The Golden September Lacks Luster, Phthalic Anhydride Prices Stabilize at the Bottom in September

October 1st news

The benzoic anhydride market in September showed a weak and stable trend.

According to the commodity market analysis system, as of September 30, the quoted price for ortho-phthalic anhydride (OPA) was 6,293.33 CNY per ton, marking a slight decrease from the September 1 price of 6,300 CNY per ton—down by 0.11%. Meanwhile, while o-xylene prices rose in September, industrial naphthalene prices remained volatile but gradually stabilized. Despite this, cost support for phthalic anhydride continued to hold. In September, phthalic anhydride production capacity utilization slowly increased, leading to higher operating rates among manufacturers and a corresponding rise in supply. However, downstream plasticizer markets experienced volatile declines, prompting plasticizer producers to modestly increase their equipment utilization rates. Overall, demand for phthalic anhydride remained limited, while rising costs and weak demand kept prices on a cautiously stable trajectory throughout September.

The cost of phthalic anhydride has temporarily stabilized.

On September 30, Sinopec's o-xylene quotation was 6400 CNY/ton, an increase from the o-xylene price of 6300 CNY/ton on September 1, representing a price increase of 1.59%. The price of industrial naphthalene has stabilized with fluctuations, and as the price of o-xylene has risen, the cost of phthalic anhydride has also increased. In September, the operating load of phthalic anhydride equipment slightly increased, leading to a higher operating rate for phthalic anhydride enterprises, thus increasing the supply of phthalic anhydride.

Demand Side: Downstream Plant Operations Stabilize as DOP Prices Fluctuate and Decline

According to the commodity market analysis system, as of September 30, the DOP price was 7,367.50 CNY/ton, down from 7,589.17 CNY/ton on September 1, with a price decrease of 2.92%. In September, the DOP price fluctuated and fell, DOP enterprises' operating load stabilized, the operating rate slightly decreased, and the weak demand for phthalic anhydride continued, with insufficient support for the increase in phthalic anhydride demand.

Market Forecast

The phthalic anhydride product data analyst notes that, on the demand side, plasticizer companies are maintaining high operating rates with only slight increases in startup levels, leading to a modest rise in plasticizer production—but insufficient support for phthalic anhydride demand. Meanwhile, on the cost front, prices of o-xylene have climbed, while industrial naphthalene prices remain volatile yet gradually stabilizing; as a result, phthalic anhydride costs are also trending upward. Looking ahead, although cost support for phthalic anhydride persists, the combination of rising supply and weak demand is expected to keep prices steady, albeit at lower levels.