According to the Commodity Market Analysis System of Shengyi Society, from March 1 to 31, 2026, the domestic mixed xylene market showed a broad rise at the beginning of the month followed by a decline and an overall upward trend, with a significant increase in the price center throughout the month. From March 1st to 31st, the domestic mixed xylene market price rose from 5670 yuan/ton at the beginning of the month to 8007.5 yuan/ton at the end of the month, with a cumulative price increase of 41.11% during the period. After a rapid rise at the beginning of the month, the price experienced a stage of correction, and gradually stabilized and rebounded afterwards. The overall trend remained upward, and the monthly closing performance was strong.
In March 2026, the overall performance of the domestic mixed xylene market showed a trend of “broad rise at the beginning of the month, fluctuating and falling midway, and the overall center of gravity rising”, with significant price fluctuations. The core was driven by strong crude oil on the cost side and tight support from the supply side. At the same time, the pattern of downstream demand pressure formed certain constraints on the increase. Under the interweaving of multiple factors, the market achieved a significant increase throughout the month, and the price center of gravity shifted significantly upward compared to the previous month.
Cost aspect:
The overall trend of the international crude oil market in March was strong, becoming the core cost driving force supporting the upward trend of toluene prices. The geopolitical situation in the Middle East continues to be tense, with significant disruptions to regional supply chain circulation. The tight global crude oil supply situation has yet to ease, and international oil prices have continued to rise and maintain a high operating trend. The significant increase in upstream crude oil prices has driven the simultaneous strengthening of naphtha related raw materials, further raising the production and processing costs of toluene. The periodic fluctuations in the crude oil market were also transmitted to the toluene market, causing a short-term pullback after the toluene market surged at the beginning of the month. At the end of the month, as crude oil strengthened again, it returned to an upward trend, and the overall cost support continued throughout the month.
Supply side:
In March, the overall supply of mixed xylene in China showed a tightening trend, providing stable support for market prices and working together with the cost side to promote price increases. Due to multiple factors such as high raw material costs and equipment maintenance schedules, several major refineries and local refineries in China have lowered their production loads. Additionally, multiple units have entered a phase of shutdown and maintenance, resulting in a significant reduction in the production of domestically produced mixed xylene sources. At the same time, due to the obstruction of international shipping and the impact of the geopolitical situation in the Middle East, the import volume of mixed xylene to ports has significantly decreased, and external sources of supply are insufficient, further exacerbating the tight domestic spot circulation situation. Affected by tight supply and cost support, on-site traders have a strong mentality of being reluctant to sell and maintaining prices. Their quotations continue to rise, and some merchants even suspend low-priced shipments. The reduction in spot circulation further amplifies the momentum of price increases. Coupled with the panic buying sentiment caused by the surge in crude oil prices at the beginning of the month, mixed xylene prices have achieved a wide range of gains in the short term. Although there has been a pullback in the middle, the pattern of tight supply has not fundamentally changed and continues to provide support for prices.

Demand side:
According to the Commodity Market Analysis System of Shengyi Society, from March 1st to 30th, the domestic PX market price showed a strong upward trend followed by a slight downward trend. As of March 31st, the executed price in the four major regions of East China, North China, Central China, and South China was 9700 yuan/ton, a significant increase from the price of 7600 yuan/ton on March 1st. The main units of Yangzi Petrochemical and Zhenhai Petrochemical operated stably, and the product sales situation was normal.
In terms of international markets, from March 1st to 30th, the prices of para xylene (PX) in the Asian region fluctuated upwards, with a closing price range of 902-1252 US dollars/ton FOB Korea and 924-1277 US dollars/ton CFR China for the whole month. As of March 30th, the closing prices of the Asian PX market were 1250-1252 US dollars/ton FOB Korea and 1275-1277 US dollars/ton CFR China, with a significant increase in prices compared to March 1st, and the overall fluctuation range was quite obvious.
In March, the overall performance of downstream demand for mixed xylene in China was under pressure. Although there was rigid demand support, it failed to keep up with the pace of price increases, which formed a certain constraint on market growth. The core downstream PX industry has shown a strong trend this month, driven by the rise in raw material prices such as crude oil and mixed xylene. Domestic PX prices have risen significantly, and Sinopec Sales Company has adjusted PX prices multiple times. Although there was a slight decrease at the end of the month, the overall PX industry is still at a high level. At the same time, the PX industry is in the traditional maintenance season, and some main equipment has reduced load or stopped maintenance, resulting in periodic fluctuations in the procurement demand for mixed xylene. Although there is rigid procurement support, the overall procurement strength is limited, and it has not been able to effectively drive the price of mixed xylene. The recovery pace of downstream polyester and textile terminal markets is slow, and the follow-up of terminal orders is weak. The PTA industry is forced to increase prices by raw material costs, but processing fees are at a low level, and profit pressure is obvious. The procurement of PX and mixed xylene is mainly based on essential needs, and the willingness to actively replenish is insufficient. The purchasing mentality tends to be cautious. In addition, the demand for mixed xylene in other downstream fields such as oil blending and solvents has been significantly suppressed by the continuous rise in prices. Enterprises tend to purchase on demand and reduce inventory backlog, resulting in an overall demand side characterized by “rigid demand support and weak follow-up”. This has formed a game with tightening supply and strong cost side, which to some extent constrains the increase in mixed xylene prices.

Market forecast:
Based on the three core fundamentals of cost, supply, and demand in the mixed xylene market in March, it is expected that the domestic mixed xylene market will maintain a high level of volatile operation in April, with overall strength but limited growth. The core revolves around the supply-demand game. On the cost side, the geopolitical conflicts in the Middle East are difficult to completely ease in the short term. International crude oil prices will continue to operate at high levels, while naphtha prices will remain at a synchronized high level. The cost support foundation for mixed xylene is still solid and difficult to loosen significantly. On the supply side, the impact of maintenance on domestic refinery facilities has not completely subsided, and the resumption pace of some facilities is relatively slow. The replenishment of imported goods is still relatively limited, and the pattern of tight spot prices in the market is likely to continue. The mentality of holders of goods to support prices will still exist. On the demand side, downstream PX plant maintenance will continue for some time, and procurement demand is unlikely to significantly increase. The recovery of the polyester and textile terminal markets still takes time, and the problem of insufficient terminal orders is difficult to improve quickly. Downstream enterprises still have limited acceptance of high-level raw materials, and the pattern of rigid procurement is difficult to change, which will continue to suppress the upward trend of the market. Overall, the mixed xylene market in April is expected to operate in a game of strong costs, tight supply, and weak demand, with a high probability of maintaining high volatility and minor adjustments. The focus will be on the trend of crude oil prices and the recovery of downstream demand.