In 2025, due to the influence of multiple factors such as increased supply pressure, weakened cost support, and general demand support, the price center of gravity of the phthalic anhydride market has repeatedly bottomed out. In June, the market price of phthalic anhydride hit a low point in recent years. In the short term, with the follow-up of low-level transactions, the decline in market prices has gradually slowed down.
From the price trend of phthalic anhydride market from 2023 to 2025, the price center of the o-method and naphthalene-method phthalic anhydride market gradually moves downward, and the annual high point level decreases. From 2023 to 2025, the average price of o-method phthalic anhydride market in East China is 7565 yuan/ton, and the average price of naphthalene-method phthalic anhydride market in North China is 7238 yuan/ton. In 2023, the price center of phthalic anhydride market basically operated above the three-year average price, and with the increase in supply and the small increase in demand, the price center of 2024 hovered around the three-year average price, and the price center of 2025 was lower than the three-year average price level.
The high point in the past three years occurred in early September, when the market price of ortho-phthalic anhydride in East China was 8,700 yuan/ton, and the market price of naphthalene-based phthalic anhydride in North China was 8,500 yuan/ton. This was mainly driven by the continued rise in the market price of o-xylene, the strengthened support on the cost side, the concentrated maintenance of o-phthalic anhydride factories, and the tight supply. The dominant influence of o-phthalic anhydride on market prices has increased; the low point in the past three years occurred around mid-December 2024, when the market price of ortho-phthalic anhydride in East China was 6,300 yuan/ton, and the market price of naphthalene-based phthalic anhydride in North China was 6,000 yuan/ton. The main reasons are that the operating load of downstream plasticizers and unsaturated resins is not high, demand support is weak, the prices of upstream raw materials o-phthalate and industrial naphthalene have fallen, and the support on the cost side has weakened. At the end of the month, as low-level shipments improved, prices rebounded slightly.
So far, the price center of gravity in 2025 has dropped compared with 2024. The price range of ortho-phthalic anhydride in East China is 6500-7600 yuan/ton, and the average price is 7063 yuan/ton, which is about 5% lower than that in 2024. The market price of naphthalene-based phthalic anhydride in North China is 6200-7000 yuan/ton, and the average price is 6675 yuan/ton, which is about 6% lower than that in 2024. The main reason is that the production capacity of phthalic anhydride continues to expand, the supply is sufficient, the terminal and downstream demand are not improved enough, and the rigid demand procurement strategy is mostly adopted, and the transaction follow-up is not sustainable.
From May to June 2025, the market price of phthalic anhydride continues to bottom out. So far, the market price of ortho-phthalic anhydride in East China is around 6650 yuan/ton, and the market price of naphthalene-based phthalic anhydride in North China is around 6250 yuan/ton, reaching the lowest point since February. The main reason is that, with the release of the 150,000 tons/year plant capacity and the stable operating load rate of major factories, the overall market supply is sufficient, while the downstream gradually enters the off-season, the enthusiasm for entering the market is not greatly improved, the demand side supports it generally, and the export volume of raw material o-xylene is reduced, the price falls, and the cost side supports it generally, and the center of gravity of the phthalic anhydride market price continues to fall. However, the price difference between o-method and naphthalene phthalic anhydride is large, above 400 yuan/ton, and the low-level transaction of naphthalene phthalic anhydride has improved. In addition, some factories such as Fujian Gulei Chemical, Qilu Plasticizer, Zhenjiang Liancheng have stopped for maintenance, and the supply has decreased, which may provide some support to the market. However, in terms of market supply circulation, some downstream companies are slow to follow up on their willingness to receive goods, and some supply flows into the hands of trade customers. It is expected that in the short term, the center of gravity of the phthalic anhydride market price will fluctuate narrowly, and the decline will slow down. Pay attention to the enthusiasm of downstream replenishment.
(Source: SCI99.COM)
Edited by: Jeffery Cheng (International Business Development Manager of Guangzhou Chemicals)
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