According to the Commodity Market Analysis System of Shengyi Society, in February 2026, the domestic mixed xylene market showed a fluctuating downward trend, with first rising and then falling. The price center gradually shifted downwards throughout the month, and the industry as a whole was in a weak pattern of loose supply and demand and insufficient cost support. From February 1st to 28th, the domestic mixed xylene market price decreased from 5740 yuan/ton at the beginning of the month to 5670 yuan/ton at the end of the month, with a cumulative price reduction of 1.22% during the period.

This month, the domestic mixed xylene market has shown a periodic fluctuation and upward trend. At the beginning of the month, driven by the stabilization and recovery of the crude oil market and strong fluctuations in PX futures, the market’s attitude towards offering was relatively warm. Refineries in core production areas in Shandong shipped smoothly, and the markets in East and South China followed suit, with main refinery prices steadily increasing and the market negotiation atmosphere active; Although PX futures experienced a short-term correction in the middle of the month, triggering a slight wait-and-see attitude in the market and causing some fluctuations in price trends, there is still support on the cost side of crude oil, and refineries have a strong willingness to raise prices, so prices have not shown a significant decline; At the end of the month, with the recovery of the refining industry’s prosperity, coupled with the upward trend of international market prices, the trading atmosphere in the domestic market has once again heated up. Manufacturers’ quotations continue to rise, and prices in various markets have risen synchronously, pushing prices to reach a new high for the month. The purchasing mentality of downstream oil and chemical industries has improved compared to last month. Although on-demand procurement is still the main focus, the enthusiasm for replenishing inventory has increased, and the phased stocking behavior has provided practical support for the upward trend of market prices.
Cost aspect:
In February, the international crude oil market showed an overall trend of fluctuating rebound followed by a decline, influenced by factors such as geopolitical situation, market sentiment, and supply and demand expectations, which gradually weakened the support for the cost side of mixed xylene. According to market data, the main prices of US crude oil fluctuated significantly in February. At the beginning of the month, the price quickly rose due to the escalation of geopolitical conflicts in the Middle East. On February 3rd, the closing price reached $63.90 per barrel. However, due to the lack of further conflict and the cooling of market risk aversion, the price fell back and on February 12th, the closing price dropped to $62.91 per barrel; In the second half of the month, the price fluctuated and adjusted again, maintaining an overall range of 62-67 US dollars per barrel. On February 27th, the closing price rebounded to 67.29 US dollars per barrel, showing a pattern of “first rising, then stabilizing, and fluctuating convergence” throughout the month. From the perspective of influencing factors, the geopolitical situation is the core driving force behind the fluctuations in crude oil prices this month. The escalation of conflicts at the beginning of the month has pushed up the risk premium, driving up oil prices. However, as the situation stabilizes in the middle and late months, the premium gradually fades away; At the same time, factors such as OPEC+expected production increase fermentation and weak seasonal demand for global crude oil have further constrained the upward space of oil prices, resulting in a trend of first strong and then weak cost support for downstream chemicals such as toluene from crude oil, indirectly affecting the price trend of the toluene market. As of the 27th, the settlement price of the April WTI crude oil futures contract in the United States was $67.02 per barrel. The settlement price of Brent crude oil futures for May contract is $72.87 per barrel.

Supply side:
This month, the domestic supply of mixed xylene has shifted from tight to loose, and the pressure on market supply has gradually increased, showing an overall relaxed pattern. From the perspective of device operation, the overall operation of domestic refinery devices is stable, with orderly progress in pre holiday inventory discharge and post holiday resumption, bringing sustained increase in supply. From the inventory situation, with the increase in the supply of goods, the inventory of mixed xylene in the domestic region has gradually rebounded from the low level at the beginning of the month. Among them, the inventory in East China ports has accumulated slightly, and the market circulation of goods is abundant. The willingness of suppliers to raise prices continues to weaken. Some refineries have moderately lowered their quotations to accelerate the pace of shipment, further exacerbating the downward pressure on market prices.
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 28th, East China Company quoted 5700 yuan/ton, North China Company quoted 5400-5500 yuan/ton, South China Company quoted 5850 yuan/ton, and Central China Company quoted 5350-5550 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, from February 1st to 28th, the domestic PX market prices showed a fluctuating trend, with slight adjustments in the price of xylene (PX) by Sinopec Sales Company. As of February 28th, the four major regions of East China, North China, Central China, and South China have uniformly implemented a price of 7650 yuan/ton, which has increased compared to February 1st; The main facilities of Yangzi Petrochemical and Zhenhai Petrochemical operate stably, and the sales of products are normal, with stable production and sales throughout the month.
In terms of international markets, from February 1st to 28th, the prices of para xylene (PX) in the Asian region fluctuated downward, with a closing price range of 871-900 US dollars/ton FOB Korea and 896-925 US dollars/ton CFR China for the whole month. As of February 28th, the closing prices of the Asian PX market were 871-873 US dollars/ton FOB Korea and 896-898 US dollars/ton CFR China, with a slight decline compared to February 1st, and the overall volatility was moderate.
The overall demand for mixed xylene this month has been weak, with limited price support and a core characteristic of “pre holiday overstocking and slow post holiday recovery”. Affected by the Spring Festival holiday, downstream industries have a low operating rate, and pre holiday stocking has overdrawn post holiday demand; After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival), the pace of resumption of work was slow, the recovery of the operating rate of the core downstream PX industry was not as expected, the global PTA surplus was superimposed, and the procurement follow-up was insufficient; Due to the slowdown in gasoline consumption growth, the demand in the oil blending field is flat and the year-on-year growth rate of procurement is less than 1%; The demand structure for solvents and other fields is differentiated, with only a slight increase in demand for high-purity products, and the overall driving force is limited. In addition, the cautious mentality of industry players and on-demand procurement further restrict the release of demand, resulting in sluggish market trading and weak support for prices.

Market forecast:
On the cost side, the tense situation in the Strait of Hormuz has pushed up the geopolitical premium of crude oil, providing strong cost support for mixed xylene; On the supply side, refineries maintain a high operating state, coupled with the possibility of explosive growth in import volume in March, the overall supply of goods is still relatively loose, which will partially offset the cost side benefits; On the demand side, with the comprehensive resumption of work and production in downstream industries, the operating rate of the PX industry is gradually recovering, and procurement demand is increasing, indirectly boosting the demand for mixed xylene market. Overall, the market in March will present a supply-demand game pattern, with a moderate upward trend supported by costs. Key attention should be paid to fluctuations in crude oil prices, the recovery of PX industry operations, and changes in import volume.