Why did China's phthalic anhydride market hit a new low despite falling feedstock costs?

Why did China's phthalic anhydride market hit a new low despite falling feedstock costs?
Domestic phthalic anhydride prices fell sharply as crude oil hit new lows, collapsing cost support across the aromatics chain. With orthoxylene feedstock marked down, the market kept probing lower and set a fresh year-to-date low. Downstream buyers stayed cautious, purchasing only on a rigid small-lot basis, so sellers struggled to move cargo. The squeeze hit naphthalene-route producers hardest, widening their losses and forcing more plants into shutdown or output cuts. Industry operating rates slipped to around 60%, down two percentage points week on week, while DOP and DBP downstream runs diverged. Cost-side weakness, not demand recovery, remains the dominant driver.