Price trend

According to data from SunSirs' commodity market analysis system, the xylene market fluctuated downwards last week. From February 2nd to February 9th, 2026, the price of xylene decreased from 5,780 RMB/ton to 5,680 RMB/ton, a drop of 1.73%. This cycle, the market faced downward pressure from its high levels, primarily due to factors including weakened cost support caused by crude oil price fluctuations, the completion of pre-holiday stockpiling by downstream buyers, gradually easing regional supply, and a more cautious market sentiment. Prices weakened slightly, lacking the momentum for further increases at higher levels, and overall exhibited a weak consolidation trend within a range.

Market analysis

Cost Side: 

According to the SunSirs' commodity market analysis system, international crude oil prices fluctuated and declined during this period. Geopolitical premiums gradually subsided, market expectations for demand turned cautious, and coupled with the impact of some macroeconomic data, the center of oil prices shifted slightly downward, resulting in a temporary weakening of cost support for the toluene market. Domestic crude oil futures followed the fluctuations of the international market, with the support at previous high levels waning, and market sentiment turning cautious. Naphtha prices also trended weakly, and the overall upward momentum of the aromatics industry chain's cost side was insufficient. The toluene market lacked sustained upward momentum on the cost side, and coupled with increased market expectations for further oil price fluctuations, the bullish sentiment in the toluene market was significantly suppressed, providing room for price correction. As of February 6, the settlement price of the March contract for US WTI crude oil futures was $63.55 per barrel. The settlement price of the April contract for Brent crude oil futures was $68.05 per barrel.

Supply Side:

This period, the domestic supply of xylene shifted from tight to loose overall. Significant regional differences emerged due to variations in plant operation, cargo arrivals, and inventory levels. The previously tight supply situation eased, weakening support for prices. In Shandong, the tight supply-demand balance eased slightly, refinery bidding premiums narrowed, and the motivation to maintain prices weakened compared to the previous period. In Jiangsu, cargo arrivals at warehouses gradually increased, easing the spot market tightness. Holders softened their reluctance to sell, and prices followed the market downwards. In Guangdong, cargoes continued to arrive at ports, increasing spot market circulation and leading to a slight accumulation of inventory, putting significant downward pressure on prices. Major domestic refineries maintained stable operations, with xylene primarily used for self-consumption and contract supply. Overall, the market supply remained stable, with no significant contraction expected. Suppliers softened their pricing strategy compared to the previous period, with some companies offering moderate discounts to recover funds before the holiday.

A summary of Sinopec's xylene prices: As of February 9, the company was operating normally, with stable production and sales. Prices remained unchanged from the previous day. As of February 9th, the price quoted by the East China branch was 5,800 RMB/ton, the North China branch was 5,350-5,450 RMB/ton, the South China branch was 5,850 RMB/ton, and the Central China branch was 5,350-5,550 RMB/ton.

Demand side:

This period, downstream demand for toluene remained stable overall, but buyers were cautious about further price increases. With the Spring Festival approaching, downstream factories were gradually closing for holidays, and pre-holiday stockpiling was largely complete, leading to weaker demand and insufficient support for the toluene market. PX prices eased slightly, and the price difference between domestic and international PX markets in Asia narrowed. Major domestic plants such as Rongsheng and Hengli operated stably, with stable production and sales, but their impact on toluene prices weakened. Other downstream industries, such as solvents and fine chemicals, mainly focused on replenishing inventory for immediate needs, resulting in a generally weak market atmosphere. Downstream acceptance of high-priced goods decreased, further limiting the upward potential of toluene prices.

According to data from the SunSirs' commodity market analysis system, Sinopec Sales Company was uniformly pricing PX at 7,650 RMB/ton in East China, North China, and South China. Major plants such as Rongsheng Petrochemical and Hengli Petrochemical were operating stably, with smooth production and sales. As of February 6th, the closing price of PX in the Asian market was $871-873/ton FOB Korea and $896-898/ton CFR China.

Market outlook:

Crude oil prices remained volatile and uncertain, with cost support relatively stable but unlikely to provided a strong boost. Regional supply differentiation continued, with Shandong and Jiangsu still offering some support, while Guangdong faced significant pressure from incoming shipments. Demand weakened further as the Spring Festival approaches, with downstream procurement mainly focused on last-minute needs. The xylene market is expected to maintain a weaker, range-bound trading pattern next week. Key factors to watch include crude oil price movements, price adjustments by major refineries, plant operations in Shandong, and the impact of shipments arriving in South China on the market.

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