Price trend

According to the commodity market analysis system of SunSirs, the xylenes market experienced a volatile downward trend last week. The benchmark price stood at 6,938.25 RMB/ton on April 13, 2026, before falling to 6,400.75 RMB/ton by April 20—marking a decline of 7.75% over the period. The market was weighed down by a triple confluence of bearish factors: weakening crude oil prices on the cost side undermined support; domestic refineries on the supply side actively pushed sales; and downstream sectors on the demand side exhibited sluggish essential demand. Consequently, market trading remained light, industry sentiment leaned bearish, and xylenes prices displayed a pattern of sustained, unilateral weakness.

Market Analysis

Cost Perspective: Following significant volatility last week, international crude oil prices shifted lower, resulting in continuously weakening cost support for xyleness. Early in the week, crude oil prices fell sharply—pressured by easing geopolitical tensions and rising inventories—and although they staged a brief intraday rebound, they failed to reverse the bearish trend, thereby directly eroding cost support for xylenes production. Concurrently, overseas market prices for Asian xyleness followed a pattern of initial gains followed by declines: on April 15, the FOB Korea closing price rose by $23/ton to $1,094–$1,096/ton, while the CFR China closing price stood at $1,110/ton; however, on April 16, FOB Korea prices retreated to $1,088–$1,090/ton and CFR China prices fell to $1,103/ton. This shift in overseas prices from strength to weakness further weighed on domestic cost-side support. The price spread between pure benzene and xyleness remained wide, and the arbitrage window between PX and xyleness opened up; while this provided some diversionary support for xyleness, its impact was limited and insufficient to offset the bearish ripple effects stemming from the weakening crude oil market. Overall, the cost-side outlook remained bearish. As of April 17, the settlement price for the June contract of U.S. WTI crude oil futures was $82.59 per barrel, while the settlement price for the June contract of Brent crude oil futures was $90.38 per barrel.

Supply Side: The domestic xylenes market remains well-supplied; major refineries and independent refineries in Shandong are actively shipping products, ensuring ample market availability. Last week, xylenes units at major domestic refineries—including Sinopec and PetroChina—continued to operate stably. Posted prices were adjusted downward in line with market trends, while refineries in South China—such as Guangzhou Petrochemical, Maoming Petrochemical, and Zhongke Refining & Chemical—maintained a steady release of products for external sale. In the Shandong region, independent refineries continued to operate at high utilization rates; however, driven by a sustained decline in market prices, these refineries demonstrated an increased urgency to move inventory, actively lowering prices to boost sales volume. Although the second quarter typically marks the industry's traditional maintenance season—with some enterprises having scheduled maintenance plans—no large-scale maintenance shutdowns actually materialized last week, resulting in a full realization of domestic xylenes production capacity. Coupled with xylenes inventories at East China ports remaining at reasonable levels and an abundance of circulating market supply, the supply side is exerting significant downward pressure on prices.

Demand Side:

According to the SunSirs Commodity Market Analysis System, overall downstream demand for xyleness remains weak, with limited release of essential demand across various sectors.

PX Industry Chain: The domestic PX market has remained stable within a narrow range. Sinopec Sales Company maintained its weekly PX quotation at 9,600 RMB/ton, while key production facilities—such as those at Yangzi Petrochemical and Zhenhai Petrochemical—operated steadily with smooth product shipments. Meanwhile, the Asian PX external market trended downward amidst volatility; on April 10, the average FOB Korea price stood at approximately $1,144/ton and the average CFR China price at $1,169/ton. By April 16, these figures had retreated to $1,213/ton (FOB Korea) and $1,238/ton (CFR China), reflecting a slight overall decline in external market prices. Consequently, profit margins across the PX industry chain and market purchasing sentiment have been constrained, thereby dampening chemical demand for xyleness.

Paints and Solvents Sector: During the week, operating rates within the domestic paints and solvents industry remained at low-to-moderate levels. Weak consumption in the downstream market—compounded by a continuous decline in xylenes prices—fostered a strong wait-and-see sentiment among market participants. Procurement activities were largely limited to small-volume, essential-demand orders; consequently, demand for blending purposes remained sluggish, failing to provide any effective support to the xylenes market.

Overall, downstream industries exhibit significant resistance to high-priced xyleness; even following substantial price reductions, the pace of restocking remains sluggish, and demand continues to be weak.

Market outlook

In the short term, the domestic xylenes market is expected to continue facing multiple pressures, most likely maintaining a weak and volatile trend. On the cost side, the trajectory of crude oil prices remains uncertain; should they continue to weaken, this would further drag down xylenes market sentiment. Regarding supply, the current landscape of ample availability from both state-owned and independent domestic refineries is unlikely to change significantly in the near term; coupled with a relatively slow pace of scheduled maintenance shutdowns, market supply pressures are expected to persist. On the demand side, recovery in downstream industries remains sluggish, and the release of essential demand is limited; consequently, the pace of downstream procurement will emerge as a critical variable influencing market performance. It is anticipated that the xylenes market is unlikely to experience a significant turnaround in the short term. Going forward, key factors to monitor include fluctuations in crude oil prices, maintenance schedules at domestic production facilities, and the pace of inventory replenishment by downstream sectors, while remaining vigilant against the risk of further price declines.

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