全球化工市场要情 2026年第11期(总35期)

装置及市场动态：本周，亚洲石脑油市场延续上涨态势，核心驱动因素为供应端的严重短缺。受中东供应中断影响，3月份中东地区发往亚洲的石脑油供应量同比骤降约85%；且中东冲突尚未显现结束迹象，进一步加剧了亚洲市场的供应缺口。市场普遍预期，4月至5月的供应紧张局面恐难得到有效缓解。

装置及市场动态：本周，亚洲乙烯价格继续冲高后窄幅回落，主要驱动仍来自供应端，市场高位震荡。原油、石脑油提供的原料供应及成本支撑稳固，乙烯现货供应偏紧。受不可抗力影响，裂解装置降负、停车较多，部分国家出口管制使可售货源减少，且中东冲突推高运费，原料及乙烯到货成本承压。虽然中国台湾中油裂解装置重启，但石脑油偏紧制约乙烯供应恢复，多空博弈下，市场商谈气氛转淡。

装置及市场动态：本周，纯苯市场区域分化明显，亚洲、欧洲市场冲高后回落，美国市场震荡上行。欧亚市场前期因胡塞武装袭击以色列引发中东战争升级担忧，加上巴布·阿尔-曼达巴海峡油轮通行受阻，全球供应压力加剧，推动油价和纯苯价格上涨；后续美伊释放和谈意向，地缘溢价情绪降温，避险买盘消退，原油高位回落、石脑油承压下行，纯苯成本支撑减弱，价格随之回落。美国市场受美伊冲突局势反复扰动，呈区间震荡态势，前期多空博弈激烈、价格波动频繁；后期虽地缘风险溢价及原油价格回落，但市场对供应中断担忧加剧，推动价格上行。

装置及市场动态：本周，国际PX市场先涨后跌，区域表现有分化，主要受原油波动和供应端因素影响。亚洲PX市场先扬后抑，周初大环境偏强、产业链走高，加上青岛丽东100万吨/年PX装置计划3月底停车检修，供应压力小，商家挺价意愿强；周二起国际原油回落，化工期货承压，商家信心动摇。欧美PX市场走势分化，整体随市场环境和自身供需小幅调整。

Plant and Market Dynamics: This week,  the Asian naphtha market continued its upward trend, driven by a severe shortage on the supply side. Affected by supply disruptions in the Middle East, the volume of naphtha shipped from the Middle East to Asia in March dropped by about 85% year-on-year; moreover, the Middle East conflict shows no sign of ending, further exacerbating the supply gap in the Asian market. The market generally expects that the tight supply situation from April to May may not be effectively alleviated.

Plant and Market Dynamics:This week, Asian ethylene prices continued to rise sharply and then pulled back slightly, mainly driven by the supply side, with the market fluctuating at a high level. Crude oil and naphtha provided solid raw material supply and cost support, and the ethylene spot supply was tight. Affected by force majeure, many cracking plants reduced loads or shut down; export controls in some countries reduced available supplies, and the Middle East conflict pushed up shipping costs, putting pressure on raw material and ethylene arrival costs. Although CPC Corporation Taiwan's cracking plant restarted, tight naphtha restricted the recovery of ethylene supply, and under the long-short game, the market negotiation atmosphere turned weak.

Plant and Market Dynamics: This week, the benzene market showed obvious regional differentiation; the Asian and European markets rose sharply and then fell, while the US market fluctuated upward. In the early stage, the Eurasian market was driven by concerns about the escalation of the Middle East war caused by Houthi attacks on Israel, coupled with the obstruction of oil tanker navigation through the Bab al-Mandab Strait, which intensified global supply pressure and pushed up oil prices and benzene prices. Later, the US and Iran released intentions for peace talks, geopolitical premium sentiment cooled, safe-haven buying faded, crude oil fell from high levels, naphtha came under pressure, benzene cost support weakened, and prices fell accordingly. The US market fluctuated in a range due to repeated disturbances from the US-Iran conflict; in the early stage, the long-short game was fierce, and prices fluctuated frequently. In the later stage, although geopolitical risk premiums and crude oil prices fell, market concerns about supply disruptions intensified, pushing prices upward.

Plant and Market Dynamics:This week, the international PX market first rose and then fell, with regional differentiation, mainly affected by crude oil fluctuations and supply-side factors. The Asian PX market first rose and then fell; at the beginning of the week, the general environment was strong, the industrial chain rose, coupled with Qingdao Lido's 1 million tons/year PX plant planned to shut down for maintenance at the end of March, supply pressure was small, and merchants had a strong willingness to support prices. From Tuesday, international crude oil fell, chemical futures came under pressure, and merchants' confidence wavered. The European and American PX markets showed differentiated trends, with overall slight adjustments according to the market environment and their own supply and demand.