According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated downward this week. From February 2 to February 9, 2026, the mixed xylene market decreased from 5780 yuan/ton to 5680 yuan/ton, a decrease of 1.73%. This cycle, the market was under high pressure and fell back, mainly due to the weakening of cost support driven by crude oil fluctuations, downstream pre holiday stocking and closing, gradual easing of regional supply, and a cautious market mentality. Prices slightly weakened, and there was insufficient momentum to continue rising at high levels. Overall, the market showed a weak consolidation trend within the range.
On the cost side: According to the commodity market analysis system, international crude oil prices have fluctuated and fallen in this cycle, and the geopolitical premium has gradually subsided. The market’s expectations for the demand side have become cautious, coupled with the influence of some macro data, the center of gravity of oil prices has slightly shifted downwards, and the cost support for the toluene market has shown a phased weakening. Domestic crude oil futures have synchronously followed the fluctuations of the external market, and the previous high-level support has weakened, leading to a shift in market sentiment towards caution. The synchronized weak operation of naphtha prices and the overall lack of cost side mobility in the aromatic hydrocarbon industry chain, coupled with the lack of sustained cost side upward movement in the toluene market, have significantly suppressed the upward momentum of the toluene market, providing space for price correction. As of February 6th, the settlement price of the March contract for WTI crude oil futures in the United States was $63.55 per barrel. The settlement price of Brent crude oil futures for April is $68.05 per barrel.

Supply side:
The overall supply of mixed xylene in China has shifted from tight to loose in this cycle, with significant regional differentiation due to differences in equipment operation, cargo arrival at ports, and inventory levels. The previous tight pattern has eased, and the support for prices has weakened. The tight supply balance in Shandong region has slightly eased, and the bidding premium of refineries has narrowed, resulting in a decrease in the driving force for price hikes compared to the previous period; The arrival volume of ship cargo in the warehouse area of Jiangsu region is gradually recovering, the tight spot situation is easing, and the reluctance of cargo holders to sell is loosening, with prices following the market downward trend; The arrival of ships and goods from Guangdong region has led to an increase in spot circulation and a slight accumulation of inventory, resulting in significant price pressure. Domestic main refineries have started operating steadily, with a focus on self use and contract supply of mixed xylene. The overall circulation of goods in the market is stable, and there is currently no significant expectation of contraction. The supplier’s attitude towards offering has loosened compared to the previous period, and some companies are offering moderate discounts to recover funds before the holiday.
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of February 9th, East China Company quoted 5800 yuan/ton, North China Company quoted 5350-5450 yuan/ton, South China Company quoted 5850 yuan/ton, and Central China Company quoted 5350-5550 yuan/ton.
Demand side:
The overall demand for toluene downstream industry in this cycle is stable but cautious in chasing prices. As the Spring Festival approaches, downstream factories are gradually entering a holiday rhythm, and pre holiday stocking is basically coming to an end. The intensity of essential procurement has weakened, and there is insufficient support for the toluene market. The PX market prices have slightly loosened, and the price difference between domestic and foreign markets in the Asian PX market has narrowed. The main domestic equipment is operating stably, with stable production and sales, but the linkage driving effect on toluene prices has weakened. Other downstream industries such as solvents and fine chemicals mainly rely on replenishing inventory for essential needs. The overall trading atmosphere in the market is weak, and downstream acceptance of high-level sources has decreased, further restricting the upward space of toluene prices.

Market forecast: Crude oil prices remain volatile and uncertain, with stable cost support but little strong boost; The regional differentiation of the supply side continues, with certain support from Shandong and Jiangsu, while Guangdong is under greater pressure from the impact of shipping and cargo; The demand side is further weakening as the Spring Festival approaches, and downstream procurement is mainly focused on meeting urgent needs. It is expected that the mixed xylene market will maintain a weak range oscillation next week, and special attention should be paid to the impact of crude oil price trends, main refinery price adjustments, plant dynamics in Shandong region, and the arrival of cargo from South China on the market.