This week (4.27-30), domestic liquid ammonia prices showed weak upward momentum, continuing last week’s correction. According to the Commodity Market Analysis System of Shengyi Society, the weekly decline of liquid ammonia in Shandong region was 0.7%. The main reason is that under the background of stable downstream demand, local production increases and supply continues to exert pressure. At present, the mainstream price of liquid ammonia in Shandong region is between 2600-2800 yuan/ton.

From the supply side, the supply remained reasonably balanced this week. Previously, some units underwent maintenance, and production in Shandong, Henan, Northwest and other places slightly decreased. This week, enterprise units are still gradually recovering, and ammonia production has increased. The market is slowly increasing, and there is a slight increase in market supply. From the beginning of the week to the weekend, most companies did not adjust their prices, and some companies in Shandong lowered their prices by less than 100 yuan. The market showed a basic balance between supply and demand.
From the demand side, downstream demand has shown lukewarm performance, with the operating rate of compound fertilizers still at a low level, especially in northern regions where spring plowing is coming to an end and downstream procurement is cooling down. Affected by weak demand and insufficient sustained demand in the later stage, according to the commodity analysis system, the weekly decline in urea was 0.27%. In addition, the domestic industrial demand is weak, and agricultural demand is mainly purchased on demand with sporadic restocking. The improvement in demand is not significant, and the market’s wait-and-see mentality still dominates.
Market forecast:
Business analysts believe that liquid ammonia may remain stagnant in the short term, with little change in equipment and a relatively abundant supply pattern. In addition, there are not many favorable factors on the demand side, limited replenishment of agricultural demand, on-demand procurement in the market, and industrial rigid demand as the main focus. There are currently no bright spots in the market, and the ammonia market may maintain an adjustment pattern.

According to data from Shengyi Society’s spot trading platform, the domestic PP market fluctuated at a high level in April, with prices of various product brands fluctuating. As of April 30th, the benchmark price for PP drawing offered by Shengyi Society was 9316.67 yuan/ton, an increase of 4.18% compared to the beginning of the month.
price trend
In terms of raw materials:

Entering April, the situation in the Middle East has been fluctuating, and the market’s attitude towards the production and transportation of crude oil in the Middle East under the influence of geopolitical factors has shown differentiation and easing. The signals of a ceasefire between the United States and Iran continue, and the international oil price premium is rapidly shifting towards negotiations to ease expectations and resonate with negative fundamentals. Intermittent resumption of navigation in the Strait of Hormuz, IEA downgrades supply and demand expectations, while API inventories surge. The combination of multiple factors causes fluctuations in the trend of crude oil and looseness in the remote cost value of PP. In terms of propylene, the centralized maintenance of enterprise equipment was implemented within the month, and the demand side received stable goods. After the spot price rose to a high level, it entered the consolidation market. Although the arrival of propane at ports remains low, overseas prices have been revised downwards at high levels in the middle of the month, while domestic spot prices remain strong. Overall, the prices of various PP raw materials have fluctuated, which has loosened the support for PP costs.
Supply side:
During the April period, domestic PP enterprises concentrated their maintenance plans, and the overall operating rate rapidly declined to a historical low. As of the time of writing, the overall load of the domestic industry is over 60%. The current inventory position is over 760000 tons, and the imported goods are at a low level on the port side. Overall, the supply side has strong support for spot prices.
In terms of demand:
Affected by the rising market in March, PP prices were already at a high level in early April, and the overall trading atmosphere in the downstream market of the industry turned cautious. In the first ten days, oversold contracts and chasing orders from refineries were basically delivered, but the pace of subsequent transactions slowed down and warehouse building operations decreased. Buyers often use and take as you go, with scattered small orders being the main focus. Some terminal small and micro enterprises that have reduced production and stopped production due to high cost pressures have limited resumption of work, while large and medium-sized enterprises continue to stabilize and acquire goods. The demand side is generally in a wait-and-see situation, and its performance falls short of market expectations. Although some pre holiday stocking and consumption have entered the market, the volume is limited and the support for PP is average.
Future forecast
The domestic PP market price remained high and consolidated throughout April. Fundamentally speaking, during the peak maintenance season in April, the industry’s load position bottomed out, and port imports remained low. However, with a large production capacity base, the supply of goods can still meet the demand. Business Society PP analysts believe that the current PP market is torn between long and short positions, with ambiguous guidance and insufficient market action in the future, and may maintain a consolidation trend.

According to Shengyishe Spot News, as of the 27th, the price of ethyl acetate was 6516.67 yuan/ton, a decrease of 400 yuan/ton compared to the price of 6916.67 yuan/ton on April 20th, a decrease of 5.78%. The price of ethyl acetate raw materials continues to decline, and the cost side remains bearish. The market atmosphere for ethyl acetate is weak, and the price trend of ethyl acetate continues to decline.
The continuous decline in upstream acetic acid prices has had a negative impact on the ethyl acetate market, leading to a pessimistic attitude among enterprises and a downward trend in quotations following the market; Downstream demand for ethyl ester is limited due to limited actual market transactions and insufficient support from the demand side; On the supply side, the operating rate of the ethyl acetate plant fluctuated narrowly, the supply of goods was stable, and enterprises actively shipped before the holiday. The market fundamentals were weak, and the ethyl acetate market was weakly declining.
In the future, there will be sufficient supply of ethyl acetate, with enterprises maintaining a focus on shipments. The price of raw material acetic acid is weak, and cost support is insufficient. Downstream parties will follow up on demand when entering the market, and the market trading atmosphere will be poor. It is expected that the ethyl acetate market will continue to operate weakly before the holiday, and specific attention will be paid to the raw material market and downstream follow-up situation in the future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of pure benzene in the Shandong region has risen this week. On Monday, the price of pure benzene was 8436.67 yuan/ton, and on Friday it was 8626.67 yuan/ton, with a 2.25% increase in price during the week.
2、 Market analysis
Pure benzene: The market price of pure benzene in Shandong has risen this week. Yesterday, international crude oil futures closed higher, and the confidence in the pure benzene market is still good. Today, Shandong’s local refineries saw a slight increase in prices, while pure benzene in East China remained weak and stable. We need to be cautious about macro market fluctuations and pay more attention to the development of the situation in the Middle East.
Downstream aspects
3、 Future forecast
Crude oil futures: On April 16th, international crude oil futures closed higher. The settlement price of the May WTI crude oil futures contract in the United States was $94.69 per barrel, an increase of $3.40 or 3.7%. The settlement price of Brent crude oil futures in June was $99.39 per barrel, an increase of $4.46 or 4.7%.
Foreign pure benzene: On April 16th, FOB Korea fell 17 to 1142 US dollars/ton, and CFR China fell 15 to 1133 US dollars/ton. FOB Rotterdam remained stable at $1189 per ton, while FOB USG dropped by 4 to 475 cents per gallon.
Overall expectation: The short-term pure benzene market is expected to be strong and volatile, with cautious trading. Observe the cost and demand side 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.

This week, the price of plasticizer DOP stopped rising and fell
According to the Commodity Market Analysis System of Shengyi Society, as of April 10th, the DOP price was 10275.83 yuan/ton, which first increased and then decreased by 0.16% compared to the DOP price of 10259.17 yuan/ton on April 1st; Compared to the DOP price of 10375.83 yuan/ton on April 8th, it has decreased by 0.96%. The impact of the Middle East geopolitical crisis has led to a sharp rise in crude oil prices, which are rapidly transmitted downstream along the industry chain. The prices of isooctanol and phthalic anhydride have risen sharply, the cost of DOP has increased, and the price of plasticizer DOP has risen significantly; The US Iran ceasefire agreement lasted for two weeks, causing a decline in crude oil prices and downstream product prices. The prices of octanol and phthalic anhydride also fell, and the cost of DOP decreased, resulting in a decrease in DOP prices.
The crude oil market is transmitted downstream
On April 8th, as the deadline set by the Trump administration expired, the United States and Iran announced a two-week ceasefire agreement mediated by Pakistan. According to the agreement, the ceasefire will take immediate effect, and Iran has agreed to temporarily open the Strait of Hormuz to ensure global shipping safety. The delegations of the United States and Iran will hold negotiations in Islamabad, the capital of Pakistan, on April 10th. This news has caused severe fluctuations in the global commodity market, with crude oil prices experiencing a sharp decline. However, due to damage to energy facilities in the Middle East and slow supply chain repairs, oil prices are unlikely to return to pre conflict levels. Crude oil is the source of the chemical industry chain, and the decline in oil prices is transmitted downstream, resulting in a decrease in the prices of isooctanol and phthalic anhydride.
The price of raw material isooctanol has stopped rising and fallen
According to the Commodity Market Analysis System of Shengyi Society, as of April 10th, the price of isooctanol was 9200 yuan/ton, which first increased and then decreased by 0.72% compared to the price of 9266.67 yuan/ton on April 1st; Compared to April 7th, the price of isooctanol decreased by 3.50% to 9533.33 yuan/ton. The ceasefire agreement between the United States and Iran has been reached, and the decline in crude oil prices has been transmitted downstream, resulting in a decrease in propylene prices and a decrease in costs. The price of isooctanol has also dropped.
Phthalic anhydride market stops rising and falls
According to the Commodity Market Analysis System of Shengyi Society, as of April 10th, the price of phthalic anhydride in neighboring countries was 9333.33 yuan/ton, a fluctuating decrease of 0.89% compared to the price of 9416.67 yuan/ton on April 1st. The sharp drop in crude oil prices due to the ceasefire between the United States and Iran has been transmitted downstream, increasing the downward pressure on phthalic anhydride. However, there are many shutdowns and maintenance of raw material benzene enterprises. In April, Yangzi Petrochemical’s benzene equipment was under maintenance, and in May, Jinling Petrochemical had a maintenance plan for its benzene equipment. The supply of benzene has been severely reduced, and there is insufficient room for the price of benzene to fall. The support of rising phthalic anhydride costs still exists, and the pressure of falling phthalic anhydride prices is insufficient. The support of plasticizer costs still exists.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the decline in crude oil prices has led to a decrease in isooctanol prices and a decrease in the cost of plasticizer DOP. In the future, it is difficult for crude oil prices to return to their pre conflict low levels, which will be transmitted downstream. The downward space for isooctanol prices is limited, and the support of phthalic anhydride rising still exists. The cost of plasticizer DOP raw materials has limited decline, and the downward pressure on plasticizer DOP is relatively small. It is expected that the price of plasticizer DOP will weakly consolidate in the future.

Isooctanol market trend
According to the Commodity Market Analysis System of Shengyi Society, the price of isooctanol increased by 42.5% from about 6700 yuan/ton in early March to 9500 yuan/ton on April 8th, showing a unilateral upward trend overall. But since mid March, the price of isooctanol has first fallen and then risen, and the overall price has fluctuated and consolidated. Affected by the rising cost of raw materials, the price of isooctanol increased significantly in early March, and the market for isooctanol on the supply and demand sides was deadlocked, with limited support for the rise of isooctanol on the supply and demand sides.
US Iran ceasefire for two weeks
At the expiration of the deadline set by the Trump administration, the United States and Iran announced a two-week ceasefire agreement mediated by Pakistan. According to the agreement, the ceasefire will take immediate effect, and Iran has agreed to temporarily open the Strait of Hormuz to ensure global shipping safety. The delegations of the United States and Iran will hold negotiations in Islamabad, the capital of Pakistan, on April 10th. This news triggered severe fluctuations in the global commodity market, with crude oil prices plummeting. However, due to damage to energy facilities in the Middle East and slow supply chain repairs, oil prices are unlikely to return to pre conflict levels. Crude oil is the source of the chemical industry chain, and the decline in oil prices directly reduces production costs. The cost has decreased, and the pressure to lower the price of isooctanol has increased.
The supply and demand situation of isooctanol is deadlocked
Isooctanol enterprises are operating at a high level, and the operating load of their facilities remains above 90%, indicating sufficient supply of isooctanol. Downstream procurement is mainly based on essential needs. If the PVC industry’s operating rate declines or export orders decrease in the future, the upward momentum of DOP prices may weaken. Overall, the supply and demand situation of isooctanol is deadlocked.
Spot Market Forecast
According to the Commodity Market Analysis System of Shengyi Society, the price of isooctanol has been above the 20 day moving average, 30 day moving average, and 60 day moving average since the spot moving average crossed other price moving averages in early March, indicating an upward trend; Starting from mid March, the spot moving average and 10 day moving average of isooctanol intertwine, indicating a volatile trend in the isooctanol market.
On April 7th, the price of isooctanol was at a high level in all cycles, and in the past 20 days, the price of isooctanol has been at a high level in cycles (30 day, 60 day, 90 day, and one-year levels), and has been on a warning of over inflation within a year. The price has risen too quickly in the short term and deviated from the moving average, increasing the risk of price decline and limiting the upward space. In the past 20 days, the price moving average of isooctanol has repeatedly crossed the 10 day moving average, indicating a strong willingness for the isooctanol market price to decline. The isooctanol market is deadlocked, but the risk of decline is accumulating.
comprehensive analysis
The data analyst of Business Society’s octanol product believes that the supply and demand situation of isooctanol is deadlocked, and there is no significant upward support for isooctanol. From the trend of isooctanol price moving averages and price range warnings, it can be seen that the risk of isooctanol price decline has increased. In terms of cost, due to the impact of the ceasefire between the United States and Iran, crude oil prices have plummeted, and the expected cost of isooctanol has decreased, increasing the downward pressure on isooctanol. Overall, with cost reduction and supply-demand stalemate, it is expected that the price of isooctanol will fluctuate and fall in the future market.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of lithium carbonate has fluctuated sharply recently. As of April 1st, the benchmark price of battery grade lithium carbonate in Shengyi Society was 158000 yuan/ton, a month on month decrease of 8.67% and a year-on-year increase of 113.61%.

This round of market trend is no longer simply driven by supply and demand, but the result of multiple disturbances and repeated fermentation on the supply side, as well as the amplification of emotions in a low inventory environment.
Supply side: Two major sources of disturbance repeatedly ferment
（1） Zimbabwe: Export ban ‘pending’
On February 25, 2026, Zimbabwe suddenly announced an indefinite suspension of lithium ore and lithium concentrate exports, covering goods in transit.
Affected by this news, the price of lithium carbonate jumped from 140000/ton to 170000/ton. Recently, there have been talks between Chinese funded enterprises and the government, but the details have not been implemented yet. The market oscillates between “relaxation of bans” and “long-term tightening”, and every rumor triggers a huge price shock.
（2） Australia: ‘Oil Shortage Storm’
Affected by the situation in the Middle East, there is a shortage of diesel in some mines in Australia, and there are reports of “load reduction and compression operations”. Lithium carbonate saw a daily increase of 8000 yuan/ton. Although it was later clarified that Australian diesel is mainly used in the transportation sector, and mining electricity mainly relies on natural gas, so it has not yet affected lithium mining production, the continent’s lithium mines are facing problems such as declining grade, slowing expansion, and reduced production of high cost mines during low price periods, resulting in a significant decrease in supply elasticity. Any marginal disturbance is easily amplified as a ‘risk of supply interruption’.
Bottom level environment: low inventory+demand resilience, amplifying the power of supply disruptions
At the end of March, inventory shifted from destocking to accumulation, but the magnitude was small and still at a low level. The overall social inventory is low, and once the supply tightens and expectations rise, it is highly likely to trigger “grabbing” and price surges. There is no obvious collapse on the demand side, and geopolitical factors have led to an increase in oil prices. The economy of energy storage is prominent, and the market momentum is strong.
Business Society’s lithium carbonate data analyst believes that the uncertainty of resuming production in Zimbabwe, Australia, and the suspended Ningde Jianxiawo will exist for a long time. Every policy change and logistics obstruction may trigger a new round of ups and downs, and lithium carbonate prices may fluctuate. Specific changes in supply and demand still need to be monitored.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of pure benzene in the Shandong region has fluctuated and fallen this month. On March 1st, the price was 6160 yuan/ton; On March 31st, the price was 8586.67 yuan/ton, an increase of 39.39% from the beginning of the month. Affected by the Middle East conflict and shipping in the Strait of Hormuz, the highest price of pure benzene this month was 12002.33 yuan/ton on March 9th.
2、 Market analysis
Pure benzene: Today, the domestic market price of pure benzene continues to rise. International crude oil futures have risen, and the price of pure benzene has increased in foreign markets. Domestic contract holders are actively replenishing and delivering at the end of the month, leading to an increase in market trading volume. Recently, Shandong Pure Benzene Refinery has been selling in large quantities, resulting in a price increase. The price of pure benzene in Sinopec’s refineries in East and South China has remained stable at 9000 yuan/ton, and will be implemented on March 30th. It is expected that the pure benzene market will experience slight fluctuations in the short term.
This month, Sinopec has raised the price of pure benzene by 2700 yuan/ton to 9000 yuan/ton.
Downstream aspects
3、 Future forecast
Crude oil futures: On March 30th, international crude oil futures continued to rise. The settlement price of the May WTI crude oil futures contract in the United States was $102.88 per barrel, an increase of $3.24 or 3.3%. The settlement price of Brent crude oil futures in June was $107.39 per barrel, an increase of $2.07 or 2.0%.
Foreign pure benzene: On March 30th, foreign pure benzene: FOB Korea rose 30 to $1148/ton, CFR China rose 30 to $1157/ton. FOB Rotterdam rose by 34 to $1200 per ton, while FOB USG remained stable at 413 cents per gallon.
Overall forecast: Due to the impact of the Middle East conflict and shipping in the Strait of Hormuz, the pure benzene market is expected to have a strong overall sentiment in the short term. We still need to wait and see more news on the cost and demand sides. 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.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of March 30th, the average quotation price of domestic high-quality DMF enterprises was 5500 yuan/ton. The DMF market price has recently risen narrowly, and currently the DMF market is operating in a narrow and strong direction.
2、 Cause analysis
In terms of the market, the upstream methanol market is currently experiencing strong price fluctuations, with limited room for price increases and limited support for DMF costs. Dimethylamine supply is concentrated, mainly produced by large enterprises with high industry concentration and relatively stable prices. The DMF market supply is stable.
Demand side: Currently, the downstream demand for DMF in the market is average, with a decreasing proportion but still the main force. It used to occupy half of DMF consumption for a long time, with a proportion of up to 59% in 2021 and dropping to around 42% in 2025. Pharmaceutical and pesticide intermediates have rigid demand and are steadily growing. As an important solvent for organic reactions, DMF is irreplaceable in the synthesis of antibiotics, anti-tumor drugs, and pesticides. By 2025, the proportion of consumption in this field will increase to 28%, and the demand for high-purity (pharmaceutical grade) products will continue to rise. The process of domestic substitution will accelerate, and electronic chemicals will be the largest growth engine, with an average annual growth rate of 18.5%
3、 Future forecast
DMF analysts from Shengyi Society believe that the DMF market is mainly operating in a strong direction with limited upward potential, and the overall market supply and demand are balanced.

The price of plasticizer DOP increased significantly in March

According to the Commodity Market Analysis System of Shengyi Society, as of March 9th, the DOP price was 9375.83 yuan/ton, a significant increase of 21.75% compared to the DOP price of 7700.84 yuan/ton on March 1st. The operating load of plasticizer DOP enterprises has increased, with the operating rate rising to around 65% and DOP production increasing; The escalating geopolitical crisis in the Middle East has led to a significant increase in crude oil prices, which have rapidly spread downstream along the industry chain. The prices of isooctanol and phthalic anhydride have also risen sharply, as have raw material prices, DOP costs, and plasticizer DOP prices.
The price of raw material isooctanol has significantly increased
According to the Commodity Market Analysis System of Shengyi Society, as of March 9th, the price of isooctanol was 9050 yuan/ton, a significant increase of 35.75% compared to the price of 6666.67 yuan/ton on March 1st. Isooctanol enterprises are operating at a high level, and the operating load of their facilities is maintained at around 9.5%, indicating sufficient supply of isooctanol. The escalating geopolitical crisis in the Middle East has led to a surge in crude oil prices that has been transmitted downstream, resulting in a significant increase in isooctanol prices, rising costs of plasticizers, and increased support for DOP increases.
The phthalic anhydride market has seen a significant increase
According to the Commodity Market Analysis System of Shengyi Society, as of March 9th, the price of phthalic anhydride in neighboring countries was 7466.67 yuan/ton, a significant increase of 21.41% compared to the price of 6150 yuan/ton on March 1st. Affected by the intensified geopolitical crisis in the Middle East, crude oil prices have surged, transmitted downstream, and the price of raw material ortho benzene has skyrocketed to 10700 yuan/ton, resulting in a significant increase in the cost of phthalic anhydride. The price of phthalic anhydride has surged, the cost of plasticizers has increased, and the support for the rise in plasticizers has increased.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, the intensification of the Middle East geopolitical crisis has led to a surge in crude oil prices, which has been transmitted downstream. The prices of isooctanol and phthalic anhydride have also surged, resulting in an increase in the cost of plasticizer DOP. In the future, with the ongoing crisis in the Middle East, high crude oil prices, rising downstream costs, and an increase in supply and demand, it is expected that the price of plasticizer DOP will rise significantly in the future.