【Introduction】: Affected by bearish factors such as the end-market demand for polyimide films entering a low season, domestic producers of pyromellitic dianhydride (PMDA) are under pressure to offload inventory. Additionally, the upcoming release of new PMDA capacity has intensified market caution, leading to a sharp decline in PMDA prices and low operating rates at production facilities. This has subsequently suppressed the market for durene, dragging prices down to around 10,000–11,000 yuan/ton, returning to the low point seen earlier this year.

I. Weak Downstream Market Demand Pushes Durene Prices Down Again

According to statistics from chempricehub, due to limited end-market demand for polyimide films and other applications, domestic producers of crude anhydride and PMDA are struggling with sales, and market prices continue to decline. Specifically, the low-end price of crude anhydride in Shandong fell to 28,000 yuan/ton, while the low-end price of PMDA dropped to 38,000 yuan/ton, a decrease of 2,000 yuan/ton. The price decline has led to losses for producers, and coupled with high inventory levels, most manufacturers have reduced operating rates to consume raw material stocks. This has further suppressed durene market trading, dragging prices down to around 10,000–11,000 yuan/ton, back to the low point at the start of the year.

II. Durene Plant Operating Rates Remain Low

Figure 3: Weekly production volume and capacity utilization trends for industrial C10 heavy aromatics (2025–2026)
Figure 4: Monthly durene production volume and capacity utilization changes (2025–2026, in kilotons)

Data source: chempricehub

However, due to ongoing maintenance at reforming units at Ningbo Zhongjin and Zhoushan Petrochemical, reduced external supply of industrial C10 heavy aromatics from major integrated refineries like Zhejiang Petrochemical, and confirmed shutdown dates for Fuhai Chuang and Shenghong Refining, spot supply of industrial C10 heavy aromatics remains tight. As a result, durene plants using the C10 route face raw material shortages, with overall operating rates remaining stable at around 23.0%. Additionally, synthetic-route durene plants have yet to restart, which helped limit the market decline.

Table 1: Domestic durene and upstream/downstream product prices (June 12–18, 2026)
Unit: yuan/ton

| Product | Region | Current Period Average | Previous Period Average | Change |
|---------|--------|-----------------------|------------------------|--------|
| Industrial C10 heavy aromatics | East China | 5,500 | 5,500 | 0 |
| High-boiling aromatic solvent SA1500# | East China | 6,050 | 6,050 | 0 |
| Durene | National | 10,000–11,000 | 15,000 | -5,000/-4,000 |
| Pyromellitic anhydride (crude) | Shandong | 28,000 | 30,000 | -2,000 |
| Pyromellitic dianhydride (PMDA) | Shandong | 38,000 | 40,000 | -2,000 |

Data source: chempricehub

In the short term, before the end of the month, reforming units at Shenghong Refining and Fuhai Chuang will successively undergo maintenance, while the shut-down units at Yangzi Petrochemical remain idle. As a result, spot supply of industrial C10 heavy aromatics will continue to be tight, supporting a firm price stance for C10-route durene. However, end-market demand for polyimide films shows no signs of improvement, with mostly small-lot purchases ongoing. Therefore, the PMDA market still faces downside expectations, and positive factors for durene are limited. The overall market is expected to remain stable with narrow fluctuations, with attention focused on changes in industrial C10 heavy aromatics supply and operating rates at crude anhydride and PMDA plants.