According to the Commodity Market Analysis System of Shengyi Society, the domestic aggregated MDI market experienced a weak decline in September. From September 1st to 29th, the domestic market price of aggregated MDI increased from 15250 yuan/ton to 14833 yuan/ton, with a monthly price drop of 2.73% and a year-on-year price drop of 17.97%.

In early September, the factory started operating steadily, the market supply was filled quickly, intermediaries were not smooth in shipping, market inventory pressure increased, and the price of aggregated MDI was under downward pressure.
In mid to late September, middlemen pushed up prices at low prices, leading to an increase in market inquiries but low transaction volume. The downstream market was not prosperous during the peak season, and there was no significant improvement in the Jinjiu market. Despite weak fundamentals, the aggregated MDI market continued to weaken after a slight increase, and the market remained stagnant until the end of the month.
On the supply side, the 80000 tons/year MDI plant in Dongcao Rui’an restarted on August 26th and the plant has returned to normal. The remaining devices are running smoothly.
On the cost side, the raw material pure benzene: In September, the pure benzene market fluctuated and fell, influenced by its own supply and demand and macro privacy. The average price of pure benzene at the beginning of the month was 5975 yuan/ton, and the average price at the end of the month was 5900 yuan/ton, with a monthly decline of 1.23%. The aniline market rose in a stepwise manner in September. On September 1st, the market price of aniline was 7550 yuan/ton, and on September 29th, the price was 7750 yuan/ton, with a fluctuation of 2.65% during the cycle, a decrease of 22.98% compared to the same period last year.
On the demand side, the downstream peak season is not prosperous, and the Jinjiu market has ended flat. With strong supply and weak demand, the aggregated MDI market is prone to decline but difficult to rise.
Market forecast: As we enter October, major manufacturers have maintenance plans and are expected to reduce supply. The expected increment on the demand side is limited, and it is expected that the aggregated MDI market will fluctuate within a certain range in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from September 22 to 28 (as of 15:00), the domestic methanol market in East China port prices rose from 2255 yuan/ton to around 2265 yuan/ton, with a price increase of 0.44% during the cycle, a month on month increase of 0.85%, and a year-on-year decrease of 8.61%. Affected by weather and other factors, the unloading speed is limited, and the methanol inventory at the port is depleted. However, due to the high import volume in recent times, the inventory is mainly maintained at a high level, and downstream bargain hunting continues to suppress the market. The overall market performance is still weak, with narrow fluctuations as the main factor.

As of the close on September 28th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract for methanol futures, 2601, opened at 2360 yuan/ton, with a highest price of 2367 yuan/ton and a lowest price of 2347 yuan/ton. It closed at 2364 yuan/ton in the closing session, up 12 yuan/ton or 0.51% from the previous trading day’s settlement. The trading volume is 170414 lots, the open position is 877555, and the daily increase position is -7577.
On the cost side, downstream pre holiday replenishment is coming to an end, coal prices are gradually stabilizing, and cost support is relatively stable. The impact of methanol cost is mixed.
On the demand side, glacial acetic acid: The starting price of the northwest factory of glacial acetic acid has been raised by 40 yuan/ton, and the company’s shipments are smooth. Formaldehyde: The formaldehyde market is fluctuating. Dimethyl ether: The dimethyl ether market is running smoothly. Most downstream products are affected by methanol prices, and the impact on methanol demand is mixed.
On the supply side, the overall recovery of the equipment exceeds the loss, resulting in an increase in capacity utilization. The supply of methanol is affected by favorable factors.
In terms of external markets, as of the close of September 25th, the CFR Southeast Asian methanol market closed at a price of 325.5-326.5 US dollars per ton. The FOB US Gulf methanol market closed at 100-101 cents per gallon; The closing price of the European FOB Rotterdam methanol market was 280.5-281.5 euros/ton, down 2 euros/ton.
Market forecast: Pre holiday stocking is coming to an end, traditional downstream demand is beginning to weaken, and domestic olefin plants are maintaining high operating rates, which will support prices. Business Society’s methanol analyst predicts that the domestic methanol spot market will be consolidating and observing.

The domestic fluorite market rose in September, with an average price of 3497.5 yuan/ton as of the end of the month, an increase of 7.0% from the end of the month price of 3268.75 yuan/ton and a year-on-year increase of 3.63%.
Supply side: Low 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 is relatively normal. 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. In addition, the market’s bullish expectations have led to an increase in the reluctance of holders to sell, making it difficult to find low-priced sources of goods. Fluorite mining enterprises choose factories and hold up prices to sell. With the decrease in temperature in the north, the winter shutdown period for mines and beneficiation plants in the northern region is approaching, and the market supply is further tightening, leading to an upward trend in the fluorite market in September.
Demand side: Hydrofluoric acid prices rise, refrigerant market rises
In August, the domestic price of hydrofluoric acid rose, and the mainstream price of hydrofluoric acid in various regions of China was negotiated at 11000-11700 yuan/ton. The downstream hydrofluoric acid equipment is still in shutdown, 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. In the new month, the pricing of hydrofluoric acid major factories has increased significantly, which has increased the enthusiasm for purchasing fluorite. This news has affected the fluorite price market, which has risen sharply.
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 and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market, with a clear mentality of buying up rather than buying down, and strong reluctance among holders to sell; In addition, the supply of fluorite in the northern region will become tighter in the later stage, and the downstream market for hydrofluoric acid and refrigerants will be stronger. However, hydrofluoric acid enterprises will mainly purchase according to demand. Overall, the fluorite market price trend will continue to rise in the short term.

This week, the market price of epichlorohydrin showed a broad downward trend. According to the monitoring and analysis system of Shengyi Society, as of September 19th, the benchmark price of Shengyi Society’s epichlorohydrin was 12200 yuan/ton, a decrease of -6.15% from the beginning of this week (September 15th).
Price influencing factors:

Raw material side: This week, the market prices of raw materials propylene and glycerol have both shown an upward trend. The profit margin of epoxy chloropropane with different processes is constantly increasing. Among them, the glycerol method turned losses into profits, leading to an increase in the production enthusiasm of enterprises and a gradual increase in market supply. Overall, there is still support for the epoxy chloropropane market on the cost side. According to the market analysis system of Shengyi Society, as of September 19th, the benchmark price of propylene in Shengyi Society was 6730.75 yuan/ton, an increase of 1.01% compared to the beginning of this month (6663.25 yuan/ton).
Device situation:
After the price of epichlorohydrin soared to a high level, the glycerol based epichlorohydrin turned losses into profits, and multiple enterprises restarted their facilities one after another. The industry’s capacity utilization rate increased to around 50%, easing the tight supply situation. The increase in supply of epichlorohydrin has increased market competitiveness, leading to a wide decline in epichlorohydrin prices.
On the demand side: Downstream epoxy resin manufacturers have weak demand for high priced raw material procurement and are purchasing on demand. Many businesses are adopting a cautious and wait-and-see attitude, and their enthusiasm for inquiries has weakened, resulting in the epoxy chloropropane market entering a high level and falling back, with prices showing a broad downward trend.
Market forecast: Analysts from Shengyi Society believe that the high prices of glycerol and propylene on the cost side support the market, coupled with sufficient supply and weakened downstream inquiry enthusiasm. They are not proactive in purchasing high priced raw materials, and it is expected that the focus of the epoxy chloropropane market will mainly decline in the later stage. More attention still needs to be paid to changes in raw material prices and market supply and demand.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average market price of baking soda from the beginning of the week to the weekend was 1248 yuan/ton, a decrease of 24.82% compared to the same period last year. On September 18th, the Business Society Baking Soda Index was 82.83, unchanged from yesterday and hitting a historic low for the cycle, a decrease of 64.88% from the highest point of 235.84 on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is running steadily, and the company’s shipments are still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1270 yuan/ton in Henan region and 1200-1300 yuan/ton in Shandong region. Due to downstream demand based procurement, it is expected that consolidation and operation will be the main focus in the later stage. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash has been consolidating this week. The average market price at the beginning of the week is now 1184 yuan/ton, and the average market price over the weekend is 1188 yuan/ton, with a price increase of 0.34% and a decrease of 30.36% compared to the same period last year. Downstream buyers tend to purchase on demand.
Business Society analysts believe that the price of baking soda has been consolidating recently, and the upstream raw material soda ash has also been consolidating recently. Downstream industries such as pharmaceuticals, textiles, and food have been purchasing on demand recently, and demand enthusiasm for baking soda is still acceptable. Overall, it is expected that the price of baking soda will mainly fluctuate in the later stage, depending on downstream market demand.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the reference average price of domestic urea market was 1665 yuan/ton, which is 2.27% lower than the reference average price of 1703 yuan/ton on September 8th.
2、 Market analysis
market situation
This week, the domestic urea market is weak and declining. This week, the urea futures market price continued to decline, and the spot market followed the fluctuations of the futures market. As of September 15th, the urea market prices in Shandong are around 1630-1670 yuan/ton, Hebei is around 1650-1670 yuan/ton, Henan is around 1640 yuan/ton, Hubei is around 1670 yuan/ton, and Liaoning is around 1690 yuan/ton.
Supply and demand situation
This week, the domestic urea market is experiencing oversupply. On the supply side, some early parking devices resumed production this week, with a slight increase in daily output and ample market supply. In terms of demand, the current agricultural demand is still weak, with downstream essential procurement being the main focus, and the market transaction atmosphere is not good.
3、 Future forecast
Business Society’s urea analyst believes that the domestic urea market prices have continued to decline in recent days. At present, the inventory of urea market is high, downstream procurement is cautious, and there is no improvement on the demand side, resulting in weak market transactions. It is expected that domestic urea prices will continue to operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from September 5th to 12th (as of 10:00), the price of methanol at East China ports in the domestic market increased from 2271 yuan/ton to around 2288 yuan/ton, with a price increase of 0.73% during the period, a month on month decrease of 4.02%, and a year-on-year decrease of 4.88%. The domestic methanol market has seen a significant increase, mainly due to the strength of olefins in mainland China, an increase in external procurement volume, and low inventory levels of enterprises, resulting in a low supply of tradable goods. Downstream and trade sectors are actively following up with a buying mentality..

As of the close on September 12th, methanol futures on the Zhengzhou Commodity Exchange fluctuated strongly. The MA2601 contract opened at 2398 yuan/ton, with a highest price of 2422 yuan/ton and a lowest price of 2381 yuan/ton. It closed at 2407 yuan/ton at the end of the day, up 10 yuan/ton from yesterday’s closing settlement. As of the closing, the MA2601 contract position was 756000 lots, a decrease of 12700 lots from the previous trading day.
On the cost side, coal supply is stable, demand follow-up is insufficient, market bearish sentiment is heating up, and cost support is weakening. The cost of methanol is influenced by negative factors.
On the demand side, glacial acetic acid: The market price of glacial acetic acid is generally stable, and factories often ship according to their own situation. Currently, the sales pressure on factories is still acceptable. Formaldehyde: The formaldehyde market is stable with an upward trend. The main production areas have experienced a slight increase driven by costs, and their acceptance of the increase is still acceptable. Downstream demand for goods remains high. Dimethyl ether: The dimethyl ether market is running smoothly. The price of methanol has strengthened significantly and costs have increased, making it difficult for the price of Henan dimethyl ether to rise due to downstream weakness. Most downstream products are affected by methanol prices, and the impact on methanol demand is mixed.
On the supply side, the overall recovery of the equipment is less than the loss, resulting in a decrease in capacity utilization. The supply of methanol is affected by favorable factors.
In terms of external markets, as of the close of September 11th, the closing price of CFR Southeast Asia methanol market was 321.5-322.5 US dollars/ton. The FOB US Gulf methanol market closed at 94-95 cents per gallon; The closing price of the European FOB Rotterdam methanol market was 292.5-293.5 euros/ton, down 1 euro/ton.
Based on the overall forecast, the methanol market is currently in a relatively stagnant state due to the combined effects of multiple factors. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

This weekend, the market price of epichlorohydrin has risen sharply, and some manufacturers have closed their orders without reporting. Downstream demand is average, and procurement is mainly based on demand, with a general cautious and wait-and-see attitude. According to the monitoring and analysis system of Shengyi Society, as of September 5th, the benchmark price of Shengyi Society’s epichlorohydrin was 12100 yuan/ton, an increase of 4.31% compared to early September.

Price influencing factors:
Raw material side: This week, the prices of raw materials propylene and glycerol have both increased, supported by high cost side prices. In addition, a sudden event occurred in a leading enterprise on the supply side, resulting in some companies closing down, tight spot inventory, and a broad rise in epoxy chloropropane prices. According to the market analysis system of Shengyi Society, as of September 4th, the benchmark price of propylene in Shengyi Society was 6678.25 yuan/ton, an increase of 0.23% compared to the beginning of this month (6663.25 yuan/ton).
On the demand side: The downstream epoxy resin market has a strong wait-and-see attitude, with rigid procurement being the main focus. Faced with a sharp increase in raw materials, some manufacturers are cautious and have insufficient willingness to purchase high priced raw materials. Some downstream enterprises have tentatively raised prices, but there is insufficient follow-up on terminal demand, and the actual trading atmosphere is average. Overall, the demand side has limited support for the epoxy chloropropane market.
Market forecast: Analysts from Shengyi Society believe that the high prices of glycerol and propylene on the cost side support the market, and spot inventory is tight. In addition, unexpected events have led to a more positive sentiment among suppliers to push up prices. It is expected that the epoxy chloropropane market will continue to operate steadily and strongly in the near future, and more attention needs to be paid to changes in raw material prices and market supply and demand.

At the beginning of September, the cost of anhydrous hydrogen fluoride enterprises was inverted, and the market hit bottom and pulled back. According to the analysis system of Shengyi Society, as of September 1st, the benchmark price of hydrofluoric acid in Shengyi Society was 11466.67 yuan/ton, an increase of 7.67% from the end of August.

On the raw material side: This week, the domestic supply of fluorite is tight, with prices rising, putting high pressure on the cost of hydrogen fluoride. As of September 1st, the benchmark price of fluorite in Shengyi Society was 3268.75 yuan/ton, an increase of 4.18% compared to the beginning of last month (3137.50 yuan/ton). 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 operation of fluorite enterprises. The sustained high price of fluorite puts pressure on the cost of hydrofluoric acid, and production enterprises still face the pressure of losses, resulting in cost inversion. The price of hydrofluoric acid industry has hit bottom and rebounded.
On the demand side: Downstream is experiencing the traditional peak season of “Golden September and Silver October”, with strong upward sentiment in the industry. Some downstream enterprises are gradually increasing their raw material inventory, but due to the impact of capital flow, only small orders are increasing in volume. Most companies still prioritize restocking for essential needs. It is expected that the price trend of hydrogen fluoride will be strong in the short term.
Market forecast: The price of raw material fluorite will rise, the cost of hydrofluoric acid will be under high pressure, and production enterprises will still face loss pressure. Downstream terminal demand is average, and only a small number of orders will be signed. It is expected that the anhydrous hydrogen fluoride market will continue to have a strong trend in the later stage. More attention should be paid to changes in market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the xylene market will experience a volatile downward trend in August 2025. From August 1st to 29th, the domestic market price of xylene fell from 6070 yuan/ton to 5680 yuan/ton, with a cumulative decrease of 6.43% during the period.

In the first half of this cycle, the overall decline of the domestic mixed xylene market and the overall weakness of the crude oil market dragged down the mentality of the spot market. Affected by low downstream purchasing intentions, the factory prices in Shandong have been continuously lowered. During the week, the supply in East and South China was relatively loose, downstream demand was weak, and overall market prices declined.
Late period: The xylene market experienced relatively small fluctuations in this cycle, with only a narrow downward adjustment. The listing prices of the main refineries in Shandong Province have been slightly reduced, with a narrow adjustment. Downstream chemical enterprises have still shown positive enthusiasm for entering the market, and the market trend is relatively stable. Downstream in both East and South China regions urgently need to replenish inventory, and the market performance is relatively stable. The factory prices of surrounding main refineries remain firm, and the supply and demand situation is relatively stable.
Cost wise: As of the 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. During this round of price adjustment cycle, crude oil prices were mainly volatile. On the one hand, OPEC+announced a cumulative increase in production of 2.3 million barrels per day by 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 tense situation in Europe and the upcoming peace talks have led to a weakening of geopolitical supply risks, negative global macro data, and the expectation of the Federal Reserve’s interest rate cut in September, making it difficult for the crude oil market to have positive support.
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 29th, 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:
According to the Commodity Market Analysis System of Shengyi Society, as of August 29, 2025, the price of xylene by Sinopec Sales Company has temporarily stabilized, with a current execution price of 7200 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities are operating stably and selling normally, with a price reduction of 50 yuan/ton compared to July 30. As of August 28th, the closing prices of the xylene market in Asia were $822-824/ton FOB Korea and $847-849/ton CFR China, a decrease of 19 yuan/ton from July 30th.
Market forecast: In terms of supply, the recent changes are relatively small, and the overall export situation of enterprises is relatively stable. In terms of shipping schedules, the recent arrival situation at ports is still acceptable, and the overall performance of the supply side is relatively stable. On the demand side, there is little room for further increase in the operating rate of PX enterprises in the near future, and the purchasing intention in the future is relatively stable. The performance of the oil blending market is biased towards demand. Overall, under the weak impact of supply and demand, it is expected that the xylene market will mainly operate steadily with a moderate to weak trend.