Preface: Recently, the domestic aniline market price has shown an overall weak trend due to demand and plant inventory. Downstream end-consumption support is insufficient, leading to a lighter trading atmosphere. Consequently, the willingness to purchase raw materials is weak, and market transactions are primarily driven by rigid demand.

High Costs Support Elevated Aniline Prices

Meanwhile, high cost support continues to underpin price levels.

Figure 1: Comparison of East China Pure Benzene Spot Prices (yuan/tonne)
Data source: Chempricehub

Figure 2: Aniline Market Price Trend Chart (yuan/tonne)
Data source: Chempricehub

East China pure benzene spot prices weakened first and then strengthened. Early in the week, port destocking fell short of expectations, with inventory remaining at a relatively high level above 200,000 tonnes. Affected by sluggish downstream product demand and high inventories, rigid demand lowered its willingness to purchase pure benzene, preferring to consume feedstock inventory. Market trading was quiet, and pure benzene prices continued to decline under pressure. Towards the end of the period, ongoing geopolitical conflicts sustained crude oil supply risks. A sharp rise in oil prices provided stronger cost-side support, significantly improving market sentiment. Additionally, downstream buyers, anticipating potential price increases, stocked up for the holiday at lower price levels, causing pure benzene prices to rebound and surge rapidly.

Table 1: Aniline Industry Chain Price Comparison (yuan/tonne)

| Product | Region/Category | Average this period | Average previous period | Change | % Change | Unit |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Pure Benzene | East China | 8610 | 8880 | -270 | -3.04% | yuan/tonne |
| | Shandong | 8386 | 8555 | -169 | -1.98% | yuan/tonne |
| Aniline | East China | 11850 | 11650 | 200 | 1.72% | yuan/tonne |
| | Shandong | 11750 | 11550 | 200 | 1.73% | yuan/tonne |
| Accelerator | M | 18500 | 18500 | 0 | 0% | yuan/tonne |
| | CZ | 25000 | 25000 | 0 | 0% | yuan/tonne |
| Anti-ager | 4020 | 23000 | 23000 | 0 | 0% | yuan/tonne |
| | RD | 18500 | 18500 | 0 | 0% | yuan/tonne |

Currently, downstream end-demand support for spot materials is insufficient, resulting in a weak overall trading atmosphere and negative market sentiment. Upstream raw material prices remain strong, but poor sales for aniline plants lead to continuous inventory accumulation. This creates mixed bullish and bearish factors in the market, driving the aniline market towards a weaker trend. As of today, the stable spot price for aniline in East China is 11,700 yuan/tonne (cash), and in North China, it is 11,600 yuan/tonne (cash).

Supply Increase & Demand Decrease Weigh on Market Sentiment, Aniline Trading Weakens

Table 2: Aniline Plant Maintenance Schedule (Unit: 10,000 tonnes)

| Producer | Capacity | Start Date | End Date | Maintenance Days | Weekly Loss | Reason |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Jilin Xuyang Connell | 18 | 2025/3/20 | / | / | 0.38 | Long-term shutdown |
| Shandong Jinling | 10 | 2026/4/7 | 2026/4/21 | 14 | 0.12 | Planned |
| Total | 28 | | | | 0.50 | |

With the completion of maintenance at Jinling plant and its return to operation, significant pressure has been placed on spot supply and demand. Some downstream participants have noticeably slowed their market entry pace, shifting to consuming feedstock inventory instead. This adversely affects buying sentiment in the aniline market, leading to weak transactions.

Figure 3: Aniline Production & Operating Rate Trend (10,000 tonnes, %)
Data source: Chempricehub

In summary, on the supply side, there is an expectation of continued output increases as Jinling ramps up. Spot demand may improve slightly due to pre-May Day holiday stocking. However, high costs and sluggish end-demand make it difficult to see a significant rebound in downstream purchasing enthusiasm. The domestic supply-demand gap is expected to remain positive in the coming period, with a tendency to widen. Currently, the market's potential turning point may lie in exports. Further attention should be paid to the operating status of overseas plants and the demand situation abroad.