The domestic maleic anhydride market maintains in the upward channel, and the main factors supporting this round of rising market are typhoon, impact on logistics and transportation, centralized maintenance in main production areas, and cost pressure, etc. However, after maleic anhydride has run above 6000, the market has doubts about maleic anhydride continuing to rise, but the counter attack road of maleic anhydride is still continuing.

不可否认，顺酐基本面的支撑力度有限，随着主力工厂的恢复供货，以及供需分歧的现状依旧维持等利空消息面抑制，顺酐持续上涨条件并不充分，但是20日苯法原料粗苯飙涨500元/吨，极大刺激顺酐市场，尤其是苯法顺酐工厂成本压力继续凸显，当前山西地区苯法顺酐成本线已经6300元/吨，而河北地区苯法顺酐成本线已经高6600元/吨以上，因此在缺乏利好消息提振的顺酐市场，在此消息带动下不排除仍有走高机会。

It is undeniable that the support of maleic anhydride fundamentals is limited. With the resumption of supply of main factories and the status quo of supply and demand differences still maintained, the conditions for continuous increase of maleic anhydride are not sufficient. However, crude benzene, raw material of benzene process, soared by 500 yuan / T on the 20th, which greatly stimulated the maleic anhydride market, especially the cost pressure of benzene process maleic anhydride plant continued to highlight. At present, benzene process in Shanxi Province is under pressure The cost line of maleic anhydride has reached 6300 yuan / ton, while the cost line of benzene process maleic anhydride in Hebei has reached more than 6600 yuan / ton. Therefore, in the absence of good news to boost the maleic anhydride market, it is not ruled out that there are still opportunities to go up.

但是，对于基本面表现仍不牢靠的顺酐市场，续涨仍存阻力。

However, for the maleic anhydride market whose fundamental performance is still not reliable, there is still resistance to continue to rise.

一方面，供应面，随着山东及河南地区供应量的恢复，尤其是25日前后除去盛源2.5万吨装置，新疆2万吨装置依旧处于检修状态，其余均将恢复运行，届时丁烷法供应量将有所提升，供应面相对充足。

On the one hand, with the recovery of the supply in Shandong and Henan, especially in the 25 days before and after the removal of Shengyuan 25000 ton unit, Xinjiang 20000 ton unit is still in maintenance status, and the rest will resume operation. At that time, the butane process supply will be improved and the supply side will be relatively adequate.

二方面，需求面，下游树脂开工率变化不大，依旧维持在低位负荷，9月份因来自于国庆前安监的压力，因此预期开工率提升有限，另外当前树脂原料苯乙烯，苯酐，顺酐均有走高，树脂成本面压力限制采购表现。

On the other hand, on the demand side, the operating rate of downstream resins has not changed much and remains at a low load. Due to the pressure from environmental protection and safety supervision before National Day in September, the expected operating rate is limited. In addition, the current resin raw materials styrene, phthalic anhydride and maleic anhydride are all on the rise, and the pressure of resin cost limits the purchasing performance.

但是上述两方面消息有利也有弊，虽然一定程度上令顺酐续涨阻力，但另外则是因顺酐工厂多数持仓压力不大，且下游树脂工厂及贸易商当前原料库存低位，等令市场仍有刚需采购量存在，因此对于当前顺酐有所支撑，暂走弱风险小。

However, the above two aspects of news have both advantages and disadvantages. Although to a certain extent, maleic anhydride continued to rise resistance, but in addition, the majority of maleic anhydride factories have little position pressure, and the current raw material inventory of downstream resin factories and traders is low, which makes the market still have a demand for procurement. Therefore, the current price of maleic anhydride is supported, and the risk of temporary weakening is small.

因此整体来看，顺酐市场仍有苯法成本压力支撑短时不排除工厂仍有冲高迹象，但是需求面仍是方向的主导因素之一，因树脂原料成本也偏高，因此恐限制树脂对高价原料接货兴趣，后续顺酐涨幅也将收窄。

Therefore, on the whole, the maleic anhydride market is still supported by the benzene process cost pressure, and it is not ruled out that the factories still have high signs in a short time, but the demand side is still one of the leading factors in the price direction. As the cost of resin raw materials is also high, it is afraid that the interest of resin in receiving high price raw materials will be restricted, and the subsequent increase of maleic anhydride will also be narrowed.