① Steady demand supports a tight spot market for aniline.
② Strong cost support; industry chain profits shifting upstream.
After the holiday, domestic aniline prices remained relatively stable. Apart from units undergoing scheduled maintenance, other plants continued normal operations. Some units originally planned for post-holiday maintenance postponed their shutdowns. However, downstream demand remained steady, keeping the spot market in a tight supply situation. On the cost side, significant strength in crude benzene narrowed the price spread between aniline and crude benzene, causing profits along the industry chain to shift upstream.
Looking ahead, units with postponed maintenance are expected to begin shutdowns next week, leading to a decline in both overall industry output and spot availability. On the demand side, downstream operating rates are expected to remain unchanged, with procurement proceeding at a steady pace, supporting stable consumption of aniline. Overall supply-demand fundamentals remain favorable. Regarding costs, following the rally in crude benzene, profit margins for aniline have compressed, potentially prompting aniline producers to raise prices in line with raw material costs. Next week, aniline prices are forecast to consolidate within the range of 14,800–15,000 RMB/ton.
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