According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market continued to decline in December. As of December 29th, the average price of maleic anhydride offers was 5112.50 yuan/ton (including tax), a decrease of 2.85% from 5262.50 yuan/ton on December 1st.

In terms of supply, the maleic anhydride market continued to decline in mid to early December, and the bidding prices of Wanhua continued to fall. The transaction situation was poor, which limited the support for the maleic anhydride market. The prices of the main maleic anhydride factories continued to fall, and coupled with downstream digestion of early raw material orders, new order signings were limited; In late December, as the maleic anhydride market fell to its annual low point, there were lockdowns in major production areas, and there were reports of supply side production cuts. The weak consolidation of the maleic anhydride market was the main trend. As of December 29th, the factory price of solid anhydride in the maleic anhydride market in Shandong Province is around 4800 yuan/ton, while the factory price of liquid anhydride is around 4400 yuan/ton.
Upstream: The price of pure benzene in the Shandong region fluctuated in December. On December 1st, the price was 5254.33 yuan/ton; On December 29th, the price was 5268.67 yuan/ton, an increase of 0.25% from the beginning of the month. Recently, the shipment sentiment of Shandong refined pure benzene has been cautious, and the price is mainly stable. The transaction volume on the spot market in East China is average, and the paper goods negotiations are average. The main focus is on closing multiple orders within the month. The price of pure benzene in Sinopec’s refineries in East and South China remained stable at 5300 yuan/ton.
The n-butane market fluctuated downward in December, with Saudi CP prices rising in December, but the naphtha market falling. As of December 29th, the n-butane price in Shandong was around 4570 yuan/ton.
Downstream: The weak consolidation of unsaturated resin market in November was mainly due to the decline in raw material side maleic anhydride prices and limited cost support; In addition, the sluggish terminal demand at the end of the year and the maintenance of essential downstream procurement have limited support for unsaturated resin.
The analyst of Shengyi Society’s maleic anhydride products believes that currently, domestic maleic anhydride has fallen to an annual low point, and some manufacturers have engaged in closing operations; Wanhua’s auction transaction has improved; The main downstream unsaturated resin procurement of maleic anhydride is in urgent need, and it is expected that the maleic anhydride market may have an upward trend in the near future.