The production cost pressure of maleic anhydride is increasingly prominent. In June, the decline of raw materials for maleic anhydride production stopped temporarily, and there were opportunities to rise again. The increase of n-butane was slightly narrow, while the advantages of raw materials for benzene process were greatly reduced, and the price had a significant rise. Although the follow-up rise was difficult to sustain, the pressure on the cost of maleic anhydride, which is currently low in price, continued to rise. At present, the average loss of the two maleic anhydride production processes is around 200 yuan / ton, so the cost of maleic anhydride is high Local pressure may delay the willingness of factories to continue to lower, and the probability of low price in the market will be reduced.

低价刺激商家入市。因在一季度春节前后，部分商家有积极入市表现， 但是3月份以后行情不及预期，因此商家持仓压力较大，因此在顺酐下跌过程中，多数商家及下游谨慎建仓情绪明显，而当前顺酐运行新低，且工厂陆续出现成本压力，部分商家建仓意愿提升，陆续有补仓表现，且一手商能拿到更为优惠的，也将继续缓解主力工厂的内贸销售压力，对于也有一定支撑。

Low prices stimulate businesses to enter the market. Due to the positive market entry performance of some businesses around the Spring Festival in the first quarter, However, after March, the market was lower than expected, so the pressure of business positions was greater. Therefore, during the decline of maleic anhydride, most businesses and downstream companies were cautious in building positions. At present, the price of maleic anhydride is running to a new low, and the cost pressure of factories is gradually emerging. Some businesses are willing to build positions, and they are willing to fill positions. Moreover, the first-hand businesses can get more favorable prices, which will continue to ease The domestic sales pressure of the main factories also has some support for the price.

非主流产区稳价意愿明显。5月中旬开始的此轮大幅下跌，主要是主产区山东地区领跌，其余市场处于跟跌态势，但是因苯法工艺目前可利用产能小，虽然走货不畅，但是持仓压力不大，因此在顺酐运行新低，且成本压力出现后，跟跌意愿降低，陆续出现稳价心态，关注主产区库存消耗情况指引，也降低国内顺酐各市场继续出现恶性竞争局面，也对有一定支撑。

The willingness to stabilize prices in non mainstream production areas is obvious. This round of sharp decline started in mid May, mainly led by the main production area of Shandong, and the rest of the market is in the trend of following the decline. However, due to the small available capacity of benzene process, the price of maleic anhydride is running to a new low and the cost pressure appears, the willingness to follow the decline is reduced, and the stable price mentality appears one after another, and the inventory consumption in the main production area is concerned As a result, the domestic market of maleic anhydride continues to face vicious price competition, which also has certain support for the price.

但是，顺酐供大于求格局依然持续。当前经济环境疲软，树脂整体产业链表现并不健康，尤其是当前已处于需求淡季，需求面对于支撑力度弱；另外，当前丁烷法顺酐检修产能仅在12万吨，对于目前顺酐供需关系支撑作用不大，因此顺酐暂难出现明显上涨行情，后续恐仍维持低区间调整为主，

However, the pattern of maleic anhydride oversupply continues. At present, the economic environment is weak, and the overall resin industry chain is not healthy, especially in the off-season of demand, and the price support of demand is weak. In addition, the current butane maleic anhydride maintenance capacity is only 120000 tons, which has little support for the current supply-demand relationship of maleic anhydride. Therefore, it is difficult for maleic anhydride to rise significantly for the time being, and it is likely to maintain a low range adjustment in the future,

综合来看，国内顺酐市场运行当前位置续跌风险降低，且在非主流地区退出此轮竞争之后，利于主产区低价出货，缓解内销压力，也有利于后续顺酐出现操作机会，趋稳概率增加，不排除局部出现试探性小涨机会。

On the whole, the domestic maleic anhydride market is running to the current position, the risk of further decline is reduced, and after the non mainstream areas withdraw from this round of price competition, it is conducive to the main production areas to ship at a low price, relieve the pressure of domestic sales, and also conducive to the subsequent operation opportunities of maleic anhydride, the probability of price stabilization is increased, and it does not rule out the chance of local tentative small rise.