With the coming of National Day holiday, the Chinese wax price rise significantly, on the one hand, the Sinopec made the decision that the price will be go up after holiday, on the other hand the PetroChina still kept price stable.
Regarding the supply position, at this moment the Sinopec supply is tightly on low melt point paraffin wax, this is the reason why the price will be go up and the mainly products supply is available, like 56/58.
Meanwhile the high melt point was usually produced by North refineries, like Fushun, Dalian, but this moment the supply is also tightly.
The export amounts less than last month and the marketing is not better, but after holiday, some customers may be will plan to purchase wax for candle production, because they need to stock it for Christmas.
This week the European paraffin wax marketing prices remained stable, market participants think that the stability of the European market will last until October.
While in the busy season, but due to the crude oil price was always so low, and the dollar gained ground against the EUR, some customers mainly purchase wax from local marketing when they need.
This Week the American wax marketing price stability, and market participants thought that influenced by largest wax production factory stop production, the wax supply is still tightly and some customers also imported wax from other originals.
Market news on Sep 29 2015