Toluene Market Remains Stable Amid Wait-and-See Sentiment; Downstream Buyers Maintain Rigid Purchasing

1. Today's Summary

1. NYMEX crude oil futures (November contract) closed at $93.74/bbl, up $1.89/bbl (+2.06% WoW); ICE Brent crude futures (December contract) closed at $106.65/bbl, up $1.93/bbl (+1.84% WoW).
2. Shandong gasoline production and sales status.
3. Weak shipment performance for toluene from Shandong refineries.

2. Spot Market Overview

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

Today, the domestic toluene market remained stable but sluggish. Holders continued to maintain firm asking prices, while downstream buyers made only minimal rigid-demand purchases, with weakening interest in taking delivery. Refinery production and sales in Shandong improved slightly, with toluene-to-benzene conversion remaining the primary consumption sector. Jiangsu saw a slight inventory buildup, but overall holding costs remain high, with few low-price negotiations reported. Demand in Guangdong was weak, hindering shipments at higher price levels.

3. Price Forecast

In the short term, the toluene market retains decent bottom support. Although demand remains mediocre and downstream shows some resistance, the spread between pure benzene and toluene has stabilized, and rigid consumption continues, leading to recent sideways consolidation of toluene prices.

4. Data Calendar

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