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1. Today's Summary

① Market for ortho-phthalic anhydride (PA) is holding prices and reluctant to sell due to maintenance at Yangzi Petrochemical’s o-xylene unit.
② Domestic PA capacity utilization remains at 55%.

2. Spot Market Overview

Table 1: Domestic Phthalic Anhydride Price Summary (Unit: CNY/ton)

Based on the Jiangsu region as a benchmark, the closing price for ortho-process PA in Jiangsu today was 10,700 CNY/ton, an increase of 150 CNY/ton from the previous trading day, which diverged from morning expectations. Domestic PA market prices rose overall. The temporary maintenance of Yangzi Petrochemical’s o-xylene unit has tightened supply in the domestic ortho-process PA sector. Sellers are largely holding prices with strong bullish sentiment in the market. Conversely, naphthalene-process PA prices saw a slight decline in their weighted average due to obstacles in selling far-forward cargo, although transaction volumes improved.

3. Production Dynamics

Today, domestic PA capacity utilization remained stable at 55%, with consistent plant operating rates. Regarding profitability, raw material o-xylene prices were stable, while East China ortho-process PA market prices rose, resulting in a theoretical profit of 578 CNY/ton for the ortho-process PA industry. In Hebei, naphthalene-process PA prices fell, while industrial naphthalene feedstock prices remained stable, yielding a theoretical profit of 668 CNY/ton for the naphthalene-process PA industry.

4. Price Forecast

Currently, inventory levels across the domestic PA industry remain low. Combined with the impact of o-xylene unit maintenance, spot supply in the ortho-process PA sector is tightening. Meanwhile, oversold conditions persist in the naphthalene-process PA sector, strengthening bullish market sentiment. Short-term domestic PA prices are expected to surge.

5. Related Products Status

O-Xylene Market: Prices in East China remained stable, referencing around 10,250 CNY/ton for ex-factory pickup. Strong cost support from the upstream aromatics chain and stable pricing from major petrochemical plants kept market prices steady.

DOP Market: Today, rising octanol feedstock costs drove up DOP prices. Some traders made opportunistic restocking based on immediate demand. Afternoon sessions saw continued upward pressure on prices in certain regions, while downstream users maintained purchasing activity strictly according to essential needs.

6. Data Calendar

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