[Leading Article]: In May and June, multiple domestic reforming units will undergo maintenance, involving a total production capacity of 1.2 million tons for industrial-grade C10 heavy aromatics, with an estimated production loss of 118,200 tons, leading to a shortage of raw materials for durene produced via the C10 method. However, downstream PMDA and other markets maintain just-in-time procurement for raw materials. Durene prices face limited upward momentum again, and the overall market is expected to remain stable at high levels.

I. Crude Oil Futures Rise and Fall

From mid-April, average international oil prices fluctuated. As of April 22, WTI stood at $92.96/barrel, down 1.83% from April 16; Brent was at $101.91/barrel, up 2.54% from April 16. The reason was that Iran stated commercial ships could pass through the Strait of Hormuz during the ceasefire period, easing supply concerns and pushing oil prices lower. However, as new negotiations have not resumed, shipping in the strait remains stalled, with supply risks continuing to support an oil price rebound.

II. Industrial-Grade C10 Heavy Aromatics Prices Continue to Decline

Amid mixed movements in crude oil futures, combined with negative sentiment and limited downstream demand, sales of high-boiling-point aromatic solvents have been poor. Market prices fell sharply, dragging down industrial-grade C10 heavy aromatics prices. In East China, the mainstream price reached 5,175 yuan/ton, down 600 yuan/ton from the previous week.

III. Synthetic Durene Plants Remain Idle; Supportive Wait-and-See Sentiment Prevails

According to ChempriceHub, the synthetic durene plant in Shaanxi has yet to restart. The operating rate for C10-method durene plants stands at 34.3%, with transactions primarily fulfilling existing orders. Consequently, tight spot supply supports market participants' price-firming sentiment. Domestic durene prices range from 32,000 to 35,000 yuan/ton. However, downstream markets maintain just-in-time procurement, and news of potential restart for pseudocumene alkylation-method durene plants has curbed market transactions, with few new orders reported.

IV. Raw Material Shortage, but Downstream Markets Rely on Just-in-Time Demand; Durene May Remain Stable at High Levels

Statistical Table of Domestic Reforming Unit Maintenance in May-June 2026 (Unit: Days, 10,000 Tons)

| Company Name | Product Involved | Capacity | Start Time | End Time | Production Loss in May-June |
|---|---|---|---|---|---|
| CNOOC Zhongjie | Industrial-grade C10 Heavy Aromatics Type I | 15 | 2026/3/20 | / | 2.75 |
| CNOOC Taizhou | Industrial-grade C10 Heavy Aromatics Type I | 22 | 2026/4/27 | 2026/6/12 | 2.84 |
| Qingdao Lidong | Industrial-grade C10 Heavy Aromatics | 3 | 2026/3/20 | / | 0.55 |
| Jinling Petrochemical | Industrial-grade C10 Heavy Aromatics | 10 | 2026/4/13 | 2026/5/29 | 0.87 |
| Yangzi Petrochemical | Industrial-grade C10 Heavy Aromatics | 20 | 2026/5/6 | 2026/6/20 | 2.70 |
| Ningbo Zhongjin | Industrial-grade C10 Heavy Aromatics | 24 | 2026/5/6 | 2026/9/6 | 3.96 |
| Wilmar Chemical | Industrial-grade C10 Heavy Aromatics | 12 | 2026/5/25 | 2026/7/10 | 1.30 |
| Zhoushan Hebang | Industrial-grade C10 Heavy Aromatics | 6 | 2026/5 | 2026/6/30 | 0.99 |
| Shenghong Refining | Industrial-grade C10 Heavy Aromatics | 30 | 2026/6/19 | 2026/8/2 | 0.99 |
| Fuhaichuang | Industrial-grade C10 Heavy Aromatics | 15 | 2026/6/20 | 2026/7/20 | 0.45 |
| Total | | | | | 17.41 |

According to ChempriceHub, in May and June, multiple domestic reforming units are scheduled for maintenance, involving a total production capacity of 1.2 million tons of industrial-grade C10 heavy aromatics, with estimated production loss of 118,200 tons. This has led to a shortage of raw materials for C10-method durene production. Additionally, no restart is expected for synthetic durene plants in May, keeping durene spot supply tight.

However, with no substantial positive drivers in terminal markets such as PI films, raw material procurement remains just-in-time. A few enterprises in the pyromellitic dianhydride (PMDA) market intend to sell at lower prices to capture market share, dragging down market prices and subsequently weighing on durene market trading. In summary, the domestic durene market is expected to remain stable at high levels. Trends in crude oil futures, changes in industrial-grade C10 heavy aromatics supply, and fluctuations in crude anhydride and PMDA markets will be key influencing factors for durene market prices.