After the holiday, the price of epoxy propane in China increased slightly. According to the monitoring system of Shengyi Society, as of October 10th, the benchmark price of Shengyi Society’s epoxy propane was 7866.67 yuan/ton, an increase of 1.29% compared to October 1st.
Price influencing factors:
Raw material side: The raw material propylene shows a trend of “first suppression and then rise” before and after the double festival. In the early stage of the Double Festival, the restart of the PDH unit led to an increase in supply, and the price of propylene fell under pressure; Subsequently, Hebei and Lihua Yi stopped production, and the contraction of supply pushed prices to rebound. Returning to the market after the holiday, the equipment maintenance plan and downstream external procurement demand support the continuous upward push of the offer. As of October 10th, the benchmark price of propylene in Shengyi Society was 6588.25 yuan/ton, an increase of 0.69% compared to the beginning of this month (6543.25 yuan/ton). The rise in raw material propylene prices has provided some support to the epoxy propane market.
Supply side: The epoxy propane supply side will tighten after the holiday. The suspension of sales by Lihua Yiwei Yuan and the maintenance of the main factory in Shandong have reduced the circulation of spot goods, and the low inventory of manufacturers has driven up the price of epoxy propane. In the later stage, attention should be paid to the maintenance and recovery situation of major manufacturers, as well as the inventory digestion rhythm of Qixiangda and the progress of Wanhua’s fourth phase new production capacity deployment. It is expected that the price of epoxy propane will rise but not fall in the near future.
Demand side: Downstream polyether enterprises are holding onto their essential procurement needs in multiple dimensions after the holiday, with a strong wait-and-see attitude. The load adjustment of the polyether end is limited, while the propylene glycol enterprise is increasing its load, and the overall demand performance is flat.
Market forecast:
Business Society’s epoxy propane analyst believes that the main reason for the rebound in epoxy propane prices is the suspension of sales by Lihua Yiwei Yuan and the tightening of supply caused by the maintenance of the main factory in Shandong. There is also some support in raw material prices, but downstream polyether rigid demand procurement is the main focus, and there is a strong wait-and-see sentiment. It is expected that the epoxy propane market will be prone to rise but difficult to fall in the later stage, and more attention should be paid to changes in raw material prices and market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the domestic MTBE market experienced strong fluctuations in September. From September 1st to 29th, MTBE prices rose from 5007 yuan/ton to 5050 yuan/ton, with a price increase of 0.85% during the period and a maximum amplitude of 3.39%. The price decreased by 9.13% year-on-year.
After entering September, the domestic MTBE market mostly maintained a sideways consolidation, with little room for price fluctuations. International crude oil continues to rise and terminal operators are replenishing their inventories in moderation, supported by favorable factors, resulting in strong price performance. In the latter half of the month, market prices slightly fell, and the phased replenishment of inventory by industry players came to an end. As the end of the month approached, there was a demand for manufacturers to stock up, and the market saw a narrow and weak consolidation due to mutual competition.
On the cost side, international crude oil prices are showing an upward trend. In the first ten days, the market was concerned that OPEC+would launch a new production increase plan, increasing the risk of oversupply and causing a decline in international oil prices. In the middle of the month, the uncertainty of the Russia Ukraine situation still exists, and the United States has stated that it reserves the option of imposing sanctions on Russia, leading to an increase in international oil prices. In the last ten days, the strength of the Russia-Ukraine conflict was strengthened, the market was worried about the potential supply risk, and the international oil price rose.
On the demand side, in terms of gasoline terminal demand, after the National Day holiday, businesses may have a certain demand for purchasing as their inventory is depleted, but it is expected to be difficult to sustain. Demand will gradually weaken in the middle and late stages, and businesses may maintain a strong demand for related gasoline raw materials procurement. The MTBE demand side is affected by bearish factors.
On the supply side, there is a possibility of a narrow increase in MTBE resource supply due to the early shutdown of equipment and the possibility of maintenance of some large manufacturers’ dehydrogenation units. The overall domestic MTBE supply is affected by bearish factors.
As of the close on September 26th, the closing price of the Asian MTBE market has increased by $4.06/ton compared to the previous trading day, with FOB Singapore closing at $677.97-679.97/ton. The closing price of the European MTBE market increased by $21.25/ton compared to the previous trading day, and FOB ARA closed at $872.99-873.49/ton. The closing price of the MTBE market in the United States increased by $12.07 per ton compared to the previous trading day, and the FOB Gulf offshore price closed at $845.84-846.20 per ton (238.83-238.93 cents per gallon).
The future forecast shows weak supply and demand, and MTBE analysts from Shengyi Society believe that the domestic MTBE market situation may mainly consolidate.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market slightly declined in late September. As of September 30th, the average market price of n-butane oxidation maleic anhydride remained at 5450.00 yuan/ton, a decrease of 3.11% from 5625.00 yuan/ton on September 21st.
In terms of supply, the overall market for maleic anhydride fell in late September, and the previous pre holiday destocking of maleic anhydride factories provided limited support for the market; The downstream unsaturated resin of maleic anhydride has limited procurement of maleic anhydride, and the stocking atmosphere is poor; At the end of the month, Wanhua’s auction prices continued to rise, with factory prices following Zhang, but overall dealer quotes remained stable. As of September 30th, the factory price of solid anhydride in the maleic anhydride market in Shandong Province is around 5100 yuan/ton, while the factory price of liquid anhydride is around 4800 yuan/ton.
Upstream: The n-butane market rose in late September, and as of September 30th, the price in Shandong was around 4650 yuan/ton.
Downstream: Currently, the unsaturated resin market is weak, with most plans for short-term shutdowns or negative load reductions during the National Day holiday. Downstream transactions are average, and support for unsaturated resin is limited, resulting in a weak market situation.
The analyst of Shengyi Society’s maleic anhydride products believes that the current downstream unsaturated resin market for maleic anhydride is weak, and the procurement of maleic anhydride is limited; At present, there is no holding pressure in the factory, and logistics are restricted during the holiday period. It is expected that the maleic anhydride market will mainly consolidate after the holiday.

According to the monitoring of the commodity market analysis system of Shengyi Society, the overall magnesium ingot market in Shaanxi region fluctuated at a high level. At the end of the month, with the correction of the non-ferrous sector, the market average price was 16775 yuan/ton at the end of the month, and 17250 yuan/ton at the beginning of the month, with a monthly decline of 2.75%.
This month’s market analysis
During the “Golden September” season, the market demand was sluggish. Despite the strong willingness of magnesium factories to raise prices, internal divisions began to emerge within the supply side in the context of continued sluggish procurement. In the retail market, low-priced products frequently emerge, and the price threshold of 17000 yuan is ultimately difficult to maintain; At the beginning of the month, there was a strong bearish atmosphere in the market, and the pace of price suppression during downstream inquiries significantly accelerated. Some factories actively chose to reduce prices for promotions in order to clear inventory; In the middle and late months, the prices of raw materials such as coal, dolomite, and ferrosilicon rose one after another, driving a slight rebound in magnesium ingot prices. However, terminal demand remained weak, and even before the National Day and Mid Autumn Festival, downstream stocking was not active. After a brief game stalemate, the mainstream transaction prices in the magnesium market have shown a stable to weak trend.
Supply and demand side
On the supply side, due to the resumption of production by most magnesium plants in September and the significant recovery of profits in the magnesium market, magnesium plants that were previously shut down due to costs have gradually resumed production, driving output growth. Resulting in a month on month increase in magnesium production in September. Due to the sustained market conditions in the early stage, magnesium production has been hovering at a low level in the first half of 2025, and the industry has entered a long-term destocking stage. The dual impact of low production and low inventory has driven up magnesium prices and gradually restored production confidence in magnesium plants, ultimately resulting in magnesium production from January to September 2025 equaling the same period in 2024.
In September, the magnesium alloy market showed a trend of strong supply and demand. Among them, the surge in demand in terminal fields such as two wheeled electric vehicles and new energy vehicles has driven the demand growth rate of magnesium alloys to significantly exceed the supply growth rate. The overall market presents a tense situation of supply and demand shortage, which in turn drives processing fees to continue to rise. Entering October, magnesium alloy production is expected to achieve a slight increase. As the hot weather gradually recedes, the operating rate of top manufacturers is expected to steadily increase; Meanwhile, the recent increase in alloy processing fees has effectively improved the profit margin of processing. The alloy factories of the original magnesium manufacturers in Shaanxi are expected to release new production capacity in October. In view of this, it is expected that the subsequent alloy production will maintain an upward trend.
In terms of raw materials
The market price of ferrosilicon in September showed an alternating trend of rise and fall. At the beginning of the month, with the new round of electricity price settlement, the production cost of ferrosilicon was strongly supported. At the same time, the market demand has increased and the supply of goods is relatively tight. Under the combined effect of these factors, the price of ferrosilicon has shown strong performance.
Future forecast
In October, several original magnesium smelters in provinces such as Ningxia, Shaanxi, and Inner Mongolia have formulated plans to resume production. With the resumption of production by these manufacturers, the supply of magnesium in the market is expected to experience significant growth. With a significant increase in supply, the operation of magnesium prices will undoubtedly face greater pressure. Overall, the supply and demand pattern of the magnesium market will once again shift towards a situation of strong supply and relatively weak demand. Therefore, it is expected that magnesium prices will face significant pressure in October and exhibit a trend of pressure operation.

Recently (9.23-9.29), the domestic EVA market has seen a slight upward trend. According to the Commodity Market Analysis System of Shengyi Society, as of September 29th, the benchmark price of EVA in China was 11400 yuan/ton, an increase of 1.18% from 11266 yuan/ton on September 23rd. On the one hand, downstream demand for EVA continues to support, with high raw material prices running, supporting EVA prices to remain high; On the other hand, the overall production of EVA equipment in China remains high, and the overall growth of the EVA market is limited.
Recently (9.23~9.29), EVA production has slightly increased to around 8.7%, indicating that supply pressure in the EVA market still exists. During the cycle, the price of raw material ethylene decreased while the price of vinyl acetate increased, and the cost continued to be supported by EVA. As of September 29th, the domestic price of ethylene in Sinopec East China was 6950 yuan/ton, a decrease of 1.42% from 7050 yuan/ton on September 23rd; As of September 23, the market price of vinyl acetate in East China was 5550 yuan/ton, an increase of 1.83% compared to 5450 on September 23.
Recently, the demand for photovoltaic EVA has continued to be strongly supported, coupled with the foam end maintaining a strong demand follow-up. The demand for EVA has been well supported in the near future, but as the long holiday approaches and holders are in a safe state of mind, their willingness to ship has increased, and merchant offers have slightly adjusted, slowing down the market’s upward trend.
Market forecast: Overall, the high raw material prices of EVA will be supported by costs. In October, there will be less maintenance of EVA equipment in China, and the supply may remain sufficient. The downstream photovoltaic and foam industries are in urgent need of support. It is expected that the EVA spot market will consolidate at a high level in the later period.

The nitrile rubber market slightly declined in September. According to the Commodity Market Analysis System of Shengyi Society, as of September 28th, the price was 16600 yuan/ton, a decrease of 0.30% from 16650 yuan/ton at the beginning of the month.
In September, the cost support for nitrile rubber was weak, and the increase in nitrile rubber production increased the pressure on the market supply side; In addition, during the traditional peak season downstream, the production of rubber hoses and insulation foam industries has significantly increased, which supports the nitrile rubber market. The comprehensive impact has led to a slight consolidation of the nitrile rubber market in September. As of September 28th, the mainstream market price for Lanhua 3305 in East China is around 16300-16400 yuan/ton; The mainstream market price for Nandi Nitrile 1052 is around 17500~17600 yuan/ton; The mainstream market price for nitrile 2665 in Russia is around 15900-16000 yuan/ton.
In September, the domestic nitrile rubber plant started construction and increased, and the Shunze nitrile plant has recently restarted; As of September 28th, the overall production of nitrile rubber in China is around 80%.
In September, the price of raw material butadiene slightly decreased and the price of acrylonitrile slightly increased, resulting in weak cost support for nitrile rubber. According to the Commodity Market Analysis System of Shengyi Society, as of September 28th, the price of butadiene was 9023 yuan/ton, a decrease of 3.15% from 9316 yuan/ton at the beginning of the month; As of September 28th, the price of acrylonitrile was 8033 yuan/ton, an increase of 1.26% from 7933 yuan/ton at the beginning of the month.
In September, the construction of downstream rubber hoses for nitrile rubber in China increased from 40% at the beginning of the month to a low of around 5.8%, and the construction of rubber insulation and foaming increased from 3.2% at the beginning of the month to around 4.9%. The demand for nitrile rubber needs to be supported.
Market forecast: Business Society’s nitrile analyst believes that the cost support for nitrile rubber is currently weak; Downstream production has increased but remains at a low level, providing essential support for nitrile rubber; The supply of nitrile rubber has increased compared to the previous period, and it is expected that the nitrile rubber market will fluctuate and consolidate in the later period.

1、 Price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market fluctuated within the range this week (9.22-26), and the price performance was weak. As of Friday, the average P-value of SG-5 PVC carbide method in China was 4635 yuan/ton, with a price drop of 0.37% during the week.
2、 Market analysis
This week, the PVC range fluctuated mainly, with most manufacturers maintaining stable quotes and some making slight adjustments within 50 yuan/ton. Specific reasons: Firstly, there is a lack of favorable fundamentals, with weak sustainability of crude oil and prices hovering at low levels; The futures market has shown relatively weak performance. Affected by this, PVC spot prices are unlikely to have a strong trend, and the overall trading range remains at last week’s price level. In terms of supply and demand, the spot PVC market has shown a loose supply and demand situation, with most manufacturers’ equipment operating stably. Supply is showing a slow growth trend, and supply pressure still exists. Social inventory is in the stage of accumulation. The more important aspect is that downstream demand is underperforming, with weak demand during peak seasons and sluggish export performance. Distributors’ offers are generally weak, downstream inquiries and procurement enthusiasm are not high, and the market atmosphere is sluggish. The hanging price is low, and the trading atmosphere is average. As of now, the quotation range for PVC SG5 electrical aggregate in East China is mostly around 4710-4780 yuan/ton.
In terms of upstream calcium carbide, as we enter September, the price of calcium carbide continues to rise. This week, calcium carbide has shown a trend of falling from a high level. The performance of the calcium carbide market is average, and its support for PVC prices in the later stage is limited. According to the commodity analysis system of Shengyi Society, the decline this week is 1.59%.
3、 Future forecast
According to PVC analysts from Shengyi Society, the current performance of the PVC spot market is average, and it is expected to maintain a volatile and weak situation next week. From three specific perspectives, on the supply side, it is expected that some facilities will resume work next week, and there is an expectation of increased production. On the demand side, there is no sign of improvement in the short-term production of downstream plastic manufacturing in China, and domestic demand is running at a low level; Exports are affected by India’s anti-dumping measures, and the medium and long term also show a bearish trend. On the cost side, the price range of calcium carbide is running, and it cannot be ruled out that the price will continue to decline. There are negative expectations on the cost side. It is expected that PVC will continue its weak market next week against the backdrop of weak supply and demand and limited cost support.

1、 Price trend
According to data monitored by Shengyi Society, as of September 25th, the average price of domestic industrial grade high-quality cyclohexane was 7200 yuan/ton. Currently, the cyclohexane market is mainly stable, but downstream demand in the cyclohexane market is insufficient, and upstream cost support is average. Operators are cautious in their operations.
2、 Market analysis
Market wise: Currently, the cyclohexane market is mainly stable in operation, with limited price fluctuations. The focus of negotiations in the domestic cyclohexane market is to maintain stable operation. The equipment is running normally, with sufficient spot supply and downstream essential procurement as the main focus. The purchasing atmosphere is average, and the positive support from the supply side is not obvious. The market mentality is stable, and the operation is cautious. The wait-and-see attitude still exists, and the overall market operation is cautious.
Upstream: The upstream pure benzene market is currently operating steadily, with some companies raising prices. Qicheng Petrochemical’s pure benzene price has increased by 30 yuan/ton, with an execution of 5950 yuan/ton. Dongying Petrochemical’s pure benzene quotation has increased by 20 yuan/ton today, with an execution of 5950 yuan/ton. Currently, the pure benzene market is generally improving, and it is expected to operate steadily, moderately, and strongly in the short term.
Downstream: The downstream cyclohexanone market is mainly operating in a narrow and strong range. As of September 25th, the cyclohexanone market in South China is operating weakly, with stable spot supply and cautious follow-up of downstream high prices. High price transactions in the market are cold. The cyclohexanone market in East China is operating weakly, with a lack of cost support and poor high price transactions. Market prices are fluctuating and weakening, with 7100 yuan/ton in the East China market and weak cyclohexanone in Shandong market. Pure benzene is operating weakly, with average cost support. Downstream purchases are made according to demand, and the market is consolidating weakly.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that the current demand for cyclohexane in the market is average, and overall market shipments are slow. There is still pressure on inventory.

This week, the acrylic acid market is indeed showing a supply-demand game and a strong upward trend in prices. The recent price increase is mainly supported by tight supply and strong pre holiday demand stocking.
As of September 24th, the benchmark price of acrylic acid in Shengyi Society was 6633.33 yuan/ton, an increase of 6.13% compared to the beginning of this month (6250.00 yuan/ton), showing a significant increase compared to the beginning of the month. Specifically, there are price differences among products of different brands and specifications. The mainstream price range for regular acid is between 5700 and 6800 yuan/ton, which reflects the tight supply of high-quality goods and the strong price. The fundamental driving force behind this price trend lies in the marginal changes in supply and demand.
Supply side:
There are some signals of marginal tightening on the supply side. On the one hand, recent major production facilities have experienced unexpected shutdowns for maintenance, such as CNOOC’s acrylic acid oxidation unit, which has directly led to a decrease in spot supply in Shandong and other places. On the other hand, the export order situation is relatively smooth, diverting some domestic sources of goods. These factors have reduced the sales pressure on the holders and given them the confidence to raise prices.
Demand side:
In terms of demand, as the holiday approaches, downstream factories are conducting rigid pre holiday stocking to ensure production, providing tangible support for market prices. However, it should be noted that as stocking approaches its end, the upward momentum of the market may temporarily weaken and enter a short-term consolidation period.
Cost side:
Acrylic is the most essential raw material for producing acrylic acid. Recently, the propylene market itself has also been in a tight supply-demand balance, with prices stabilizing at high levels. This provides solid cost support for the price of acrylic acid. As of September 24th, the benchmark price of propylene in Shengyi Society was 6640.75 yuan/ton, a decrease of 0.34% compared to the beginning of this month (6663.25 yuan/ton).
Overall, the acrylic acid market has shown strong price performance driven by unexpected supply tightening and pre holiday stocking demand. However, downstream factories are generally facing cost pressures and mainly adopt a strategy of buying on dips for essential needs, which may limit the room for future price increases.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of September 22, the reference average price of domestic urea market was 1655 yuan/ton, which is 0.60% lower than the reference average price of 1665 yuan/ton on September 15.
2、 Market analysis
market situation
This week, the domestic urea market prices continued to weaken and decline. This week, the urea futures market price continued to decline, and the spot market followed the fluctuations of the futures market. As of September 22, the urea market prices in Shandong are around 1610-1670 yuan/ton, Hebei is around 1630-1660 yuan/ton, Henan is around 1620-1680 yuan/ton, Hubei is around 1660 yuan/ton, and Liaoning is around 1670 yuan/ton.
Supply and demand situation
This week, the domestic urea market is experiencing oversupply. In terms of supply, some early parking devices have resumed production, resulting in a further increase in daily output and an increase in market supply. In terms of demand, the current industrial and agricultural demand is relatively weak, downstream procurement is cautious, and the market trading atmosphere is not good.
3、 Future forecast
Business Society’s urea analyst believes that the domestic urea market has continued to weaken and decline recently. At present, the urea market has sufficient supply but poor market demand. Approaching the National Day holiday, urea manufacturers are mainly reducing prices to attract orders. It is expected that domestic urea prices will continue to weaken and consolidate in the short term.