In September, the dichloromethane market did not experience the traditional “golden nine” peak season. Instead, under the pressure of severe supply-demand imbalance, the market continued to bottom out and prices fell to a nine-year low.

Price trend: Expectations of peak season fall short, price depth drops
As of September 28th, the average price of dichloromethane in Shandong Province has dropped to 1695 yuan/ton, a sharp drop of 15.04% from the beginning of the month and a year-on-year drop of 36.64%. The expectation of “Golden September” has completely fallen through, downstream stocking sentiment is extremely weak, market trading is sluggish, and companies continue to offer discounts to ease inventory pressure.
Analysis of influencing factors
Supply side: Maintain high load, huge supply pressure
The industry’s operating rate continues to remain at a high level of 85%, although some companies have temporarily reduced their losses, it has little impact on the overall relaxed supply pattern. The high inventory pressure on enterprises has led to continuous price reductions and destocking.
Cost side: Insufficient support
In terms of raw material methanol, the methanol market experienced narrow fluctuations in September, which limited the cost support for dichloromethane. As of September 26th, the benchmark price of methanol in Shengyi Society was 2253.75 yuan/ton, an increase of 0.91% during the month. The operating rate of methanol enterprises has increased month on month, and some olefins continue to be extracted externally. Traditional downstream industries also have stock up before the holiday, and the inventory of enterprises has been reduced. The downstream negative operation of Shandong liquid chlorine has driven up the prices of liquid chlorine in surrounding areas, resulting in an upward movement of liquid chlorine prices. However, it has not been able to reverse the downward trend of dichloromethane caused by its own supply and demand problems..
Demand side: Both domestic and foreign demand are weakening
Weak domestic demand: Downstream only maintains small orders for essential needs, lacking the motivation for large-scale stocking. In addition, typhoon weather further suppressed actual demand. The National Day holiday may cause some factories to shut down and take leave, resulting in a decrease in actual production days, which may cause a temporary drop in demand in early October.
External demand contraction: The export volume in August decreased by 23.28% month on month, which is a key signal indicating that the export driving force that previously supported the market weakened in September, exacerbating domestic supply pressure.
Future outlook:
It is reported that some companies have reported plans to reduce their load in October. This will be the key to reversing the market downturn. If production cuts are implemented, it will effectively alleviate supply pressure and provide bottom support for prices. The recovery situation on the demand side is still unknown. The National Day holiday may lead to a reduction in effective working days in early October, and demand may experience a temporary decline. There is also uncertainty about whether exports can return to growth. It is expected that the market will enter a period of bottom oscillation and recovery. Pay attention to the efforts of enterprises to reduce their burden.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average market price of baking soda at the beginning of the week was 1248 yuan/ton, and the average market price of baking soda at the end of the week was 1245 yuan/ton, a decrease of 0.24% and 23.32% compared to the same period last year. On September 25th, the Business Society Baking Soda Index was 82.63, unchanged from yesterday and hitting a historic low for the cycle, a decrease of 64.96% from the highest point of 235.84 on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is running steadily, and the company’s shipments are still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1150-1250 yuan/ton in Henan region and 1200-1300 yuan/ton in Shandong region. Due to downstream demand based procurement, it is expected that consolidation and operation will be the main focus in the later stage. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash has been consolidating this week. The average market price at the beginning of the week is now 1188 yuan/ton, and the average market price over the weekend is 1186 yuan/ton, with a price increase of 0.17% and a decrease of 26.52% compared to the same period last year. Downstream buyers tend to purchase on demand.
Business Society analysts believe that the price of baking soda has been consolidating recently, and the upstream raw material soda ash has also been consolidating recently. Downstream industries such as pharmaceuticals, textiles, and food have been purchasing on demand recently, and demand enthusiasm for baking soda is still acceptable. Overall, it is expected that the price of baking soda will mainly fluctuate in the later stage, depending on downstream market demand.

The market price of hydrogen fluoride is temporarily stable this week. According to the analysis system of Shengyi Society, as of September 19th, the benchmark price of hydrofluoric acid in Shengyi Society was 11466.67 yuan/ton, an increase of 7.67% from the end of August.

Raw material side: Domestic fluorite prices have continued to rise this week, putting high pressure on the cost of hydrogen fluoride. As of September 19th, the benchmark price of fluorite in Shengyi Society was 3343.75 yuan/ton, an increase of 2.29% compared to the beginning of this month (3268.75 yuan/ton). The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has increased. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The continuous rise in the fluorite market has put pressure on the cost of hydrofluoric acid, and production enterprises still face the pressure of losses, resulting in cost inversion. It is expected that hydrogen fluoride enterprises will continue to rise in the later stage.
On the demand side: The downstream refrigerant market continues to rise, and the terminal policies of the refrigerant industry are exerting force. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, but the industry’s inventory is transmitted in a healthy and orderly manner, and upstream products are mainly purchased on demand. The trend of refrigerant market has risen slightly, and the demand side is supporting hydrogen fluoride steadily, with a moderate to strong trend. It is expected that the price trend of hydrogen fluoride will continue to rise in the later stage.
Market forecast: The price of raw material fluorite will rise, and the cost of hydrofluoric acid will be under high pressure. The pressure of loss for production enterprises still exists, and downstream demand procurement will be the main focus. It is expected that the anhydrous hydrogen fluoride market will continue to maintain a stable, medium, and strong trend in the later stage. More attention should be paid to changes in market supply and demand.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of bromine has been running weakly this week. The average market price at the beginning of the week was 28760 yuan/ton, and the average market price over the weekend was 28500 yuan/ton, a decrease of 0.9% and an increase of 42.07% compared to the same period last year. On September 18th, the Business Society Bromine Index was 100.21, unchanged from yesterday, a decrease of 59.13% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 70.08% from the lowest point of 58.92 points on October 29, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine has been running weakly, with a reference price of 28000-29500 yuan/ton for spot bromine production in Shandong region. Due to weather and policy reasons, bromine companies have tight inventory, but downstream companies have average purchasing enthusiasm. In terms of raw materials, domestic sulfur prices have remained stable this week, with an average market price of 2644.33 yuan/ton from the beginning of the week to the weekend, an increase of 79.2% compared to the same period last year. Downstream demand is generally average.
Prediction: Bromine prices are expected to be weak in the near future, while upstream sulfur prices are expected to be weak. Bromine prices are expected to be weak this week, while downstream purchases are expected to be made on demand. Overall market activity is average. It is expected that bromine may continue to operate weakly in the later period, depending on downstream market demand.

This week, the price of plasticizer DOP has stopped falling and rebounded

According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the DOP price was 7509.16 yuan/ton, a fluctuating increase of 0.56% compared to the DOP price of 7467.50 yuan/ton on September 10th. The prices of raw materials isooctanol and phthalic anhydride have fluctuated and fallen, while the cost of DOP has stopped falling, and the downward pressure on DOP has weakened; This week, the operating load of DOP enterprises has increased, leading to an increase in DOP supply; Downstream demand is difficult to improve, and there is a lack of interest in DOP procurement inquiries, resulting in limited improvement in DOP demand transactions. The cost has stopped falling, and the price of plasticizers has rebounded.
This week, the price of raw material isooctanol fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the price of isooctanol was 7016.67 yuan/ton, a fluctuating decrease of 0.71% compared to the price of 7066.67 yuan/ton on September 8th. This week, the production capacity of isooctanol enterprises remained stable at a high level, and the operating rate of isooctanol equipment slightly increased to 96%. In addition, there was a significant increase in new isooctanol production capacity, resulting in an increase in isooctanol supply; This week, the price of isooctanol has slightly decreased, the cost of plasticizers has stopped falling, and the support for DOP increase still exists.
This week, the price of raw material phthalic anhydride rebounded and stabilized
According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the price of phthalic anhydride in neighboring countries was 6300 yuan/ton, which rebounded from the price of 6133.33 yuan/ton on September 8th and increased by 2.72%. This week, the price of ortho benzene was 6400 yuan/ton, with a price increase of 1.59%. The price of industrial naphthalene fluctuated and rose, and the cost support of phthalic anhydride increased. This week, the load of phthalic anhydride equipment increased, and the operating rate of phthalic anhydride enterprises was 63%. The supply of phthalic anhydride is sufficient, and the equipment operating load of downstream plasticizer enterprises has increased. The demand support for phthalic anhydride still exists. The price of phthalic anhydride has rebounded, the cost of plasticizers has stopped falling, and the support for the price increase of plasticizer DOP still exists.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol fluctuated slightly and fell, while the price of phthalic anhydride rebounded and rose, and the support for the increase in plasticizer DOP cost increased; In terms of supply, the operating rate of plasticizer enterprises has increased, the production of plasticizers has remained stable, and the supply of plasticizers is sufficient; In terms of demand, the overall economy is sluggish, coupled with anti competition and the elimination of outdated production capacity, resulting in weak downstream demand. In the future, with strong supply and weak demand, coupled with increased support from rising costs, it is expected that the price of plasticizer DOP will rebound and stop falling.

1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example. According to data monitoring from Shengyi Society, the domestic titanium dioxide market has remained stable this week, with an average price of 13820 yuan/ton.
2、 Market analysis
This week, the domestic titanium dioxide market has temporarily stabilized and consolidated. At present, the demand for titanium dioxide in the market is average, and there is no significant improvement in the terminal market. The trading atmosphere in the market is relatively light, and the enthusiasm for downstream procurement is not high. However, under cost pressure, enterprise offers remain firm, and the upstream and downstream market conditions are relatively stagnant. The market is mostly wait-and-see, and transactions are cautious. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13200-14200 yuan/ton; The price of the titanium type is around 11700-12500 yuan/ton, and the actual transaction price is negotiable.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market is temporarily stable and consolidating this week. Titanium dioxide companies are under cost pressure and their offers are firm. The market is mostly wait-and-see. It is expected that the titanium dioxide market will remain stable and wait to see in the short term, and the actual transaction price will be discussed on a case by case basis.

According to the Commodity Market Analysis System of Shengyi Society, from September 1st to 5th, the average price of BDO in China remained at 7542 yuan/ton, with a month on month decrease of 9.90% and a year-on-year decrease of 6.55%. The BDO market is deadlocked after a decline. As prices reach low levels, some downstream demand for replenishment increases, leading to an overall increase in demand. The overall shipment of the factory is still acceptable, and the pressure of industry losses has increased, with a focus on maintaining market stability among suppliers.

On the supply side and in terms of equipment, the Tunhe Phase II and III equipment has been operating stably after restarting, while the Shaanxi Black Cat equipment has been operating at 70% load after a short shutdown. Other equipment has been operating relatively stably, and the overall supply volume of the industry has increased, with average supply side support. The supply side of BDO is affected by negative factors.
On the cost side, raw material calcium carbide: The overall domestic calcium carbide market is showing a narrow downward trend. Raw material methanol: The domestic methanol market continues to be weak. As of 10:00 am on September 5th, the reference price for domestic methanol in Taicang is 2260 yuan/ton. The weak consolidation of raw materials such as calcium carbide and methanol, as well as the negative impact of BDO cost factors.
On the demand side, under the traditional peak season effect of the Golden September, terminal demand has recovered to some extent, and downstream industries such as PTMEG, PBT, PBAT, GBL-NMP, TPU have all increased production to varying degrees, resulting in an increase in raw material digestion. At the same time, with the low price of BDO, some downstream factories have increased their urgent need for replenishment operations, which has helped the overall sales situation of BDO factories to remain stable. The demand side of BDO is affected by bearish factors.
In the future forecast, the supply and demand of the BDO market will increase, the negotiation game will continue, and the market will maintain a stalemate. Business Society BDO analysts predict that the domestic BDO market will mainly operate steadily.

Entering September 2025, the market price of acrylic acid continues to be under pressure. As of September 1st, the benchmark price of acrylic acid in Shengyi Society was 6250.00 yuan/ton, a decrease of 6.02% compared to the beginning of last month (6650.00 yuan/ton). This is mainly due to the sustained weakness of the demand side, strong downstream wait-and-see sentiment, and only maintaining essential procurement, with extremely low willingness to hoard a large amount of goods.

The current market downturn is the result of multiple factors from both the supply and demand sides working together:
1. Supply pressure continues to increase: In the second half of 2025, the domestic acrylic acid industry still plans to put into operation over 600000 tons or even 740000 tons of new production capacity. This has once again escalated the supply pressure in the industry. Although the industry’s operating rate remains at a low to medium level of around 68%, attempting to balance supply and demand through load reduction, the social inventory is moderately high, and inventory pressure continues to exist.
2. Weak performance on the demand side: Downstream main areas (such as coatings, adhesives, textile auxiliaries) have insufficient purchasing enthusiasm and generally hold a bearish or cautious attitude, mainly focusing on replenishing inventory for essential needs, with widespread price cutting behavior. The export market is also not optimistic. In the first half of 2025, the export volume of butyl acrylate in China decreased by 13.42% year-on-year, which cannot effectively divert domestic supply pressure. The traditional demand side (such as oil extraction, water treatment, papermaking, etc.) is hindered by the global economic downturn, making it difficult to achieve significant growth.
3. Cost support and game theory: Although the price of the main raw material propylene has increased compared to early August, on September 1st, the benchmark price of propylene in Shengyi Society was 6663.25 yuan/ton, an increase of 3.58% compared to early last month (6433.25 yuan/ton). At the current price level, some factories are already near the breakeven line or even at a loss, so the profit margin for manufacturers is extremely limited, and they have a strong willingness to raise prices. The market is in a fierce game of “cost support” and “weak demand”.
Future Prospects
In the short term, the acrylic acid market will continue to consolidate at a low level, with limited upward and downward space. Unless there is an unexpected improvement on the demand side (such as large-scale downstream centralized procurement, a significant increase in export orders), or a significant increase in the cost side (propylene) price, it is difficult for prices to continue to rise. If the price of propylene on the cost side collapses or downstream demand remains sluggish, high inventory and weak demand will continue to suppress the market.
In the medium to long term, the acrylic acid industry is undergoing a transition from “scale competition” to “technology premium era”. Top enterprises rely on technological iteration and industrial chain integration to build barriers, while small and medium-sized enterprises face increased survival pressure due to insufficient technological investment, making it difficult to meet high-end demands such as medical grade and electronic grade acrylic acid.
In summary, the core feature of the current market is the intense game between “weak demand” and “high cost”, which leads to a dilemma of price fluctuations and an overall shift in focus. Market participants generally adopt a wait-and-see attitude.

The phthalic anhydride market hit bottom and rebounded in August

According to the Commodity Market Analysis System of Shengyi Society, as of August 29th, the price of phthalic anhydride in neighboring countries was 6300 yuan/ton, a fluctuating decrease of 5.26% compared to the price of 6650 yuan/ton on August 1st. In August, the price of phthalic anhydride fluctuated and fell, while the price of industrial naphthalene hit the bottom and rebounded. The cost support of phthalic anhydride was significant, and the equipment load of phthalic anhydride stabilized at a low level in August. The operating rate of phthalic anhydride enterprises was about 60%, and the supply of phthalic anhydride decreased. The downstream plasticizer market fluctuated and fell, and the equipment operating load of plasticizer enterprises stabilized at a high level. The demand support for phthalic anhydride still exists. Supply reduction and cost reduction led to a rebound in phthalic anhydride prices in August.
The cost of phthalic anhydride has decreased, and the supply has decreased
At the end of August, Sinopec’s ortho benzene quotation was 6300 yuan/ton, which fluctuated and fell by 7.35% compared to the ortho benzene quotation of 6800 yuan/ton at the beginning of August. The price of industrial naphthalene rebounded from the bottom, the price of ortho benzene fell, the cost of phthalic anhydride rebounded from the bottom, the downward pressure on phthalic anhydride weakened, and the price of phthalic anhydride fell. At the end of the month, the price of naphthalene phthalic anhydride was 6100-6200 yuan/ton, and the price of ortho phthalic anhydride was 6200-6300 yuan/ton. In August, the operating load of phthalic anhydride equipment was consolidated at a low level, and the operating rate of phthalic anhydride enterprises was about 60%, resulting in a decrease in phthalic anhydride supply.
Demand side: Downstream production starts at high levels, consolidation of DOP prices, fluctuation and decline
According to the Commodity Market Analysis System of Shengyi Society, as of August 29th, the DOP price was 7617.50 yuan/ton, a fluctuating decrease of 4.25% compared to the DOP price of 7955.83 yuan/ton on August 1st. Cost reduction and increasing pressure for DOP decline; In August, the operating load of DOP enterprises was consolidated at a high level, and the production of DOP increased. The demand for phthalic anhydride also increased, and the support for the rise in phthalic anhydride in August increased.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, plasticizer companies are operating at a high level of consolidation, plasticizer production is increasing, and demand for phthalic anhydride is recovering; In terms of supply, the equipment operating load of phthalic anhydride enterprises has been consolidated at a low level, resulting in a decrease in phthalic anhydride supply. In terms of cost, the price of ortho benzene has dropped significantly, the price of industrial naphthalene has hit bottom and rebounded, and the cost of phthalic anhydride has hit bottom and rebounded. In the future, with a decrease in supply and a rebound in demand for phthalic anhydride, coupled with a bottoming out and rebound in costs, it is expected that phthalic anhydride prices will bottom out and rebound in the future.

According to the Commodity Market Analysis System of Shengyi Society, the price of domestic polyester staple fiber fluctuated and adjusted in August. As of August 31, the average market price of domestic polyester staple fiber (1.4D * 38mm) was 6536 yuan/ton, a decrease of 0.61% from the beginning of the month. In August, the price of polyester staple fiber fluctuated with costs, showing a trend of first falling, then rising, and then falling back.

The crude oil market is intertwined with long and short factors, and will continue to face complex situations in the short term. On the supply side, the geopolitical risks between Russia and Ukraine have escalated due to Trump’s deadline for negotiations, raising concerns about supply disruptions. On the demand side, both US crude oil inventories and Cushing crude oil inventories have decreased, while strategic petroleum reserve inventories have increased, providing support for oil prices. However, the implementation of US tariffs on India’s purchase of Russian crude oil may be hindered. As of August 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. The future still needs to focus on the progress of the Russia Ukraine situation and the policy guidelines of the OPEC meeting on September 7th.
The domestic PTA market rebounded after a decline, with an average price of 4891 yuan/ton in the East China region as of August 29th, an increase of 1.45% from the beginning of the month. In the first ten days, OPEC+increased production, crude oil continued to decline, and market prices fell due to expectations of self accumulation. In the second half of the year, the petrochemical industry experienced a rebound and PTA units suffered unplanned losses, leading to a significant increase in market prices. At the end of the month, concerns about weakened supply and demand led to a sharp decline in market prices from high levels. In terms of PTA supply, some factories have undergone equipment maintenance, and the industry’s operating rate is around 68%, but the market supply is stable and there has been no shortage of goods. In early September, three sets of PTA plants with capacities of 2.25 million tons, 2.2 million tons, and 4.5 million tons will be restarted one after another, and the supply and demand of the industry will shift from destocking to loose balance.
On the demand side, the downstream weaving industry has entered a traditional off-season, and the consumption of textile and clothing at the end is weak, resulting in slow upward transmission. Therefore, polyester short fibers are mostly purchased on demand, lacking the motivation for large-scale stocking. In addition, the tariff dispute is not limited and affects the export situation of terminal textiles and clothing. Whether the peak season in September this year can start as scheduled and boost the short fiber market still needs to be carefully observed. If there is no substantial improvement in terminal demand in September and the growth of weaving enterprise orders is lower than expected, the short fiber “peak season market” may be difficult to fulfill, and the market may still operate weakly.
Business analysts believe that the supply of PTA maintenance equipment will return in September, and the maintenance is still uncertain, so the supply may increase. The downstream market expects the traditional peak season in September to inject a stimulant into the market. However, in the absence of clear direction guidance, it is expected that the short-term prices of polyester staple fibers will continue to experience a narrow adjustment trend.