Domestic Phthalic Anhydride Market Prices Show Divergent Trends

1. Today’s Summary

① Phthalic anhydride (PA) produced via the ortho method saw a gradual price decline, while PA produced via the naphthalene method stabilized and rebounded.
② The domestic capacity utilization rate for phthalic anhydride remained at 56% today.

2. Spot Market Overview

Table 1: Domestic Phthalic Anhydride Price Summary (Unit: RMB/ton)

Taking the Jiangsu region as the benchmark, the closing price for ortho-method PA in Jiangsu was 9,800 RMB/ton today, holding steady compared to the previous trading day and consistent with morning expectations. Domestic phthalic anhydride prices showed divergent trends today. Due to the widening price gap between ortho-method and naphthalene-method supplies, transactions for naphthalene-method PA improved, while the market for ortho-method PA continued its gradual downward trend.

3. Production Dynamics

Today, the domestic capacity utilization rate for phthalic anhydride remained at 56%. Xinyang’s first production unit is shut down for maintenance. Regarding profitability, raw material ortho-xylene prices remained stable, and the East China market price for ortho-method PA held steady, resulting in a theoretical industry profit of 138 RMB/ton for ortho-method PA. In Hebei, prices for naphthalene-method PA rose while industrial naphthalene feedstock prices remained stable, leading to a theoretical industry profit of 60 RMB/ton for naphthalene-method PA.

4. Price Forecast

Currently, the widening price gap between ortho-method and naphthalene-method supplies has facilitated the clearing of inventory in the naphthalene-method sector. Coupled with expected maintenance shutdowns of naphthalene-method units, spot supply tightness has become the primary driver pushing up market prices. It is predicted that short-term domestic phthalic anhydride prices will continue to diverge: ortho-method PA is expected to see further gradual declines, while naphthalene-method PA is likely to sustain its rebound trajectory.

5. Related Product Status

Ortho-Xylene Market: Prices in the East China region remained stable at approximately 9,750 RMB/ton (ex-works). The market is under strong control by suppliers, with tight spot availability supporting stable prices.

DOP (Di-Octyl Phthalate) Market: Today, raw material octanol prices were stable. Considering inventory factors ahead of the National Day holiday, major DOP merchants actively shipped goods to alleviate holiday-period inventory pressure. DOP prices opened mostly flat in the morning. As downstream users engaged in moderate stockpiling and low-price transactions improved, prices gradually increased in the afternoon, with gains reaching approximately 100 RMB/ton.

6. Data Calendar

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