Morning Market Briefing on Phthalic Anhydride (September 18, 2026)

I. Key Focus Areas

1. The U.S. has hinted that the conflict between the U.S. and Iran is nearing its end, with multiple parties continuing to push for de-escalation in the Middle East, leading to a drop in international oil prices.
2. Changes in raw material costs.
3. Price fluctuations in commodity futures markets.

Core Logic: Currently, strong support from upstream costs, combined with tight supply in certain regions, provides some market stability. However, weakening demand, coupled with expectations of increased phthalic anhydride (PA) capacity utilization in South China, exerts pressure on the market.

II. Price List

Notes:

1. Prices for O-Xylene, Industrial Naphthalene, and Phthalic Anhydride refer to National Standard Premium Grade products.
2. All four items are priced in RMB, unit: RMB/ton.
3. The RMB prices listed above are ex-factory cash prices including VAT.
4. The two price points represent spot prices from the previous two working days prior to this week, not weekly averages.
5. The change rate refers to the period-over-period percentage change.

III. Market Outlook

Currently, cost-side factors remain the primary support for the market. Tight supply of the raw material O-Xylene provides certain support. However, weak terminal demand and losses in downstream industries constrain high-end transaction follow-through. Short-term, the market price of O-Xylene process PA is expected to stabilize, while the price center for Naphthalene process PA is expected to decline.

IV. Data Calendar

Legend:

1. ↓↑ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates narrow-range fluctuation, highlighting data with changes within 0–3%.