The domestic maleic anhydride market continued to rise in September, with an average quoted price of 9850 yuan/ton (including tax) as of September 30th, an increase of 20.12% from 8200 yuan/ton on September 1st.
On the supply side: In September, the upstream raw material n-butane for maleic anhydride continued to rise, supported by rising costs. Coupled with the maintenance of some maleic anhydride production facilities in the region, the industry’s operating load declined, and the market’s spot supply tightened. Traders’ reluctance to sell and drive up prices became prominent, supporting the upward trend of the maleic anhydride market in September. As of September 30th, the solid anhydride market in Shandong Province operates around a factory price of 900-9500 yuan/ton, while the liquid anhydride market operates around a factory price of 8500-8700 yuan/ton.
Upstream: In September, the n-butane market in Shandong continued to rise significantly, influenced by international geopolitical tensions and the rise in crude oil prices; Internationally, Saudi Arabia’s CP butane in September was $660/ton, an increase of $20 from August, and the cost of imported gas continued to rise, providing support for domestic gas reserves.
Downstream: The largest downstream of maleic anhydride is unsaturated polyester resin, followed by coatings, plasticizers, water treatment agents, and other fields. In September, we entered the traditional “Golden Nine” peak season for unsaturated resins. Downstream end industries such as fiberglass, handicrafts, and coatings saw an improvement in orders compared to the previous month. Resin companies also increased their production, leading to an increase in essential purchases and supporting the consumption of maleic anhydride. But as the price of maleic anhydride continues to rise, the raw material costs of resin companies have significantly increased, profits have been compressed, and downstream resistance to high prices has gradually emerged. They tend to maintain low inventory operations and lack the willingness to chase after price increases, which limits the further outbreak of the market.
Analysts believe that on the cost side, Saudi Arabia’s CP was introduced in October, with butane priced at 730 US dollars per ton, an increase of 70 US dollars from September. The cost of imported gas continues to rise, supporting the n-butane market; October is the traditional “Silver Ten” for the downstream resin industry, but there is uncertainty in terminal demand. On the one hand, if downstream terminal demand such as fiberglass and building materials continues to rebound, resin production will remain high, and there will be support for the demand for maleic anhydride; On the other hand, maleic anhydride is currently at a high level, and downstream enterprises face significant cost pressures. In addition, the impact of the National Day holiday in October has weakened the willingness of factories to stock up, and the market may maintain an on-demand procurement model. It is expected that the domestic maleic anhydride market will experience high volatility in October.

1、 Price trend
The overall trend of caustic soda prices has been consolidating this month. At the beginning of the month, the average market price was 637 yuan/ton, and at the end of the month, the average market price was 635 yuan/ton, a decrease of 0.31% and a year-on-year decrease of 23.65%. On September 29th, the Business Society Chlor Alkali Index was 739 points, up 5 points from yesterday, down 65.27% from the highest point of 2128 points during the cycle (2021-10-24), and up 4.53% 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
The overall price of caustic soda has been consolidating this month. The price of caustic soda in Shandong region is around 580-670 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Zhejiang region is stable, and the price of 32% ion-exchange membrane alkali delivered to Xiaoshan mainstream market is around 840-860 yuan/ton. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 1850-1950 yuan/ton (converted to 100 yuan). The regional market trend of domestic liquid alkali is not volatile, and it is operating steadily in multiple dimensions.
In October, domestic chlor alkali maintenance and restart coexisted, and the estimated monthly average load had limited month on month changes. The industry supply continued to decline year-on-year. At the end of the month, the orders of the enterprise were basically signed, and there was a tentative upward trend in the market, but there was a lack of strong demand support, and the overall market maintained a narrow consolidation operation. Some aluminum plants in downstream industries are replenishing their inventory appropriately based on their own inventory levels, while aluminum oxide plants have low enthusiasm for participating in spot trading, although their pre holiday stocking quotes are relatively cautious. The downstream demand for non aluminum continues to be sluggish, with more on-demand procurement and no improvement, putting pressure on the market.
Analysts believe that in recent times, the price of caustic soda has been consolidating, downstream alumina receiving is average, the long short game has intensified, and the market wait-and-see atmosphere continues to heat up. The price of alumina remains weak, and the market is still in a stalemate. The estimated increment of the market is limited, and the comprehensive supply-demand game predicts that caustic soda may tend to consolidate, depending on downstream market demand.

The hydrogen peroxide market rebounded in September, with prices fluctuating upwards. At the beginning of the month, the average market price of hydrogen peroxide was 623 yuan/ton. On September 29th, the average market price of hydrogen peroxide was 713 yuan/ton, an increase of 14.44%.
Supply side: The industry is operating at a moderate pace, with maintenance facilities resuming in August and September. The total domestic supply has slightly rebounded compared to August, and there has been no large-scale shutdown or production reduction; The proportion of integrated supporting devices has increased, but the circulation of goods has not been synchronously amplified.
New variable: Fujian Kemet’s new hydrogen peroxide plant will be put into operation in September, bringing in new supply and suppressing the potential for further surge in the later period.
Disturbance: Minor repairs to local equipment, logistics, and pre holiday warehouses exacerbate regional differentiation.
Core: The total production capacity is not tight, but the circulation of goods is gradually shrinking and there is regional mismatch.
Demand side: Paper pulp bleaching (first pull): Entering the traditional peak season of Jinjiu, the bleaching procurement of paper mills has significantly rebounded compared to August, and the demand for pulp in southern China and Guangxi is strong.
Iron phosphate (new energy): Iron phosphate enterprises have improved profitability and increased production, while the demand for oxidant hydrogen peroxide continues to increase, with strong demand in central and southwestern China. Municipal sewage and water treatment: Autumn maintenance has ended, and the demand for water treatment chemicals has resumed.
Caprolactam and HPPO epoxy propane: Although there have been improvements, the overall production rate is not high, and procurement is based on immediate use without large-scale stockpiling.
Printing and dyeing textiles: flat demand, limited contribution to the market.
The overall mentality of the downstream is cautious, with very few long orders locking in goods and more short-term rigid demand. The sustainability of the upward trend is constrained by downstream acceptance.
This round of price increase is driven by demand, not by raw material costs; Hydrogen peroxide has a short storage period, downstream does not stockpile, the market has strong pulse, rises quickly, and is also prone to pullback.
Analysts believe that after the National Day holiday, the pressure on hydrogen peroxide supply will ease, and there will be an increase in terminal rigid demand, indicating that there is still room for further growth in the future market.

The price of ethylene oxide will soar in September 2026. As of September 24th, the average market price of epoxyethane in China was 9700 yuan/ton, a significant increase of 27.63% compared to the market average price of 7600 yuan/ton at the beginning of the month (9.1).
On September 24, 2026, the mainstream market ex factory listing prices for ethylene oxide in various regions of China are as follows: the ethylene oxide market in East China is priced at 9200-9700 yuan/ton for external transactions; The listed price of ethylene oxide in the South China market is 9600-9700 yuan/ton; The listed price of ethylene oxide in North China is 9500 yuan/ton; The listed price of ethylene oxide in the central China market is 10100 yuan/ton.
Reasons for the significant increase in ethylene oxide prices in September 2026
The price of ethylene oxide surged in September, reaching a new high for the year; The main reason is the conversion of the co production unit to ethylene glycol, which has led to a proactive reduction in the production of ethylene oxide. In addition, the maintenance of the unit, the increase in ethylene costs, and the replenishment during the peak season of Jinjiu have also been combined.
Specifically, on the supply side, ethylene oxide and ethylene glycol are part of the same ethylene oxidation unit, and product selectivity can be adjusted to allocate production between the two. In early September, ethylene glycol was driven by the Middle East region and low inventory, resulting in significantly better profits than ethylene oxide; The refinery actively adjusted the process to produce more ethylene glycol and less commodity ethylene oxide, directly causing a rapid decrease in the supply of ethylene oxide in the market. At present, the industry’s operating rate is only 51.8%, which is at a relatively low level; It’s not a shutdown of the equipment, but a switch in product structure, which compresses the production of ethylene oxide, shrinks the circulation of spot goods, and rapidly depletes inventory. From the perspective of device status, multiple sets of ethylene oxide supporting devices are undergoing centralized maintenance, resulting in a loss of ethylene oxide production capacity. Upstream ethylene prices have risen by over 20% from August to September due to disturbances from crude oil and imports from the Middle East. The cost of raw materials for ethylene oxide factories that extract ethylene has also increased, forcing some ethylene extraction companies to reduce their production and further decrease their ethylene oxide output. Part of the MTO route’s ethylene oxide plant has been hindered by the rise in methanol prices, resulting in limited operation.
On the demand side, during the peak season of September, individual water reducing agents are the main driving force. Downstream polycarboxylate superplasticizer monomers (infrastructure/concrete), non-ionic surfactants, ethanolamine, polyether, ethylene glycol ether, etc. In September, the construction of infrastructure will be rushed, and the monomer production of polycarboxylate superplasticizer will increase and actively replenish, which is the main incremental demand for ethylene oxide; The monomer itself also increases in price synchronously, accepting high priced ethylene oxide raw materials; Ethanolamine production remains at a high level; Stable demand for daily necessities and daily necessities; There is a fear of price increases in downstream stocking, amplifying spot grabbing, and pushing up the listing price (Sinopec has repeatedly raised the listing price for ethylene oxide). However, there is structural differentiation and weak downstream transmission, and new orders placed at high prices are gradually cautious, which is also a constraint on the weak rise of ethylene oxide in the future.
On the cost side, the situation in the Middle East has pushed up the costs of crude oil and ethylene, causing the entire ethylene industry chain to shift upwards; At the same time, the market’s risk appetite has risen, the overall valuation of chemical products has increased, and the sharp rise in ethylene glycol has driven the sentiment of the entire ethylene oxide industry chain.
Forecast of the future market for ethylene oxide

Short term high volatility of ethylene oxide, with limited room for further upward movement. The main reason is that the supply gap caused by the switching of co production units is difficult to quickly repair in the short term, the peak season for water reducing agents is still ongoing, the inventory of spot goods is low, and Sinopec has a strong willingness to raise prices through listing; If the Middle East continues to experience geopolitical turbulence and ethylene continues to strengthen, there is still a chance for ethylene oxide to pulse. However, ethylene glycol has started to decline, and the profit of ethylene glycol has fallen, which will weaken the motivation of the plant to continue to “reduce production of ethylene oxide and fully produce ethylene glycol”; The high price of ethylene oxide has suppressed downstream demand, and the marginal demand for end use concrete of water reducing agents has weakened. The willingness to purchase goods at high prices has decreased, and negative feedback from downstream is gradually emerging.

At the beginning of the week, the price of activated carbon was 12400 yuan/ton, and over the weekend, the price of activated carbon was 12433/ton, with a price increase of 0.27%.
The prices of domestic coconut shell activated carbon manufacturers have stabilized and become stronger this week. The ex factory price of activated carbon for coconut shell water purification in East China is between 9500-13000 yuan/ton. The price of upstream coconut shell carbonization materials is firm, coupled with rising import logistics costs and tight raw material supply in Southeast Asian major producing countries (Indonesia, Philippines), which has pushed up the cost bottom line.
Wood charcoal (such as phosphoric acid based wood charcoal) remains weakly stable, with limited demand release during peak seasons. Downstream stocks are replenished as needed, and some factories offer discounts and promotions; Bamboo charcoal has slightly increased in some areas due to the linkage of coal and charcoal prices in the local market, but buyers need to follow up and support it.
Prediction: The domestic supply of coconut shell activated carbon raw materials is tight, and it is expected that the price of activated carbon will mainly fluctuate and strengthen in the short term.

1、 Price trend
This week, the market price of pure benzene in Shandong has risen. On Monday, the price of pure benzene was 8774.33 yuan/ton, and on Friday, it was 9834.33 yuan/ton, with a price increase of 12.08% during the week.
2、 Market analysis
Pure benzene: The market price of pure benzene in Shandong has risen significantly this week. During the week, Sinopec’s refineries in East China, South China, and Central China have significantly increased the price of pure benzene for the second time in a row, with a cumulative increase of 850 yuan. The latest price of pure benzene is 9900 yuan/ton, which will be implemented on September 10th. The current situation between the United States and Iran has escalated, and due to the global inventory consumption caused by the Iran conflict, the US Energy Information Administration has raised its oil price forecast for the next two years. The strong rise in international crude oil futures has provided strong support for pure benzene, leading to a significant increase in pure benzene prices during the week. But if pure benzene rises too quickly, the risk also increases, and downstream demand for pure benzene is weak, causing most buyers to leave.
3、 Future forecast
Crude oil futures: On September 10th, international crude oil futures surged. The settlement price of the October WTI crude oil futures contract in the United States was $102.48 per barrel, an increase of $6.43 or 6.7%. The settlement price of Brent crude oil futures in November was $107.63 per barrel, an increase of $6.42 or 6.3%.
Foreign pure benzene: On September 10th, FOB Korea rose by 39 to 1212 US dollars/ton, and CFR China rose by 40 to 1239 US dollars/ton. FOB Rotterdam remained stable at $1226 per ton, while FOB USG rose by 22 to 496 cents per gallon.
Overall forecast: Pure benzene is expected to maintain high volatility in the short term. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

price trend
This week, the market price of isopropanol in Shandong has increased. The average price of isopropanol in China was 7516.66 yuan/ton on Monday and 7966.67 yuan/ton on Friday, with a price increase of 5.99%.
The market price of isopropanol has increased this week. Acetone and propylene prices have risen one after another, with strong support from raw material costs and continuous price increases from manufacturers. The reluctance of the holders to sell is evident, and the focus of market negotiations is shifting upwards. However, downstream purchasing intentions are generally average, and on-site actual orders are cautious and limited in volume. As of now, most of the isopropanol market prices in Shandong are around 7900-8000 yuan/ton; The majority of isopropanol market prices in Jiangsu region are around 8050-8200 yuan/ton.
Future forecast
Analysts believe that the price of isopropanol in the market has risen this week, with strong support from raw material costs. Manufacturers have reported higher prices, leading to strong upward sentiment. Downstream procurement is mainly driven by urgent needs, with a strong wait-and-see attitude. It is expected that the isopropanol market will strengthen and consolidate in the short term, with more attention paid to the trading trends of major companies.

In August, the domestic lithium carbonate market experienced a strong rebound, with prices continuing to rise, rising from 142000 yuan/ton at the beginning of the month to 156000 yuan/ton at the end of the month, with a monthly increase of nearly 10%.
Periodic contraction on the supply side stimulates price increase
The core driving force behind the rebound in lithium prices in August came from the phased contraction on the supply side. During the summer, the industry underwent centralized maintenance and the top enterprises in the three core production areas of Jiangxi, Sichuan, and Qinghai stopped production intensively. Coupled with the maintenance of lithium extraction equipment in salt lakes and insufficient overseas lithium concentrate arrival at ports, the effective supply in China has significantly shrunk. Overall, the production of lithium carbonate in July experienced its first month on month decline of the year. The maintenance in August further affected nearly 10000 tons of production, resulting in a reduction of nearly 10% in monthly effective supply. Additionally, some maintenance capacity continued until September, indicating a clear pattern of short-term rigid supply contraction.
The steady recovery on the demand side provides solid support for price increases
The production schedule data of power battery companies in August exceeded expectations, achieving steady growth on a month on month basis. Coupled with the continuous release of demand in the energy storage industry, downstream dual demand rebounded synchronously, driving the continuous depletion of market inventory. During the month, the social inventory of lithium carbonate continued to decline, with a significant weekly turnover rate. The enthusiasm for terminal stocking increased, and the traditional “golden nine and silver ten” peak season pre stocking began, effectively digesting market stock resources and completely reversing the previous loose supply and demand pattern. Under the mismatch of supply and demand, the market gradually forms a supply gap, laying a solid foundation for the sustained upward trend of prices in August.
September lithium carbonate prices are expected to continue the peak season trend
Looking ahead to the price trend of lithium carbonate in September, the overall market will maintain a pattern of strong volatility and moderate upward movement. The peak season market will continue to perform, but the upward slope will slow down. From the supply side perspective, there are still some maintenance capacity that has not fully resumed production in September, and the fundamentals of short-term supply contraction are still present. Coupled with the tight pattern of overseas lithium mine arrivals, it is difficult to quickly alleviate, and the supply in the near end is still tight. But with the gradual resumption of lithium extraction facilities in salt lakes and the expected increase in market supply recovery, it will continue to constrain the upward space of lithium prices. The demand side will usher in the traditional peak season, and downstream cathode material and battery companies are expected to continue to increase their production schedules. The demand for terminal stocking will be concentrated and released, and the trend of inventory depletion will continue. The supply-demand gap is likely to further expand, providing core support for lithium prices. Overall, the core operating range of lithium carbonate prices in September will maintain high volatility, with the center of gravity steadily shifting upwards. The focus of subsequent core observations will be on the pace of salt lake production resumption, the recovery of lithium ore imports, and the accumulation speed of market warehouse receipts under high prices. Whether demand can continue to absorb supply changes will be the key to determining whether lithium prices can break through a new high in late September.

Price performance

In August, domestic epoxy resin mainly operated smoothly with narrow oscillations, with very small fluctuations throughout the month.
East China Liquid E-51 mainstream: 14000-14500 yuan/ton (acceptance of purified water leaving the factory)
Mount Huangshan Solid E ‑ 12 Mainstream: 13300 ‑ 13600 yuan/ton (delivered in cash)
The monthly average price increased from 14125 yuan/ton at the beginning of the month to 14250 yuan/ton at the end of the month, with a monthly increase of only 0.88%. The range fluctuation is limited, and the negotiation space for actual orders is the main factor. The listed price has not changed much.
2、 Cost side: raw material fluctuations, no strong driving force
Upstream bisphenol A and epichlorohydrin (ECH) showed a volatile consolidation in August, with limited range of upward and downward exploration. The cost did not experience a unilateral sharp rise or fall, and there was neither strong upward driving force nor significant negative impact of collapse, forming a neutral bottoming out pattern for epoxy.
3、 Supply side: Proactively control production to avoid excessive impact
Downstream shipments were weak in August, and factory inventory turnover was slow. Enterprises took the initiative to reduce load and control production
The production rate of liquid epoxy has dropped from 61% to around 55%; Solid epoxy production has fallen to around 44%, with increased maintenance and production restrictions. Proactively reducing supply to alleviate inventory pressure and hedge against negative demand during the off-season has supported bottom prices and prevented a deep decline in the market. The overall situation is characterized by active supply contraction and non malignant volume increase.
4、 Demand side: Traditional off-season, mainly focused on essential procurement
Downstream coating flooring, anti-corrosion, wind power composite materials, and copper-clad laminates are generally in the traditional off-season: terminals mainly consume their own inventory, new order increments are insufficient, procurement is cautious, on-demand procurement is weak, hoarding willingness is weak, trading is light, and it is difficult to drive price increases, forming a pattern of “weak demand and difficult price rise”.
5、 Summary of Market Pattern
August epoxy resin is a typical stable market with weak supply and demand and balanced game theory: the off-season of demand brings weak upward momentum, factories actively control production and provide cost support to block downward space, and the whole month is dominated by range consolidation and actual order bargaining, lacking trend market.

1、 Price trend

This week, the overall price of caustic soda remained stable and stable. The average market price from the beginning of the week to the weekend was around 639 yuan/ton, a year-on-year decrease of 27.71%. On August 27th, the Business Society Chlor Alkali Index was 714 points, unchanged from yesterday, a decrease of 66.45% from the highest point of 2128 points during the cycle (2021-10-24), and an increase of 0.99% 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
This week’s caustic soda prices have been consolidating. The price of caustic soda in Shandong region is around 590-670 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. In Zhejiang region, the price of caustic soda is around 830-860 yuan/ton when 32% ion-exchange membrane alkali is delivered to Xiaoshan mainstream market. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 1850-1950 yuan/ton (converted to 100%).
This week, there was little fluctuation in the regional market of domestic liquid alkali, and it remained stable in multiple dimensions with a moderate consolidation trend. Looking at next week, there are still expectations of an increase in the chlor alkali load in Shandong. Insufficient follow-up on new export orders makes it difficult to drive up alkali prices. Downstream production has increased, but some aluminum plants have replenished their inventory based on their own inventory levels, while aluminum oxide plants have low participation in spot trading and their quoted prices have fallen. The downstream demand for non aluminum continues to be sluggish, with more on-demand procurement and no improvement, putting pressure on the market.
Analysts believe that in the near future, the price of caustic soda has remained stable this week. Recently, downstream domestic aluminum oxide shipments have been generally received by non aluminum enterprises. The price of caustic soda will be maintained and started next week due to large inventory, which is not a substantial benefit. However, most brands still intend to maintain stability, and the overall supply and demand game predicts that caustic soda may tend to operate in a consolidated manner, depending on downstream market demand.