According to the Commodity Analysis System of Business Society, the overall domestic market for maleic anhydride has been declining recently. As of November 30, the average market price of n-butane oxidation maleic anhydride remained at 7120.00 yuan/ton, a decrease of 1.52% from the price of 7230.00 yuan/ton on November 23.
Rising crude oil prices support the domestic maleic anhydride market
The expectation of OPEC+crude oil production reduction in the near future has supported the continuous rise in crude oil market prices. As of the 29th, the settlement price of the US WTI crude oil futures main contract was $77.86 per barrel, and the settlement price of Brent crude oil futures main contract was $82.88 per barrel. On the one hand, OPEC+has the possibility of extending and deepening production cuts, mainly due to the organization’s concerns about weak global crude oil demand and member countries’ demands for high oil prices. Saudi Arabia may continue to implement additional production cuts, and the voluntary policy of reducing production by 1 million barrels per day may be extended until the second/third quarter of 2024. This news has boosted the crude oil market. On the other hand, US crude oil and gasoline inventories have decreased. As of the week ending November 24th, US crude oil inventories decreased by 817000 barrels, which to some extent supported international oil prices. Overall, supported by positive news recently, the crude oil market has shown an upward trend.
Hydrogenated benzene market is declining, while n-butane trend is overall rising
Upstream: As pure benzene approaches the end of the month, there are some unexpected parking plans in the downstream market, which has affected the overall weak expectations of the downstream market. Sinopec has cumulatively lowered its listing price by 850 yuan/ton within the month, and currently implements a price reduction of 7200 yuan/ton. The mainstream ex factory price of hydrogenated benzene has fallen, with some regions dropping to 6850 yuan/ton. Most of the main production areas have quoted at 7200 yuan/ton. Due to recent market performance, some hydrogenated benzene enterprises have maintenance plans, and the overall market atmosphere is weak. Recently, the overall trend of n-butane has been upward, and as of November 30th, the price in Shandong is around 5400-5500 yuan/ton.
Unsaturated resin market is weak, consolidation and trading are poor
Downstream: Recently, the market for unsaturated resins in the downstream has been declining, and there is currently no significant positive trend in the resin market. Downstream demand is limited, and overall trading is poor.
Business Society’s maleic anhydride product analyst believes that currently, the upstream hydrogenation 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.
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