SunSirs: Xylene Demand Remained Sluggish in April, Rebounding Slightly After a Sharp Drop

In April 2026, the domestic xylene market followed a volatile downward trend characterized by ‘a slide from early-month highs, a sharp drop to a low point in the middle of the month, and a slight rebound in the latter part of the month’. In the first ten days, prices fell rapidly due to a decline in international crude oil prices and weak downstream demand; in the middle of the month, the market bottomed out as weak supply-demand dynamics were compounded by traders cutting prices to offload stock; in the latter part of the month, a rebound in crude oil prices helped restore cost support, and with some plants undergoing maintenance, prices recovered slightly. However, the market remained in a weak range overall, and the supply-demand balance continued to be loose.

I. Comparison of Customs Import and Export Data (January–March 2026)

According to customs data, xylene imports and exports exhibited a pattern of “year-on-year decline in imports and significant growth in exports”, with domestic self-sufficiency improving markedly:

Imports: Cumulative imports from January to March totaled 105,200 tons, compared to 157,800 tons in the same period of 2025, representing a year-on-year decrease of 33.3%; imports for March alone stood at 35,700 tons, down 71.1% year-on-year, with import dependency continuing to decline.

Exports: Cumulative exports for January–March totaled 8,900 tons, compared with 3,200 tons in the same period of 2025, representing a year-on-year increase of 178.1%; exports for March alone stood at 3,100 tons, primarily consisting of isomerised mixed xylene, with demand from the Asian market underpinning the growth in exports.

Imports originated mainly from Japan, South Korea and Taiwan, whilst exports were directed towards Southeast and South Asia, indicating a continued optimization of the trade structure.

II. April Capacity and Supply Landscape

In April, domestic xylene capacity utilization remained at a medium-to-high level, with overall supply remaining ample but showing significant regional divergence. Domestic integrated refining and petrochemical units maintained stable operating rates, with normal output from aromatics units; monthly production volume stood at approximately 82,000 tons, unchanged from the previous month. From mid-month onwards, some units entered scheduled maintenance, reducing short-term supply by approximately 5%, which provided modest support to the market.

Regarding imports, arrivals were relatively low, and port inventories remained at low levels. Total inventories at ports in East and South China stood at approximately 21,000 tons, a 12.5% month-on-month decrease, which alleviated some supply pressure; however, the increase in domestic production offset the reduction in imports, and overall supply remained ample, presenting a pattern of “domestic production dominating, imports supplementing, and inventories remaining low”.

III. Price Trends and Fluctuations (SunSirs Benchmark Price)

Following a sharp decline in April, xylene prices rebounded slightly, though the overall decline was significant:

SunSirs Benchmark Price: 6,763.25 RMB/ton on 30 April, down 15.47% from 8,000.75 RMB/ton at the start of the month; the monthly low was 6,388.25 RMB/ton (27 April), with a rebound of approximately 6% in the latter half of the month.

Isomerised xylene: Mainstream quotes in East China stood at 6,800–7,200 RMB/ton, representing a monthly decline of 12%–15%; in South China, prices ranged from 7,000 to 7,400 RMB/ton, down by 10%–13%.

Price Movement Characteristics: A precipitous fall in the first half of the month, consolidation at low levels in the middle of the month, and a rebound from the bottom in the latter half of the month, presenting an overall “V-shaped” trend with amplified volatility.

IV. Logic Behind Upstream and Downstream Price Movements

Upstream Crude Oil: International crude oil prices fell first and then rose in April, with the monthly average price declining month-on-month. Weakened cost support from refineries dragged down xylene prices in the first half of the month; In the latter part of the month, crude oil rebounded, restoring cost-side support and driving a modest recovery in xylene prices.

Xylene: The core drivers were weakening costs, sluggish demand and ample supply. Demand for xylene in petrol blending remained weak, whilst downstream PX plants purchased on an as-needed basis, resulting in insufficient support from essential demand; domestic supply was abundant, with traders cutting prices to offload stock, keeping prices under sustained pressure; Maintenance activities in the latter half of the month, coupled with a rebound in crude oil prices, triggered a technical rebound from oversold levels.

Downstream PX: Prices fluctuated with an upward bias; the benchmark price stood at 9,864 RMB/ton at the end of April, representing a monthly increase of 4.2%. The spread with xylene remained at elevated levels. Profitability for short-path PX units remained reasonable, but this led to limited increases in xylene procurement, resulting in poor price pass-through.

Downstream petrol: Wholesale prices continued to fall; blending demand remained sluggish; demand for xylene as a blending feedstock contracted, further suppressing market prices.

V. Outlook

In the short term, with crude oil prices holding firm, ongoing maintenance and subdued demand, the xylene market is likely to remain within a narrow trading range, with a slight upward trend. Cost-side support is strengthening, and maintenance at some plants is tightening supply; however, downstream demand is unlikely to improve significantly, limiting upside potential, with prices expected to fluctuate within the range of 6,800–7,200 RMB/ton.

The xylene market in April is the result of a three-way interplay between costs, supply and demand, and demand.

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