From November 2 to November 9, 2026, the domestic mixed xylene market experienced a wide decline, with an average market price of 8783.33 yuan/ton at the beginning of the week on November 2 and 7616.67 yuan/ton on the weekend on November 9, resulting in a cumulative weekly decrease of 13.28%.
This week, the overall weakness of the aromatics sector, fluctuations in the crude oil market, and continued geopolitical news have disrupted market expectations. Crude oil has briefly rebounded slightly, but has not formed sustained upward guidance, and cost support has fluctuated. Driven by the significant decline in toluene, the spot price of mixed xylene continues to loosen, and traders are cautious and lowering their prices accordingly. After the price fell, although there were sporadic downstream restocking on dips, most of them were just small orders for essential needs, lacking concentrated buying opportunities. The price difference between PX and mixed xylene continues to narrow, downstream processing profits are compressed, and purchasing enthusiasm is significantly suppressed. Under the joint drag of cost disturbance and weak demand, the price center of mixed xylene has shifted significantly downward.
Cost aspect: Strong crude oil drives market upward
Mixed xylene belongs to the category of reformed aromatic hydrocarbon products, and its price is strongly correlated with crude oil. This week, crude oil first suppressed and then rebounded slightly, with the overall focus shifting downwards. The boosting effect brought by the periodic rebound of crude oil is relatively weak, making it difficult to offset the negative impact of the previous oil price drop. Crude oil fluctuates rapidly under the influence of geopolitical news, and there is significant divergence in market expectations for forward costs, resulting in a lack of stable support on the cost side. The weakening of crude oil has driven down the expected cost of refining, suppressing the overall valuation of aromatic hydrocarbons. Coupled with the weakening of the toluene market, it further amplifies the downward pressure of mixed xylene, making it difficult to form an effective bottom line on the cost side. As of November 6th, the settlement price of the December contract for WTI crude oil futures in the United States was $90.83 per barrel. The settlement price of Brent crude oil futures for January contract is $98.32 per barrel.
Supply side:
This week, the reforming units of domestic refineries have been running smoothly, and the industry’s operating load has remained at a medium high level. There are currently no centralized large-scale maintenance arrangements, and the production of mixed xylene for domestic commodities has remained stable. The external cargo arrived at the port as planned, and the supply of goods from the main ports in East China was orderly. The port inventory remained at a neutral level, and there was no significant shortage of overall goods. Local spot prices are temporarily tight, which provides a weak support for local quotations. However, the regional price difference differentiation is limited, making it difficult to reverse the overall weak market trend. As the market continues to decline, the pressure on refinery shipments is gradually becoming apparent. Some companies have lowered their ex factory prices to promote transactions, and the supply of circulating goods is sufficient, making it difficult for the supply side to form strong bullish support.
Demand side:
The main bearish constraint this week is that the demand side suppresses the market’s upward trend throughout the entire process. The core consumption areas of mixed xylene are concentrated in three major sectors: PX production, gasoline blending, and industrial coating solvents. Affected by the continuous surge in raw materials this week, downstream enterprises’ processing profits continue to be compressed, and most factories maintain a low profit or even loss state. The willingness to replenish large quantities of centralized inventory has basically disappeared, and procurement only maintains daily necessities. Intermediaries have a cautious mentality and are concerned about the lack of downstream acceptance and accumulation of goods after receiving goods at high levels. They actively hoard goods to chase price increases, and generally adopt a fast in, fast out, and light warehouse turnover model. The demand for goods can only maintain basic transactions without incremental buying, and the activity of spot negotiations is low, which limits the sustained upward momentum of the market.
PX is the main downstream of mixed xylene, and the price difference between PX and mixed xylene has continued to narrow this week. The processing profit of PX equipment has been significantly compressed, and the production profit of enterprises is under pressure. The device is basically maintaining its current load operation, and there is currently no active plan to increase load. Raw material procurement is mainly based on on-demand consumption, only maintaining daily production replenishment. The willingness to actively lock orders and stock up in advance is low, and there is no sustained incremental procurement, which weakens the demand for mixed xylene.
Market forecast:
The short-term domestic mixed xylene market is expected to maintain a weak and volatile pattern. The cost side of crude oil is affected by the geopolitical situation, with strong volatility and uncertainty, and fluctuating support; There is currently no centralized maintenance plan for the refinery on the supply side, and the pace of port to ship operations is stable. The supply of spot goods is relatively loose, and there is no significant contraction in the supply side. In terms of demand, it will take time to repair the price difference in PX processing. The expectation of recovery in oil and solvent terminals is weak, and concentrated buying is difficult to release quickly. The weak price difference pattern is not easy to change in the short term. Overall, the cost disturbance and weak demand game continue, and the upward resistance of mixed xylene is relatively high. The follow-up focus will be on tracking the trend of crude oil prices, changes in port inventory, PX plant start-up, and downstream replenishment rhythm.
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