Demand Stable, Toluene Market Shows Little Volatility in September

September 28, News

According to the commodity market analysis system, the toluene market experienced volatile declines in September 2025. From September 1 to 26, China's toluene prices fell from 5,420 CNY/ton to 5,370 CNY/ton, representing a price drop of 0.92% over the period.

In the first half of the month: The toluene market experienced volatile, downward pressure as weaker crude oil prices weighed on market sentiment, leading to continued declines in pricing. In Shandong province, prices edged lower this week, pressured by the broader crude oil market. Meanwhile, trading activity in East China remained sluggish, with sellers offering prices generally at the lower end of their range. In South China, easing supply conditions dampened downstream buyers' willingness to enter the market, prompting major refineries to cut their price offers. Overall, market sentiment across the region remained subdued.

Later in the month: The Chinese toluene market experienced a range-bound, volatile trend this period. In Shandong, supply and demand remained largely unchanged, with stable downstream demand from the chemical and fuel-blending industries, driven primarily by essential purchasing needs. Meanwhile, the East China market stayed relatively steady, though buyers showed weaker enthusiasm for entering the market. In South China, the lack of clear market signals kept price fluctuations minimal.

Cost Perspective: According to the commodity market analysis system, as of September 26, the settlement price for the November WTI crude oil futures contract in the U.S. was $65.72 per barrel, while the December Brent crude oil futures contract settled at $69.22 per barrel. During this pricing cycle, geopolitical factors continued to be a key driver influencing the crude oil market. Escalating geopolitical tensions in the Middle East triggered a temporary rebound in international crude oil prices. However, OPEC+ decided to maintain its planned production increase in October, and coupled with rising U.S. oil inventories, market expectations remain firmly focused on potential supply surpluses, ultimately limiting the upward momentum of global oil prices.

Supply Side:

Sinopec's toluene enterprises are operating normally, with stable production from the facilities. Most of the products are used internally, and production and sales are stable. As of September 26, the East China company's quotation is 5350 CNY/ton, the North China company's quotation is 5300 CNY/ton, the South China company's quotation is 5400-5500 CNY/ton, and the Central China company's quotation is 5400 CNY/ton.