According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic butadiene market will fluctuate upward in March 2026. From March 1st to 31st, the domestic butadiene market price increased from 9993.33 yuan/ton to 18066.67 yuan/ton, with a price increase of 80.79% during the period.
In March 2026, the domestic butadiene market showed an overall trend of “strong upward trend mainly accompanied by a brief pullback”, with a continuous upward trend throughout the month. The strengthening of costs and the tightening of supply sources formed a resonance positive effect. Even though downstream demand followed suit weakly, it still supported a significant price surge. Although there was a brief small pullback during this period, it did not change the overall upward trend.
Cost aspect: The cost side became the core driving force behind the increase in butadiene prices in March. The ongoing escalation of geopolitical conflicts in the Middle East has raised concerns about global crude oil supply, causing international oil prices to soar and maintain high levels. As a byproduct of ethylene cracking, the production capacity of butadiene is highly dependent on the naphtha cracking route, and its price is deeply linked to the trends of crude oil and naphtha. The sharp rise in crude oil directly drives up the overall cost of the refining industry chain, while the simultaneous strengthening of naphtha drives up the rigid increase in butadiene production costs. The obstruction of shipping circulation further increases the cost of raw material imports, puts pressure on the production of refining enterprises, and indirectly solidifies the foundation of raw material support. As of March 31st, the settlement price of the May WTI crude oil futures contract in the United States was $101.38 per barrel; The settlement price of Brent crude oil futures in June was $103.97 per barrel.
Supply side:
This month, multiple major butadiene plants in China have entered a maintenance cycle, and the overall operating load of the industry continues to decline, with a significant contraction in spot production. The mainstream production facilities in overseas Asia have experienced simultaneous reductions and force majeure situations, coupled with disruptions in shipping channels, resulting in a significant reduction in the amount of imported goods arriving at the port and insufficient replenishment efforts. Domestic port inventory continues to be at a low level, with a shortage of spot circulation resources in the market. The strong sentiment of suppliers to hold back prices and sell is further driving the market upward.
Demand side:
Faced with the rapid and significant increase in raw material prices, the downstream synthetic rubber industry chain is under obvious pressure, and production profits are squeezed. Most enterprises choose to reduce losses and seek safety. Downstream terminals have strong resistance to high-level raw materials, and they adopt a multi-dimensional rigid demand small order mode for procurement, with insufficient willingness to stock up in bulk. Only a few segments of downstream demand remain stable, making it difficult to hedge against the overall weak demand pattern. The overall performance of the demand side is weak, which has a certain restraining effect on the upward trend of the market.
In March 2026, the domestic butadiene rubber market emerged from a wide range of independent fluctuations and significant surges, breaking the previous consolidation pattern. The price center of gravity shifted significantly during the month, mainly driven by the strong pull of the cost side and the expectation of tight supply. Downstream demand follow-up was cautious, showing an overall operating characteristic of “cost bottoming out, supply reluctance to sell, and rigid demand follow-up”. According to the Commodity Market Analysis System of Shengyi Society, as of March 31st, the market situation of Shunding rubber in East China has slightly declined. International crude oil prices are consolidating at a high level, and the overall cost support of butadiene rubber is strong. However, downstream inquiries are deadlocked due to high prices, and merchants are offering discounts of 200-300 tons. At present, Daqing, Yangtze, and Qilu Shunding are priced at 17600-17800 yuan/ton; Some private brands are priced around 17400 to 17650 yuan/ton.

Market forecast:
The geopolitical situation on the cost side remains uncertain, and the high support of crude oil is difficult to quickly dissipate in the short term; The restart rhythm of the supply side maintenance device is slow, and the tight spot situation is temporarily difficult to completely alleviate. However, the pressure of downstream losses continues, and the willingness to start production and purchase is unlikely to rebound significantly. Demand side constraints will still exist. Overall, the unilateral surge in the market may come to an end, and the long and short forces have entered a stage of equilibrium game. It is expected that the market will mainly fluctuate in the high range, and the focus will be on tracking cost fluctuations, equipment production and maintenance progress, and downstream actual transaction follow-up changes.

According to the Commodity Market Analysis System of Shengyi Society, from March 1 to 31, 2026, the domestic mixed xylene market showed a broad rise at the beginning of the month followed by a decline and an overall upward trend, with a significant increase in the price center throughout the month. From March 1st to 31st, the domestic mixed xylene market price rose from 5670 yuan/ton at the beginning of the month to 8007.5 yuan/ton at the end of the month, with a cumulative price increase of 41.11% during the period. After a rapid rise at the beginning of the month, the price experienced a stage of correction, and gradually stabilized and rebounded afterwards. The overall trend remained upward, and the monthly closing performance was strong.
In March 2026, the overall performance of the domestic mixed xylene market showed a trend of “broad rise at the beginning of the month, fluctuating and falling midway, and the overall center of gravity rising”, with significant price fluctuations. The core was driven by strong crude oil on the cost side and tight support from the supply side. At the same time, the pattern of downstream demand pressure formed certain constraints on the increase. Under the interweaving of multiple factors, the market achieved a significant increase throughout the month, and the price center of gravity shifted significantly upward compared to the previous month.
Cost aspect:
The overall trend of the international crude oil market in March was strong, becoming the core cost driving force supporting the upward trend of toluene prices. The geopolitical situation in the Middle East continues to be tense, with significant disruptions to regional supply chain circulation. The tight global crude oil supply situation has yet to ease, and international oil prices have continued to rise and maintain a high operating trend. The significant increase in upstream crude oil prices has driven the simultaneous strengthening of naphtha related raw materials, further raising the production and processing costs of toluene. The periodic fluctuations in the crude oil market were also transmitted to the toluene market, causing a short-term pullback after the toluene market surged at the beginning of the month. At the end of the month, as crude oil strengthened again, it returned to an upward trend, and the overall cost support continued throughout the month.
Supply side:
In March, the overall supply of mixed xylene in China showed a tightening trend, providing stable support for market prices and working together with the cost side to promote price increases. Due to multiple factors such as high raw material costs and equipment maintenance schedules, several major refineries and local refineries in China have lowered their production loads. Additionally, multiple units have entered a phase of shutdown and maintenance, resulting in a significant reduction in the production of domestically produced mixed xylene sources. At the same time, due to the obstruction of international shipping and the impact of the geopolitical situation in the Middle East, the import volume of mixed xylene to ports has significantly decreased, and external sources of supply are insufficient, further exacerbating the tight domestic spot circulation situation. Affected by tight supply and cost support, on-site traders have a strong mentality of being reluctant to sell and maintaining prices. Their quotations continue to rise, and some merchants even suspend low-priced shipments. The reduction in spot circulation further amplifies the momentum of price increases. Coupled with the panic buying sentiment caused by the surge in crude oil prices at the beginning of the month, mixed xylene prices have achieved a wide range of gains in the short term. Although there has been a pullback in the middle, the pattern of tight supply has not fundamentally changed and continues to provide support for prices.

Demand side:
According to the Commodity Market Analysis System of Shengyi Society, from March 1st to 30th, the domestic PX market price showed a strong upward trend followed by a slight downward trend. As of March 31st, the executed price in the four major regions of East China, North China, Central China, and South China was 9700 yuan/ton, a significant increase from the price of 7600 yuan/ton on March 1st. The main units of Yangzi Petrochemical and Zhenhai Petrochemical operated stably, and the product sales situation was normal.
In terms of international markets, from March 1st to 30th, the prices of para xylene (PX) in the Asian region fluctuated upwards, with a closing price range of 902-1252 US dollars/ton FOB Korea and 924-1277 US dollars/ton CFR China for the whole month. As of March 30th, the closing prices of the Asian PX market were 1250-1252 US dollars/ton FOB Korea and 1275-1277 US dollars/ton CFR China, with a significant increase in prices compared to March 1st, and the overall fluctuation range was quite obvious.
In March, the overall performance of downstream demand for mixed xylene in China was under pressure. Although there was rigid demand support, it failed to keep up with the pace of price increases, which formed a certain constraint on market growth. The core downstream PX industry has shown a strong trend this month, driven by the rise in raw material prices such as crude oil and mixed xylene. Domestic PX prices have risen significantly, and Sinopec Sales Company has adjusted PX prices multiple times. Although there was a slight decrease at the end of the month, the overall PX industry is still at a high level. At the same time, the PX industry is in the traditional maintenance season, and some main equipment has reduced load or stopped maintenance, resulting in periodic fluctuations in the procurement demand for mixed xylene. Although there is rigid procurement support, the overall procurement strength is limited, and it has not been able to effectively drive the price of mixed xylene. The recovery pace of downstream polyester and textile terminal markets is slow, and the follow-up of terminal orders is weak. The PTA industry is forced to increase prices by raw material costs, but processing fees are at a low level, and profit pressure is obvious. The procurement of PX and mixed xylene is mainly based on essential needs, and the willingness to actively replenish is insufficient. The purchasing mentality tends to be cautious. In addition, the demand for mixed xylene in other downstream fields such as oil blending and solvents has been significantly suppressed by the continuous rise in prices. Enterprises tend to purchase on demand and reduce inventory backlog, resulting in an overall demand side characterized by “rigid demand support and weak follow-up”. This has formed a game with tightening supply and strong cost side, which to some extent constrains the increase in mixed xylene prices.

Market forecast:
Based on the three core fundamentals of cost, supply, and demand in the mixed xylene market in March, it is expected that the domestic mixed xylene market will maintain a high level of volatile operation in April, with overall strength but limited growth. The core revolves around the supply-demand game. On the cost side, the geopolitical conflicts in the Middle East are difficult to completely ease in the short term. International crude oil prices will continue to operate at high levels, while naphtha prices will remain at a synchronized high level. The cost support foundation for mixed xylene is still solid and difficult to loosen significantly. On the supply side, the impact of maintenance on domestic refinery facilities has not completely subsided, and the resumption pace of some facilities is relatively slow. The replenishment of imported goods is still relatively limited, and the pattern of tight spot prices in the market is likely to continue. The mentality of holders of goods to support prices will still exist. On the demand side, downstream PX plant maintenance will continue for some time, and procurement demand is unlikely to significantly increase. The recovery of the polyester and textile terminal markets still takes time, and the problem of insufficient terminal orders is difficult to improve quickly. Downstream enterprises still have limited acceptance of high-level raw materials, and the pattern of rigid procurement is difficult to change, which will continue to suppress the upward trend of the market. Overall, the mixed xylene market in April is expected to operate in a game of strong costs, tight supply, and weak demand, with a high probability of maintaining high volatility and minor adjustments. The focus will be on the trend of crude oil prices and the recovery of downstream demand.

In March, the domestic PX market prices rose significantly, with an average price of 7600 yuan/ton at the beginning of the month and 10200 yuan/ton at the end of the month, an increase of 34.21% and a year-on-year increase of 41.67%.
Double benefits for the PX market on both the cost and supply sides
1. Crude oil and naphtha skyrocket
The escalation of conflicts in the Middle East has hindered shipping in the Strait of Hormuz, causing a significant increase in the crude oil market. Asian naphtha prices have risen by over 60%, resulting in a strong increase in costs. In addition to the interruption of naphtha supply in the Middle East, refineries in South Korea, Japan, China and other countries have proactively reduced their production due to raw material shortages, resulting in a decline in PX operating rates and supply contraction from expectations to reality. Oman, Kuwait, Israel and other Middle Eastern PX facilities have been shut down due to conflicts, further tightening global supply.
2. Centralized maintenance of Asian refineries: supply side ‘adding insult to injury’
March to May is the traditional maintenance season for domestic petrochemicals. Zhejiang Petrochemical, Sinochem Quanzhou, Fujian United and other units have reduced their load, Ningbo Daxie unit has shut down, and the domestic PX operating rate has dropped below 85%. In addition, due to the centralized maintenance of Korean PX facilities such as S-OIL, SK, and Hanhua, as of late March, the operating load of PX in Asia has dropped to 83%, and in China it has dropped to 87%. The reduction in supply is favorable for the PX market.
3. Tight supply and demand pattern: accelerated destocking, supporting prices
PX inventory decreased for three consecutive weeks in March, indicating a strong bullish sentiment in the market. In addition, the downstream demand for PTA remains stable, and as a direct downstream of PX, PTA’s operating rate rebounded to 80% in March, forming a rigid demand for PX and widening the supply-demand gap, resulting in a significant increase in the PX market.
Market forecast: In the short term, the PX market is expected to experience strong fluctuations at high levels, with intensified volatility and a tendency to rise but not fall. The key factors to consider are whether the geopolitical conflict in the Middle East has eased and the recovery of shipping in the Strait of Hormuz; Progress of load reduction/maintenance and restoration of raw material supply in Asian refineries.

According to the Commodity Market Analysis System of Shengyi Society, as of the 24th, the price of ethyl acetate was 6616.67 yuan/ton, an increase of 216.67 yuan/ton or 3.39% compared to the price of 6400.00 yuan/ton on March 16th. The upstream price of ethyl acetate has risen, with favorable cost support and a strong mentality among industry players, resulting in a strong upward trend in the price of ethyl acetate.
The price of raw material acetic acid remains high, and the cost support of ethyl acetate is strong, pushing up the price trend; The downstream consumption of ethyl acetate is mainly based on inventory, and it is purchased on demand when entering the market, with average support for ethyl acetate; On the supply side, due to the recent shutdown of mainstream facilities in Shandong, the market sentiment is positive, and ethyl acetate continues to operate strongly.
In the future, the cost support for ethyl acetate is relatively strong, and it may continue to rise under the promotion of favorable factors; From a fundamental perspective, the operating rate of the ethyl acetate plant is relatively high, the market supply is sufficient, and downstream consumption is average. The demand for ethyl acetate is limited, and the market supply and demand are not good, which may suppress the price increase of ethyl acetate. It is expected that the ethyl acetate market will strengthen and consolidate in the later stage, and specific attention will be paid to the raw material market and downstream follow-up situation in the future.

The price of isobutyraldehyde increased significantly in March

According to the Commodity Market Analysis System of Shengyi Society, as of March 9th, the domestic price of isobutyraldehyde was 7533.33 yuan/ton, a significant increase of 17.10% compared to the price of 6433.33 yuan/ton on March 1st. In March, the equipment production of isobutyraldehyde enterprises slightly increased, with a stable operating rate of around 87%. The downstream neopentyl glycol market saw a significant rise, leading to an increase in demand for isobutyraldehyde. The price of raw material propylene also surged, supported by rising costs and demand. As a result, isobutyraldehyde prices rose sharply in March.
Isobutyraldehyde manufacturer starts production with slight increase
Overall, the operating rate of isobutyraldehyde manufacturers has slightly increased, with a stable operating rate of around 87% in March. The production of isobutyraldehyde is sufficient, and the support for the rise of isobutyraldehyde still exists.
The price of raw material propylene has risen sharply
According to the Commodity Market Analysis System of Shengyi Society, as of March 9th, the price of propylene was 9701 yuan/ton, a significant increase of 17.10% compared to the price of 6411 yuan/ton on March 1st. The propylene plant has started operating steadily, with a slight increase in downstream propylene production. The acceptance of high prices for propylene has increased, resulting in a significant rise in propylene prices. Cost support, the increase in cost of isobutyraldehyde provides significant support.
Increased demand for isobutyraldehyde
The price of neopentyl glycol increased significantly in March. On March 9th, Yantai Wanhua quoted 9350-9500 yuan/ton, a significant increase from the March 1st quote of 7850-8000 yuan/ton. The price of neopentyl glycol has risen, and the demand for isobutyraldehyde has increased. The support for the rise in isobutyraldehyde prices has increased.
Market Overview and Forecast
The analyst of the isobutyraldehyde industry at Shengyi Society believes that due to the impact of the Middle East geopolitical crisis, crude oil prices have surged, costs have increased, and propylene prices have risen; In terms of supply and demand, the production of isobutyraldehyde is stable, and the supply of isobutyraldehyde is sufficient; In terms of demand, the price of neopentyl glycol has risen, and the demand for isobutyraldehyde has increased, with greater support for the rise in isobutyraldehyde. In the future, with rising costs and increased demand for isobutyraldehyde due to sufficient supply, the support for isobutyraldehyde prices is expected to increase significantly.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has been consolidating this week. The average market price from the beginning of the week to the end of the week was 654 yuan/ton, a year-on-year decrease of 31.3%. On March 5th, the Business Social Chemical Index was 848 points, up 20 points from yesterday, down 39.43% from the highest point of 1400 points during the cycle (2021-10-23), and up 41.81% from the lowest point of 598 points on April 8th, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda has been consolidating this week. The price of caustic soda in Shandong region is around 600-680 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Zhejiang region is stable, with a mainstream market price of 850-950 yuan/ton in 32% ion-exchange membrane alkali. The price of caustic soda in Inner Mongolia region is stable, with a mainstream market price of 2050-2150 yuan/ton (converted to 100 yuan) in 32% ion-exchange membrane alkali. The operating rate of caustic soda supply has rebounded after the holiday this week, and the inventory reduction of enterprises is not significant. The periodic supply imbalance of downstream alumina has led to price increases, but there is still overall pressure of oversupply. After the market returns to rationality, more caustic soda will be purchased on demand. It is expected that the alumina market will fluctuate in the later stage.
Analysts from Business Society believe that the caustic soda prices have been consolidating this week, and domestic downstream buyers have been purchasing on demand recently, with no substantial improvement in demand. At present, although the overseas situation may be favorable for caustic soda and chemical product prices, given the high supply pressure of caustic soda and the comprehensive supply-demand game, it is expected that caustic soda may continue to maintain a stable operating market in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, in February 2026, the domestic mixed xylene market showed a fluctuating downward trend, with first rising and then falling. The price center gradually shifted downwards throughout the month, and the industry as a whole was in a weak pattern of loose supply and demand and insufficient cost support. From February 1st to 28th, the domestic mixed xylene market price decreased from 5740 yuan/ton at the beginning of the month to 5670 yuan/ton at the end of the month, with a cumulative price reduction of 1.22% during the period.

This month, the domestic mixed xylene market has shown a periodic fluctuation and upward trend. At the beginning of the month, driven by the stabilization and recovery of the crude oil market and strong fluctuations in PX futures, the market’s attitude towards offering was relatively warm. Refineries in core production areas in Shandong shipped smoothly, and the markets in East and South China followed suit, with main refinery prices steadily increasing and the market negotiation atmosphere active; Although PX futures experienced a short-term correction in the middle of the month, triggering a slight wait-and-see attitude in the market and causing some fluctuations in price trends, there is still support on the cost side of crude oil, and refineries have a strong willingness to raise prices, so prices have not shown a significant decline; At the end of the month, with the recovery of the refining industry’s prosperity, coupled with the upward trend of international market prices, the trading atmosphere in the domestic market has once again heated up. Manufacturers’ quotations continue to rise, and prices in various markets have risen synchronously, pushing prices to reach a new high for the month. The purchasing mentality of downstream oil and chemical industries has improved compared to last month. Although on-demand procurement is still the main focus, the enthusiasm for replenishing inventory has increased, and the phased stocking behavior has provided practical support for the upward trend of market prices.
Cost aspect:
In February, the international crude oil market showed an overall trend of fluctuating rebound followed by a decline, influenced by factors such as geopolitical situation, market sentiment, and supply and demand expectations, which gradually weakened the support for the cost side of mixed xylene. According to market data, the main prices of US crude oil fluctuated significantly in February. At the beginning of the month, the price quickly rose due to the escalation of geopolitical conflicts in the Middle East. On February 3rd, the closing price reached $63.90 per barrel. However, due to the lack of further conflict and the cooling of market risk aversion, the price fell back and on February 12th, the closing price dropped to $62.91 per barrel; In the second half of the month, the price fluctuated and adjusted again, maintaining an overall range of 62-67 US dollars per barrel. On February 27th, the closing price rebounded to 67.29 US dollars per barrel, showing a pattern of “first rising, then stabilizing, and fluctuating convergence” throughout the month. From the perspective of influencing factors, the geopolitical situation is the core driving force behind the fluctuations in crude oil prices this month. The escalation of conflicts at the beginning of the month has pushed up the risk premium, driving up oil prices. However, as the situation stabilizes in the middle and late months, the premium gradually fades away; At the same time, factors such as OPEC+expected production increase fermentation and weak seasonal demand for global crude oil have further constrained the upward space of oil prices, resulting in a trend of first strong and then weak cost support for downstream chemicals such as toluene from crude oil, indirectly affecting the price trend of the toluene market. As of the 27th, the settlement price of the April WTI crude oil futures contract in the United States was $67.02 per barrel. The settlement price of Brent crude oil futures for May contract is $72.87 per barrel.

Supply side:
This month, the domestic supply of mixed xylene has shifted from tight to loose, and the pressure on market supply has gradually increased, showing an overall relaxed pattern. From the perspective of device operation, the overall operation of domestic refinery devices is stable, with orderly progress in pre holiday inventory discharge and post holiday resumption, bringing sustained increase in supply. From the inventory situation, with the increase in the supply of goods, the inventory of mixed xylene in the domestic region has gradually rebounded from the low level at the beginning of the month. Among them, the inventory in East China ports has accumulated slightly, and the market circulation of goods is abundant. The willingness of suppliers to raise prices continues to weaken. Some refineries have moderately lowered their quotations to accelerate the pace of shipment, further exacerbating the downward pressure on market prices.
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of February 28th, East China Company quoted 5700 yuan/ton, North China Company quoted 5400-5500 yuan/ton, South China Company quoted 5850 yuan/ton, and Central China Company quoted 5350-5550 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, from February 1st to 28th, the domestic PX market prices showed a fluctuating trend, with slight adjustments in the price of xylene (PX) by Sinopec Sales Company. As of February 28th, the four major regions of East China, North China, Central China, and South China have uniformly implemented a price of 7650 yuan/ton, which has increased compared to February 1st; The main facilities of Yangzi Petrochemical and Zhenhai Petrochemical operate stably, and the sales of products are normal, with stable production and sales throughout the month.
In terms of international markets, from February 1st to 28th, the prices of para xylene (PX) in the Asian region fluctuated downward, with a closing price range of 871-900 US dollars/ton FOB Korea and 896-925 US dollars/ton CFR China for the whole month. As of February 28th, the closing prices of the Asian PX market were 871-873 US dollars/ton FOB Korea and 896-898 US dollars/ton CFR China, with a slight decline compared to February 1st, and the overall volatility was moderate.
The overall demand for mixed xylene this month has been weak, with limited price support and a core characteristic of “pre holiday overstocking and slow post holiday recovery”. Affected by the Spring Festival holiday, downstream industries have a low operating rate, and pre holiday stocking has overdrawn post holiday demand; After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival), the pace of resumption of work was slow, the recovery of the operating rate of the core downstream PX industry was not as expected, the global PTA surplus was superimposed, and the procurement follow-up was insufficient; Due to the slowdown in gasoline consumption growth, the demand in the oil blending field is flat and the year-on-year growth rate of procurement is less than 1%; The demand structure for solvents and other fields is differentiated, with only a slight increase in demand for high-purity products, and the overall driving force is limited. In addition, the cautious mentality of industry players and on-demand procurement further restrict the release of demand, resulting in sluggish market trading and weak support for prices.

Market forecast:
On the cost side, the tense situation in the Strait of Hormuz has pushed up the geopolitical premium of crude oil, providing strong cost support for mixed xylene; On the supply side, refineries maintain a high operating state, coupled with the possibility of explosive growth in import volume in March, the overall supply of goods is still relatively loose, which will partially offset the cost side benefits; On the demand side, with the comprehensive resumption of work and production in downstream industries, the operating rate of the PX industry is gradually recovering, and procurement demand is increasing, indirectly boosting the demand for mixed xylene market. Overall, the market in March will present a supply-demand game pattern, with a moderate upward trend supported by costs. Key attention should be paid to fluctuations in crude oil prices, the recovery of PX industry operations, and changes in import volume.

1、 Price trend

Taking the sulfuric acid method gold red stone type titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market remained stable in February, with an average price of 13900 yuan/ton.
2、 Market analysis
The domestic titanium dioxide market remained stable in February. The demand for titanium dioxide in the first ten days was average, and the trading atmosphere on the market was slightly light, with stable prices being the main focus. The market stagnated during the mid Spring Festival holiday. In the latter half of the year, there was a strong desire for an increase in titanium dioxide prices. Three companies involved in the chlorination process successively sent letters announcing price increases, and the domestic price of chlorination titanium dioxide was raised by 500 yuan/ton. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13200-14300 yuan/ton; The price of Ruiti type is around 12200-12800 yuan/ton, and the actual transaction price is negotiable.
According to customs data statistics, China’s titanium dioxide exports in December 2025 were 171800 tons, a year-on-year increase of 8.49% and a month on month increase of 12.88%. Among them, 127700 tons of sulfuric acid titanium dioxide were exported, a month on month increase of 8.49%; The export of chloride method reached 44200 tons, a month on month increase of 27.83%. From January to December 2025, a total of approximately 1.8169 million tons of titanium dioxide were exported, a year-on-year decrease of 4.46% or approximately 84800 tons. The annual export volume of titanium dioxide experienced its first decline since 2016. Among them, the export of titanium dioxide by chlorination method was 366500 tons, a year-on-year increase of 5.95%; The export of sulfuric acid titanium dioxide was 1.4505 million tons, a year-on-year decrease of 6.77%.
According to customs data statistics, in December 2025, China imported 6691.21 tons of titanium dioxide, a year-on-year decrease of 7.71% and a month on month increase of 25.27%. Among them, 3549.67 tons were imported by chlorination method, a decrease of 7.41% compared to the previous period, and 3141.54 tons were imported by sulfuric acid method, a decrease of 2.49% compared to the previous period. The total import of titanium dioxide from January to December 2025 was 74500 tons, a year-on-year decrease of 18.92%. Among them, 30200 tons of sulfuric acid titanium dioxide were imported, a year-on-year decrease of 3.99%; The import of titanium dioxide by chlorination method was 44400 tons, a year-on-year decrease of 26.67%.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that this month, titanium dioxide companies have a strong desire for price increases, mostly waiting and observing, and waiting for dragon enterprise plans. The market is currently in a stalemate and consolidation. It is expected that the price of titanium dioxide may increase in March.

In the first week after the holiday (2.24-28), the domestic PVC market prices declined. According to the Commodity Analysis System of Shengyi Society, the SG-5 weekly decline of PVC carbide method was 2.3%. As the weekend approaches, the mainstream transaction price of carbide SG-5 in Shandong region is between 4600-4700 yuan/ton.
At the beginning of the week, the PVC market atmosphere was light, downstream processing enterprises resumed production one after another, distributors returned to the market, and terminal demand was still in the stage of recovery. The market had a strong wait-and-see attitude, with distributors reporting less and remaining stable. Waiting for the industry trend to become clear after the holiday. On the supply side, the operating rate of PVC manufacturers remained stable and high after the holiday, and the supply increased. With the gradual recovery of logistics and transportation, the high inventory of upstream factories began to shift to the market and terminal channels, and the circulation of spot goods increased.

The external demand performance is average, with exports falling short of expectations, mainly due to the expected cancellation of export tax rebate policies and fluctuations in shipping costs. The follow-up of foreign trade orders is weak, and the transaction of high priced goods is significantly limited, making it difficult to form effective support for the market. Under the triple pressure of high supply, weak demand, and weak exports, the PVC spot market lacks sustained upward momentum and is under price pressure.
As the weekend approached, PVC market prices fell in a bearish trend, and the futures market fluctuated and weakened. Some merchants voluntarily offered discounts to promote shipments. With a slight release of demand, market transactions slightly improved compared to the beginning of the week, but overall, the pattern of weak fundamentals has not been shaken off.
Overall, the core contradictions in the current PVC market are concentrated in high supply, slow demand recovery, and export pressure. In the short term, prices will continue to fluctuate, and future attention should focus on downstream resumption progress, upstream inventory turnover pace, and changes in export orders.
Future forecast
Business Society predicts that the PVC market price will continue to be weak next week. From the supply side perspective, the start of PVC production in China next week may slightly decrease, and some companies have maintenance plans. However, the overall industry load is still relatively high, coupled with high social inventory, market supply contradictions still exist, which will continue to suppress prices.
On the demand side, although downstream enterprises have gradually resumed work, the later operating rate may recover slowly, and there is still a stage of urgent demand. However, the overall purchasing mentality is cautious, mainly focusing on buying at low prices and following up on demand, which is difficult to form strong support for the market. In terms of cost, the sluggish performance of the raw material calcium carbide market has further weakened the cost support for PVC, resulting in a lack of upward momentum.
Overall, under the influence of three factors: high inventory, weak demand, and weakened cost support, the domestic PVC market will lack positive drivers next week and is expected to continue its weak downward trend.

Commodity market situation: According to the Commodity Market Analysis System of Shengyi Society, the mainstream market situation of polyacrylamide (CPAM, cationic, molecular weight 12 million, 10-30 ion degree) in China in February was sorted out. On the 26th, the main market price was around 12960 yuan/ton, which remained stable compared to the beginning of the month. This month, the raw material acrylonitrile has declined, the acrylic acid market has risen, the fuel market has declined, and the cost support for polyacrylamide is limited. The mainstream market for polyacrylamide is mainly consolidating weakly.
Raw material acrylonitrile: In February, the acrylonitrile market first fell and then rose. As of February 26th, the average price of acrylonitrile was 7100 yuan/ton, a decrease of 7.19% from 7650 yuan/ton on February 1st. Before the Spring Festival, spot purchases weakened, and the acrylonitrile market continued to decline; After the Spring Festival, overall supply or maintenance will be maintained, and demand will gradually recover and grow.
Raw material acrylic acid: The price of acrylic acid continued to rise in February. After the holiday, the price of raw material propylene is rising, supported by costs, and the acrylic acid market is rising. Downstream industries are gradually resuming work, and the market is mainly observing and waiting.
Liquefied natural gas for production. The domestic liquefied natural gas market prices fell sharply in February. As of February 26th, the average price of liquefied natural gas was 2882 yuan/ton, a decrease of 20.17% from 3610 yuan/ton on February 1st. The liquefied natural gas market is showing an overall trend of oversupply.
Market forecast: In February, the raw material acrylonitrile will decline, the acrylic acid market will rise, the fuel market will decline, and the overall cost of polyacrylamide will decline. At present, the market is still in a situation of oversupply, and it is expected that domestic polyacrylamide sorting will be the main focus in the near future.