① The price of the feedstock, ortho-xylene (OX), decreased by 200 CNY/ton to 9,800 CNY/ton.
② Today, the domestic capacity utilization rate for phthalic anhydride (PA) remained stable at 57%.
Table 1: Summary of Domestic Phthalic Anhydride Prices (Unit: CNY/ton)
| Market | Process | Previous Trading Day | Current Trading Day | Change | Change % |
|---|---|---|---|---|---|
| Jiangsu | OX Process | 10,500 | 10,400 | -100 | -1% |
| Jiangsu | Naphthalene Process | 9,900 | 9,750 | -150 | -1.5% |
| Guangdong | OX Process | 10,600 | 10,450 | -150 | -1.4% |
| Guangdong | Naphthalene Process | 10,500 | 10,000 | -500 | -4.8% |
| Hebei | OX Process | 10,400 | 10,300 | -100 | -1% |
| Hebei | Naphthalene Process | 9,800 | 9,600 | -200 | -2% |
| Key Downstream Products | |||||
| Jiangsu | DOP | 11,100 | 10,950 | -150 | -1.4% |
| Data Source: Chempricehub |
Based on the Jiangsu region as a benchmark, today's closing price for OX-process PA in Jiangsu was 10,400 CNY/ton, a decrease of 100 CNY/ton from the previous trading day, consistent with morning price expectations. Domestic phthalic anhydride prices declined today. Affected by the drop in feedstock ortho-xylene prices, cost support weakened, putting pressure on the market.
Today, the domestic capacity utilization rate for phthalic anhydride remained stable at 57%, with overall plant operating rates steady. Regarding profitability, the decline in feedstock ortho-xylene prices led to a drop in East China OX-process PA market prices, resulting in a theoretical industry profit of 692 CNY/ton for the OX process. In Hebei, naphthalene-process PA prices fell while industrial naphthalene feedstock prices remained stable, yielding a theoretical industry profit of 735 CNY/ton for the naphthalene process.
Currently, cost support from the upstream aromatics industry chain is weakening. Additionally, expectations of increased capacity utilization in the naphthalene-process PA sector have exacerbated market wait-and-see sentiment. Short-term domestic phthalic anhydride prices are expected to continue trending downward.
Ortho-Xylene Market: Ortho-xylene prices in East China declined, referencing around 9,800 CNY/ton for ex-warehouse delivery. Cost support from the upstream aromatics industry chain weakened, leading to bearish market sentiment and downward pressure on prices.
DOP Market: Today, feedstock octanol prices dropped, causing DOP prices to follow suit with further declines. However, as it is early in the week, market participants adopted a cautious wait-and-see approach. Overall inquiry activity was weak, with end-users primarily maintaining small-volume purchases based on rigid demand.
Table 2: Domestic Phthalic Anhydride Data Overview (Unit: 10,000 tons)
| Data Indicator | Release Time | Previous Period | Expected Trend |
|---|---|---|---|
| Capacity Utilization Rate | Thursday 18:00 PM | 55.5% | ↗ |
| Weekly Output | Thursday 18:00 PM | 3.91 | ↗ |
| Data Source: Chempricehub Notes: 1. ↓↑ indicates significant fluctuations, highlighting data dimensions with changes exceeding 3%. 2. ↗↘ indicates minor fluctuations, highlighting data dimensions with changes within 0-3%. |
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