From October 8 to October 29, 2026, the domestic mixed xylene market first rose and then fell, with a range of fluctuations. The monthly average market price increased from 8520 yuan/ton at the beginning of the month to 8690 yuan/ton at the end of the month, with a cumulative increase of 2% for the whole month.
During the cycle, crude oil has strengthened in stages, while the aromatic hydrocarbon market is relatively strong. Petrochemical and cargo holding merchants have raised their prices and the market has risen in stages. As prices rise, downstream resistance to receiving goods gradually emerges, and on-site transactions are mainly based on small orders for essential needs, lacking centralized replenishment and buying orders. As the end of the month approaches, the delivery of paper goods is gradually coming to an end. Contract buying that previously boosted the port spot premium has exited, and the port premium is gradually returning to rationality. After the market surged, it came under pressure and fell back. The mixed xylene market in this cycle is driven by cost expectations and continues to be constrained by downstream procurement rhythms, resulting in a stalemate between long and short positions and no unilateral trend market
Cost aspect:
The cost side of mixed xylene follows the linkage operation of crude oil and naphtha, and the trend of crude oil is the core guidance of the current market. Within the monitoring range, crude oil showed a pulse like rise, driving up the price of naphtha. The aromatic hydrocarbon sector also strengthened in the evening session, providing support for mixed xylene spot prices from the perspective of cost expectations. This is also the main basis for the price increase and price center lifting of holders at the beginning of the month. The sustained rise in crude oil prices is weak, and after surging, it quickly enters a volatile range, with significant fluctuations in cost support. During the oil price correction phase, the aromatic hydrocarbon market weakened, leading to a cooling of market sentiment and simultaneous pressure on spot prices. This was the main cause of the month end market’s decline from its high point. Cost support only appears temporarily and can only bring short-term market boost, not enough to drive prices to continue rising. As of October 28th, the settlement price of the December contract for WTI crude oil futures in the United States was $102.78 per barrel. The settlement price of Brent crude oil futures for January contract is $111.64 per barrel.
Supply side:
The domestic refinery reforming units operate smoothly, with few centralized maintenance, and the industry’s operating load remains stable. The output of mixed xylene commodities fluctuates little. The external cargo has arrived at the main port in East China as planned, with orderly supply of goods. The overall circulation of goods in the market is sufficient, and there is no obvious shortage of goods. The trading activity of paper goods is relatively high during the cycle, and contract buying orders are concentrated in the market before delivery, which temporarily raises the spot premium of ports and helps the market rise; After the delivery of paper goods at the end of the month, the additional benefits brought by contract funds dissipated, and the port premium gradually fell back. The port inventory remains at a neutral level without a continuous trend of destocking, making it difficult for the supply side to form sustained positive support.
Demand side:
The PX market has fluctuated and consolidated this cycle, with poor profit transmission in the PTA industry chain, insufficient follow-up of polyester terminal orders, and limited upward space for PX. The processing income of PX equipment fluctuates with the market, and the processing price difference is suitable for the appropriate period. The factory maintains stable feeding and purchases mixed xylene on a regular basis; After the price difference narrowed, the pace of raw material procurement slowed down, with on-demand procurement being the main focus, and the procurement volume did not continue to increase. The PX market follows the fluctuations of the polyester end, and the market lacks sustained upward momentum, which has limited driving effect on the purchase of mixed xylene.

Except for the PX isomerization direction, the downstream coverage of mixed xylene includes solvent and oil adjustment sectors. The profits of various downstream sectors are generally under pressure, and the continuous increase in raw material prices is compressing the profits of finished products. Many facilities maintain low profit operation. Under the pressure of profitability, downstream enterprises have weak purchasing enthusiasm and generally adopt a procurement model of on-demand use and purchase. They lack the willingness to actively replenish inventory and have resistance to high-level sources of goods, resulting in a flat inquiry atmosphere. The continuous existence of essential transactions provides a certain bottom line for prices and suppresses the deep decline of the market. However, the scarcity of incremental orders makes it difficult to drive prices to continue rising, resulting in a temporary state of having prices but no market.
Market forecast:
In the future, there will be significant uncertainty in crude oil prices, and the cost support for mixed xylene will continue to fluctuate. On the supply side, there is currently no centralized maintenance plan for domestic refineries, and the supply of goods from ports to ships is stable. The supply of spot goods remains loose, making it difficult for the supply side to have strong profits to release. On the demand side, the pace of repairing the PX and polyester industry chains is slow, and there is limited room for improving the price difference in heterogeneous processing; Downstream profits such as solvents and oil blending are difficult to significantly recover in the short term, and the cautious mentality of buying goods at high prices is difficult to change in the short term, resulting in weak expectations for incremental demand. Based on comprehensive fundamental analysis, the mixed xylene long short stalemate pattern continues, with phased cost support and weak demand suppression coexisting. It is expected that the market will maintain a high volatility trend, with limited upward space. The cost support brought by crude oil will also limit the deep pullback. Focus on the trend of crude oil, changes in port inventory, PX market, start-up of heterogeneous units, and other downstream profit and operating load changes in the future.