Toluene Market Trading Situation in East China on February 2nd

In East China, the mainstream spot quotation range for toluene is between 5,510 and 5,560 yuan per ton, down by 80 yuan per ton compared to the previous trading day. On the previous trading day, domestic toluene and xylene prices experienced a slight decline, and prices are expected to continue fluctuating downward during the day. The deepening decline in crude oil during the session is likely to contribute to a bearish market sentiment. Currently, domestic inventories of toluene and xylene are at low levels. However, ahead of the Spring Festival holiday, refineries are expected to have inventory reduction needs, which will increase supply pressure. In the short term, prices are anticipated to face downward pressure and fluctuate weakly.