Why did China's C9 aromatics prices fall in 2024 despite rising downstream demand?

Why did China's C9 aromatics prices fall in 2024 despite rising downstream demand?
China's C9 aromatics effective capacity reached 3.32 million tons per year in 2024, with output of 2.607 million tons and a capacity utilization rate of 78.5%. The average market price slipped 9.4% year on year to 6,082 yuan per ton. The disconnect is largely structural: C9 streams from catalytic reforming contain roughly 150 components, with high olefin and gum content that make single-component separation difficult. Most value still comes from converting the stream into xylene, trimethylbenzene and high-boiling aromatic solvents. New capacity from integrated refining and aromatization projects continues to outpace the pace at which downstream fine chemicals can absorb it, keeping the market well supplied.