Price trend

According to the commodity analysis system of SunSirs, the domestic maleic anhydride market first rose and then fell in October, with an overall decline and a new low for 2024. As of October 31st, the average quoted price of maleic anhydride was 6,430.00 RMB/ton (including tax), a decrease of 1.53% from 6,530.00 RMB/ton on October 1st.

Analysis review

Supply side: Henan and Hebei resumed production, while Qingdao had not yet resumed production; In the first half of October, there was a significant increase during the National Day holiday, which boosted domestic commodity prices. In addition, the resumption of unsaturated resin production after the holiday resulted in a replenishment of essential demand for maleic anhydride, supporting the upward trend in the maleic anhydride market; In the second half of the month, the operating rate of maleic anhydride increased, the supply increased, the prices of the main maleic anhydride factories had fallen, and the quotes from distributors had also fallen. The market had a strong wait-and-see attitude, and new orders and mainly followed up on demand. As of October 31st, the ex factory price of solid anhydride in Shandong region was around 5,900 RMB/ton, and the ex factory price of liquid anhydride was around 5,600 RMB/ton.

Upstream: Benzene prices continued to decline in October. On October 1st, the price was 8,183.00 RMB/ton; On October 31st, the price was 7,113.00 RMB/ton, a decrease of 13.08%.

The international crude oil market fluctuated in October, and the price of n-butane in the market fell. As of October 31, the price in Shandong was around 5,050-5,150 RMB/ton.

Downstream: As of October 31st, the unsaturated resin market was mainly stable, with downstream essential purchases of unsaturated resin being the main focus. There was limited support for unsaturated resin, and the market had a strong wait-and-see sentiment.

Market outlook

The analyst of SunSirs' maleic anhydride products believes that downstream unsaturated resins maintained a rigid demand and provided limited support for the maleic anhydride market; The supply of maleic anhydride had increased, but the price of maleic anhydride had fallen to the annual low point, and some factories had no intention of continuing to lower their prices. It is expected that the maleic anhydride market will mainly consolidate in the near future.

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