Summary: The operating rate of domestic durene (1,2,4,5-tetramethylbenzene) plants remains low at 30.1%. Tight spot supply continues to support market price increases. However, new order intake has become limited following downstream price hikes, and durene procurement remains need-based. Amid the supply-demand standoff, market sentiment has turned more cautious. Current market prices are in the range of 32,000-35,000 RMB/ton, with the high-end price rising 9.38% compared to last week.

1. International Crude Oil Prices Mixed, but Average Price Rises

Despite statements from the US and Iran regarding a ceasefire, military conflicts involving the US, Israel, and Iran persist, shipping through the Strait of Hormuz remains obstructed, and production cuts by Middle Eastern oil producers continue, collectively exacerbating crude oil supply risks. Oil prices showed mixed movements, caught between expectations of eased tensions and actual supply disruptions. As of April 1st, WTI crude price was $100.12/barrel, up 5.97% from March 26th; Brent crude price was $101.16/barrel, down 6.34% from March 26th.

2. Prices for Industrial C10 Aromatic Hydrocarbon Stabilize with Downward Bias

Influenced by high and volatile international crude oil futures prices, sentiment among domestic state-owned majors and large refining-chemical integration enterprises remains bullish. However, prices for downstream high-boiling-point aromatic solvents have declined significantly. Furthermore, inventory at fractionation plants has increased, operating rates have dropped, and overall purchasing willingness is weak, putting downward pressure on feedstock prices. As of Thursday, April 2nd, the mainstream price in East China was 6,375 RMB/ton, down 300 RMB/ton from the previous week. The mainstream price for Industrial C10 Aromatic Hydrocarbon Type I was 6,910 RMB/ton, unchanged from the previous week.

3. Persistent Supply Tightness Drives Further Increase in High-End Durene Prices

Although prices for industrial C10 aromatic hydrocarbon have fallen, the volume released by refineries continues to decrease, leading to tight feedstock supply for C10-based durene plants. According to ChemPriceHub data, the operating rate for C10-based durene plants is 30.1%. Coupled with the continued shutdown of the synthetic durene plant in Shaanxi, the spot supply gap has supported a further rise in the high-end durene price to 35,000 RMB/ton, with transactions primarily in small lots.

Table 1: Domestic Durene and Upstream/Downstream Product Price Overview (2026/03/27 - 04/03)
Unit: RMB/ton
| Product | Region | Current Avg. Price | Previous Avg. Price | Change |
| :--- | :--- | :--- | :--- | :--- |
| Industrial C10 Aromatic Hydrocarbon | East China | 6,400 | 6,700 | -300 |
| High-Boiling-Point Aromatic Solvent SA1500# | East China | 6,850 | 7,100 | -250 |
| Durene | Nationwide | 32,000-35,000 | 32,000 | 0 / +3,000 |
| Pyromellitic Acid (PMA) | Central China | 68,000 | 68,000 | 0 |
| Pyromellitic Dianhydride (PMDA) | Central China | 80,000 | 80,000 | 0 |
Data Source: ChemPriceHub

4. Strong Resistance in Terminal Markets Limits Upside for High Durene Prices

However, despite significant month-on-month and year-on-year increases in durene prices prompting downstream crude anhydride and PMDA producers to raise their ex-factory prices, the substantial rise in feedstock costs has not been quickly passed through to terminal markets. Terminal markets, such as PI film, show strong resistance and a wait-and-see attitude, resulting in an overall sluggish trading atmosphere. For PI film manufacturers, the price of another key monomer, ODA (lump), surged from 30,000 RMB/ton to 80,000 RMB/ton in March due to soaring feedstock costs, drastically increasing PI film production costs and creating severe operational challenges.

Therefore, while rising feedstock costs and tight spot supply support the sharp increase in durene prices, pressure on new order shipments downstream and cautious观望 in terminal markets are exerting downward pressure. In April, signs of fatigue are gradually appearing in the high-priced durene market. The trajectory of crude oil futures, changes in the supply of industrial C10 aromatic hydrocarbon, and the acceptance of high prices for crude anhydride and PMDA will all be key factors to watch influencing future durene price movements.