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.