According to the Commodity Market Analysis System of Shengyi Society, from September 8th to 12th, the domestic aggregated MDI market saw a slight increase, with an average price of 14933 yuan/ton at the beginning of the week and 15083 yuan/ton at the end of the week, an increase of 1% during the period and a year-on-year decrease of 16.59%. During the week, the prices of aggregated MDI intermediaries saw a slight increase, with low-end prices rising and downstream inquiries increasing, resulting in limited transactions.

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.
On the cost side, pure benzene fluctuated this week. In recent times, the supply and demand of pure benzene have been strong, import pressure has eased, domestic maintenance and downstream demand have increased, and the supply and demand in the third quarter are expected to improve seasonally. The supply and demand of aniline market are stable, with minimal cost fluctuations, maintaining a stable trend.
On the demand side, downstream demand is average, the trading atmosphere is quiet, and transactions are mainly small orders.
Future forecast: The current supplier production is stable, the source of goods is filled quickly, and the willingness of intermediaries to raise prices is strong. We will closely monitor the actual transaction situation and expect a narrow consolidation and operation of the aggregated MDI market in the short term.

This week, the domestic epoxy propane market price has slightly increased. According to the monitoring system of Shengyi Society, as of September 5th, the benchmark price of Shengyi Society’s epoxy propane was 7550 yuan/ton, an increase of 1.34% compared to the beginning of the month.

Price influencing factors:
Raw material side: This week, the price of raw material propylene has risen, supported by high cost side prices, and the price of epoxy propane has shown a slight increase. 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).
Supply side: The decrease in epoxy propane inventory has increased the support for epoxy propane market prices, resulting in a slight upward fluctuation in prices.
On the demand side, downstream demand for epoxy propane follows up on dips, with an increase in new order volume in the market and smooth shipments from enterprises. It is expected that the epoxy propane market price will experience narrow fluctuations in the near future.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the supply of epoxy propane in the market is tight, and raw material prices have risen. In addition, downstream markets have followed up on buying at low prices, creating a positive trading atmosphere and shifting the focus of market prices. It is expected that the short-term epoxy propane market will mainly experience narrow fluctuations, and more attention should be paid to changes in raw material prices and upstream and downstream supply and demand.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has continued to decline recently. As of September 1st, the average market price of n-butane oxidation maleic anhydride remained at 5605.00 yuan/ton, a decrease of 1.32% from 5680.00 yuan/ton on August 25th.

In terms of supply: Recently, the market for maleic anhydride has continued to decline slightly, with Wanhua East China experiencing a slight decline. The main factories for maleic anhydride have followed suit in terms of execution prices. At present, Hubei Zhongneng’s liquid anhydride equipment is being sold externally, and a total of 160000 tons of equipment in the Shandong region are scheduled for maintenance in early September. Recently, downstream unsaturated resin manufacturers of maleic anhydride have maintained a stock of essential goods and are mainly observing the situation. As of September 1st, the factory price of solid anhydride in the maleic anhydride market in Shandong Province is around 5300 yuan/ton, while the factory price of liquid anhydride is around 4650 yuan/ton.
Upstream: Recently, the n-butane market has fallen sharply, and as of September 1st, the price in Shandong is around 4510 yuan/ton.
Downstream: Currently, the unsaturated resin market is weak and stable. The downstream demand for unsaturated resin is limited, and the upstream raw material market is weak, resulting in limited support for unsaturated resin and weak market consolidation.
Business Society’s maleic anhydride product analyst believes that the recent decline in the upstream n-butane market for maleic anhydride has limited cost support; In addition, the main downstream unsaturated resin market is weak, which limits the procurement of maleic anhydride; But recently, there are maintenance plans for maleic anhydride enterprises in Shandong and North China, which have a certain boosting effect on the maleic anhydride market. It is expected that the maleic anhydride market will rise slightly in the near future.

1、 Price trend

Taking the sulfuric acid method gold red stone titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market stopped falling and stabilized in August. On August 1st, the average price of titanium dioxide was 13640 yuan/ton, and on August 29th, the average price of titanium dioxide was 13480 yuan/ton, with a price reduction of 1.17%.
2、 Market analysis
The domestic titanium dioxide market stopped falling and stabilized in August. In the first half of the year, market demand was weak, downstream factories and traders were more cautious, and the trading atmosphere on the market was insufficient, causing the market focus to shift downwards. In the middle of the month, the overall demand in the downstream market is average, and downstream procurement is relatively cautious. The market is temporarily stable and operating. In the latter half of the month, titanium dioxide companies jointly issued a letter announcing a price increase, and the trading atmosphere on the market has improved compared to before. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-13800 yuan/ton; The price of the titanium type is around 11600-11900 yuan/ton, and the actual transaction price is negotiable.
In terms of titanium concentrate, the price of titanium concentrate slightly decreased in August. This month’s terminal demand is light, and we are cautious about purchasing raw materials. Affected by the decrease in raw ore supply, new orders are deadlocked, and the market is mainly observing and waiting. As of now, the transaction price of 46,10 titanium ore for small and medium-sized manufacturers is between 1750-1900 yuan/ton; The price of 47,20 minerals ranges from 1900-2100 yuan/ton; The price of 38 titanium ore excluding tax is around 1100-1230 yuan/ton. It is expected that the market will remain stable in the short term.
According to customs data statistics, China’s titanium dioxide exports in July 2025 were 134800 tons, a year-on-year decrease of 15.55% and a month on month increase of 2.19%; Among them, the export of sulfuric acid method reached 110300 tons, a month on month increase of 2.57%. From January to July 2025, a total of approximately 1.0514 million tons of titanium dioxide were exported, a year-on-year decrease of 7.14% or approximately 81000 tons. Among them, the export of chlorinated titanium dioxide was 201800 tons, a year-on-year decrease of 3.12%; The export of sulfuric acid titanium dioxide was 849600 tons, a year-on-year decrease of 8.05%.
According to customs data statistics, in July 2025, China imported 7307.17 tons of titanium dioxide, a year-on-year decrease of 19.60% and a month on month increase of 49.48%; Among them, 5309.92 tons were imported by chlorination method. The total import of titanium dioxide from January to July 2025 was 47000 tons, a year-on-year decrease of 17.16%. Among them, 18200 tons of sulfuric acid titanium dioxide were imported, a year-on-year increase of 6.47%; The import of chlorinated titanium dioxide was 28900 tons, a year-on-year decrease of 27.32%.
3、 Future forecast
Business Society’s titanium dioxide analyst believes that the domestic titanium dioxide market has stopped falling and stabilized this month. Multiple titanium dioxide companies have sent letters to raise the price of titanium dioxide, resulting in a slight decrease in inventory for major manufacturers. Some companies are implementing new prices, but downstream factories are generally less enthusiastic about purchasing goods, and the market is mostly observing the dynamics of Longqi next month. It is expected that in the short term, the market will mainly operate in a wait-and-see manner, and the actual transaction price will be subject to negotiation.

In August, the overall trend of the domestic ABS market continued to be weak, and the spot prices of most grades continued to decline. According to the Commodity Market Analysis System of Shengyi Society, as of September 1st, the average price of ABS sample products was 10125 yuan/ton, with a price level increase or decrease of -1.82% compared to early August.

Fundamental analysis
Supply level: Since early August, the domestic ABS industry has seen an increase in load before leveling off. The Dalian Hengli plant restarted in the first half of the month, and the Tianjin Dagu equipment pipeline blowing task ended. The device dynamics are limited in the second half of the month, and the overall load level of the industry has risen from 67% at the end of July to 71% before roughly leveling off. At the end of August, the weekly average production was at the level of 140000 tons, and the inventory position of aggregation enterprises increased at a high level of 230000 tons. The on-site supply remained abundant. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the high inventory levels in the industry are relatively controllable. But it has been heard that there is a plan to increase the load, and the supply side is expected to continue to be loose. Therefore, the supply side’s support for ABS spot prices is weak.
Cost factor: The overall stalemate in the upstream three material market of ABS in August has limited impact on the cost side support of ABS. At the beginning of the month, the acrylonitrile production capacity of East China Zhejiang Petrochemical and Sinochem Quanzhou units decreased, leading to a decrease in industry capacity utilization rate and an upward trend in market offers. However, with the increase in on-site supply and insufficient follow-up in consumption, local inventory pressure has increased. After the decline in the raw material propylene market and the rebound of acrylonitrile gains, it has been operating in a stalemate.
The domestic butadiene market rebounded after a decline in August, operating in a narrow range of fluctuations. In the first half of the year, the overall demand was biased towards rigid demand, and the decline in spot prices attracted some replenishment to enter the market, but they were all temporary demand. Starting from mid month, boosted by the rise of downstream products, the atmosphere in the butadiene market began to improve, and domestic main refineries raised their ex factory prices one after another. Currently, under the influence of demand support, it is expected that the butadiene market will have a stable to strong trend in the short term.
The styrene sector mainly experienced fluctuations in August. At the beginning of the month, there were fluctuations in factory load, with frequent device restarts and maintenance. At the same time, there is an increase in production capacity. The operating rates of the downstream three S industries have fluctuated, and the overall demand is decreasing. Throughout the month, there has been a dilemma between long and short positions, and the fundamentals are difficult to describe as strong. However, multiple sets of equipment have been scheduled for maintenance in September, and the supply side is expected to strengthen. It is expected that the styrene market will warm up in the future.
On the demand side: In the medium to long term, the downstream factories of ABS have had average loads. The current market is in a period of transition between peak and off peak seasons, and terminal enterprises have not seen any improvement in procurement. The logic is still to maintain the demand for supplementary orders. In mid August, the production schedule of the electrical casing industry further decreased and consumption shrank. Without significant changes on a macro level, the cautious atmosphere in the external market remains unchanged, and the flow rate of goods is slow. Domestic inventory levels remain high and sideways, with continued loose supply and ample room for on-site turnover. Overall, there has been no improvement in the demand side’s support for the ABS market.
Future forecast
The domestic ABS market in August was weak and consolidated. The overall changes in the upstream three materials are not significant, and the production load of the ABS polymerization plant has leveled off after an increase, while the demand side’s off-season level remains unchanged. Analysts from Shengyi Society believe that the long-term drag on spot prices of ABS due to supply and demand contradictions makes it difficult for the market momentum to improve. However, as we are about to enter the traditional peak season, it is recommended to closely monitor the volume increase on the demand side.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has slightly declined recently. As of August 25th, the average market price of n-butane oxidation maleic anhydride remained at 5680.00 yuan/ton, a decrease of 0.66% from 5717.50 yuan/ton on August 18th.

In terms of supply: Recently, the overall market for maleic anhydride has slightly declined, with the Yantai auction suspended and the East China auction rising first and then falling. The main factories for maleic anhydride have followed suit in terms of execution prices. At present, the load of the three lines in Yantai is 70%, and the liquid anhydride produced by the Hubei unit has been put into the tank. Recently, downstream unsaturated resin manufacturers of maleic anhydride have maintained a stock of essential goods and are mainly observing the situation. As of August 25th, the factory price of solid anhydride in the maleic anhydride market in Shandong is around 5300 yuan/ton, while the factory price of liquid anhydride is around 4750 yuan/ton.
Upstream: Recently, the n-butane market has risen, and as of August 25th, the price in Shandong is around 4750 yuan/ton.
Downstream: Currently, the unsaturated resin market is weak and stable. The downstream demand for unsaturated resin is limited, and the upstream raw material market is weak, resulting in limited support for unsaturated resin and weak market consolidation.
Business Society’s maleic anhydride product analyst believes that the recent rise in the upstream n-butane market for maleic anhydride is supported by the cost of maleic anhydride; However, the main downstream unsaturated resin market is weak, and the purchase of maleic anhydride is limited, which hinders the rise of the maleic anhydride market. It is expected that the maleic anhydride market will mainly fluctuate within a certain range in the near future.

According to the Commodity Market Analysis System of Shengyi Society, from August 18th to 22nd, the domestic aggregated MDI market experienced a slight decline, with an average price of 15683 yuan/ton at the beginning of the week and 15633 yuan/ton at the end of the week, a decrease of 0.32% during the period and a year-on-year decrease of 9.72%. The factory started operating steadily during the week, and traders followed the market trend. There were fewer inquiries on site, and the trading atmosphere was quiet.

On the supply side, the maintenance of the 80000 ton/year MDI plant in Dongcao Rui’an will begin on July 23rd and is expected to last for about 35 days.
On the cost side, pure benzene fluctuated slightly this week. As the end of the month approaches, downstream procurement is coming to an end, and the pressure on intermediaries to ship is increasing, resulting in a downward shift in the focus of transactions. Overall, with the increase in import volume and the production of new production capacity, the demand side is struggling to keep up, and the fundamentals are weak, resulting in a sluggish rise in the pure benzene market. The price of aniline is temporarily stable.
On the demand side, downstream demand is average, the trading atmosphere is quiet, and transactions are mainly small orders.
Market forecast: As the end of the month approaches, the settlement prices of major companies are about to be released, and the market is waiting for more guidance from news sources. It is expected that the short-term aggregated MDI market will experience narrow fluctuations.

The domestic acetone market experienced a narrow decline. The acetone market in East China reported an average price of 4730 yuan/ton from August 11th to 4696 yuan/ton on August 18th, a decrease of 0.7%. From the perspective of the national acetone market, there are fluctuations of the same magnitude.

The domestic acetone market has experienced a narrow decline, with Sinopec companies implementing a listing price of 4800 yuan/ton during the week. Raw materials have risen during the week, and although costs have increased, phenol ketone manufacturers are still in a loss making state, with a production rate of around 75%. At present, the port inventory is 27500 tons, and the spot resources are relatively sufficient. The downstream factories are mainly in urgent need.
The acetone offers in major mainstream markets across the country on August 18th are as follows:
Region. Quotation on August 18th /8.11-18
East China region / 4620./ -100
Shandong region / 4750./ -50
Yanshan region / 4800./ -20
South China region / 4750./ -50

From the perspective of Business Society, it is expected that acetone will continue to weaken next week. From the supply side, there has been little change in domestic equipment, and imported resources have been gradually replenished, while port inventory remains high. From the perspective of demand, downstream bisphenol A and isopropanol units have seen some improvement, while MIBK has not fluctuated significantly. However, overall procurement is still mainly based on demand, but with the passing of high temperature weather, the overall demand for solvent products will improve. From a cost perspective, the pure benzene market is weakening. At present, the acetone market is at a low level, and it is expected that the acetone market will remain stable or have a narrow upward trend next week.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market fell first and then rose this week, with an overall upward trend. From August 8th to August 15th, the domestic butadiene market price increased from 9100 yuan/ton to 9166 yuan/ton, with a price increase of 0.73% during the period. At the beginning of the week, the market trend was relatively stable. In the middle of the week, the atmosphere in the spot market began to improve, boosted by the rise of downstream markets. Domestic main refineries raised their ex factory prices one after another, driving a slight rebound in spot market prices. As of the weekend, due to the downstream still being in a state of urgent procurement, the support for the market was limited, and spot prices generally rebounded. As of August 15th, the delivery price in the Shandong Luzhong area was between 9300-9500 yuan/ton.

On the cost side: During this cycle, crude oil prices fluctuated mainly within a range. On the one hand, OPEC+announced a cumulative production increase of 2.3 million barrels per day until September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the geopolitical situation in the Middle East is affecting the oil market, and global macro data is bearish. In addition, the fundamental impact of the upcoming off-season of US summer demand will continue to put pressure on the crude oil market price. As of August 14th, the settlement price of the US WTI crude oil futures September contract was reported at $63.96 per barrel. The settlement price of Brent crude oil futures for October contract is $66.84 per barrel.
Supply side: The listed price of butadiene for various sales companies of Sinopec is 9400 yuan/ton, unchanged.
The 160000 tons/year butadiene unit of Fushun Petrochemical is operating normally, shut down, and currently has no export plans. It is expected to restart in October.
Shenghong Refining’s 200000 tons/year butadiene plant is operating normally, with a reduction of 150 yuan/ton and an implementation of 9200 yuan/ton.
The 90000 tons/year butadiene plant of Satellite Chemical is operating normally, with a reduction of 150 yuan/ton and an implementation of 9200 yuan/ton.
On the demand side: According to the commodity market analysis system of Shengyi Society, as of August 15th, the market situation of Shunding rubber has slightly increased. Downstream urgent inquiries, market sentiment has rebounded, and the futures price of Shunding rubber has fluctuated and consolidated. Market transactions are mainly small orders, and merchant offers have slightly increased by around 50-100 yuan/ton. At present, the mainstream prices for butadiene rubber in Sichuan, Dushanzi, and Lande are 11700~11800 yuan/ton.
Market forecast: The Fushun petrochemical plant is scheduled for maintenance this week and is expected to resume in October. However, due to the recent abundant supply of imported goods, the favorable supply situation is limited. From the demand side, the downstream rubber market has performed well, providing some support to the market, but overall maintaining rigid demand procurement. Overall, there is limited positive news for the butadiene market in terms of supply and demand, and it is expected that the market will mainly fluctuate within a certain range in the future.

According to the Commodity Market Analysis System of Shengyi Society, the price of lithium carbonate has skyrocketed since the 11th. As of August 12th, the benchmark price of domestic battery grade lithium carbonate in Shengyi Society was 75733 yuan/ton, an increase of 20.28% compared to the previous month and a decrease of 13.58% compared to the same period last year; The benchmark price for industrial grade lithium carbonate trading is 74166 yuan/ton, an increase of 19.95% compared to the previous month and a decrease of 12.75% compared to the same period last year.
Ningwang Mining Area suspends production, lithium carbonate futures hit the daily limit up
On July 7th, the Natural Resources Bureau of Yichun City issued a notice requiring 8 lithium mining enterprises to complete the preparation of verification reports on changes in mineral types and reserves before September 30th, involving 8 enterprises. On August 9th, the Jiangxi Jianxiawo mining area under Ningde Times suspended mining due to the expiration of its mining rights certificate, and the shutdown may last for more than three months. As soon as the news was released, the market reacted violently. On August 11th, the main contract LC2511 for lithium carbonate futures hit the daily limit up, reaching 81000 yuan/ton, an increase of 8%. At present, except for the expiration of the mining license for the porcelain clay mine in the Jianxiawo mining area of Ningde Times, the mining licenses of the other seven mines will expire after 2027. The probability of a complete shutdown of the mine during the renewal period of the mining rights certificate is relatively low.
In the short term, the suspension of production at the Ningde Times mining site has had an impact on the domestic supply of lithium mica. However, in terms of supply structure, the production at the salt lake site has not been directly affected, and overseas imports have also provided an increase in supply.
Demand side: The off-season for new energy vehicles is not weak, and the demand for energy storage is growing structurally
Resilience of demand for new energy vehicles:
In July, the wholesale sales of new energy passenger vehicles in China reached 1.18 million units, a year-on-year increase of 25% and a month on month decrease of 4%, which is in line with seasonal characteristics. At the policy level, the reduction and exemption of purchase tax for new energy vehicles and the trade in policy will continue until next year, and it is expected that demand will maintain steady growth in the second half of the year. However, there is a risk of a ‘weak peak season’, and if the production schedule for August and September falls short of expectations, it may suppress the upward potential of prices.
Differentiation of demand in the field of energy storage:
In the short term, large-scale energy storage project bidding is strongly driven by policies, but the growth rate of household energy storage has slowed down due to insufficient economic viability. In the long run, the penetration of sodium batteries in the energy storage field may divert some lithium demand. However, the current cost of sodium batteries is still higher than that of lithium batteries (0.5 yuan/Wh vs 0.32 yuan/Wh), and large-scale substitution still requires time.
The data analyst of Business Society’s lithium carbonate believes that the price of lithium carbonate has been operating strongly due to supply disturbances recently, but in the medium term, attention should be paid to overseas incremental release and demand verification.