What are the key price drivers for m-xylene in the Chinese market?

What are the key price drivers for m-xylene in the Chinese market?
M-xylene prices in China have shown notable volatility, with a 12.24% week-on-week surge in early May 2026, ranking among the top gainers in the chemical sector. This spike aligns with broader upward momentum across aromatics, driven by rising crude oil costs and supply tightness. However, the market exhibits a 'price up, volume down' pattern, as downstream buyers resist high prices and only purchase on a need-to-know basis. Domestic supply remains constrained, with major producers like Sinopec Yanshan operating at normal rates primarily to feed captive isophthalic acid production. Import dependence has declined significantly, with 2019 imports falling 36% to just 1.7 kt, reflecting improved domestic self-sufficiency. The market is also influenced by feedstock xylene trends and the overall health of downstream sectors such as coatings and polyester resins.