Lead: As of mid-May, domestic synthesis-based durene units remain idle, while C10-based durene units are operating at low loads due to tight feedstock supply. This has supported sellers' firm pricing stance and wait-and-see sentiment. However, end-users are primarily consuming previously built inventories for raw materials, and new order negotiations are sluggish. Market trading has stagnated, and the key focus is on when a market turning point will arrive.

1. Average Crude Oil Futures Prices Rose

During this period, international oil prices increased on average. As of May 13, WTI stood at $101.02/bbl, up 6.55% from May 7; Brent was $105.63/bbl, up 5.57% from May 7. The reason is that significant differences between the U.S. and Iran have stalled negotiations, with both sides escalating blockades in the Strait of Hormuz, heightening supply risk concerns and supporting oil prices. Consequently, this bullish news boosted trading sentiment in the industrial C10 heavy aromatics market, and durene market participants maintained strong price-supportive and wait-and-see attitudes.

2. Industrial C10 Heavy Aromatics Prices Cautiously Pushed Up

Supported by the bullish news, international crude oil futures trended upward this week, leading to more active restocking sentiment. Additionally, Yangzi Petrochemical's unit was shut down for maintenance, and previously idled units have not resumed operation, so supply continued to decline this week. As a result, industrial C10 heavy aromatics prices showed an upward trend this week.

3. Durene Unit Operating Rates Remain Low

Consequently, domestic supply of industrial C10 heavy aromatics spot decreased, keeping C10-based durene unit operating rates low. According to chempricehub, the operating rate of C10-based durene units was 29.96%, while synthesis-based durene units in Shaanxi and Shandong remained idle. Therefore, the market maintained a strong price-supportive and wait-and-see stance, with few new deals concluded, primarily fulfilling high-priced orders from earlier periods.

4. Intensifying Supply-Demand Game: When Will the Turning Point Arrive?

Overall, domestic durene unit operating rates are low, leading market participants to maintain a strong price-supportive and wait-and-see attitude. However, end-user markets such as PI film are purchasing raw materials only on a need basis, and new capacity is about to come online. Notably, some anhydride producers in certain regions are still inclined to sell at lower prices to capture market share, which will drag down anhydride transaction prices and further weigh on durene trading. Hence, durene prices face downward pressure, with trading deadlocked. Changes in industrial C10 heavy aromatics supply and price adjustments for crude anhydride and refined anhydride will be key factors influencing durene price trends.