clear that they are lowering prices to promote the products they are currently producing. Meanwhile, PetroChina slightly increased the listed prices of all semi-refined and crude paraffin wax grades; however, judging from the overall quotations from traders, transaction prices have fallen instead of rising, with some
already below the listed price.
6. Price expectations
Recently, paraffin wax prices are expected to remain stable, but flexible adjustments are possible, and downward pressure on paraffin wax prices is increasing.