Introduction: After nearly a month of price support and stagnant buying, prices in the domestic durene industry chain have finally started to fall in tandem. Even supply tightness could not withstand the demand constraints. Prices of durene and its downstream products—pyromellitic anhydride and pyromellitic dianhydride—have nearly halved compared to the same period last month, illustrating a classic pattern of rapid rises followed by sharp falls.

1. Durene Chain Prices Collapse, Nearly Halved Month-on-Month

Since March, rising geopolitical tensions in the Middle East have pushed up crude oil futures, driving up prices of industrial C10 heavy aromatics. In particular, tight spot supply of industrial C10 heavy aromatics kept durene plant operating rates low, triggering a sharp surge in domestic durene market prices. According to Chempricehub data, by mid-April, mainstream durene prices had surged to 32,000–35,000 RMB/ton, up nearly 190% from the same period in March. Pessimism among downstream pyromellitic anhydride and pyromellitic dianhydride market players intensified, and ex-factory prices were raised concurrently, with peak prices reaching 62,000 RMB/ton and 80,000 RMB/ton respectively—an increase of approximately 110%.

Although the strong rally in durene and its downstream products initially stimulated market demand, most end-use products like PI film are sold under long-term contracts (45 days to two months, and some orders have delivery dates extending to a quarter or even a year), making it difficult for buyers to accept such rapid and massive raw material price fluctuations. It is reported that most PI film manufacturers consumed existing inventories, and even when orders required purchases, only minimal volumes were bought. With the release of new pyromellitic dianhydride capacity in East China and Shandong, the pyromellitic dianhydride market began to correct from its highs, with mainstream prices falling to around 40,000 RMB/ton. This forced durene prices downward; a few quotes dropped to 20,000 RMB/ton, but new transactions remained sluggish.

2. Durene Plant Operating Rates Remain Low

However, according to Chempricehub data, as of June, plants that had undergone maintenance earlier—such as Yangzi Petrochemical and Jinling Petrochemical—have not yet resumed operations. Notably, a Northeast refinery reduced its reformer unit load, tightening spot supply of industrial C10 heavy aromatics and reducing feedstock availability for C10-route durene plants. Meanwhile, Jiangsu Lianxing and Shandong Saier's C10-route durene units were shut down, pushing the overall operating rate of C10-route durene plants down to around 23%. Combined with the fact that synthetic-route durene units remain idle, the market price decline for durene was smaller than that of its downstream products.

3. Profit Margins Shrink for Crude Anhydride and Anhydride; Multiple Plants Cut Loads

Affected by the sharp price drop, processing margins for pyromellitic anhydride and pyromellitic dianhydride have contracted further. Chempricehub data shows that per-ton profit for pyromellitic anhydride has fallen below 4,000 RMB, while that for pyromellitic dianhydride is near 2,000 RMB. Several pyromellitic dianhydride producers have chosen to replace catalysts to lower operating rates, with overall load reductions of about 20%. Procurement of durene has become even more passive, further suppressing market transactions. Even with price declines, market activity remains weak.

In the short term, refinery reformer units at Dongfang Shenghong and Fuhaichuang are scheduled for maintenance in late June. Units at Yangzi Petrochemical, Ningbo Zhongjin, and Zhoushan Petrochemical remain under maintenance, while external sales from large refineries such as Zhenhai Refining & Chemical continue to decrease. Therefore, supply of industrial C10 heavy aromatics is expected to remain tight in June and worsen in July. However, a synthetic-route durene unit in Shaanxi is expected to start up, and Hualun New Materials' 20,000-ton/year C10-route durene unit is also slated to begin operations in mid-to-late June, which may ease the tight supply. But the anhydride market is likely to trend downward due to weak downstream demand and other negative factors. As a result, the bearish sentiment in the durene market is strong, and overall prices are expected to continue falling. Key factors influencing future durene prices include crude oil futures trends, changes in industrial C10 heavy aromatics supply, and price adjustments in the crude anhydride and anhydride markets.