According to the commodity analysis system of Business Society, the domestic maleic anhydride market experienced an overall upward trend in January. As of January 30, the average quoted price for maleic anhydride was 5,262.50 yuan per ton (including tax), representing a 2.93% increase compared to 5,112.50 yuan per ton on January 1.

On the supply side, the maleic anhydride market saw narrow fluctuations in the first half of January. Wanhua's auction prices declined, with average transaction volumes, providing limited support to the maleic anhydride market. Major maleic anhydride producers continued to lower their prices accordingly. Additionally, downstream industries were digesting previous raw material orders, resulting in limited new order placements. In the latter half of January, as maleic anhydride prices remained low, major production regions implemented production restrictions and suspended sales, leading to tighter spot supply and benefiting the maleic anhydride market. Wanhua's auction performance improved, with transaction prices rising steadily, and the maleic anhydride market followed suit. As of January 30, solid maleic anhydride ex-factory prices in Shandong were around 5,000 yuan per ton, while liquid maleic anhydride ex-factory prices were around 4,750 yuan per ton.

On the upstream side, pure benzene prices in Shandong continued to rise in January. The price on January 1 was 5,268.67 yuan per ton, and by January 30, it had increased to 6,186.67 yuan per ton, up 17.42% from the beginning of the month. International crude oil futures rose, driving up overseas pure benzene prices, which boosted domestic market confidence. Buyers were active, further pushing up pure benzene prices. Shandong's local refineries were encouraged by rising oil prices, leading to significant price increases in their offers. Sinopec's refineries in East and South China maintained stable pure benzene prices at 6,000 yuan per ton, effective from January 28.

In January, n-butane prices fluctuated upward. The February Saudi CP price was further increased by $20 to $540 per ton. Naphtha prices initially fell but later rose in January. As of January 30, n-butane prices in Shandong were around 4,520 yuan per ton.

On the downstream side, unsaturated resin prices rose in January, supported by higher raw material costs such as maleic anhydride and styrene. However, downstream industries experienced weak order volumes, with procurement mainly driven by immediate needs. Toward the end of the month, downstream plants gradually shut down for holidays, resulting in limited proactive stockpiling. Most market participants adopted a wait-and-see attitude toward resin price increases, with no significant improvement expected before the Spring Festival holiday. Trading volumes remained subdued.

According to Business Society's maleic anhydride product analyst, as the Spring Festival approaches, major downstream unsaturated resin plants are gradually shutting down for holidays, leading to a decline in demand for maleic anhydride. Currently, maleic anhydride producers still face tight spot supply, with no immediate pressure to secure new orders. Wanhua's auction performance has improved, and it is expected that the maleic anhydride market will experience narrow fluctuations in the near term.