【Introduction】: Entering May, the operating rate of durene units using the carbon ten heavy aromatics route has remained low due to factors such as tight supply of industrial carbon ten heavy aromatics. However, terminal demand in the crude anhydride and pyromellitic dianhydride markets is limited, with raw materials primarily consuming existing inventories. Consequently, the supply-demand tug-of-war in the durene market has intensified, and market support is weak.

I. Crude oil futures prices fell sharply

During this period, international oil prices experienced a significant decline. As of May 6, WTI stood at $95.08/barrel, down 9.51% from April 30; Brent was at $101.27/barrel, down 11.17% from April 30. The reason lies in the possibility that the US and Iran may reach a memorandum of understanding, greatly increasing the probability of an end to the conflict. Iran plans to gradually resume navigation in the Strait of Hormuz, significantly cooling market risk aversion. Affected by the decline in crude oil, the market sentiment for industrial carbon ten heavy aromatics remains bearish, and the cost-side support for durene is limited.

II. Industrial carbon ten heavy aromatics prices tested for increases

However, supported by pre-holiday stockpiling around the May Day break, prices of high-boiling aromatic solvents downstream of industrial carbon ten heavy aromatics remained high and firm. Meanwhile, some large refining and chemical enterprises saw reduced operating rates, and previously shut-down units have not resumed operations. As a result, the spot supply of industrial carbon ten heavy aromatics decreased notably during the period, and market circulation volumes declined. Therefore, underpinned by supply-demand fundamentals, industrial carbon ten heavy aromatics prices held steady at high levels. Some refineries in Shandong and East China even tested price increases, with the mainstream price in East China reaching 5,125 yuan/ton, up 150 yuan/ton from the previous week.

III. Durene unit operating rates remained low

For domestic durene units using the carbon ten heavy aromatics route, the reduced spot supply of industrial carbon ten heavy aromatics directly impacts their operating rates and supply conditions. According to chempricehub, the operating rate of carbon ten heavy aromatics-based durene units stood at 32.12%, while synthetic route durene units all remain idle. Therefore, the market sentiment for holding prices and adopting a wait-and-see approach is strong. New transactions are rarely heard, with supply mainly going to fulfill previous high-priced orders.

IV. Downstream market has nominal prices but no actual transactions; durene price increases lack momentum

Table 1: Price list for domestic durene and upstream/downstream products (20260430-0509)

Unit: yuan/ton

| Product | Region | Average this period | Average last period | Change |
| :--- | :--- | :--- | :--- | :--- |
| Industrial carbon ten heavy aromatics | East China | 5,125 | 4,975 | +150 |
| High-boiling aromatic solvent SA1500# | Shandong | 5,900 | 5,833 | +67 |
| Durene (1,2,4,5-tetramethylbenzene) | National | 32,000 | 32,000 | 0 |
| Pyromellitic monoanhydride | Shandong | 65,000 | 65,000 | 0 |
| Pyromellitic dianhydride | Shandong | 75,000 | 75,000 | 0 |

Source: chempricehub

In the short term, domestic circulation of industrial carbon ten heavy aromatics continues to decline, making it difficult for operating rates of carbon ten heavy aromatics-based durene units to recover. Combined with the still-idle synthetic route durene units, the wait-and-see and price-holding sentiment in the durene market remains strong. However, end markets such as PI film are highly resistant to high-priced raw materials. There are also reports that some crude anhydride enterprises in a few regions are strongly inclined to sell at low prices, which will drag down transaction prices in the crude anhydride market and further negatively impact durene market transactions. Therefore, the supply-demand tug-of-war in the durene market has intensified. Currently, support for high prices is weak. Trends in crude oil futures prices, changes in industrial carbon ten heavy aromatics supply, and market developments in crude anhydride and pyromellitic dianhydride will be important factors influencing durene market price changes.