How does feedstock trimellitic anhydride pricing link to crude oil and C9 aromatics?

How does feedstock trimellitic anhydride pricing link to crude oil and C9 aromatics?
TMA economics start upstream with pseudocumene, the C9 aromatic fraction separated from refinery reformate. Pseudocumene accounts for roughly 70% of TMA raw material cost, and its price tracks crude oil closely, so any geopolitical shock in the Middle East transmits straight into the TMA cost floor. The 2026 spike illustrated this perfectly: shipping disruption in the Strait of Hormuz pushed crude and pseudocumene higher while overseas TMA capacity was already gone, and the two forces compounded. Domestic mainstream quotes jumped from 13,000 to 40,000 yuan/tonne in about two weeks, with single-day gains reaching 44%. Because pseudocumene supply is tied to refinery reformer economics rather than dedicated production, feedstock tightness can persist even when TMA itself looks profitable.