TMA precursor market stays firm on feedstock costs despite 25.7% operating rates

Lead-in: Supported by high costs and tight spot supply, the domestic market for hemimellitic anhydride (HMA) precursors—specifically durene—is experiencing strong price retention and upward momentum. However, downstream demand for pyromellitic dianhydride (PMDA) and end-use polyimide (PI) films remains under pressure, limiting the potential for further price increases. Consequently, the overall market trend is currently stable.

1. Comprehensive Rise in Industrial C10 Aromatic Feedstock

Due to the prolonged stalemate between the US and Iran, with no substantial progress from mediation efforts by Qatar and other parties, coupled with continuous Houthi attacks on Saudi energy facilities, supply concerns have elevated geopolitical risk premiums, driving international crude oil prices higher. Specifically, the Brent price stood at $115.32/barrel, a 1.90% increase from October 22. Combined with widespread price hikes in downstream high-boiling aromatic solvents, the price of industrial C10 aromatics rose across the board. The mainstream price in East China reached 7,950 CNY/ton, an increase of 200 CNY/ton compared to the same period last week.

2. Durene Operating Rate Remains Low at 25.7%

Beyond the price increases, the spot supply of industrial C10 aromatics in China remains tight. On one hand, reforming units at major players like Yangzi Petrochemical are operating at low loads, while Anqing Petrochemical’s entire plant is still undergoing maintenance, resulting in a month-on-month decrease in the external supply volume of industrial C10 aromatics. On the other hand, the durene content in externally supplied C10 aromatics is low, leading to reduced yields for separation plants and keeping the operating load of durene production units via the C10 method at a low level. Meanwhile, market prices for isomeric xylene and methanol remain high. Given current durene market prices, the synthetic route to durene operated by Shaanxi Huahaoxuan would face negative margins if restarted; therefore, there are currently no plans for operation. As a result, the overall operating rate for domestic durene units stands at 25.7%. Most manufacturers hold low inventories, and new transactions are primarily small-scale retail deals.

3. Downstream PMDA Shipment Pressure

Table 1: Overview of Domestic PMDA and Upstream/Downstream Product Prices (Oct 23–30, 2026)
Unit: CNY/ton