1、 Price trend

As of July 24th, the average price of industrial grade high-quality cyclohexane in China was 6166 yuan/ton. The cyclohexane market as a whole showed a stable center of gravity and a weak oscillation pattern. The mainstream ex factory quotation in Shandong was in the range of 5956-6600 yuan/ton, with a slight rebound in the high price area of East China. Market trading was mainly based on small orders for essential needs, and there was a lack of large order transactions.
2、 Market analysis
In terms of market analysis, the current market is in a seasonal off-season, with prominent supply-demand contradictions. The supply side has sufficient spot circulation, and traders and enterprises have moderately high inventory. Under the pressure of shipment, there are many behaviors of giving discounts; The demand side has insufficient relay power, and downstream acceptance of the current price is average, with a strong wait-and-see attitude, resulting in an overall shift in the focus of negotiations towards low levels, with regional price differences widening (around 6700 yuan/ton in Shandong and around 7800 yuan/ton in East China).
In terms of cost, the upstream pure benzene price has recently weakened or fluctuated at a high level, and the cost support has loosened or maintained rigid support compared to the previous period. The fluctuation of raw material prices has directly transmitted to the cyclohexane production process, squeezing the profit margin of manufacturers and lacking the confidence to raise prices. Crude oil linkage: The fluctuation adjustment of international crude oil prices affects the cost of pure benzene and hydrogenation through the petrochemical industry chain. Currently, there is no obvious unilateral rise or fall driving force on the cost side, which has supported the bottom of cyclohexane prices but has no strong upward momentum.
Downstream demand: Core downstream: The operating rates of caprolactam, adipic acid, and cyclohexanone plants remain at around 70% -75%, but the terminal nylon, synthetic fiber, and textile industries are in the traditional off-season with insufficient orders, only maintaining stable procurement for essential needs without releasing incremental demand. The solvent and other: coating materials, pharmaceutical intermediates, and ordinary solvents fields are affected by environmental policies and off-season, with low operating rates and low purchasing willingness, gradually turning to substitutes or delaying procurement, making it difficult to form effective demand support.
Operating rate: Cyclohexane plant: The average operating rate in China remains at 62% -66% (with some large factories reaching full load of 75% -80% during certain periods), and the main plant operates smoothly. The resumption of production capacity during early maintenance has led to an increase in external sources of goods, and the supply side continues to be loose. Industrial chain support: The integrated plant supporting caprolactam has stable load, and a large amount of cyclohexane is put into the market, exacerbating the accumulation of social inventory.
3、 Future forecast
Cyclohexane analysts believe that the short-term cyclohexane market lacks sufficient momentum for a significant upward trend, and is likely to maintain a narrow range of weak fluctuations or sideways consolidation. Negative factors include the continued off-season demand, high inventory to be digested, and limited cost support for pure benzene without a strong rebound. The operating range is expected to fluctuate between 6000-6900 yuan/ton (Shandong reference 6600 yuan/ton), and there may be slight downward pressure on high prices in East China.

From July 13th to 17th, the domestic aggregated MDI market prices rose, with an average price of 17066 yuan/ton at the beginning of the week and 17366 yuan/ton on July 17th. The weekly increase was 1.76%, and the year-on-year increase was 15.14%. During the week, mainstream manufacturers raised prices and pushed up prices, with clear support in the news segment. Intermediaries actively follow the rise, downstream market entry is cautious, inquiry enthusiasm is not high, transaction performance is poor, and prices stabilize after rising.
Supply side: The MDI plant with a production capacity of 80000 tons per year in Tosa, Japan, will be shut down for maintenance at the end of July, with a duration of approximately one month. Wanhua’s 800000 tons/year MDI plant will be shut down for maintenance starting from June 23, 2026, with an expected maintenance period of about 20 days; Wanhua’s 1.1 million tons/year MDI plant has a routine maintenance plan for August.
Cost wise: The pure benzene market has risen this week. The escalation of the US Iran conflict and the significant increase in news of the Strait of Hormuz blockade within the week have driven the simultaneous strengthening of naphtha, providing upward momentum for pure benzene on the cost side. Combined with the low start of production in the domestic pure benzene market, the tight supply pattern, and the decrease in port inventory, it further drives up the price of pure benzene.
Demand side: Downstream demand inquiries are generally average, with small orders being the main focus after price increases, resulting in insufficient demand support.
Future forecast: There is an expectation of tight supply in the aggregated MDI market, and factories’ willingness to raise prices is not reduced. However, the demand side support is weak, and it is expected that the resistance to pushing up the aggregated MDI market will increase in the short term. We will closely monitor market supply and demand as well as changes in the news side.

1、 Price trend

This week, the aniline market has risen sharply. On July 6th, the price of aniline in the market was 9825 yuan/ton, and on July 10th, it was 10725 yuan/ton. The price increased by 9.16% during the week and 50.1% compared to the same period last year.
2、 Analysis and Review
During the week, the supply of aniline was tight, and the company’s inventory was controllable. With stable demand, prices were pushed up. At the same time, the price of raw material pure benzene has strengthened, and the listing price of pure benzene by major manufacturers has been raised. Driven by both raw materials and demand, the price of aniline has risen by 500 yuan/ton and 400 yuan/ton respectively during the week. As of this Friday, the mainstream domestic price for aniline is 10700-10800 yuan/ton.
On the cost side: The Middle East conflict has been fluctuating throughout the week, with crude oil prices rising and pure benzene production rates falling to a historic low. Supply is tight, leading to a strong upward trend in pure benzene prices. Downstream production has declined, with some downstream areas experiencing a downturn, resulting in pressure on production rates. Overall, with strong cost support and expectations of increased exports, it is expected that the pure benzene market will show a strong trend in July.
3、 Future expectations
The current price of aniline has risen to a high level, and downstream caution has led to a slowdown in demand. It is expected that the aniline market will absorb the increase in the short term and closely monitor changes in costs and demand.

In June, the price of butyl acetate fell. At the beginning of the month, the price of butyl acetate was 6962.50 yuan/ton, and at the end of the month it was 6650 yuan/ton. The price decreased by 312.50 yuan/ton during the month, a decrease of 4.49%.

Market analysis: The domestic butyl acetate market experienced a weak downward trend in June. On the supply side, the butyl acetate unit is operating stably, and the market supply has shown sufficient performance within the month. The inventory pressure of the enterprise has increased, and in order to promote shipment, the quotation has been lowered. In terms of raw materials, although the price of acetic acid has rebounded and stopped falling, there is limited support for butyl ester, and the market atmosphere is clearly bearish; The price of n-butanol has experienced a wide decline, with weak cost support and a pessimistic attitude among butyl acetate manufacturers, driving the price of butyl acetate to continue to decline.
On the cost side, the overall price of raw material acetic acid has increased narrowly, while the n-butanol market has fallen widely. The cost side is mostly bearish, and downstream demand has entered the off-season. The enthusiasm for purchasing in the market is not high, and actual transactions are limited. The bearish atmosphere in the market has driven the mentality of butyl acetate downward.
Market forecast: Currently, the price of n-butanol upstream of butyl acetate is low, with insufficient cost support. The price of acetic acid is stable, but the boost to butyl acetate is limited. There is a lack of favorable conditions in the market, and the trend of strong supply and weak demand is obvious. It is expected that the butyl acetate market will consolidate and operate weakly in the later stage. In the future, attention will be paid to the price execution of raw materials such as acetic acid, n-butanol, and ethyl acetate manufacturers.

In June 2026, the domestic MIBK market showed an overall weak downward trend, with an accelerated decline rate, weak supply and demand, and unsupported costs. Affected by multiple negative factors such as loose supply, off-season downstream demand, and shrinking exports, the market price center has shifted significantly downwards, trading has been light, and industry players have a strong wait-and-see attitude, resulting in a lack of effective positive support throughout the month.

The spot price of MIBK fell throughout June, and the decline intensified at the end of the month. The market benchmark price at the beginning of the month was 11860 yuan/ton, which fell to 9467 yuan/ton on June 30th, with a decline of over 20% during the month.
From a technical perspective, this month’s moving average has been consistently negative, indicating a clear weakness. On June 24th, the average difference between M10-M20 was -405 yuan/ton, indicating continued weakness; On the 26th, there was a brief slight bottoming out but weak support; At the end of the month, the downward trend resumed, with the spread widening to -451.67 yuan/ton, indicating sufficient downward momentum, and mainstream quotes approaching the 10000 yuan mark. The prices of major domestic mainstream markets have synchronously declined, regional price differences have narrowed, and the market trend is highly consistent.
Supply side: Overcapacity is prominent, and inventory and shipment pressures are relatively high
In June, the domestic MIBK equipment operated stably, with high industry start-up rates and no large-scale maintenance, and the overall supply of goods was sufficient. The continuous release of new and expanded production capacity in the early stage of the industry has further highlighted the pattern of overcapacity in the market.
The manufacturer’s inventory continues to accumulate, and in order to recoup funds and reduce inventory, they generally offer discounts and loose quotes, which continue to suppress market prices. Overall, they are in a weak state of loose supply, high inventory, and pressure on shipments.
On the demand side: The terminal is weak during the off-season, and market trading is sluggish
The off-season demand is the core reason for the weak market this month. The downstream industries of MIBK, such as coatings, inks, and fine chemicals, have been affected by the high temperatures in summer, resulting in sluggish production and only sporadic replenishment for essential needs, without centralized stocking. The downstream derivatives industry has insufficient orders and limited profits, and raw material procurement is generally controlled in quantity.
Traders are cautious in their operations, tend to fast in and out, and pick up goods as needed, resulting in a low willingness to stockpile. As the core consumption area, the procurement volume of the East China market (with a demand proportion of 42.7%) continues to shrink, further exacerbating the supply-demand imbalance and suppressing the market recovery.
Cost side: Low volatility of raw materials, loose and unsupported production profits
This month, the core raw material acetone has fluctuated weakly, with no upward momentum, and there is a complete lack of support on the cost side. The low-level operation of raw materials has led to loose production profits for MIBK, and manufacturers have no willingness to raise prices. Coupled with weak fundamentals, the company continues to lower prices according to the market, driving the market to continue to weaken.
Market Trend Prediction for July
In June, the MIBK market experienced a weak downward trend, with core bearish factors including overcapacity, off-season demand, cost overruns, and shrinking exports. Multiple factors led to price drops and sluggish trading. There is no explosive market trend in the industry in the short term, and the trend is highly dependent on fundamentals. The follow-up focus is on tracking the start-up of the equipment, the recovery of downstream demand, and changes in acetone raw material prices and import and export data.

The price of ethylene oxide will decrease month on month in June 2026. According to data, as of June 29th, the average market price of epoxyethane in China was 6800 yuan/ton, a decrease of 10.53% from the market average price of 7600 yuan/ton at the beginning of the month (6.1).

On June 29, 2026, the mainstream market ex factory listing prices for ethylene oxide in various regions of China were as follows: the ethylene oxide market in East China was priced at 6800 yuan/ton to the outside world; The listed price of ethylene oxide in the South China market is 6700-6800 yuan/ton; The listed price of ethylene oxide in North China is 6650 yuan/ton; The listed price of ethylene oxide in the Central China region is 6800-7600 yuan/ton.
From the perspective of the price trend of ethylene oxide within the month, it has basically maintained stable operation after a significant decrease at the beginning of the month.
Reasons for maintaining stable operation within the month after the sharp decline in early June 2026
Bottom of cost stabilization: The downward space for crude oil and ethylene has narrowed, raw material prices have stopped falling sideways, and EO has lost further downward momentum;
Supply margin contraction offsets excess: In the second half of the year, multiple sets of EO devices entered maintenance one after another, reducing production volume to offset the increase in resuming production. The market’s supply of goods no longer continues to increase, and manufacturers’ willingness to raise prices has rebounded;
Stable inventory at a low level: At the beginning of the month, the price reduction and destocking were completed, and the pressure on factory inventory was significantly alleviated, no longer significantly dumping goods;
Downstream low demand replenishment: After the price drops to a low level, the panic and wait-and-see attitude in the downstream weakens, and small-scale replenishment is carried out on demand at low prices to support market transactions and enter a weak supply-demand balance zone;
Leading pricing stability maintenance: Top companies such as Sinopec and PetroChina lock in factory quotations to avoid vicious internal bidding and drive the entire market to operate horizontally.
Driven by the June ethylene oxide market: a significant decline in upstream costs, oversupply repair, and weak demand during the off-season, the negative fundamentals led to a downward shift in the monthly focus; At the beginning of the month, the concentrated release of bearish sentiment completed a rapid decline, and in the middle and late of the month, the supply and demand, as well as the marginal balance of costs, came to an end, with a narrow horizontal oscillation.
post-market forecast
In July, the overall trend showed a slight downward pressure at the beginning of the month, followed by a narrow range of oscillation and bottoming out in the middle and late of the month. The monthly average price was slightly lower than that in June; Overall supply exceeds demand, off-season demand is weak, costs are bottoming out, and there is limited room for decline, with no unilateral sharp rise or fall market.

1、 Price trend

This week, caustic soda prices have been operating steadily. The average market price from the beginning of the week to the end of the week was 670 yuan/ton, a year-on-year decrease of 20.14%. On June 25th, the Business Society Chlor Alkali Index was 741 points, a decrease of 8 points from yesterday, a decrease of 65.18% from the highest point of 2128 points during the cycle (2021-10-24), and an increase of 4.81% from the lowest point of 707 points on February 27th, 2026. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system, the price of caustic soda has been relatively stable this week. The price of caustic soda in Shandong region has risen, with the mainstream market price of 32% ion-exchange membrane alkali being around 610-690 yuan/ton. The price of caustic soda in Zhejiang region remains stable, with the mainstream market price of 32% ion-exchange membrane alkali being around 760-820 yuan/ton when delivered to Xiaoshan. The price of caustic soda in Inner Mongolia region has stabilized, with the mainstream market price of 32% ion-exchange membrane alkali being around 1900-1950 yuan/ton (converted to 100%). This week, the price of caustic soda is mixed with long and short positions. On the positive side: In the later stage, there will still be chlor alkali enterprises undergoing maintenance, resulting in a decrease in production and a positive performance in enterprise inventory. Downstream alumina manufacturers are actively stocking up, providing favorable support for caustic soda prices. On the negative side: caustic soda companies have accumulated inventory, and downstream demand for non aluminum continues to be sluggish. They tend to purchase on demand, but there is no positive improvement, putting pressure on the market.
Analysts believe that in the near future, caustic soda prices have been weak this week. Downstream alumina shipments in China have been good recently, and the current alumina procurement prices are good. The inventory of caustic soda enterprises has decreased, supporting the price of caustic soda. However, due to the general acceptance of non aluminum enterprises, the comprehensive supply-demand game predicts that caustic soda may tend to consolidate, depending on downstream market demand.

As of June 18th, the benchmark price of hydrofluoric acid in Shengyi Society was 15766.67 yuan/ton, a decrease of -0.84% from the end of last month. Recently, there has been no clear directional driving in the market, and buyers and sellers are engaged in a tug of war around rigid demand, resulting in a mild trading atmosphere for spot goods.
Raw material side: The price of raw fluorite has slightly weakened, while the domestic sulfuric acid market continues to be strong. Overall, the weakening of fluorite and the high level of sulfuric acid are mutually offsetting each other, and the overall cost support of raw materials has weakened. According to the analysis system of Shengyi Society, as of June 18th, the benchmark price of Shengyi Society’s fluorite was 3393.75 yuan/ton, a decrease of 0.73% compared to the beginning of this month (3418.75 yuan/ton).
On the demand side: In recent times, mainstream downstream industries have been executing more contract orders, and spot purchases are mainly based on replenishing inventory on demand, resulting in a low willingness to hoard goods. Affected by the poor transmission of terminal consumption, the actual pace of market movement is relatively slow, and speculative demand in the trade sector is also suppressed. However, due to the neutral level of raw material inventory in most downstream enterprises, there has been no concentrated price cutting or procurement reduction behavior in the short term. Although the demand side has no driving effect, it has not posed a significant negative impact on the market.
Market forecast: Hydrofluoric acid analysts predict that in the short term, the domestic anhydrous hydrogen fluoride market is expected to continue its stagnant consolidation pattern, with limited price fluctuations, and market participants need to pay close attention to the marginal changes that may be brought about by the raw material end (especially the arrival of sulfur imports) and downstream large factories’ external procurement trends, on the premise that the cost support has not loosened and the main enterprises’ price support mentality has not changed.

1、 Price trend
As of June 15th, the reference average price of urea market in Shandong Province, China was 1802 yuan/ton, an increase of 0.91% compared to the reference average price of 1786 yuan/ton on June 7th.
2、 Market analysis
market situation
This week, the domestic urea market price first rose and then fell. At the beginning of the week, urea was affected by the cancellation of the export guidance price policy, boosting the urea market and causing prices to continue to rise. On Thursday, urea prices began to fall, with limited export benefits and average downstream demand. In addition, the futures market weakened, and the urea spot market continued to decline. As of June 15th, the urea market prices in Shandong are around 1740-1800 yuan/ton, Hebei is around 1760-1780 yuan/ton, Henan is around 1730-1790 yuan/ton, Hubei is around 1750-1790 yuan/ton, and Liaoning is around 1850-1890 yuan/ton.
supply and demand situation
In terms of supply, the current operating rate of urea enterprises is over 90%, daily production remains high, and overall inventory is still under pressure. In terms of demand, the current demand for urea in agriculture is weakening, and downstream compound fertilizer enterprises are purchasing according to demand. The demand for industrial urea has also begun to decrease.
3、 Future forecast
The urea analyst from Shengyi Society believes that the recent domestic urea market trend is mainly downward. At present, the demand for urea is off-season, downstream procurement is slowing down, and market transactions are cautious. It is expected that the domestic urea market will continue to operate weakly in the short term.

This week, the TDI market in East China stopped falling and rose. As of June 12th, the average market price in East China was 15133 yuan/ton, and the average price on June 8th was 14800 yuan/ton, with a weekly increase of 2.25% and a year-on-year increase of 32.36%.
This week, the TDI market has stopped falling and rebounded. During the week, major factories closed down and suspended sales, increasing the willingness of the supply side to raise prices. The low prices in the market have converged, and traders’ quotes have slightly increased. With the rise in prices, downstream market entry is cautious, demand is average, and small orders are mainly traded.
Supply side: Domestic Wanhua equipment maintains low load operation. BASF’s Shanghai facility is undergoing a three week shutdown and maintenance.
On the cost side: The toluene market fluctuates with crude oil prices, with prices fluctuating and falling. Market transactions are light, and news guidance is limited.
In terms of future market analysis, TDI data analysts believe that the current TDI market is characterized by strong supply and weak demand. Due to the influence of international conditions, prices are cautiously rising, and it is expected that the short-term market will maintain a relatively strong trend. Therefore, it is important to closely monitor macro and market supply and demand changes.