This week, the price of plasticizer DOTP has dropped from a high point

According to the Commodity Market Analysis System of the Business Society, as of September 4th, the price of DOTP was 12031 yuan/ton, a decrease of 1.87% compared to the price of 12260 yuan/ton on August 28th. The price of isooctanol has decreased, PTA prices have stopped rising and stabilized, raw material cost support has weakened, downstream PVC market has stabilized, and plasticizer demand support is not there. This week, the price of plasticizer DOTP has fallen from its high point.

The high price of isooctanol has dropped this week

According to the Commodity Market Analysis System of the Business Society, the price of isooctanol on September 4th was 12970 yuan/ton, a decrease of 0.54% compared to the price of 13040 yuan/ton on August 29th. The domestic isooctanol plant started slowly and restarted, the supply of isooctanol slowly recovered, and the high price of isooctanol fell.

PTA prices have stopped rising and stabilized this week

According to the Commodity Market Analysis System of Business Society, the PTA price on September 4th was 6179.09 yuan/ton, an increase of 1.61% compared to the PTA price of 6081.36 yuan/ton on August 28th. Crude oil prices fluctuate and rise, PTA costs rise, PTA prices fluctuate and rise, plasticizer DOTP raw material costs rise, and the support for future DOTP increases.

Future expectations

Business Society plasticizer product data analysts believe that the slow recovery of isooctanol production, the fluctuating rise of isooctanol prices, PTA prices, and the cost support for plasticizer product DOTP still exist; PVC prices are stabilizing, and downstream PVC procurement enthusiasm has rebounded less than expected, resulting in insufficient support for plasticizer demand. In the future, there is still insufficient demand support for cost support, and it is expected that the price of plasticizer DOTP will fall from a high point in the future.

According to the Commodity Market Analysis System of the Business Society, the price of cryolite remained stable and fluctuated slightly in August. As of August 31st, the average market price in Henan Province was 7850 yuan/ton, which was the same as the price at the beginning of the month at 7850 yuan/ton, with a year-on-year increase of 2.28%.

In August, the domestic cryolite market stabilized and operated, with stable quotations from cryolite enterprises being the main focus. Upstream prices have risen within the month, leading to an increase in production costs for cryolite. However, downstream consumers are more resistant to high priced cryolite, and their enthusiasm for purchasing in the market is not high. Although cryolite manufacturers maintain rational inventory, it is difficult to increase their prices. Manufacturers negotiate shipments, and the market mentality is wait-and-see, resulting in stable cryolite prices.

On the upstream side, the domestic fluorite market continued to rise in August, and the gaming situation in the domestic fluorite industry remained low during the month. The operating rate of enterprises remained low, and it was difficult to start raw ore operations. The spot supply of fluorite was tight, and the demand side hydrofluoric acid price rose, supporting the rise of the fluorite market. The price trend of fluorite prices increased, and as of the end of the month, the average price of fluorite was 3168.75 yuan/ton, an increase of 3.68% compared to the price of 3056.25 yuan/ton at the beginning of the month.

The downstream aluminum market fluctuated and rose in August. At the end of the month, the average price of domestic aluminum ingots in the East China market was 19173.33 yuan/ton, an increase of 3.10% compared to the average market price of 18596.67 yuan/ton at the beginning of the month. In August, electrolytic aluminum inventory was relatively low, with tight spot supply and good inventory performance. At the same time, terminal market demand was relatively strong, supporting the upward trend of aluminum prices in the market.

Future Market Forecast: Cryolite enterprises maintain rational inventory, manufacturers actively ship, downstream demand is average, market trading atmosphere is weak, raw material construction continues to be low, and strong price increases are good for cryolite support. At the same time, the downstream aluminum market is also operating strongly, with cost support. It is expected that the cryolite market will continue to rise in the future, with specific attention paid to changes in manufacturers’ inventory and downstream acceptance.

1、 Price data

According to the Commodity Analysis System of Business Society, as of August 31, the mainstream factory price of domestic refined and hydrogenated naphtha was 8119.00 yuan/ton, an increase of 0.96% compared to 8041.50 yuan/ton at the beginning of this month. The market of refined and hydrogenated naphtha has fluctuated and risen.

As of August 31, the mainstream factory average price of domestic refined straight-run naphtha was 7946.50 yuan/ton, an increase of 0.60% compared to 7899.00 yuan/ton at the beginning of this month. The market for locally refined straight-run naphtha fluctuated and rose.

On August 31, the naphtha commodity index was 100.20, unchanged from yesterday, a decrease of 17.63% from the cycle’s highest point of 121.64 points (2022-03-10), and an increase of 137.22% from the lowest point of 42.24 points on July 19, 2016. (Note: The cycle refers to the period from September 1st, 2012 to the present)

2、 Analysis of influencing factors

Product: In August, the price of refined naphtha fluctuated and increased. Currently, the mainstream price of refined and hydrogenated naphtha is around 8100-8200 yuan/ton, while the mainstream price of straight run naphtha is around 7800-8000 yuan/ton. In the first half of August, there was no significant substantial improvement in terminal performance. Refineries were actively shipping, while merchants were cautious in pursuing higher prices. There was a strong wait-and-see sentiment, and transactions were mainly on demand; In the second half of August, a small amount of demand was released in the direction of refining and reforming ethylene, and refineries were actively shipping. However, the flat trend of gasoline and diesel suppressed the naphtha market, and the market operation was cautious, with demand being the main transaction. As of the week ending August 30th, Singapore’s light distillate inventory increased by 162000 barrels, reaching its highest level in three weeks, reaching 12.928 million barrels. Singapore’s medium distillate inventory decreased by 646000 barrels to 7.989 million barrels, reaching a two-week low. Singapore’s fuel oil depot experienced a decrease of 2.184 million barrels in the current week, reaching a 6-week low of 19.915 million barrels.

Upstream: In August, crude oil emerged from a trend of rising and falling. In the first half of the year, the market continued to rise due to supply concerns and the positive trend during the peak oil consumption season. Brent crude oil topped $87 per barrel, while WTI crude oil approached $83, reaching a nearly 9-month high. Afterwards, with the deterioration of macro data, the market turned sharply downwards, and near the end of the month, the WTI fell below $80. Under the combined effect of OPEC+production control and weak economic data in oil producing countries, the supply-demand game intensifies, and the market shifts into a narrow range of fluctuations.

Downstream: In August, the toluene preliminary maintenance equipment was restarted, and the domestic disproportionation equipment started to decline. In addition, the consumption tax on mixed aromatics further separated the mixed aromatics of multiple enterprises, resulting in an increase in toluene supply. However, due to the increase in gasoline consumption in the United States, the price difference of toluene between the United States and Asia has further expanded, stimulating domestic exports and offsetting the pressure brought by the increase in domestic supply. The price of toluene continues to operate at a high level. The supply of mixed xylene continues to remain tight, providing support for the mixed xylene market. The downstream market has not changed much, and the overall demand for PX is good. Merchants have a strong willingness to stand up for prices, and the PX market price is strong in the short term.

3、 Future Market Forecast

Energy analysts from Business Society believe that the current slight increase in international crude oil has resulted in weak guidance for the local refined naphtha market; At present, the local refining naphtha market has sufficient supply, with a small amount of ethylene cracking in the terminal direction that needs to be released. Refineries are actively shipping, but the terminal benefits are limited, and market operations are cautious. It is expected that the local refining naphtha market will be mainly consolidated in the near future.

List of ethylene glycol prices

According to data from Business News Agency, on August 30th, the average price of domestic oil to ethylene glycol was 4060 yuan/ton, a decrease of 1.97% compared to 4141.67 yuan/ton at the beginning of the month. The prices in various regions are as follows:

The price range for spot goods executed by mainstream manufacturers in East China is 3900-4160 yuan/ton; The spot price of ethylene glycol in the South China market is 4050 yuan/ton, while the mainstream manufacturers in Central China have a spot price range of 3900 yuan/ton for external execution; The spot price for mainstream manufacturers in North China is 4160 yuan/ton.

On August 29th, the CIF price of ethylene glycol in China was 460 US dollars/ton, a decrease of 4 US dollars/ton; The CIF Southeast Asia price is 481 US dollars per ton.

Ethylene glycol fundamentals

From the supply side, the operating rate of domestic ethylene glycol is still high, and some devices have restarted. Shenghong Refining and Chemical’s 1 million ton unit has been lifted to 70-80%, and the Shaanxi Coal Yulin unit has been restored. Currently, it is still in the stage of oversupply.

On the demand side: downstream polyester maintains high operating rates, with a polyester operating rate of over 90%; Terminal new orders followed up slightly month on month, but remained at a low level year-on-year.

In terms of port inventory, as of August 28th, the inventory of ethylene glycol at the East China main port was 1.0716 million tons. Recently, there has been a concentration of port arrivals, and there is a phenomenon of accumulated inventory in the data.

Ethylene glycol callback in August

The supply and demand fundamentals of ethylene glycol are still weak, especially with the basic restart of the equipment and the beginning of production capacity reflected in production. At present, the supply and demand of ethylene glycol are both strong, and it is expected to enter a volatile range in the short term, with a weak short-term fundamental trend. The recent game point is whether the emotional benefits brought by cost factors can suppress the reality of weak fundamentals.

On August 29th, the Engineering Plastics Index was 685 points, a decrease of 2 points from yesterday, a decrease of 39.96% from the highest point of 1141 points in the cycle (2018-09-09), and an increase of 21.02% from the lowest point of 566 points on May 6th, 2020. (Note: The cycle refers to the period from December 1st, 2011 to the present)

In August, the overall price trend of domestic engineering plastics products improved. According to the price monitoring of the Business Society, there were a total of 4 products that rose and 1 product that fell on the engineering plastic price list in August 2023. The main commodities that rose include POM (+11.67%), PC (+9.07%), PA66 (+1.28%), and PA6 (+0.36%); The falling commodities include PET (-0.82%).

In August, there was more active guidance on the fundamentals of various products in the engineering plastic industry, which provided solid support for the price trend. POM and PC were the first to bear the brunt, leading the industry up due to supply tightening and policy benefits, respectively. Secondly, nylon products PA6 and PA66 were also supported by the cost side and saw steady growth, followed by growth. Only PET has experienced a narrow decline in market gaming. From a macro perspective, global inflation has cooled beyond expectations, the necessity for the Federal Reserve to raise interest rates has decreased, and concerns about economic recession have eased. The operational risks of factories at all levels in the engineering plastic industry have slightly improved, and the profitability of production enterprises has improved. Combined with the increase in international oil prices this month, the common remote cost of the plastic industry has strengthened. Overall, the market performance of the engineering plastic industry was relatively positive in August, with prices rising more than falling.

POM

The POM market was strong in August, leading the rise of the engineering plastic industry. The operating rate of domestic polymerization plants was close to full operation at the beginning of the month, and then the load gradually decreased to 81%, resulting in a synchronous contraction of spot supply. There is no pressure on industry inventory, and even some oversold situations occur, with significant support from the supply side for the market. The operating level of terminal enterprises this month is average, but stimulated by the tight supply of goods, the enthusiasm for stocking is still good, and the transaction position of orders is high. Traders’ confidence remains strong, and the sentiment of speculation on the market remains strong. Currently, we are about to enter the peak season of traditional plastic demand. Based on various factors, it is predicted that the POM market may continue to strengthen in the short term. It is recommended to focus on industry operating rates.

PC

According to the monitoring of big data on prices by Business Society, after sorting and running last month, the price of domestic PCs increased significantly in August. Within the month, the overall operating rate of domestic PCs was adjusted within the range of around 77%, and although the industry is still in a three-year high load position, there is ample supply. But the PC anti-dumping ruling of the Ministry of Commerce came into effect within the month, which boosted the spot market rapidly. In addition, the rebound of raw material bisphenol A after the decline has strengthened the support for spot goods. Downstream just needs to pick up the goods, and on-site trading is still acceptable. Affected by the positive effects of the above two aspects, it is expected that the PC market may continue to operate stronger.

PA66

The domestic PA66 market has experienced strong fluctuations this month. Overall, the spot prices of various brands have increased throughout the month. During the month, the overall industry load decreased narrowly to around 65%, and supplier pricing operations were mainly active in supporting the market, forming a certain support for the spot market. On the upstream side, although the domestic market for adipic acid is relatively weak, the adipic acid market has increased. The trend of pure benzene and cyclohexanone as raw materials has strengthened, and the support for PA66 spot prices on the cost side is still acceptable. Downstream enterprises mainly rely on goods to maintain production, and their inventory is generally digested. Terminal stocking needs to be actively improved. Buyers’ resistance to high priced sources of goods has created resistance to the rise, but the overall stability of the PA66 market in August has shown some improvement, and it is expected to maintain a sideways consolidation operation in the short term.

PA6

The domestic PA6 market fluctuated in August, with prices rising in a narrow range. Overall, the monthly operating rate remained stable, with a slight adjustment in the monthly average load of around 77%, and the supply remained sufficient. The raw material caprolactam market was driven by the rise in pure benzene prices in the first half of the month and followed suit. In the second half, the positive news was exhausted, and the overall price fluctuated and corrected. The overall increase within the month was higher than that of PA6, which has a positive impact on the cost side of PA6. The operating rate of the downstream industry of PA6 has generally remained stable with minor adjustments, and the comprehensive load is still acceptable. The actual delivery is average, and the flow of goods is relatively slow. At the end of the month, there is a wait-and-see atmosphere for terminal stocking, but the demand side is not positive enough. The current market is full and short, and it is expected that the PA6 market will continue to consolidate and operate in the short term.

PET

The PET water bottle level market remained stable and weak throughout August, with a narrow downward adjustment in price position. At the end of the month, the industry load was close to 83%, and the overall supply in the domestic market was abundant. The shortage of goods in some regions has increased the resilience of the supply side to a certain extent, narrowing the negative impact on suppliers. In terms of raw material PTA and ethylene glycol, both fell in the first half of the month, while the market recovered in the second half, resulting in weak overall support for PET costs. Downstream procurement is just needed, and the negotiation atmosphere is average. The confidence of the cargo holders is not strong, and the offer is rigid and the price is high. The negotiation atmosphere is biased towards giving up profits and taking orders. It is expected that the PET market may continue to operate in a stalemate in the short term.

Future Market Forecast

In August, the prices of the five engineering plastics mentioned above rose four times and fell one, indicating a positive overall market pattern in the industry. The overall supply and demand level of the industry during the month was healthy, and the pressure on inventory was moderate. The confidence of the aggregation enterprise is relatively good, and the pricing is mainly in line with the market. At the same time, the decrease in international crude oil supply and the improvement in energy demand this month have played a supporting role in the remote cost of engineering plastics. In addition, the external economic environment has been eased in the short term at the macro level, leading to a narrowing of industry operational risks. Therefore, the Commodity Market Analysis System of the Business Society believes that the current market is biased towards bullish guidance, and it is expected that as the traditional peak demand season approaches, the overall market situation of engineering plastics may enter an upward trend in early September.

Price List of Ethylene Oxide in August

In August, the price of ethylene oxide increased. According to data from Business News Agency, as of August 28th, the average market price of ethylene oxide in China was 6400 yuan/ton; From a regional perspective, the average market price in North China is 6400 yuan/ton, East China is 6400 yuan/ton, Central China is 6400 yuan/ton, and South China is 6500 yuan/ton.

Overview of ethylene oxide industry chain

In July, the prices of the main downstream polycarboxylate water reducing agent monomers were strong, and the off-season effect was weak. Currently, supply and demand are still tightly balanced.

Supply side

Previously, the price of ethylene oxide was relatively low, and some manufacturers hit the cost line, facing increasing pressure to lose money. The operating rate of manufacturers was relatively low, and some enterprises underwent equipment maintenance. In addition, some production factories may switch to producing ethylene glycol or adjust their own usage ratio to alleviate production and sales pressure. Overall, there are frequent malfunctions in the ethylene oxide plant, leading to a tightening of market supply. At the end of last month, the supply of goods in South China was tight, driving overall market optimism.

Ethylene oxide prices rose in August

In the short term, the cost support for ethylene oxide has strengthened, and with the transmission effect of upstream and downstream product prices, the price of ethylene oxide has improved. On the supply and demand side, under the increasing losses of ethylene oxide enterprises on the supply side, production enthusiasm is not high, external sales of enterprises are decreasing, and domestic supply is showing a tense situation. There is still room for the price of ethylene oxide to rise in the short term.

1、 Price trend

According to the Commodity Market Analysis System of the Business Society, as of August 25th, the average price of refrigerant R22 was 21100.00 yuan/ton, a decrease of 0.78% from the beginning of the month’s price of 21266.67 yuan/ton, and an increase of 20.57% compared to the same period last year

According to the Commodity Market Analysis System of the Business Society, as of August 25th, the average price of refrigerant R134a was 24766.67 yuan/ton, which is the same as the beginning of the month and an increase of 1.78% compared to the same period last year.

2、 Market analysis

As of August 25th, the price of trichloromethane has decreased by 4.85% during the month, while the price of hydrofluoric acid has increased by 1.23%. Overall, the overall slight decline in upstream raw material prices has had a certain inhibitory effect on the market price of refrigerant R22. Supported by the peak demand season for refrigerants in the third quarter, manufacturers’ prices have temporarily stabilized this week, and the overall market price of R22 has remained stable and moving forward.

As of August 25th, the price of trichloroethylene has remained low for the month, while the price of hydrofluoric acid has slightly increased by 1.23%. Overall, the upstream raw material cost of R134a has continued to fluctuate and move forward at a low level. Supported by the peak summer refrigerant demand season, the overall domestic R134a price has remained stable and advanced this week.

In terms of raw materials, although domestic hydrofluoric acid prices slightly rebounded in August, overall, they are still at a relatively low level. The sustained low and fluctuating raw material costs will to some extent limit the upward space for future refrigerant prices.

3、 Future Market Forecast

Refrigerant analysts from Business Society believe that the raw material cost fluctuates weakly, and downstream demand remains unchanged. Long short game, it is expected that the domestic market prices of R22 and R134a will continue to fluctuate and consolidate slightly at the current level in the short term.

The price of ortho xylene stabilized this week

According to the Commodity Market Analysis System of the Business Society, as of August 21, the price of ortho xylene was 9000 yuan/ton, which has stabilized compared to the price of ortho xylene on August 11 last weekend. The price of mixed xylene has stopped rising and decreased, while the cost of ortho xylene has decreased; The downstream market for phthalic anhydride has fluctuated and fallen, with weak demand for ortho xylene and no cost support. This week, ortho xylene prices have stabilized.

The market for raw material mixed xylene has declined this week

According to the market analysis system of mixed xylene products in the Business Society, as of August 21, the price of mixed xylene was 8470 yuan/ton, a decrease of 160 yuan/ton or 1.85% compared to the price of 8630 yuan/ton on August 13 last weekend. Crude oil prices have fluctuated and fallen, while naphtha and mixed xylene prices have decreased. The cost of raw materials has decreased, supporting the rise of adjacent xylene market.

Downstream market decline of phthalic anhydride

According to the analysis system of the market for phthalic anhydride products in the Business Society, as of August 21, the quotation for ortho phthalic anhydride was 8637.50 yuan/ton, a decrease of 1.29% compared to the price of 8750 yuan/ton on August 11. The market for phthalic anhydride is stagnant, and the price of phthalic anhydride is fluctuating and falling. The decline in the price of naphthalene phthalic anhydride is bearish for ortho phthalic anhydride, and plasticizer enterprises are operating at low levels. The demand for phthalic anhydride is weak, and ortho xylene demand is weakening, increasing the downward pressure on ortho xylene.

Future prospects

Analysts from the Business Society’s adjacent xylene data believe that crude oil prices have fallen, mixed xylene prices have fallen, and the cost of raw materials for adjacent xylene has decreased; Downstream plasticizers are operating at a low level, with weak demand for phthalic anhydride, a decrease in phthalic anhydride prices, and a weakening demand for ortho benzene. In the future, there is no support for the rising cost of ortho benzene, and downstream demand is weak. It is expected that ortho benzene prices will become weak and stable in the future.

1、 Price trend

According to the Commodity Analysis System of the Business Society, the domestic market price of neopentyl glycol has slightly increased this week. This week, the average price of the mainstream domestic market for neopentyl glycol increased from 9666.67 yuan/ton at the beginning of the week to 9766.67 yuan/ton at the weekend, an increase of 1.03%. Weekend prices increased by 1.03% year-on-year. On August 21, the new pentanediol commodity index was 47.07, unchanged from yesterday, a decrease of 54.57% from the cycle’s highest point of 103.61 points (2021-09-22), and an increase of 9.34% from the lowest point of 43.05 points on November 28, 2022. (Note: The cycle refers to the period from September 1st, 2021 to present)

2、 Market analysis

The mainstream market price of neopentyl glycol has risen this week.

From the upstream raw material market of neopentyl glycol, the domestic isobutyraldehyde market price slightly increased this week. This week, the average price of isobutyraldehyde in the mainstream domestic market increased from 8100.00 yuan/ton at the beginning of the week to 8233.33 yuan/ton at the weekend, an increase of 1.65%. Weekend prices increased by 14.88% year-on-year. The upstream raw material market prices have slightly increased, with good cost support. Affected by the supply and demand side, it has a positive impact on the price of new pentanediol.

3、 Future prospects

In late August, the market trend of new pentanediol may fluctuate slightly and rise mainly. The upstream isobutyraldehyde market slightly increased, with increased cost support. The downstream paint market is average, and the enthusiasm for downstream procurement is average. Analysts from Business Society believe that in the short term, the market for new pentanediol may experience slight fluctuations and gains due to various factors such as supply and demand, as well as raw materials.

According to the Commodity Market Analysis System of the Business Society, the price of toluene has stabilized in a narrow range this week (8.11-8.19). On August 19th, the benchmark price of toluene was 8110 yuan/ton, while on August 11th, the benchmark price was 8100.00 yuan/ton, an increase of 0.12%; The low point within the cycle is 8050 yuan/ton.

International crude oil futures have slightly declined this week. As of Friday, the settlement price of the US WTI crude oil futures 10 contract was 79.90 US dollars per barrel, a decrease of 2.01%. Brent crude oil futures settled at $84.12 per barrel, a decrease of 2.13%. Due to the weak economic data in China and the instability of the banking industry in Europe and America, concerns about the global economic growth prospects have put pressure on crude oil, and crude oil prices have closed continuously lower. However, the decrease in crude oil supply from OPEC and Russia, as well as the improvement in energy demand, have played a supportive role in oil prices. In addition to the optimistic expectation of China’s oil demand growth, which continues to boost oil prices, during the summer demand peak season in the northern hemisphere, there are still positive factors for international oil prices. Thursday’s closing price rose, and overall, international oil prices are still at a high level.

Downstream: The factory’s spot prices are tight and firm, while the supplier market is strong. It is reported that the latest TDI execution price of a certain factory in Shanghai is 20200 yuan/ton, with a month on month increase of 700 yuan/ton. Guided by the news of supplier price adjustments, the trade market reported a rise, and the TDI price market rose. Downstream parties have a resistance towards high prices, and they often follow up on demand and the trading atmosphere is flat, which to some extent suppressed the rise of TDI.

In terms of downstream PX, the domestic supply of paraxylene is normal, with a domestic PX operating rate of over 70% and a relatively normal spot supply. This week, the trend of crude oil prices has declined, and PX external market has declined. As of the 17th, the closing prices in Asia were 1006-1008 yuan/ton FOB South Korea and 1031-1033 US dollars/ton CFR China. Recently, the operating rate of PX devices in Asia has not changed much. Overall, the operating rate of xylene devices in the Asian region is around 70%. The supply of PX goods in the Asian region has not changed much, and the external price of PX has slightly decreased. The domestic xylene market price situation is temporarily stable.

Due to the three consecutive declines in the crude oil market at the beginning of the week, the prices of refined gasoline and diesel have slightly declined, but overall, the prices are still at a high level. Recently, the operating load of refineries in China has been around 74%, and the utilization rate of atmospheric and vacuum capacity in refineries in China has risen to the highest level in two years. The operating rate in Shandong has slightly increased, and the overall operating rate has increased to around 67%. The supply of refined oil products in Shandong is relatively loose; The main domestic refineries maintain high load operation and high supply levels. Overall, there has been a slight increase in domestic refined oil supply, which is to some extent negative for the domestic refined oil market prices. Since mid August, the price of gasoline and diesel has not fluctuated significantly. In terms of gasoline, it is at the peak stage of summer tourism, with frequent private car travel and an expanded radius of travel. The high temperature in summer has increased the use of oil for car air conditioners, resulting in strong demand. The domestic gasoline market trend is relatively strong. In addition, the recent downstream replenishment mentality is still acceptable, and the main external procurement has increased. Refinery inventory has remained low, and various factors support strong willingness of merchants to increase prices.

Future forecast: Although the international crude oil price has slightly bottomed out this week, it is still at a high level, with support for the cost of toluene; Although the supply side may have eased in August, the downstream product oil of toluene is expected to continue to operate at a high level, providing support for toluene; However, as the price of toluene increases, downstream inquiries tend to slow down. In summary, it is expected that the toluene market will consolidate at a high level in the short term.