According to the Commodity Market Analysis System of Shengyi Society, from September 5th to 12th, the average price of BDO in China remained at 7542 yuan/ton, with a month on month decrease of 8.97% and a year-on-year decrease of 0.75%. The BDO market is operating at a stalemate, and downstream industries are experiencing an overall increase in production, resulting in an increase in raw material digestion. The factory’s shipment pace is still acceptable, and the industry has been losing money for a long time. The suppliers are actively stabilizing the market. The supply and demand negotiation game continues, and the market remains deadlocked.
On the supply side and in terms of equipment, Wanhua Chemical’s equipment has experienced a decrease in load due to unforeseen circumstances. However, some of the previously maintained equipment has been restarted and is now operating stably. The overall production of the industry has slightly increased, but the supply side support is relatively average. The supply side of BDO is affected by negative factors.
On the cost side, raw material calcium carbide: The domestic calcium carbide market is on the rise, with smooth shipments from production enterprises and overall tight market supply. Raw material methanol: The domestic methanol market continues to be weak. As of 10:00 pm on September 11th, the reference price for domestic methanol in Taicang is 2285 yuan/ton. The raw material calcium carbide has seen an upward trend, while methanol has been weakly consolidated, and the impact on BDO costs is mixed.
On the demand side, with the restart or load increase of some maintenance equipment, the downstream PTMEG, GBL-NMP, PBAT, and PU pulp industries have seen an increase in capacity utilization, resulting in a continuous increase in raw material digestion. Multi dimensional contract orders are being followed up, and the intention to purchase spot goods is weak under cost pressure. The demand side of BDO is affected by bearish factors.
In the future, the BDO market is expected to experience a decrease in supply and an increase in demand, with ongoing negotiations and a stalemate in the market. Some devices are expected to undergo maintenance, resulting in a reduction in BDO supply; And the industry continues to suffer losses, with suppliers actively stabilizing the market. The overall downstream production has increased, leading to an increase in the digestion of raw materials, but resistance to high prices has suppressed the trend of raw materials. Business Society BDO analysts predict that the domestic BDO market will mainly focus on consolidation and observation.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of September 11th, the reference average price of 85% industrial grade thermal phosphoric acid in China was 6710 yuan/ton, which is 0.15% higher than the reference average price of 6700 yuan/ton on September 5th.
2、 Market analysis
Market Aspects
This week, the domestic phosphoric acid market prices have slightly increased. As of September 11th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6450-6850 yuan/ton, in Yunnan region it is around 6500 yuan/ton, and in Sichuan region it is around 6400-6800 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. This week, the market price of raw material yellow phosphorus remained stable and stable. At present, the supply of yellow phosphorus in the market is sufficient, and the number of new orders in the market is limited. The demand side is relatively weak, and many adopt a cautious and wait-and-see attitude. It is expected that the price of yellow phosphorus will remain stagnant and operate in the short term.
3、 Future forecast
Business Society’s phosphate analyst believes that the phosphate market has been stabilizing recently. The main focus is on the consolidation of raw material yellow phosphorus, and there is currently no significant fluctuation in cost. The phosphoric acid market has stable trading and downstream purchases are made on demand. It is expected that the domestic phosphoric acid market will remain stable in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of September 10th, the average market price of acetic acid was 2500 yuan/ton, an increase of 70 yuan/ton or 2.88% compared to the price of 2430 yuan/ton on September 1st. Since September, the domestic acetic acid market has been relatively strong, with low production rates in Henan province on the supply side and the main acetic acid production facilities still in a shutdown state. Industry players have a positive attitude, and factory prices have risen. Acetic acid prices in other regions of China have also increased, and downstream demand for purchasing has followed suit. There is not much pressure on enterprise sales, and under the influence of market mentality, acetic acid prices remained strong in early September.
The raw material methanol market was relatively strong in early September. As of the 10th, the average price in the domestic market was 2296 yuan/ton, an increase of 1.91% compared to the price of 2253 yuan/ton on September 1st. The rise in methanol futures market has driven the spot methanol market to improve, and enterprise quotations have risen sharply. However, some downstream companies have resistance to high prices, and the demand side has suppressed the increase in methanol prices to some extent, resulting in a slight increase in prices during the cycle.
The downstream acetic anhydride market has slightly increased, with the average ex factory price of acetic anhydride rising from 4092.50 yuan/ton to 4117.50 yuan/ton from September 1st to 10th, a decrease of 0.61%. The upstream acetic acid market is relatively strong, and the atmosphere of the acetic anhydride market is bullish. However, the downstream demand performance is average, and the shipment of enterprises is limited. The mentality of the market is game, and the price of acetic anhydride fluctuates slightly during the cycle.
In terms of future market forecast, the acetic acid analyst from Shengyi Society believes that some of the domestic acetic acid maintenance facilities have not yet been restored, and the mentality remains strong. At the same time, the inventory pressure of enterprises is not high, and the supply side support is good. The downstream demand side follows up on demand, and the market trading atmosphere is good. It is expected that the acetic acid market will operate steadily and wait, and the market supply situation will be closely monitored in the future.

This week, the acrylic acid market is struggling to balance the game between “weak demand” and “high cost”. Although the overall demand side is weak, manufacturers have a strong willingness to raise prices near the cost line, coupled with tightening supply in some regions, which has pushed market prices slightly upward.
Market price: On September 9th, the benchmark price of acrylic acid in Shengyi Society was 6316.67 yuan/ton, an increase of 1.07% compared to the beginning of this month (6250.00 yuan/ton).
Industry operating rate: On September 8th, the average capacity utilization rate of the domestic acrylic acid industry was 72.84%, unchanged from the previous working day. This indicates that the supply side remains stable without any significant increase.
Production profit: The industry’s profit margin continues to be squeezed. As of August 28th, the production profit margin of the acrylic acid industry was 5.43%, a decrease of 2.26 percentage points from 7.69% the previous week (August 21st). Some factories are already near the breakeven line or even losing money.
Supply side:
The industry’s operating rate remains at a median level of 72.84%, with stable factories and overall stable supply.
The social inventory is at a moderately high level, and inventory pressure continues to exist. However, factories and cargo holders tend to have a strong sense of price support, shipping according to market conditions and offering flexible quotes.
It is worth noting that in the second half of 2025, there will still be over 600000 tons or even 740000 tons of new production capacity planned to be put into operation in the domestic acrylic acid industry (such as Shandong Lanwan, Tianjin Bohua and other facilities), which may further escalate the supply pressure in the industry in the future.
In terms of demand:
The purchasing enthusiasm of downstream main fields (such as coatings, adhesives, textile auxiliaries) is insufficient, and they 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.
Cost support:
The price of raw material propylene has fluctuated recently. As of September 9th, the benchmark price of propylene in Shengyi Society was 6605.75 yuan/ton, a decrease of 0.86% compared to the beginning of this month (6663.25 yuan/ton). Although the cost support is slightly limited compared to the previous period, due to the already low profit margin of acrylic acid production (5.43%), and even some factories are near the break even line, the producers have extremely limited room for profit and have a strong willingness to raise prices. This constitutes an important support for market prices.

Future Prospects
In the short term (within September), the acrylic acid market is expected to continue its volatile and strong operation, but the upward and downward space is limited. The game between cost support and weak demand remains the main theme of the market. If downstream demand does not improve beyond expectations (such as large-scale downstream centralized procurement or a significant increase in export orders), it will be difficult for prices to continue to rise significantly. The market is expected to experience a slight upward trend.
In the medium to long term, the acrylic acid industry is undergoing a transformation from “scale competition” to “technology premium era”. Top enterprises rely on technological iteration and industrial chain integration to build barriers (such as satellite chemistry and Huayi Group), 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).
Overall, the acrylic acid market has been operating steadily in the supply-demand game this week, with prices slightly rising. Cost support and the rising price sentiment of manufacturers are the main driving forces in the current market, but weak demand and high inventory have also suppressed the upward space of prices.

At the beginning of September, the overall trend of the domestic ABS market continued to be weak, with some grades experiencing a narrow decline in spot prices. According to the Commodity Market Analysis System of Shengyi Society, as of September 8th, the average price of ABS sample products was 10037.5 yuan/ton, with a price level increase or decrease of -0.62% compared to early September.
Fundamental analysis
Supply level: Entering September, the load of the domestic ABS industry has remained stable with a slight decrease. Due to the poor profit situation of the aggregation plant, some enterprises have engaged in negative load reduction operations. However, the magnitude is relatively narrow, and at the same time, Tianjin Dagu has production capacity returning. The overall dynamic of domestic facilities is limited, and the industry load level has decreased from 71% at the end of August to 69%. The average weekly production has fallen back to the level of 135000 tons, and the inventory level of aggregation enterprises has risen to a high of 235000 tons, with sufficient supply maintained on site. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the high inventory levels in the industry are relatively controllable. However, there is no expected contraction in the supply side, therefore, the support for ABS spot prices on the supply side is weak.
Cost factor: In early September, the upstream three material market of ABS showed mixed ups and downs, which limited the support for ABS cost side. At the beginning of the month, the price of acrylonitrile rose, and the direct factor for the increase came from the supply side. Unplanned reductions have occurred in the East China region, with Zhejiang Petrochemical experiencing a load reduction due to a malfunction at the end of August and a planned maintenance of one unit for about 10 days in mid September; At the same time, Sinochem Quanzhou will start a line of parking in early August and may fully stop in mid September. It is expected that the acrylonitrile market will experience a preference atmosphere of high cost, low inventory, and reduced supply in the short term. However, the above positive support is limited and variable, and coupled with insufficient follow-up of long-term demand, the improvement of market supply and demand relationship is still difficult to sustain.
The domestic butadiene market was affected by fluctuations in the downstream synthetic rubber futures market. In early September, the butadiene market first fell, then rose, and then fell back, maintaining an overall range oscillation trend. The operating situation of domestic butadiene plants within the range is relatively stable, with little overall change. Downstream enterprises are operating well, and the market fundamentals still have some support. Under the mentality of supply and demand game, it is expected that the butadiene market will continue to maintain a narrow range oscillation trend in the short term.
The current styrene market has strong expectations but weak reality. At the beginning of September, domestic spot prices fluctuated and fell mainly, with high production levels for enterprises and a decline in raw material pure benzene. However, if the maintenance plan of future enterprises is carried out on time, pure benzene ports will continue to reduce inventory, and downstream demand will increase, the supply and demand in the third quarter are expected to improve seasonally. In the short term, without significant macro changes, the styrene market may experience weak fluctuations.
On the demand side: In the medium to long term, the downstream factories of ABS have had average loads. The current market still exhibits significant off-season characteristics, with no signs of improvement in terminal enterprise procurement, and the logic remains to fulfill urgent orders. At the beginning of September, there was no increase in production in the electrical casing industry, and consumption remained quiet. The cautious atmosphere in the external market remains unchanged, and the flow of goods is slow. Domestic inventory levels remain high and sideways, with continued loose supply and ample room for on-site turnover. Overall, there has been no improvement in the demand side’s support for the ABS market.
Future forecast

At the beginning of September, the domestic ABS market was weakly consolidating. The overall rise and fall of the upstream three materials are mixed, and the production load of the ABS polymerization plant remains stable with a slight decrease, while the demand side remains at the same level during the off-season. Analysts from Shengyi Society believe that the long-term drag on spot prices of ABS due to supply and demand contradictions makes it difficult for the market momentum to improve. Therefore, the current resistance to the rise of the ABS market is relatively high, and it may require some time and space for consolidation. It is recommended to closely monitor the consumption situation on the demand side.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on September 5th was 1026 yuan/ton, which is 2.53% lower than the average price of 1053 yuan/ton on September 1st.
2、 Market analysis
Supply and demand situation
This week, the domestic ammonium sulfate market prices have been weak and declining. The operating rate of coke enterprises remains stable, while the operating rate of domestic enterprises has slightly increased. At present, the supply of ammonium sulfate in the market is sufficient, while domestic and international demand is weak. Downstream on-demand procurement, mainly bearish sentiment, poor market transaction atmosphere, and difficulty in improving short-term demand.
market situation
As of September 5th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 950 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 960-1010 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the recent market trend of ammonium sulfate is mainly weak. At present, the transaction volume in the ammonium sulfate market is weak, downstream purchasing enthusiasm has weakened, and exports remain weak. It is expected that the short-term domestic ammonium sulfate market price will mainly operate weakly.

This week, the domestic fluorite price trend has slightly increased. As of the weekend, the average price of fluorite in China was 3281.25 yuan/ton, an increase of 0.38% from the beginning of the week price of 3268.75 yuan/ton, and a year-on-year decrease of 3.49%.
Supply side: Normal mining operation, tight supply of fluorite
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 operating rate of fluorite enterprises. The operating rate of some mines in the south is relatively low, and the supply of fluorite enterprises in the field is tight. Some fluorite manufacturers have appropriate inventory, and fluorite mining enterprises are raising prices and selling products, resulting in a slight rise in the fluorite market.
Demand side: Hydrofluoric acid prices rise, refrigerant market rises
This week, the domestic price of hydrofluoric acid has risen, and the mainstream price for hydrofluoric acid in various regions of China is negotiated at 10500-11000 yuan/ton. The downstream hydrofluoric acid units are still shut down, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. Recently, the hydrofluoric acid market has risen, and the enthusiasm for purchasing fluorite has increased. This news has affected the price of fluorite to rise.
The downstream refrigerant market continues to rise, and the refrigerant industry is strengthening its terminal policies. Demand is expected to achieve substantial improvement, and fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of purchasing at high prices is relatively slow, but the good inventory of the industry is orderly transmitted, and upstream products are mainly purchased on demand. The trend of refrigerant market has increased, and the fluorite market has risen.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production for safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market, and the mentality of buying up rather than buying down is obvious; In addition, the hydrofluoric acid market is on the rise, but hydrofluoric acid enterprises mainly purchase on demand. Overall, in the short term, the price trend of fluorite market is mainly on the rise.

The epoxy chloropropane market showed a “V” trend in August, with an overall shift in focus compared to July. According to the monitoring and analysis system of Business Society, as of August 29th, the benchmark price of epichlorohydrin was 11600 yuan/ton, an increase of 1.75% from the beginning of the month.
Price influencing factors:
Raw material side: In the first half of the month, the price of raw material glycerol remained high and firm, while propylene showed slight fluctuations, which provided some support for the cost of epichlorohydrin. However, the support was limited, and epichlorohydrin fluctuated downward. In the second half of the month, the market prices of glycerol and propylene remained high, and there was significant pressure on production costs for enterprises. Most of them continued to raise prices in response to rising costs. According to the market analysis system of Shengyi Society, as of August 28th, the benchmark price of propylene in Shengyi Society was 6633.25 yuan/ton, an increase of 3.11% compared to the beginning of this month (6433.25 yuan/ton).
Supply side: In early August, new production capacity was released and some equipment maintenance was completed in Shandong region, and market supply expectations showed an increasing trend. The supply side showed a relaxed state, and the support for epoxy chloropropane supply side was insufficient, causing the price center to shift downward. In late August, some facilities in Zhejiang and other regions underwent maintenance, resulting in a tight supply of spot goods in the market. Despite the release of new production capacity and an increase in some spot sales in the Shandong region, the overall tight supply situation has not fully eased, and the market price of epichlorohydrin has hit the bottom and rebounded.
On the demand side, the downstream epoxy resin industry had a production capacity utilization rate of about 50% in August. Downstream enterprises mainly focus on essential procurement, with an average trading atmosphere and few live ammunition. In late August, as the price of epichlorohydrin hit rock bottom, some companies had urgent small orders to fulfill their previous contracts. But as the price of epichlorohydrin rises to a high level, downstream acceptance of high prices is weak, resulting in poor shipments for enterprises. Currently, high-level transactions are not smooth, and the trading atmosphere is relatively average. It is expected that the market price of epichlorohydrin will remain stable in the later stage.
Market forecast: Analysts from Shengyi Society believe that the high and firm prices of glycerol and propylene on the cost side have not completely eased the tight supply situation. Overall, the raw material and supply sides provide some support for the epichlorohydrin market. However, downstream demand is weak and the trading atmosphere is not smooth, which may limit the continuous price increase. It is expected that the epoxy chloropropane market price will remain stable in the later stage, and more attention still needs to be paid to changes in raw material prices and market supply and demand.

According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell in August, with an average price of 7646 yuan/ton at the beginning of the month and 7550 yuan/ton at the end of the month, a decrease of 1.26% during the month. At the beginning of the month, due to the restart of a unit in Northeast China, a small amount of production was added to a new unit in Shandong, and some units in East and South China had their loads adjusted. The factory’s capacity utilization rate dropped to 77.73%, a decrease of 1.19% compared to the previous month. With supply side support, styrene saw a slight increase. The profit of styrene is still acceptable, and subsequently some units were restarted, adding new production capacity and increasing output. The operating rates of downstream and downstream industries have fluctuated, with high EPS inventory and a significant decrease in operating rates during the off-season of demand. The ABS and PS industries have seen a slight increase in production, with an overall trend of decreasing demand. Under weak fundamentals, the styrene market fluctuated and fell in August.
On August 28th, international crude oil futures closed higher. The settlement price of the October WTI crude oil futures contract in the United States was $64.60 per barrel, an increase of $0.47 or 0.7%. The settlement price of Brent crude oil futures for November was $67.98 per barrel, an increase of $0.54 or 0.8%.
Cost aspect: Pure benzene: The pure benzene market fluctuated and rose in August, influenced by its own supply and demand and macro privacy. The average price of pure benzene at the beginning of the month was 6075 yuan/ton, and the average price at the end of the month was 6154 yuan/ton, with a monthly increase of 1.28%.
Styrene external market: On August 28th, the closing prices of the styrene market in Asia remained stable, with closing prices of $870-875/ton FOB Korea and $880-885/ton CFR China.
Market forecast: The current fundamentals of the styrene market are weak and are expected to improve in the future. There are maintenance plans for multiple units in September, and the supply side is expected to strengthen. At the same time, the chemical market is expected to improve in September, and the demand side is expected to increase. It is expected that the styrene market will have some support in the future, and the price trend will be strong.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of August 29th, the price of 0 # zinc was 22002 yuan/ton, a decrease of 1.35% from the zinc price of 22302 yuan/ton on August 25th.
This week’s market analysis
At the beginning of the week, the Shanghai zinc market continued the volatile operation trend of last week. Due to relatively loose domestic supply, the price of zinc in Shanghai is under pressure to decline. Subsequently, although domestic social inventory continued to increase, overseas zinc inventory continued to decrease. At the same time, consumption in some downstream sectors in China has shown some signs of recovery recently. Under the combined effect of these factors, Shanghai Zinc continued to maintain a volatile operation. Afterwards, influenced by the external market, Shanghai Zinc jumped short and opened high. However, in the situation of domestic and foreign inventory “going against each other” (increasing domestically and decreasing overseas), Shanghai Zinc has once again entered a period of volatile operation. Subsequently, due to the unexpected performance of the August Consumer Confidence Index by the US Chamber of Commerce and the continued downward trend caused by factors such as tariff interference, Shanghai Zinc jumped short and opened low.
Although domestic inventory continued to increase afterwards, the trading situation in the spot market improved, and coupled with the gradual decline in overseas inventory, Shanghai Zinc ultimately maintained a volatile trend.
Supply and demand side
At the beginning of the week, the price of zinc futures was at a high level and showed a fluctuating trend. At this time, the market’s enthusiasm for receiving goods is not high when prices rise, and the atmosphere is relatively cold. In terms of warehouses, the amount of goods received continues to increase, but most of them are warehouse receipts. In the spot market, the circulation of delivery brands remains stable, and quotes mostly fluctuate around cost prices. Merchants’ willingness to continue lowering prices and shipping is not strong. Downstream enterprises take advantage of lower prices to gradually enter the market to receive goods, resulting in a random slight improvement in the transaction atmosphere. However, due to the overall weak performance of downstream orders, even with a significant drop in zinc prices towards the weekend, the market situation has not improved significantly.
Inventory end
Compared to last week, social inventory has shown a continuous upward trend. Specifically, the inventory growth in Guangdong region is relatively significant, and there has also been a certain degree of increase in Shanghai and Tianjin regions. In the Guangdong region, the atmosphere of trade activities is relatively quiet, and most of the incoming goods choose to continue to be used for delivery, so the inventory growth remains relatively stable. Due to downstream production restrictions during the week, consumer demand in Tianjin has been sluggish, resulting in an overall accumulation of inventory. In the Shanghai area, due to normal deliveries within the week and poor downstream demand, there was a slight accumulation of inventory. Considering the current resumption of production in smelters, it is expected that the cargo volume in Guangdong region will continue to maintain a slight increase next week.
comprehensive analysis
It is expected that zinc prices will continue to face downward pressure and fluctuate.