Cost-Driven: Phthalic Anhydride Market Center Moves Higher (2026-09-16)

1. Today's Summary

① The price of the raw material o-xylene increased by 200 RMB/ton to 10,050 RMB/ton (ex-works).
② Today, the domestic phthalic anhydride capacity utilization rate remained stable at 57%.

2. Spot Market Overview

Table 1: Summary of Domestic Phthalic Anhydride Prices (Unit: RMB/ton)

Using the Jiangsu region as a benchmark, today's Jiangsu o-xylene method price closed at 10,250 RMB/ton, an increase of 50 RMB/ton from the previous trading day, consistent with morning expectations. The center of gravity for domestic phthalic anhydride market prices shifted upward today, primarily driven by the rise in raw material o-xylene prices, which pushed up the overall market price level. However, downstream high-end follow-through remains cautious.

3. Production Dynamics

Today, the domestic phthalic anhydride capacity utilization rate remained stable at 57%, with plants operating steadily. Regarding profits, the rise in raw material o-xylene prices and the increase in East China o-xylene method phthalic anhydride market prices resulted in a theoretical industry profit of 312 RMB/ton for the o-xylene method. Meanwhile, Hebei naphthalene method phthalic anhydride prices rose, while industrial naphthalene tender prices remained temporarily stable, resulting in a theoretical industry profit of 135 RMB/ton for the naphthalene method.

4. Price Forecast

Currently, cost-side factors remain the primary support for the market. Strong cost support from the upstream aromatic hydrocarbon supply chain, combined with low inventory levels in the domestic phthalic anhydride industry, provides certain support to the market. However, weak end-user demand restricts high-end transaction follow-through. It is expected that the short-term domestic phthalic anhydride market will tend towards stability.

5. Related Product Status

o-Xylene Market: Prices in the East China region rose, referencing approximately 10,050 RMB/ton for ex-works pickup. Strong cost support from the upstream aromatic hydrocarbon supply chain led major petrochemical plants to raise their prices, driving the market price center upward.

DOP Market: Today, DOP prices in the Jiangsu region were delivered at 10,750–10,850 RMB/ton. Traders focused on selling shipments, and some spot deliveries still faced queuing issues. However, under current high prices, end-users showed insufficient buying interest.

6. Data Calendar

Table 2: Domestic Phthalic Anhydride Data Overview (Unit: 10,000 tons)