This week, the mixed xylene market fluctuated downward, with a benchmark price of 6938.25 yuan/ton on April 13, 2026, falling to 6400.75 yuan/ton on April 20, a 7.75% decline during the cycle. The weakening of crude oil on the cost side has suppressed support, domestic refineries on the supply side are actively shipping, and downstream demand is weak. The market trading is light, and industry sentiment is bearish. The mixed xylene market is showing a unilateral weak operation.
Cost aspect: After significant fluctuations in international crude oil prices this week, the center of gravity has shifted downwards, and the cost support for mixed xylene continues to weaken. Crude oil fell sharply in the early stage of the week due to the easing of geopolitical situation and the increase in inventory. Although it rebounded briefly during the trading session, it failed to reverse the weak pattern and directly weakened the cost support of mixed xylene production. At the same time, the Asian mixed xylene market first rose and then fell. On April 15th, FOB South Korea closed up by $23/ton to $1094-1096/ton, CFR China closed at $1110/ton, and on April 16th FOB South Korea fell back to $1088-1090/ton and CFR China fell back to $1103/ton. The foreign market prices weakened from strong to weak, further dragging down domestic cost support. The price difference between pure benzene and mixed xylene remains loose, and the arbitrage window between PX and mixed xylene has opened, forming a certain diversion support for mixed xylene. However, the strength is limited, making it difficult to offset the negative transmission caused by the weakening of crude oil, and the overall performance on the cost side is bearish. As of March 13th and April 17th, the settlement price of the June contract for WTI crude oil futures in the United States was $82.59 per barrel. The settlement price of Brent crude oil futures for the June contract is $90.38 per barrel.
Supply side:
The supply of mixed xylene in the domestic market remains loose, with active shipments from main refineries and Shandong refineries, and sufficient market supply. Although the second quarter is the traditional maintenance season in the industry, and some companies have maintenance plans, there is currently no large-scale maintenance landing this week, and the overall production capacity of mixed xylene in China is fully released. Combined with the reasonable level of inventory maintained in East China ports, the market has abundant circulation of goods, and the supply side has significantly suppressed prices.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, the overall demand for mixed xylene downstream is weak, and the release of essential demand in various sectors is limited.
PX industry chain: The domestic PX market operates steadily, with stable core equipment and smooth shipments; The Asian PX external market fluctuated and fell. On April 10th, the FOB South Korean average price for Asian PX external market was about 1144 US dollars/ton, and the CFR China average price was about 1169 US dollars/ton. By April 16th, the FOB South Korean average price had fallen to 1213 US dollars/ton, and the CFR China average price had fallen to 1238 US dollars/ton. The overall external market price had slightly declined, and the profit and purchasing mentality of the PX industry chain were limited, dragging down the demand for mixed xylene chemical industry.
Coatings and solvent industry: During the week, the domestic coatings and solvent industry maintained a medium low level of production, with weak consumption in the end market and a continuous decline in the price of mixed xylene. Industry players showed a strong wait-and-see attitude, with procurement mainly focused on small orders for essential needs. The demand for mixed blending remained weak, making it difficult to effectively support the mixed xylene market.
Overall, downstream industries have a clear resistance to high priced mixed xylene. Even if prices are significantly reduced, the pace of replenishment remains slow, and the demand side continues to be weak.
Market forecast:
In the short term, the domestic mixed xylene market will still face multiple pressures and is likely to maintain a weak and volatile trend. The trend of crude oil on the cost side remains uncertain, and if it continues to weaken, it will further drag down the mixed xylene market; The loose supply pattern of domestic refineries and local refineries on the supply side is difficult to change in the short term, coupled with the slow pace of subsequent maintenance and landing, and market supply pressure still exists; The recovery of downstream industries on the demand side is slow, and the release of essential demand is limited. The follow-up situation of procurement will become a key variable in the market. It is expected that there will be no significant reversal in the mixed xylene market in the short term. In the future, special attention should be paid to fluctuations in crude oil prices, updates on equipment maintenance by domestic enterprises, and the pace of downstream inventory replenishment, in order to be alert to the risk of continued price decline.
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