Phthalic Anhydride Market Stalemate and Consolidation (20260907)

1. Today's Summary

• Domestic phthalic anhydride market prices maintained a high-level sideways trend.
• Today, the domestic phthalic anhydride capacity utilization rate remained stable at 57%.

2. Spot Market Overview

Table 1: Domestic Phthalic Anhydride Price Summary (Unit: CNY/ton)

Using Jiangsu as the benchmark, the o-xylene-method PA price in Jiangsu closed at 9,400 CNY/ton today, unchanged from the previous trading day and in line with early expectations. Today, domestic phthalic anhydride prices continued to range-bound at high levels. A wait-and-see sentiment dominated the market, with players reluctant to follow up at higher prices. However, cost-side support remained strong, keeping the overall phthalic anhydride market stable.

3. Production Updates

Today, the domestic phthalic anhydride capacity utilization rate decreased to 57%, while plant operations remained stable. In terms of profitability, feedstock o-xylene prices were stable, and the East China o-xylene-method PA market price held steady, resulting in a theoretical margin of 428 CNY/ton for the o-xylene-method segment. In Hebei, naphthalene-method PA prices were stable, and feedstock industrial naphthalene prices were also stable, giving a theoretical margin of 465 CNY/ton for the naphthalene-method segment.

4. Price Forecast

At present, upstream feedstock cost support remains robust, and spot supply in the domestic phthalic anhydride industry is relatively tight. Market players still have a strong willingness to hold prices firm, which remains the main factor underpinning the market. However, weak end-user demand is constraining high-end transaction follow-through. Combined with expectations of increased operating rates in the o-xylene-method PA sector, this is putting downward pressure on the market. In the short term, the domestic phthalic anhydride market is expected to continue fluctuating at high levels.

5. Related Product Updates

o-Xylene market: Prices in East China were stable, with a reference price of about 9,000 CNY/ton on a self-pickup basis. Strong cost support from the upstream aromatics chain and stable prices from major petrochemical plants helped keep market prices steady.

DOP market: Today, feedstock octanol operated steadily. DOP costs remained high, and prices held firm. Price increases varied across the market. At elevated price levels, participants mostly focused on active sales. Some rigid-demand transactions were concluded in the lower-price segment, while the high prices were not well transmitted downstream.

6. Data Calendar

Table 2: Domestic Phthalic Anhydride Data Overview (Unit: 10,000 tons)