According to the commodity analysis system of Shengyi Society, the styrene market fell weakly this week, with an average price of 8386 yuan/ton at the beginning of the week and 8354 yuan/ton over the weekend, a decrease of 0.38% during the week.

News: On March 21st, the settlement price of international crude oil futures rose by over 1.5%. The settlement price of WTI crude oil futures in April rose by 1.64% to $68.26 per barrel; The settlement price of Brent crude oil futures for May rose 1.72% to $72 per barrel..

Cost wise: Pure benzene continued to decline this week, with more imported goods and increased downstream maintenance, resulting in a weak recent trend. Shandong’s local refining enterprises’ shipments fell short of expectations, with cargo holders actively shipping, while downstream demand for gas was average, and market prices continued to decline.

Supply and demand side: styrene production remains stable, with increased maintenance and supply tightening expectations. Downstream demand support is essential, with some profit recovery, but market inventory is high, making it difficult to increase production.

Styrene external market: On the 20th, the closing price of styrene in the Asian US dollar market rose by 5 US dollars per ton, FOB Korea 980-990 USD/ton, CFR China 990-1000 USD/ton.

Market forecast: The supply side has strong support, but there is a high possibility that the raw material pure benzene will continue to weaken. It is expected that the short-term trend of styrene will be weak.

According to the Commodity Market Analysis System of Shengyi Society, there has been a slight rebound in lithium carbonate recently. As of March 17th, domestic battery grade lithium carbonate is priced at 76200 yuan/ton, up 0.26% from 76000 yuan/ton last week, down 3.3% from 78800 yuan/ton at the beginning of the year, and down 34.6% from 116600 yuan/ton in the same period last year; The average price of industrial grade lithium carbonate in China is 74100 yuan/ton, an increase of 0.27% from 73900 yuan/ton last week, a decrease of 3% from 76400 yuan/ton at the beginning of the year, and a decrease of 31% from 107400 yuan/ton in the same period last year.

The overall market situation of oversupply remains unchanged

Due to the low price of excess lithium carbonate and the lack of enthusiasm for lithium ore trading, the reduction in production of Australian mines internationally has led to an increase in lithium ore prices. However, the high production and cost advantage of salt lakes have resulted in a loose overall raw material market.

Demand has increased, but it is difficult to offset the increase in supply

The market demand is gradually recovering, and the production of positive electrode materials has increased, but the overall demand is not strong, and it is difficult to change the surplus situation. Industry insiders maintain a cautious attitude towards the market, restocking as needed, and the trading market remains sluggish.

Business Society’s lithium carbonate data analyst believes that there is currently an excess of lithium carbonate inventory, and although there has been a slight correction, it is expected that the rebound momentum will be insufficient and continue to fluctuate.

The domestic phenol market is experiencing a broad downward trend. According to data monitored by Business Society, the domestic phenol market price was 7732 yuan/ton on March 7th, and on March 14th, the domestic phenol market price fell to 7475 yuan/ton, a decrease of 3.33%.

The decline of raw material pure benzene has a negative impact. Under the continuous decline in pure benzene prices and the weak impact of cost, the pressure on factories and traders has increased. Although traders intended to stabilize prices at the beginning of the week, with the gradual recovery of Shanghai Xisa and Qingdao Haiwan phenol ketone plants, the supply pressure has increased. Traders reported a decline in trading prices, and factories concentrated on lowering their listing prices. The market continued to decline, and on Friday, the market improved slightly, with some markets experiencing a correction of 30-50 yuan/ton.

The demand is flat, downstream terminal factories have average purchasing sentiment when entering the market, and there is little intention to replenish goods. The main focus is on following up on urgent needs, and the participation of intermediate traders is limited. Currently, the profits of phenol ketone enterprises are still on the brink of loss, and the market decline is limited.

Sinopec Huadong phenol is listed at a price of 7600 yuan/ton. Sinopec North China phenol is listed at a price of 7600 yuan/ton. As of the 14th, the phenol offers in various mainstream markets across the country are as follows:

Region/ Quotation on the 14th/ Zhou’s ups and downs

East China region/ 7420./ -300

Shandong region/ 7400./ -300

Surrounding areas of Yanshan Mountain/ 7450./ -250

South China region/ 7650./ -200

From the perspective of Business Society, the phenol market is expected to experience narrow fluctuations next week, with raw material pure benzene prices at a low level or slightly rising, providing some cost support. The monthly average price of phenol is relatively high, and holders have limited willingness to offer discounts. However, demand enthusiasm is not high, and inventory intentions are not significant. The focus is on market demand, and it is expected that the potential for phenol to rise next week will be limited.

This week, the price of isooctanol fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of March 7th, the price of isooctanol was 7466.67 yuan/ton, a fluctuating decrease of 2.61% compared to the price of 7666.67 yuan/ton on March 1st. There is a significant increase in production capacity of isooctanol, leading to an increase in supply from isooctanol manufacturers; Plasticizer manufacturers are operating at low levels, resulting in a decrease in plasticizer production and a decrease in demand for isooctanol, leading to increased downward pressure on isooctanol.

Downstream plasticizer DOP prices fluctuated and fell this week

According to the Commodity Market Analysis System of Shengyi Society, as of March 7th, the DOP price was 8138.75 yuan/ton, a fluctuating decrease of 2.25% compared to the DOP price of 8326.25 yuan/ton on March 1st. The low operating rate of DOP plasticizer enterprises has led to a decrease in plasticizer production, a decrease in demand for isooctanol, and increased downward pressure on isooctanol.

Future expectations

According to the data analyst of Shengyi Society’s octanol products, downstream demand has decreased and the price of isooctanol has fluctuated and fallen. In the future, the operating load of plasticizer DOP enterprises will decrease, the production of plasticizers will decrease, and the demand for isooctanol will decrease. It is expected that the price of isooctanol will fluctuate and fall in the future.

According to the Commodity Market Analysis System of Shengyi Society, 85% of industrial formic acid in China has been operating steadily recently. As of March 4th, the reference price of Shengyi Society was 3050 yuan/ton, an increase of 3.39% compared to the same period in February and a decrease of 6.87% compared to the same period last year, reaching the highest level in 2025.

Raw material methanol: Some domestic methanol projects are undergoing maintenance, but the start of production has slightly declined; However, the port’s imports in February and March were relatively low, supported by stable external procurement of olefin raw materials from the mainland. The overall sales pressure in upstream production areas was not high, and traditional downstream demand procurement was essential. The raw material methanol was running steadily at a high level.

Raw material sulfuric acid: The domestic sulfuric acid market is showing a slight upward trend, with an increase of 20-60 yuan/ton. The trading atmosphere in the sulfuric acid market is good, and the demand in the terminal market is increasing. The shipment is still relatively good, and the market price is gradually increasing. In the short term, the price of sulfuric acid may continue to rise.

Downstream pesticide demand: The fertilizer and pesticide industry has entered the peak production season, with short-term demand expanding. Some products have limited instantaneous production, resulting in supply shortages and price increases. However, most products are focused on stability.

The formic acid data analyst from Shengyi Society believes that the upstream support for formic acid is strong, and downstream demand is improving. It is expected that formic acid prices will remain stable and strong in the short term.

Entering February, the market gradually bottomed out and stabilized, driven by the dual benefits of tightening supply and recovering demand. In the latter half of the year, the market started and prices rose sharply. According to the Commodity Market Analysis System of Shengyi Society, as of February 28th, the price of liquid ammonia in Shandong Province increased by 11.84% during the month. At the end of the month, the mainstream price of liquid ammonia in Shandong region was between 2600-2800 yuan/ton.

Device maintenance increases, northern supply continues to tighten

From a supply perspective, the overall supply of liquid ammonia in the market tightened in February, with some equipment undergoing maintenance. On the one hand, there were more companies scheduled for maintenance during the Spring Festival, and on the other hand, as the end of the month approached, the number of faulty equipment increased, affecting some production, mainly concentrated in northern regions such as Shandong, Henan, and Shaanxi. So, the increase in liquid ammonia prices in the northern market is relatively strong. Taking the Shandong market as an example, in the last week of the month, manufacturers increased their prices by more than 200 yuan/ton. In addition, the increase in self use of ammonia plants has resulted in fewer sources of goods entering the market.

The overall performance of the industrial chain is strong

From the perspective of the liquid ammonia industry chain chart, there has been a slight improvement in the upstream and downstream environment of liquid ammonia. The upstream natural gas continued to rise in February, with an increase of up to 7.34%. At the end of the month, the upward trend continued, with a slight slowdown in the increase, and the cost remained favorable. In addition, the downstream sector has slightly rebounded, and the operating rate of compound fertilizers continues to rise, increasing from 30% before the year to over 50%. The industrial sector maintains a strong demand, and the overall demand for liquid ammonia remains on the rise.

Downstream fertilizer demand increases

In terms of downstream related products such as urea, urea is the first to rebound. According to the Commodity Market Analysis System of Shengyi Society, urea rose as high as 8.63% in February, and the upward trend slowed down at the end of the month, maintaining a strong market rigidity. As of the end of the month, the mainstream quotation for small and medium-sized particles in Shandong region is around 1870 yuan/ton. The domestic urea fundamentals are expected to improve, and the demand for green manure is increasing, which has increased the demand for urea. In addition, industrial demand has continued to increase, and urea has experienced a small peak in production and sales. Manufacturers are also cooperating to release production pace, and market sentiment continues to heat up.

Market forecast:

Business analysts believe that in the short term, the liquid ammonia market is expected to maintain a strong trend. The main reason is that the supply side may remain tight in the near future. Although there are expectations for the recovery of faulty devices, there are too many planned maintenance companies. It is expected that prices will remain high at the beginning of next month. However, from mid month to the end of the month, due to the impact of device recovery expectations, the supply is expected to increase, and the market will show some supply pressure. There is a possibility of a decline in the price of liquid ammonia.

According to the Commodity Market Analysis System of Shengyi Society, the PP market in February fluctuated and stabilized after a decline, with most brand products experiencing narrow price reductions. As of February 28th, the mainstream offer price for wire drawing by domestic producers and traders is around 7516.67 yuan/ton, a decrease of -1.49% compared to the price level at the beginning of February.

price trend

In terms of raw materials:

In terms of remote upstream crude oil, the United States imposed tariffs this month and Trump requested OPEC to increase production to lower oil prices, while US crude oil inventories remained high. With the easing of the geopolitical situation between Russia and Ukraine, the market’s concerns about reduced demand for crude oil have widened. Prices are suppressed by various factors, resulting in weak fluctuations in oil prices. The favorable effects of low pre holiday prices and reduced supply in the propylene sector have gradually dissipated, coupled with a weakening upstream market, leading to a decline. Lack of active guidance on propane, with a focus on price consolidation. Overall, the PP raw material market in February was weak, providing moderate support for PP costs.

Supply side:

In February, the load of domestic PP enterprises was gradually reduced, but the market supply remained abundant. Overall, the industry’s overall load level has decreased from 83% at the end of January to 77%, and the domestic weekly average production has dropped to around 730000 tons. No production capacity will be implemented within the month, and the previously accumulated discharge pressure from the new equipment is gradually being absorbed. The maintenance and resumption of work of PP equipment in the future are mutually apparent, and from the results, it is expected that there will be a narrow relaxation trend in shipment volume. The supply side’s support for PP spot prices is expected to remain stable with small fluctuations.

In terms of demand:

The recovery of PP demand side in February was relatively slow, and the trading volume for the whole month was roughly at a weak level. At the end of the month, the resumption of work in enterprises is gradually in place, and the consumption level of woven bags such as fertilizers, cement, and rice is showing signs of recovery. The inventory of plastic woven enterprises has been partially digested. Although there was no significant increase in volume on the spot, it is expected that the potential for buyers to stock up in the future will expand. Overall, the demand side is showing a positive trend.

Future forecast

After the domestic PP market price fell in February, it sorted out. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is poor, industry supply is expected to level off, there is a trend of recovery in consumption, and market momentum has the potential to rise. But in the short term, the bullish momentum is not strong, and the market momentum is still insufficient. It is expected that the PP price market will continue to consolidate.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of February 25th, the reference average price of 85% thermal phosphoric acid in China is 6760 yuan/ton, which is 0.60% higher than the reference average price of 6720 yuan/ton on February 18th.

According to the Commodity Market Analysis System of Shengyi Society, as of February 25th, the reference average price of 85% wet process phosphoric acid in China is 7133 yuan/ton, which is stable compared to the reference average of 7133 yuan/ton on February 18th.

2、 Market analysis

Market Aspects

This week, the domestic price of phosphoric acid mainly fluctuated slightly. As of February 25th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6600-7000 yuan/ton, and the ex factory price of 85% thermal phosphoric acid in Sichuan region is around 6600-6800 yuan/ton. The domestic market price for 85% wet process phosphoric acid is around 6650-7300 yuan/ton.

In terms of cost

In terms of raw material yellow phosphorus. The market price of yellow phosphorus has fallen this week. At present, the supply of yellow phosphorus in the market is loose, and downstream demand for replenishment is high, resulting in low purchasing intentions and mostly low-priced transactions. Short term domestic yellow phosphorus prices are expected to remain weak.

Raw material phosphate rock market. The phosphate ore market has remained stable this week, maintaining a high and steady operation. At present, the market supply and demand are balanced, and market trading is still acceptable. It is expected that domestic phosphate rock prices will continue to operate steadily in the short term.

Supply and demand side

The supply and demand balance in the phosphoric acid market this week. At present, the supply of phosphoric acid in the market is stable, with stable shipments on the demand side and downstream replenishment mainly for urgent needs. Expected to maintain a balance between supply and demand in the short term.

3、 Future forecast

The phosphate analyst from Shengyi Society believes that the recent phosphate market has experienced narrow fluctuations, with overall stability being the main factor. The price of raw material yellow phosphorus has decreased, and there is insufficient cost support. The market transaction atmosphere is good, and the transaction volume is still acceptable. It is expected that the short-term phosphoric acid market will mainly experience consolidation and operation.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated within a certain range this week, with a slight overall decline. From February 17 to February 24, 2025, the mixed xylene price was 6670 yuan/ton, a decrease of 0.6%. There are slight differences in performance among different regions, with Shandong experiencing a decline followed by an increase, and downstream demand initially weak and then strong during the week. The PX and oil blending industries actively entered the market for procurement, driving prices in Shandong to fall first and then rise. Affected by high inventory, the spot market in East China is under pressure and experiencing a slight decline. The overall inventory in southern China is high, and the market is under pressure to decline.

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 xylene quotation summary. Currently, the company is operating normally, with stable production and sales of equipment. The company’s quotation remains unchanged from the previous day. As of February 24th, East China Company quoted 6700 yuan/ton, North China Company quoted 6500 yuan/ton, South China Company quoted 6750-6800 yuan/ton, and Central China Company quoted 6500 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 overall outlook for the crude oil market is weak, with limited cost support. In terms of supply, Shandong’s local refining enterprises have recently had low inventory, and downstream purchasing intentions are still acceptable. Inventory in the East China region has been running at a relatively high level recently. In terms of demand, except for Shandong region, which has a good purchasing intention, the downstream purchasing intention in other regions has been relatively weak in recent times, and the ability to receive goods is limited. Overall, Shandong region is expected to operate steadily, moderately, and strongly under the support of demand, with slight upward potential, while other regions are expected to have weaker trends.

This week (2.15-2.21), the dichloromethane market in Shandong continued to lower prices and offer discounts for sales. According to the Commodity Market Analysis System of Shengyi Society, the average price of dichloromethane in Shandong Province on February 21 was 2410 yuan/ton, with a weekly decline of 6.32%.

The supply of dichloromethane in the Shandong market is stable, downstream demand is slowly recovering, and there is a lack of support for essential purchases. The pressure on enterprises to ship has increased, and inventory is high. Enterprises continue to lower prices and offer discounts for shipments. At present, the market is in a supply-demand game, with downstream demand supporting it, and there is still a bearish sentiment. On February 21st, the mainstream ex factory price of dichloromethane in Shandong region was around 2350-2400 yuan/ton.

Supply side: The operating load of the methane chloride unit in the enterprise has remained stable this week. The following is the operation status of the unit:

Cost aspect: The methanol market atmosphere has eased, supply is tight, and the market has fluctuated slightly upwards. On February 20th, the spot price of methanol in Shengyi Society was 2595 yuan/ton, an increase of 0.65% from the beginning of the week. The liquid chlorine market is experiencing a weak downward trend, with stable supply and reduced demand. In order to promote shipments, companies have slightly lowered the price of liquid chlorine.

Demand side: Dichloromethane is widely used, downstream production is gradually recovering, and procurement enthusiasm is not high. The operating rate of the refrigerant R32 industry is relatively low, and the overall supply is tight. In the long run, there is an expected increase in demand, and it is expected that the market will maintain a stable and upward trend in the future.

Business analysts believe that in the short term, enterprises will mainly consume inventory, and it is expected that dichloromethane will operate steadily, moderately, and weakly.