① The price of the feedstock, o-xylene, increased by 200 CNY/ton to 10,150 CNY/ton (ex-works).
② Today, the domestic capacity utilization rate for phthalic anhydride remained stable at 53%.
Table 1: Domestic Phthalic Anhydride Price Summary (Unit: CNY/ton)
| Market | Process | Previous Trading Day | Current Trading Day | Change | % Change |
|---|---|---|---|---|---|
| Jiangsu | O-Xylene Process | 10050 | 10300 | 250 | 2.5% |
| Jiangsu | Naphthalene Process | 9200 | 9400 | 200 | 2.2% |
| Guangdong | O-Xylene Process | 9500 | 9900 | 400 | 4.2% |
| Guangdong | Naphthalene Process | 9400 | 9600 | 200 | 2.1% |
| Hebei | O-Xylene Process | 9600 | 9800 | 200 | 2.1% |
| Hebei | Naphthalene Process | 9050 | 9250 | 200 | 2.2% |
| Key Downstream | |||||
| Jiangsu | DOP | 10850 | 10850 | 0 | 0 |
| Data Source: Chempricehub Info |
Taking the Jiangsu region as a benchmark, today's closing price for o-xylene process phthalic anhydride in Jiangsu was 10,300 CNY/ton, reflecting an increase compared to the previous trading day and aligning with morning expectations. Domestic phthalic anhydride market prices rose today, primarily driven by cost-side factors. The price hike in the feedstock o-xylene, combined with expectations of production cuts in the o-xylene process sector, expanded the upward trend in domestic phthalic anhydride prices.
Today, the domestic capacity utilization rate for phthalic anhydride stabilized at 53%, with minimal changes in plant operations. Regarding profitability, the rise in o-xylene prices and the increase in East China o-xylene process phthalic anhydride market prices resulted in a theoretical profit of 270 CNY/ton for the o-xylene process industry. In Hebei, naphthalene process phthalic anhydride prices rose while industrial naphthalene prices remained steady, yielding a theoretical profit of 1,100 CNY/ton for the naphthalene process industry.
Currently, strong cost support from the upstream aromatic hydrocarbon chain persists. The short-term tight supply of o-xylene is unlikely to ease quickly. Combined with expectations of declining operating rates in the o-xylene process sector, market participants' willingness to push prices higher remains strong. It is predicted that the center of gravity for domestic phthalic anhydride market prices may continue to rise in the short term.
O-Xylene Market: Prices in the East China region rose, with ex-tank references around 10,150 CNY/ton. Strong cost support from the upstream aromatics chain has fueled a bullish market sentiment. Price increases by major manufacturers have driven the overall market upward.
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