Prompt

1. Today's Summary

① A sharp drop in international crude oil prices has intensified market wait-and-see sentiment.
② Today, the domestic phthalic anhydride capacity utilization rate dropped to 53%.

2. Spot Market Overview

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

Based on the Jiangsu region, today's closing price for Jiangsu phthalic anhydride produced via the o-xylene process remained stable at 10,750 CNY/ton, consistent with morning expectations. The domestic phthalic anhydride market showed divergent trends today. Influenced by the sharp decline in international crude oil prices, market wait-and-see sentiment intensified, resulting in sluggish transaction volumes.

3. Production Dynamics

Today, the domestic phthalic anhydride capacity utilization rate fell to 53%, driven down by temporary shutdowns at Tangshan Kailuan and Shanxi Sanqiang facilities. Regarding profitability, raw material o-xylene prices remained stable, and the East China market price for phthalic anhydride produced via the o-xylene process was steady, yielding a theoretical industry profit of 444 CNY/ton. For the naphthalene process, prices rose in Hebei while industrial naphthalene raw material costs remained stable, resulting in a theoretical industry profit of 918 CNY/ton.

4. Price Forecast

Currently, low overall inventory levels in the domestic phthalic anhydride industry and tight spot supply remain the primary factors supporting the market. However, resistance from end-users regarding high prices, coupled with expectations of increased capacity utilization in the naphthalene process sector, are exerting some downward pressure on the market. It is anticipated that the short-term market for phthalic anhydride produced via the o-xylene process will remain stable, while forward shipment prices for the naphthalene process will face pressure.

5. Related Product Status

o-Xylene Market: Prices in East China remained stable, referencing approximately 10,450 CNY/ton for ex-factory pickup. Plant maintenance activities have exacerbated tight supply conditions. However, major producers maintained stable pricing, and downstream users primarily fulfilled existing contract orders.

DOP Market: Today, DOP prices traded steadily. Sellers were active in moving inventory, and some offered room for negotiation. However, inquiry activity was insufficient. Downstream users had adequate available stock, showing little willingness to buy at high prices, resulting in a mediocre trading atmosphere.

6. Data Calendar

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