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 this period, with Brent crude oil averaging $61.34 per barrel. After a sharp drop last Friday, international oil prices slowly rose this week. The most attention-grabbing news this week was the US military strike on Venezuelan soil and the kidnapping of its president and wife to the US.
Secondly, the drone attack on Russian President Putin’s residence will undoubtedly pose a new obstacle to the peaceful resolution of the Russia-Ukraine conflict. Based on these geopolitical conflicts, international crude oil prices may rise slightly in the short term.
However, the current situation of “supply exceeding demand” in the international crude oil market remains unchanged. Furthermore, Trump announced a strong takeover of Venezuelan oil assets and an increase in oil production. Currently, Venezuela’s oil production is only 1 million barrels per day, but under US control, it could easily reach 2 million barrels per day, which will further worsen the situation in the international crude oil market.
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 |
|
20251226-0101 |
Daqing Pec |
Normal |
|
20251226-0101 |
Daqing Ref & Che |
|
|
20251226-0101 |
Dalian Pec |
Closed and Relocating |
|
20251226-0101 |
Fushun Pec |
Normal |
|
20251226-0101 |
Lanzhou Pec |
Suspended |
|
20251226-0101 |
Jingmen Pec |
Normal |
|
20251226-0101 |
Gaoqiao Pec |
Normal |
|
20251226-0101 |
Maoming Pec |
Suspended |
|
20251226-0101 |
Jinan Ref & Che |
Normal |
|
20251226-0101 |
Nanyang Pec |
Normal |
|
20251226-0101 |
Panjing Beiran |
Normal |
3. Stock
The paraffin wax market was generally flat this week, with national inventory rising to 18,000 tons.
4. Market demand
Currently, it is the traditional off-season for paraffin wax sales, with low demand.
5. Industry analysis overview
This week is the last week of 2025, and both PetroChina and Sinopec have reduced the prices of their paraffin products. PetroChina reduced its list price by 400-450 yuan/ton, while Sinopec further reduced its list price by 100-250 yuan/ton. After this adjustment, PetroChina and Sinopec’s prices have returned to equilibrium. PetroChina is primarily promoting semi-refined paraffin wax grades, while Sinopec has a certain advantage in fully refined paraffin wax grades.
6. Price expectations
Next week, paraffin wax prices are expected to remain stable or see slight decreases, the paraffin wax market is in a downward cycle.