According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China has slowed down this week. As of September 19th, the average market price in East China was 13800 yuan/ton. On September 15th, the average price was 13866/ton, a decrease of 0.48% during the week and a year-on-year increase of 3.37%.
This week, the decline in the TDI market has decreased and the downward trend has slowed down. TDI major factories have stable production, stable market supply filling, and an increased willingness of suppliers to support prices, while the demand side remains weak. During the week, major factories in Shanghai suspended trading and reporting, boosting business confidence. Intermediaries often follow the market trend, while downstream companies, due to tightened profits and low market entry enthusiasm, are constrained by demand, resulting in a weak TDI market.

Supply side: The Yantai Wanhua TDI plant will be shut down for maintenance starting from August 19th, with an expected maintenance period of about 40 days. Other devices maintain stable operation.
Cost wise: The trading atmosphere in the toluene market is bearish, with average market transactions and limited guidance on news. There is a strong wait-and-see atmosphere.
In terms of future analysis, TDI data analysts from Shengyi Society believe that the current TDI price has fallen to a certain level, and industry players are becoming increasingly cautious in their operations. Under the supply-demand game, it is expected that the TDI market will narrow and consolidate in the short term.

Analysis: This week (9.8-12), the liquid ammonia market in Shandong region was weak, with prices continuing to decline and the decline slowing down compared to last week. According to the Commodity Market Analysis System of Shengyi Society, the main production area of Shandong experienced a weekly decline of 1.02%. Due to prominent supply pressure, market inventory remains at a high level. The maintenance equipment is partially in operation, and the overall supply performance is loose. In addition, some ammonia plants have increased their ammonia conversion capacity, and the accumulation of liquid ammonia continues to put pressure on the manufacturers. Manufacturers’ prices have gradually loosened during the week, and as the weekend approaches, the overall decline in prices for major factories in Shandong is around 100 yuan. Distributors mainly underreport shipments. And downstream procurement enthusiasm is not high, agricultural demand is still in the off-season, industrial demand remains rigid, and the overall demand side is bearish. At present, the mainstream quotation in Shandong region is between 2200-2350 yuan/ton.

Prediction: It is difficult to alleviate the supply pressure in the near future, coupled with the low operating rate of compound fertilizers downstream of liquid ammonia and limited recovery of phosphorus fertilizer production, which further limits the demand for liquid ammonia. Mainly follow up on agricultural and industrial demand. It is expected that liquid ammonia will continue to maintain a weak and volatile market.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has fluctuated downward this week. From August 29 to September 5, 2025, the price of mixed xylene decreased from 5680 yuan/ton to 5560 yuan/ton, a decrease of 2.11%. The overall decline in the domestic mixed xylene market this cycle, coupled with a weak trend in the crude oil market during the week, has dragged down the mentality of the spot market. The main refineries in Shandong have slightly lowered their ex factory prices, attracting some downstream chemical and oil blending companies to purchase in the market, but overall trading is relatively low. During the week, there was a slight destocking in the East and South China regions, with main refineries experiencing a decline in ex factory prices and a weak atmosphere in the spot market.

Cost wise: The crude oil market prices in this cycle have mainly fluctuated at low levels. As of the 4th, the settlement price of the October WTI crude oil futures contract in the United States was $63.48 per barrel, and the settlement price of the November Brent crude oil futures contract was $66.99 per barrel. The crude oil market is influenced by both long and short factors. On the one hand, geopolitical factors remain one of the important factors affecting the crude oil market, and the Russia Ukraine issue has led to a strong operation of the crude oil market. On the other hand, Saudi crude oil may increase production, leading to an increase in US crude oil inventories. In addition, with the end of the peak oil season in the US, the global economic outlook and oil demand are not optimistic, putting pressure on crude oil market prices.
Supply side:
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 September 5th, East China Company quoted 5700 yuan/ton, North China Company quoted 5600-5750 yuan/ton, South China Company quoted 5750 yuan/ton, and Central China Company quoted 5600-5650 yuan/ton.
Demand side:
On September 5th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7200 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. As of September 4th, the closing prices of the para xylene market in Asia were $803-805/ton FOB Korea and $828-830/ton CFR China.
Market forecast: The recent trend of the crude oil market is weak, and the macro performance is weak. The recent arrival of the supply side at the port has been good, with refineries operating at a high rate and overall supply being loose. The downstream chemical and oil blending industries on the demand side have recently shown weak purchasing intentions, with an overall preference for rigid demand. Overall, under the influence of loose supply, it is expected that the xylene market will continue to operate weakly in the near future.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke has slightly increased recently. As of September 1st, the price of locally refined petroleum coke in the Shandong market was 2440.00 yuan/ton, an increase of 1.14% from 2412.50 yuan/ton on August 25th.

Recently, crude oil prices have fluctuated and risen, and the peak season for traditional fuel consumption in the United States is coming to an end. Coupled with the ongoing negotiations between Russia and Ukraine, the crude oil market is showing a downward trend.
Recently, the shipment of petroleum coke has been good, and the inventory of refineries is low; Downstream enterprises still have a demand for petroleum coke procurement: downstream aluminum carbon has a stable demand for petroleum coke, the negative electrode material market mainly purchases petroleum coke on demand, and graphite electrode enterprises have low production enthusiasm and limited petroleum coke procurement. Recently, the shipment of petroleum coke from ports has been acceptable, with an increase in spot goods at ports and a slight decline in coke prices.
Recently, the market for calcined coke has risen, with decent market transactions and support from downstream purchasing needs, resulting in low inventory levels for calcined coke enterprises.
Market forecast: Currently, the trading in the local refined petroleum coke market is still acceptable, with downstream procurement being the main demand, which still provides support for the petroleum coke market. It is expected that petroleum coke will mainly consolidate in the near future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene in Shandong Province first rose and then fell this month. In the first half of the month, market prices mainly increased, while in the second half, market prices mainly decreased. On August 1st, the price was 6075.33 yuan/ton; On August 29th, the price was 6012 yuan/ton, an increase of 1.04% from the beginning of the month.
2、 Market analysis
Pure benzene: The price of pure benzene in the domestic market has fallen today. The continuous impact of imported goods in the distant months on the domestic market has led to pessimistic futures trading, with low-level buying following paper goods and a lack of market confidence. Shandong’s local refining enterprises have lowered their quotations, resulting in average on-site transactions. Overall, there is a lack of willingness to purchase essential goods, and it is expected that pure benzene will fluctuate and consolidate in the short term. Actual transactions are subject to negotiation.
This month, Sinopec has lowered the price of pure benzene by 50 yuan/ton to 6000 yuan/ton.
Downstream aspects
3、 Future forecast
Crude oil futures: 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%.
Foreign pure benzene: On August 28th, FOB Korea fell by $1 to $726 per ton, and CFR China fell by $1 to $742 per ton. FOB Rotterdam remained stable at $669 per ton, while FOB US Gulf dropped by 2 to 258 cents per gallon.
Overall forecast: The pure benzene market is expected to fluctuate and consolidate in the short term, with a wait-and-see attitude towards cost and demand news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market slightly rose in August. As of August 29th, the spot rubber market in China’s natural rubber market was around 14966 yuan/ton, an increase of 3.52% from 14458 yuan/ton at the beginning of the month. As of August 29th, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 14850~15200 yuan/ton.
The prices of Tianjian raw materials remained high in August. As of August 29th, the price of Thai glue was 55.45 baht/kg, a decrease of 1.00% compared to 55.00 baht/kg at the end of July. On the one hand, heavy rainfall and gusts in Thailand during the first half of August posed resistance to natural rubber (TSR) cutting activities, and on the other hand, the domestic cutting period coupled with unstable production from Vietnam’s old natural rubber plantations. The overall market supply of natural rubber raw materials is tight, and prices are firm, providing support for natural rubber.
The natural rubber inventory has fallen slightly in August, which has a bearish impact on the natural rubber market. As of August 24, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 606200 tons, a decrease of 5.34% from 640400 tons at the end of July.

Downstream tire production slightly increased in August, providing essential support for the natural rubber market. As of August 22, the construction of semi steel tires by domestic tire companies has slightly increased to around 7.40%; The construction of all steel tires by tire companies in Shandong Province has slightly increased to around 6.5%.
Market forecast: The current high prices of raw materials both domestically and internationally, as well as the increase in downstream tire production, provide support for the Tianjin rubber market. The Tianjin rubber port inventory has slightly decreased, and with the arrival of the peak season, it is expected that the natural rubber market will fluctuate and rise in the later period.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market rebounded in August, mainly oscillating upwards. On August 1st, the average price of adipic acid in the domestic market was 7233 yuan/ton. On August 26th, the average price of adipic acid in the domestic market was 7383 yuan/ton, with a price increase of 2.07%.
The good news still exists, and the adipic acid market fluctuated and rose in August
At the beginning of August, the prices of pure benzene and cyclohexanone raw materials for adipic acid rose, supported by the increase in terminal rigid demand. The adipic acid market ushered in an upward trend, with prices rising to 7300 yuan/ton, an increase of nearly 1%. Approaching mid month, the support effect of raw material market is limited, and terminal demand has fallen. After the rise of adipic acid market, it gradually stabilizes, and the price continues to be 7300 yuan/ton, with no fluctuations in the market.
In the middle of the month, the prices of pure benzene and cyclohexanone raw materials for adipic acid fell weakly, and the demand for terminal rigidity was sluggish. The domestic adipic acid market had average transactions, but sales were still acceptable. The quotations of adipic acid production enterprises are relatively stable, while the overall quotations of traders have mainly declined. The market is running weakly, and as of August 19th, the price has fallen to 7200 yuan/ton, a decrease of nearly 0.5%.
At the end of the month, the market for pure benzene and cyclohexanone raw materials for adipic acid stopped falling and stabilized, with improved terminal demand and improved transactions in the domestic adipic acid market, resulting in increased sales. Adipic acid prices have risen one after another, and the market has rebounded. As of August 26th, the average market price has exceeded 7300 yuan/ton, with an overall increase of over 100 yuan/ton.
An analyst from Shengyi Society believes that in September, with an increase in terminal demand and a boost in raw material prices, the domestic adipic acid market is expected to continue to strengthen.

This week, the phthalic anhydride market has stopped falling and rebounded
According to the Commodity Market Analysis System of Shengyi Society, as of August 22, the price of phthalic anhydride in neighboring countries was 6250 yuan/ton, a fluctuating decrease of 0.79% compared to the price of 6300 yuan/ton on August 15. This week, the price of phthalic anhydride fluctuated and fell, while the price of industrial naphthalene fluctuated and stabilized. The cost support of phthalic anhydride still exists. The equipment load of phthalic anhydride increased this week, and the operating rate of phthalic anhydride enterprises stabilized. The supply of phthalic anhydride is sufficient, and the downstream plasticizer market fluctuated and fell. The equipment operating load of plasticizer enterprises decreased, and the demand support for phthalic anhydride weakened. With an increase in supply and a decrease in demand, coupled with a decrease in costs, the price of phthalic anhydride fluctuated and fell this week.
The cost of phthalic anhydride has decreased, and the supply is sufficient
As of August 15th, Sinopec’s ortho benzene quotation was 6300 yuan/ton, a fluctuating decrease of 1.56% compared to last weekend’s ortho benzene quotation of 6400 yuan/ton. The price of industrial naphthalene is stabilizing, the price of ortho benzene is falling, and the cost of phthalic anhydride is decreasing. The pressure of phthalic anhydride decline still exists, and the price of phthalic anhydride is falling. The price of naphthalene phthalic anhydride is 5900-6100 yuan/ton, and the price of ortho phthalic anhydride is 6100-6300 yuan/ton. This week, the operating load of phthalic anhydride equipment has resumed, the operating rate of phthalic anhydride enterprises has increased, and the supply of phthalic anhydride is sufficient.
Demand side: Downstream production decreases, DOP prices fluctuate and fall
According to the Commodity Market Analysis System of Shengyi Society, as of August 22, the DOP price was 7734.16 yuan/ton, a fluctuating decrease of 0.32% compared to the DOP price of 7759.16 yuan/ton on August 15. This week, the operating load of DOP enterprises has decreased, the production of DOP has decreased, the demand for phthalic anhydride has decreased, and the support for the rise in phthalic anhydride prices has weakened.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, plasticizer companies have seen a decrease in production, a reduction in plasticizer output, and a decrease in demand for phthalic anhydride; On the supply side, the equipment operating load of phthalic anhydride enterprises has increased, leading to an increase in phthalic anhydride supply. In terms of cost, the price of ortho benzene has decreased, and the cost of phthalic anhydride has decreased. In the future, with an increase in supply and a decrease in demand for phthalic anhydride, coupled with a decrease in costs, it is expected that the price of phthalic anhydride will remain low and consolidate.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has been operating weakly this week. From August 8th to August 15th, 2025, the price of mixed xylene has decreased from 5900 yuan/ton to 5790 yuan/ton, a decrease of 1.86%. The overall domestic mixed xylene market has declined this cycle, and the overall trend of the crude oil market has weakened during the week, dragging down the mentality of the spot market. This week, the Shandong region has been affected by low downstream purchasing intentions, resulting in continuous reductions in ex factory prices, attracting downstream buyers to enter the market for procurement and showing good trading enthusiasm. During the week, the supply in East and South China was relatively loose, with main refineries lowering their quotes and downstream demand being weak, resulting in an overall decline in market prices.

On the cost side: During this cycle, crude oil prices fluctuated mainly within a range. On the one hand, OPEC+announced a cumulative production increase of 2.3 million barrels per day until September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the geopolitical situation in the Middle East is affecting the oil market, and global macro data is bearish. In addition, the fundamental impact of the upcoming off-season of US summer demand will continue to put pressure on the crude oil market price. As of August 14th, the settlement price of the US WTI crude oil futures September contract was reported at $63.96 per barrel. The settlement price of Brent crude oil futures for October contract is $66.84 per barrel.
Supply side:
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 August 15th, East China Company quoted 5850-5950 yuan/ton, North China Company quoted 5650-5850 yuan/ton, South China Company quoted 5800-5850 yuan/ton, and Central China Company quoted 5700-5800 yuan/ton.
On August 15th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7000 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. The price remains unchanged from August 9th. As of August 14th, the closing prices of the xylene market in Asia were $799-801/ton FOB Korea and $824-826/ton CFR China, a decrease of $15/ton from August 8th.
Market forecast: In terms of supply, some equipment will be shut down for maintenance, but the production of equipment will remain high in the near future, and some manufacturers will start exporting. The market expects that the supply will still be relatively loose in the future. The demand for oil in the demand side adjustment industry is still acceptable in the near future, but the demand in the chemical industry is relatively weak. Overall, the supply and demand sides are still relatively weak, and it is expected that the xylene market will mainly operate steadily and weakly in the short term.

Shandong region was sluggish, and the price did not continue the downward trend of last week, but turned into a decline. According to the Commodity Market Analysis System of Shengyi Society, the main production area of Shandong experienced a weekly decline of 3.51%. The main reason for the increase in supply pressure is the gradual recovery of maintenance equipment in the early stage, coupled with weak local demand, resulting in a stock accumulation in the market. At present, the mainstream quotation in Shandong region is 2400-2500 yuan/ton.
Firstly, from the supply side perspective, the maintenance equipment in the main production areas of the north has been put into operation, resulting in a loose supply situation. Coupled with the increase in urea to ammonia conversion by manufacturers, the supply has significantly increased, and the rise in ammonia volume has dragged down ammonia prices. From the beginning of the week to the middle of the week, the prices of manufacturers have significantly loosened, but as the weekend approaches, the mentality of enterprises to raise prices is gradually strengthening. Some large factories have made slight price increases, but the magnitude is very limited. As of Friday, mainstream large factories in Shandong have generally lowered their prices by more than 100-200 yuan/ton. Distributors mainly underreport shipments.

Secondly, from the demand side, the operating rate of compound fertilizers is sluggish, with some downstream facilities in Shandong, Jiangsu, and Anhui undergoing maintenance, resulting in a decrease in operating rates and a decrease in ammonia consumption. Downstream procurement enthusiasm is not high, agricultural demand is still in the off-season, industrial demand remains rigid, and the overall demand side is bearish.
Prediction: The market demand will be relatively light in the near future, with agricultural and industrial demand following closely. There will be little change in supply in the future, with equipment on and off, and overall showing a slow increasing trend. On the demand side, in the short term, the output of compound fertilizer is not high, but there is a possibility of a rebound in operating rate. In the future, the increase in supply and the rebound in demand will continue to pull. The price remains within a volatile range.