According to the commodity analysis system, the domestic maleic anhydride market rebounded after a decline in November and then fell back at the end of the month. As of November 29th, the average quoted price of maleic anhydride was 7110.00 yuan/ton (including tax), a decrease of 2.76% from 7312.00 yuan/ton on November 1st.

On November 29th, the commodity index of maleic anhydride was 66.98, a decrease of 0.47 points from yesterday, a decrease of 59.75% from the highest point in the cycle of 166.43 points (2021-12-15), and an increase of 30.87% from the lowest point of 51.18 points on April 14th, 2020. (Note: The cycle refers to the period from September 1st, 2011 to present)

The downward trend of crude oil fluctuations provides limited support for the domestic maleic anhydride market

In November, the international crude oil price trend declined. As of the end of the month, the settlement price of the main WTI crude oil futures contract in the United States was $76.41 per barrel, and the settlement price of the main Brent crude oil futures contract was $81.47 per barrel. The November crude oil price fell by 5.69%. Firstly, the economic data is poor, and the news is bearish for the oil price market. There are still concerns about inflation levels in the United States, and the Federal Reserve has indicated that interest rates may continue to rise in the future. The US dollar is rising, putting pressure on prices of commodities such as crude oil and gold priced in US dollars; The multiple economic data released by the United States have made the market bearish about the future demand outlook, leading to a decrease in crude oil prices. Secondly, the supply tension caused by the situation in the Middle East has been alleviated, as the seasonal decrease in internal demand in the region has led to an increase in its export share; The peak oil season in North America and Europe has ended, and demand has declined, suppressing the crude oil market. Thirdly, the increase in US crude oil inventories exceeded expectations, coupled with market concerns about demand in the Asian region and negative factors, resulting in a decline in crude oil prices and limited support for the domestic maleic anhydride market.

Hydrogenated benzene market falls, n-butane market fluctuates and rises

On the upstream side, the overall hydrogenation benzene market declined in November. The ex factory price of hydrogenated benzene in North China was 7833.33 yuan/ton at the beginning of the month and 7366.67 yuan/ton at the end of the month, with a monthly decrease of 5.96%. Crude oil and styrene prices have fallen, while the pure benzene market is under pressure and declining. The mainstream market for hydrogenated benzene is following suit. As of the 29th, the mainstream price range for hydrogenated benzene in Shandong region is between 6950 to 7050 yuan/ton, with an average price of 7000 yuan/ton. In November, the market for n-butane fluctuated and rose, with prices in Shandong around 5450-5550 yuan/ton as of November 29th.

The downward trend of unsaturated resin market has limited support for the domestic maleic anhydride market

In November, the main raw material styrene in the downstream unsaturated resin market of maleic anhydride overall declined, and the maleic anhydride market overall declined. The cost support for resin was limited, and the downstream demand for resin procurement was limited. Many merchants were actively shipping, resulting in an overall decline in the unsaturated resin market.

Maleic anhydride product analysts believe that the current upstream hydrogenated benzene market for maleic anhydride has fallen, and the cost support for maleic anhydride is limited; The downstream unsaturated resin market is weak, with limited procurement and limited new orders from maleic anhydride factories. The fundamentals are weak, and factories are stabilizing their shipments. It is expected that the maleic anhydride market will mainly fluctuate and consolidate in the short term.