Supply and Demand Sluggish, Toluene Market Makes Minor Adjustments

November 24, News

According to the commodity market analysis system, the toluene market showed a fluctuating upward trend from November 17 to November 24, 2025. The benchmark price of toluene was 5,330 CNY/ton on November 17 and 5,370 CNY/ton on November 24, an increase of 0.75%. During this period, the Chinese toluene market saw a slight rise. The supply side remained largely unchanged, with overall stable supply. Demand continued to be met as needed, with stable demand from the blending and chemical industries. Crude oil prices weakened slightly recently, which had a minor impact on the sentiment of the spot market. Overall, the toluene market in China did not change much during the week, with a prevailing wait-and-see attitude.

Cost Perspective: According to the commodity market analysis system, as of November 21, the settlement price for the January WTI crude oil futures contract in the U.S. was $58.06 per barrel, while the February Brent crude oil futures contract settled at $61.94 per barrel. This week, OPEC+ announced a new round of production increases, yet the market remains concerned about the long-term risk of supply surplus. Meanwhile, regional geopolitical tensions have eased somewhat, but weaker U.S. demand, coupled with ongoing U.S. tariff issues weighing on global economic growth and dampening demand expectations, have led to a slight decline in international oil prices.

Supply side:

Sinopec's toluene production is operating normally, with stable production from the facilities. Most of the products are for internal use, and the production and sales are balanced. As of November 24, the East China company's quotation is 5,400 CNY/ton, the North China company's quotation is 5,250-5,350 CNY/ton, the South China company's quotation is 5,400-5,500 CNY/ton, and the Central China company's quotation is 5,450 CNY/ton.