According to the commodity analysis system of Shengyi Society, 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 6430.00 yuan/ton (including tax), a decrease of 1.53% from 6530.00 yuan/ton on October 1st.
Supply side: Henan and Hebei have resumed production, while Qingdao has 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 has increased, the supply has increased, the prices of the main maleic anhydride factories have fallen, and the quotes from distributors have also fallen. The market has a strong wait-and-see attitude, and new orders and urgent needs are mainly followed up. As of October 31st, the ex factory price of solid anhydride in Shandong region is around 5900 yuan/ton, and the ex factory price of liquid anhydride is around 5600 yuan/ton.
Upstream: Pure benzene prices continued to decline in October. On October 1st, the price was 8183.00 yuan/ton; On October 31st, the price was 7113.00 yuan/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 5050-5150 yuan/ton.
Downstream: Currently, the unsaturated resin market is mainly stable, with downstream essential purchases of unsaturated resin being the main focus. There is limited support for unsaturated resin, and the market has a strong wait-and-see sentiment.
The analyst of Shengyi Society’s maleic anhydride products believes that downstream unsaturated resins maintain a strong demand and provide limited support for the maleic anhydride market; The supply of maleic anhydride has increased, but the price of maleic anhydride has fallen to the annual low point, and some factories have 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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