Sentiment is bearish; the phthalic anhydride market continues to drift lower.

1. Today's Summary

① Falling crude oil and commodity futures prices have intensified market wait-and-see sentiment.
② Domestic phthalic anhydride capacity utilization remained stable at 57% today.

2. Spot Market Overview

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

Based on the Jiangsu region as a benchmark, the closing price for phthalic anhydride produced via the o-xylene method in Jiangsu was 10,300 CNY/ton today, a decrease of 100 CNY/ton from the previous trading day, consistent with morning expectations. Domestic phthalic anhydride market prices declined today. Affected by falling crude oil and commodity futures prices, market wait-and-see sentiment intensified, putting downward pressure on the market.

3. Production Dynamics

Today, domestic phthalic anhydride capacity utilization remained stable at 57%, with overall plant operating rates steady. Regarding profitability, raw material o-xylene prices were stable, while the East China market price for phthalic anhydride produced via the o-xylene method fell, resulting in a theoretical industry profit of 592 CNY/ton for the o-xylene process. In Hebei, prices for phthalic anhydride produced via the naphthalene method declined, while industrial naphthalene raw material prices remained stable, yielding a theoretical industry profit of 535 CNY/ton for the naphthalene process.

4. Price Forecast

Currently, cost support from the upstream aromatic hydrocarbon supply chain has collapsed, end-user demand is weakening, and there are expectations of increased capacity utilization in the domestic phthalic anhydride industry. These factors may further intensify market wait-and-see sentiment. It is estimated that the center of gravity for short-term domestic phthalic anhydride market prices will likely continue to trend lower.

5. Related Products

o-Xylene Market: Prices for o-xylene in the East China region remained stable, referencing approximately 9,800 CNY/ton for ex-factory pickup. Cost support from the upstream aromatic hydrocarbon supply chain weakened, market participants held bearish sentiment, and the market faced pressure.

DOP Market: Today, prices for raw materials 2-EH (2-ethylhexanol) and phthalic anhydride declined. The DOP market price continued to follow this downward trend. However, buying interest was poor, and market participants maintained bearish sentiment. Low-price inquiries were frequent in the afternoon, but transaction volumes remained thin, with only sporadic purchases driven by rigid demand.

6. Data Calendar

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