According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated downward from February 17 to February 24, 2025. On February 17th, the benchmark price of toluene was 6640 yuan/ton, and on February 24th, the benchmark price of toluene was 6570 yuan/ton, a decrease of 1.05%. This week, the overall toluene market has been weak, with market prices experiencing several small price reductions. The performance of the oil blending industry in Shandong region is average, with xylene prices operating at a low level. Some purchasing refineries tend to purchase xylene, lacking demand support for the weak operation of the toluene market in Shandong region. The overall supply of goods in East and South China is tight this week, and the holders have a strong mentality of raising prices. Downstream purchasing intentions are generally low, and the market performance is weak due to the lack of demand support.

Cost aspect: During this cycle, crude oil prices first rose and then fell. As of February 21st, the settlement price of the main contract for WTI crude oil futures in the United States was $70.40 per barrel. The settlement price of the main Brent crude oil futures contract is $74.43 per barrel. The geopolitical risks in the Middle East have decreased, and the premium of oil prices has fallen; In addition, the increase in US crude oil inventories has affected investor confidence. During this cycle, crude oil prices have fluctuated at a low level. On the one hand, the US has imposed tariffs and Trump has requested OPEC to increase production to lower oil prices. In addition, US crude oil inventories remain high, and there are still concerns in the market about crude oil demand, which has suppressed crude oil prices; On the other hand, the geopolitical situation between Russia and Ukraine has eased, and crude oil market prices remain low.

Supply side: Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of February 24th, East China Company quoted 6600 yuan/ton, North China Company quoted 6500 yuan/ton, South China Company quoted 6600-6700 yuan/ton, and Central China Company quoted 6550 yuan/ton.

Demand side:

On February 24th, the price of xylene in the petrochemical sales company was temporarily stable, with a current execution price of 7500 yuan/ton. This price was implemented in East China, North China, Central China, and South China. The operation of Yangzi Petrochemical, Zhenhai Petrochemical and other facilities was stable, with normal sales, and the price was temporarily stable compared to February 17th. As of February 21st, the closing prices of the xylene market in Asia were 860-862 US dollars/ton FOB Korea and 885-887 US dollars/ton CFR China, an increase of only 1 US dollar/ton compared to the closing price on February 14th.

Market forecast: The recent performance of the crude oil market is weak, and there is insufficient guidance for the market. In terms of supply, the arrival of ships in the East and South China regions has been limited recently, and the cargo holders have a strong mentality of raising prices. However, the overall performance of the demand side is poor, and the focus is on on-demand procurement. Overall, the supply side is tight but lacks downstream demand support. It is expected that the toluene market will maintain a high volatility trend in the short term, with a focus on port and shipping schedules as well as the commencement of maintenance work by companies

According to the commodity analysis system of Shengyi Society, the styrene market slightly rose this week, with an average price of 8640 yuan/ton at the beginning of the week and 8656 yuan/ton over the weekend, an increase of 0.19% during the week.

News: Crude oil has fluctuated and risen this week. On February 21st, the settlement price of international crude oil futures closed slightly higher. The settlement price of WTI crude oil futures in March rose by 0.32 US dollars, or 0.44%, to 72.57 US dollars per barrel. Brent crude oil futures for April closed up $0.44, or 0.58%, at $76.48 per barrel.

On the cost side: Pure benzene has slightly declined this week, with poor shipments from Eastern refining companies and market promotions resulting in further price reductions. The price of pure benzene in Sinopec’s refineries in East and South China remains stable. The spot price of pure benzene in East China is consolidating at a high level. International crude oil futures closed higher, but confidence in the pure benzene market remains strong.

Supply and demand side: styrene production remains at a high level, port inventory has decreased but remains high, downstream 3S has resumed work one after another, EPS production has rebounded, and demand has increased.

Market forecast: The current pressure on styrene inventory remains, and supply remains loose. The cost support is strong, but the demand is weak and the upward trend is weak. It is expected that the short-term market trend of styrene will fluctuate within a certain range.

According to the Commodity Market Analysis System of Shengyi Society, starting from February 11th, the domestic adipic acid market has experienced a weak decline, with the main trend being the decline. On February 11th, the average market price of adipic acid was 8600 yuan/ton. On February 17th, the average market price of adipic acid in China was 8533 yuan/ton, a decrease of 0.78%.

Negative pressure suppresses the decline of domestic adipic acid market

Starting from February 10th, the prices of pure benzene and cyclohexanone raw materials for adipic acid have fallen, and the demand in the terminal industry is relatively stable. There is an oversupply of adipic acid in the market, and the shipping prices of adipic acid manufacturers and traders have gradually decreased. The market transactions are average, and the sales are flat. The average market price of adipic acid has dropped to 8400-8500 yuan/ton, with an overall decrease of 50-100 yuan/ton.

An analyst from Shengyi Society believes that at the end of February, the demand in the terminal industry was average, and the raw material market was weak and consolidated. The adipic acid market may mainly decline in the future.

According to the Commodity Market Analysis System of Shengyi Society, the domestic price of sodium metabisulfite remained stable this week. The average price of industrial grade sodium metabisulfite at the beginning of the week was 1850 yuan/ton, and the average price over the weekend was 1850 yuan/ton, indicating stable prices.

This week, the domestic industrial grade sodium metabisulfite market price remained stable. The upstream soda ash price of sodium metabisulfite was temporarily stable this week, while the downstream caprolactam price rose by 0.61%. However, downstream market transactions fell short of expectations and prices were difficult to support. (The above prices refer to the quotes provided by mainstream domestic enterprises, and some unreported enterprises are temporarily not within their scope. The prices are for reference only and are not related to the final pricing of the manufacturers. For details, please contact each manufacturer for consultation.).

Future forecast

At present, the trading volume of sodium metabisulfite market is light, and it is expected that the domestic market price will mainly fluctuate and weaken in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic market for 85% industrial grade formic acid experienced a slight upward trend before the holiday. As of January 24th, the price of 85% formic acid was 3000 yuan/ton, an increase of 1.69% from 2950 yuan/ton on January 1st; Compared to the same period last year, the price of 3150 yuan/ton decreased by 1.76%.

On the demand side: With the Spring Festival approaching, downstream formic acid suppliers are stocking up before the holiday, driving on-site transactions. Manufacturers are able to ship smoothly, reducing pressure on formic acid inventory and tightening supply, resulting in an upward trend in formic acid prices.

On the raw material side: Prior to the Spring Festival, the Chinese methanol market showed a range oscillation trend, with significant price fluctuations. The rise in international crude oil prices has boosted market confidence, but insufficient market demand at high prices and increased shipping costs have put pressure on the market. Enterprises offer discounts on shipments to maintain low inventory, while the port market remains relatively firm due to low shipment volumes.

The formic acid data analyst from Shengyi Society believes that pre holiday demand is improving, inventory pressure is easing, formic acid prices are rising, and companies are starting production after the holiday. Demand is expected to continue to rise, and the formic acid market is expected to operate strongly.

According to the Commodity Market Analysis System of Shengyi Society, the ex factory price of ethyl acetate in China was 5623.33 yuan/ton on January 23, which was the same as the previous trading day’s price. The cost support is relatively weak, downstream demand follows up, and suppliers have a wait-and-see attitude before the holiday. The price of ethyl acetate is running steadily.

Market analysis: The market for ethyl acetate remains stable. On the raw material side, the price of acetic acid is running weakly, and there is insufficient cost support; On the demand side, downstream domestic demand replenishment has increased, export orders have increased, and the overall market trading atmosphere is still acceptable; The enterprise adopts a wait-and-see attitude and the quotation runs smoothly.

In the future, the market for ethyl acetate raw materials will weaken, with negative news affecting the supply side and manufacturers’ export markets. Sales pressure is not high, and domestic downstream stocking is coming to an end. On site demand is limited, and it is expected that the price of ethyl acetate will continue to operate steadily before the holiday. Specific attention should be paid to changes in the upstream market and downstream follow-up.

According to the Commodity Market Analysis System of Shengyi Society, on January 21st, the reference price of cyclohexanone in the domestic market in Shandong was 8975 yuan/ton. Compared with the reference price of 8800 yuan/ton on January 1st, the price has increased by 175 yuan/ton, an increase of 1.99%.

From the Commodity Market Analysis System of Shengyi Society, it can be seen that from January to present (1.1-1.21), the overall domestic cyclohexanone market has shown a trend of “first falling and then rising”. In the first ten days, the center of gravity of the cyclohexanone market in Shandong continued to decline, with light trading and insufficient market support. The center of gravity of cyclohexanone negotiations in the market fell. On January 10th, the cyclohexanone market price in Shandong was around 8550-8700 yuan/ton, a decrease of 2.56% in the first ten days.

In the mid to late stage, the cyclohexanone market in Shandong began to recover, with the rise in raw material prices providing cost support for cyclohexanone. Downstream stock preparation for cyclohexanone was gradually started before the holiday, and the overall demand side improved. With the help of favorable factors, the cyclohexanone market rebounded from low levels and the low prices gradually disappeared. As of January 21st, the market price of cyclohexanone in Shandong region is around 8950-9100 yuan/ton, with a 4.66% increase in the latter half of the year.

Market analysis in the future

Currently, the raw material side is fluctuating at a high level, providing stable cost support for cyclohexanone. As the Spring Festival approaches, downstream stocking of cyclohexanone is gradually coming to an end, and there is little fluctuation in the market. The cyclohexanone data analyst from Business Society believes that in the short term, the domestic cyclohexanone market will mainly remain stable and operate, and more attention should be paid to changes in supply and demand.

Product Name: Isopropanol

Latest price: The market average price on January 20th was 6660 yuan/ton, unchanged from the previous trading day.

Analysis points: The isopropanol market is currently stable and operating. The upstream acetone market price is high, and the cost support is still acceptable. As the end of the year approaches, downstream market inquiries are average, market trading is cautious, and procurement is on demand. Overall, the market enthusiasm is still acceptable, and the focus of negotiations is mainly on maintaining stability.

It is expected that the isopropanol market will consolidate and operate within a certain range in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the price of domestic sodium metabisulfite has fallen this week. The average price of industrial grade sodium metabisulfite at the beginning of the week was 1860 yuan/ton, and the average price over the weekend was 1856 yuan/ton, with a price drop of 0.18%.

This week, the domestic industrial grade sodium metabisulfite market prices have been weak and declining. The upstream soda ash prices of sodium metabisulfite have remained stable this week, while downstream market transactions have been light and prices lack favorable support. (The above prices refer to the quotes provided by mainstream domestic enterprises, and some unreported enterprises are temporarily not within their scope. The prices are for reference only and are not related to the final pricing of the manufacturers. For details, please contact each manufacturer for consultation.).

Future forecast

At present, the transaction volume of sodium metabisulfite market is lower than expected, and it is expected that the domestic market price will mainly fluctuate and weaken in the short term.

According to the analysis system of Business Society, the domestic anhydrous hydrofluoric acid market has been operating weakly and steadily this month. As of January 15th, the benchmark price of hydrofluoric acid in Shengyi Society was 11500 yuan/ton, a decrease of -0.72% from the beginning of this month.

Supply side: In January, the domestic hydrofluoric acid market showed a weak and stable trend, and hydrofluoric acid plants started operating at a low level. As the end of the year approaches, the downstream refrigerant quota for 2024 has been exhausted, and factors such as insufficient demand follow-up have led to low supply of hydrofluoric acid, with an overall operating rate of around 60%. It is expected that new quotas will enter the market after the holiday, and terminal demand will gradually recover, resulting in an increase in operating rates.

Raw material side: This week, the price of raw fluorite remained weak and stable. The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. 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. Although the rectification action is coming to an end, the affected area has not narrowed. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The supply of fluorite sources is still tight. According to the analysis system of Shengyi Society, as of January 15th, the benchmark price of Shengyi Society’s fluorite was 3603.75 yuan/ton, a decrease of -0.52% compared to the beginning of this month (3622.50 yuan/ton).

The market price trend of raw sulfuric acid has declined. According to the analysis system of Shengyi Society, as of January 15th, the benchmark price of sulfuric acid in Shengyi Society was 385.00 yuan/ton, a decrease of -12.99% compared to the beginning of this month (442.50 yuan/ton). The upstream sulfur market of sulfuric acid is declining, and the cost price is decreasing. Downstream customers of sulfuric acid are not enthusiastic about purchasing sulfuric acid, and the sulfuric acid price market is falling. The domestic hydrofluoric acid market price trend is weak and stable.

On the demand side: As the end of the year approaches, downstream refrigerant quotas are depleted, factory operating rates have decreased, inventory remains low, but there is still a demand for stocking downstream, and market prices remain strong. According to the analysis system of Shengyi Society, as of January 14th, the benchmark price of Shengyi Society R134a was 37333.33 yuan/ton, an increase of 3.70% compared to the beginning of this month (36000.00 yuan/ton). The current market price for refrigerant R134a is mostly around 44000 yuan/ton. It is expected that after the Spring Festival, with the entry of new refrigerant quotas, downstream refrigerant companies may increase their procurement of hydrofluoric acid.

Market forecast: As the end of the year approaches, downstream refrigerant quotas will be exhausted, factory operating rates will decrease, and market demand will weaken. But with the introduction of new quotas after the holiday, downstream refrigerant companies may increase their procurement of hydrofluoric acid. It is expected that the hydrofluoric acid market will operate steadily with a moderate to strong trend next month, and more attention should be paid to the news of leading enterprises and market supply and demand.