China PX inventory has been reducing continuously

China PX inventory has been reducing continuously, shedding more than 800kt throughout the first 7 months of 2022 according to CCFGroup’s statistics. Domestic PX supply remains tight, especially when some imported cargoes are delayed. Several domestic PTA plants are under strains from lack of feedstock. According to CCFGroup’s investigation, PX stocks in some PTA plants has decreased to what can be consumed to maintain current production for only 1 week. As a result, China domestic PTA plant operation rate has been restricted by low PX availability since mid-Jul.