Review of toluene market in 2023

In 2023, the toluene market fluctuated upwards. According to the bulk list data from Business Society, the benchmark price of toluene in the market was 6570 yuan/ton on December 31, an increase of 10.98% from 5920 yuan/ton at the beginning of the year. The highest point for the year appeared in September at 8400 yuan/ton.

The international crude oil range fluctuated from January to April, with some support for the cost of toluene; After the outbreak of the epidemic in the first half of the year, it was fully relaxed, and gasoline consumption was rapidly released. Downstream mixed blending demand and disproportionation operating load increased, supporting the demand for toluene. In addition, arbitrage activities between Asia and the United States led to an increase in external prices, which also drove up the price of toluene; Taking into account the above factors, the toluene market has seen a significant increase from January to April.

The continued interest rate hikes by the Federal Reserve and the European Central Bank in mid to late April have had negative feedback on the economy, with a bleak outlook for global demand and an increased risk of economic recession. The price of crude oil has dropped significantly, and the cost of toluene has declined. As the price of toluene rises, there is resistance from downstream towards high priced goods, and the demand side is gradually weakening. The price of toluene wants to slightly decline.

Starting from mid to late May, due to centralized maintenance of multiple devices, the supply of toluene is tight, but the demand side is still weak, resulting in a narrow range of fluctuations in the toluene market as a whole.

On the one hand, the consumption tax on various products such as mixed aromatic hydrocarbons was levied in the third quarter, which played a certain boosting role in the toluene market. In addition, North American mixed blending remained strong for a long time, and toluene exports were active. In the context of OPEC+continuing to reduce production, coupled with the United States entering summer, the driving season is the peak season for refined oil consumption. With the support of tight supply and strong demand in the market, oil prices continue to rise, and the cost of the toluene market has significantly increased, The toluene market has risen again.

In the fourth quarter, on the one hand, domestic gasoline consumption has entered the off-season, and the demand for blending has also decreased, resulting in weak overall demand for toluene. On the other hand, the high level of the international crude oil market has significantly declined, and the cost center of toluene has significantly shifted, causing the price of toluene to continue to decline.

Outlook on toluene market in 2024

Cost side: International crude oil price center expects a slight increase in toluene cost side, supported by expectations

The external environment in which crude oil operates in 2024 is still quite complex, with a complex geopolitical situation and constant conflicts. This will have an unpredictable direct impact on oil prices, resulting in even more drastic fluctuations. In the long run, the supply-demand game remains dominant, and on the supply side, OPEC’s production control will continue to play a role in managing oil price expectations. The demand side faces more uncertainty, and an economic slowdown is likely to create a constraint on oil prices. According to the EIA report in December, the EIA lowered its forecast for Brent crude oil prices in 2024 to $83 per barrel, a decrease of $10 per barrel compared to the November forecast. Overall, due to the large number of oil price variables in 2023, oil prices have been operating at low levels for a long time, and the base oil price is not high. It is expected that the average oil price in 2024 may still be slightly higher than in 2023, but due to demand constraints, oil prices will not increase significantly.

Supply side: It is expected that the supply side of toluene will continue to increase in 2024

In 2023, the domestic supply capacity of toluene has increased, with a total of approximately 2.49 million tons of new production capacity, reaching 18.63 million tons per year, a year-on-year increase of 9.91%. Due to the addition of new facilities for toluene production in China in 2024, as well as the development direction of reducing oil and increasing chemical production, as well as the impact of years of strict consumer tax policies, the willingness of main and local refining companies to export toluene has increased. Therefore, in 2024, production enterprises will pay more attention to the toluene commodity market and increase their enthusiasm for export. Therefore, it is expected that the domestic supply of toluene will continue to rise.

Demand side: Slow growth rate of toluene market demand in 2024

Toluene is one of the main downstream consumers of gasoline mixtures. Gasoline mixtures are the largest consumer area of toluene, accounting for 52% of total consumption. Toluene, as an octane enhancing agent, can improve the combustion performance of gasoline, reduce exhaust emissions, and meet national environmental protection requirements. With the increase in domestic car ownership, the consumption of gasoline has also increased, which has driven an increase in demand for toluene. However, due to the improvement in the quality of domestic gasoline, the proportion of toluene added has decreased. In addition, with the continued increase in the proportion of new energy passenger vehicles, the demand for toluene in gasoline mixtures has grown relatively slowly. In addition, one of the downstream industries, TDI, currently has no new production capacity, and the growth rate of demand for other solvent chemical products is expected to decrease. However, with the increase in production capacity of disproportionation units, the demand for disproportionation is expected to increase next year, but the important direction of the market will still be export-oriented.

Market forecast: According to toluene analysts from Business Society, the international crude oil price is expected to fluctuate slightly in 2024, with support for the cost of toluene. The supply of toluene is expected to increase, and downstream consumption growth is slow. Overall, it is expected that the toluene market will fluctuate in a range in 2024.

According to the Commodity Analysis System of Business Society, the market for locally refined hydrogenated naphtha has continued to rise recently. As of January 29th, the mainstream ex factory price of domestically refined hydrogenated naphtha was 8079.00 yuan/ton, an increase of 1.76% from January 22nd at 7939.00 yuan/ton. The actual transaction price of locally refined hydrogenated naphtha is around 8000-8100 yuan/ton.

Recently, the market for locally refined straight run naphtha has continued to rise. As of January 29th, the mainstream ex factory price of domestically refined straight run naphtha was 7989.00 yuan/ton, an increase of 1.75% from January 22nd at 7854.50 yuan/ton. The actual transaction price of locally refined straight run naphtha is around 7900-8000 yuan/ton.

In recent times, the demand for local refining terminals has been strong, and refineries have actively pushed up prices, resulting in good transactions; At present, the overall weakness of the gasoline and diesel market has limited support for the naphtha market.

Upstream: The international crude oil market has recently risen, and the International Energy Agency predicts that global demand will increase. Coupled with the low levels of commercial crude oil inventories in the United States, international crude oil futures prices will rebound.

Downstream: According to the monitoring of Business Society, the market for toluene and mixed xylene continues to rise. Currently, international crude oil prices fluctuate widely, with cost support. Downstream demand support is weak in the off-season, and toluene port inventories have increased and production has slightly increased. Pressure on the supply side of toluene remains. The PX price trend is stable, and the domestic PX operating rate remains above 80%. Downstream support for the naphtha market.

Market forecast: The international crude oil market is fluctuating and rising, with cost support in the naphtha market; The local refined naphtha market is expected to continue to rise in the near future, as refineries are actively driving up demand for ethylene and reforming at the local refined naphtha terminal.

According to the Commodity Market Analysis System of Shengyishe, as of January 29th, the average price quoted by formic acid companies was 3150.00 yuan/ton, which is the same as the price on January 1st.

The domestic industrial grade 85% formic acid market remained stable in January. The price of raw material sulfuric acid steadily declined during the month, while the price of raw material methanol fluctuated and rose. The price of raw materials fluctuated, and its impact on the formic acid market was limited. In the middle of the month, the main manufacturers mainly produce normally, and downstream pre holiday stocking is followed up as needed. Market trading is stable and orderly, and distributors actively ship and follow the market. The mainstream quotation range is stable, and the market price of industrial grade 85% formic acid is mostly around 3000-3500 yuan/ton.

Business Society formic acid analysts believe that the current cost support is still acceptable, and market transactions are in high demand. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention should be paid to market news guidance.

Introduction: Isooctanol generally refers to 2-ethylhexanol, which is a colorless, clear, and flammable liquid with a special odor. Mainly used for the production of dioctyl phthalate (DOP), dioctyl acetate (DOA), trioctyl phthalate (TOTM), other plasticizers, octyl acrylate, surfactants, lubricant additives, mining, diesel engine fuel additives, solvents and formulations, rust inhibitor esters, and other chemicals.

In 2023, the market situation of isooctanol in Shandong Province fluctuated and rose

According to the Commodity Market Analysis System of Shengyishe, the Shandong Isooctanol market will experience a wide range of fluctuations and increases in 2023. The average price at the beginning of the year was 9733.33 yuan/ton, and the average price at the end of the year was 12950 yuan/ton, with a year-on-year increase of 33.05%. From the price trend chart of isooctanol, it can be seen that the highest price of isooctanol in 2023 was 13100 yuan/ton in late December, and the lowest price was 8660 yuan/ton in mid June, with a maximum annual amplitude of 51.27%.

From the monthly K-bar chart, it can be seen that in 2023, the price of isooctanol increased more than decreased, and the market trend showed a wide range of fluctuations. The highest increase was 30.62% in August, and the highest decrease was 14.06% in February. In 2023, the equipment of isooctanol enterprises will continue to be shut down for maintenance, and the supply of isooctanol will be tight. Downstream plasticizer enterprises will start operating at a high level, and demand buying will stimulate the continuous rise of isooctanol prices. In the first half of 2023, iso octanol enterprises started at a high level, but in January, the main iso octanol manufacturers stopped for maintenance and stocked up before the year, resulting in an increase in iso octanol prices. In early May, due to an unexpected shutdown of iso octanol equipment in western Shandong, the price of iso octanol briefly surged. Afterwards, production capacity partially recovered, and the price of iso octanol returned to a low level. In August, multiple iso octanol manufacturers continuously shut down their equipment, causing the price of iso octanol to rise again and again; In October, Qilu Petrochemical equipment maintenance led to a further increase in the price of isooctanol; In December, Qilu Petrochemical’s isooctanol equipment was shut down due to an accident, and the price of isooctanol skyrocketed. The start date of the accident is uncertain, and the price of isooctanol has stabilized at a high level in the short term.

How will the isooctanol market develop in 2024?

From the perspective of production capacity: According to data, the total production capacity of isooctanol in 2023 was about 2.7 million tons, a year-on-year increase of 2.3%. However, the production of iso octanol has been significantly reduced due to the unstable production of iso octanol, which has led to the frequent maintenance and shutdown of iso octanol enterprises. In 2024, new facilities such as satellite petrochemical may be put into operation in the second half of the year, and it is expected that the supply of isooctanol will remain tight in the first half of the year.

From the perspective of market demand, the plasticizer industry will lead the rise of the chemical sector in 2023. Affected by environmental and safety requirements, DBP production capacity and output have been shrinking year by year. However, due to its obvious price advantage, DBP still has a certain demand, and in recent years, DBP production has stabilized. DOP was originally the most widely used plasticizer, but in recent years, it has been affected by environmental restrictions on exports. In 2022, DOTP will replace DOP as the largest plasticizer product in China. It is expected that plasticizers will open high and close low in 2024.

From the perspective of imports and exports: According to customs data, the total import volume of isooctanol in China in 2023 was 313500 tons, an increase of about 160000 tons or 96.00% compared to the total import volume in 2022. The total export volume of isooctanol in 2023 was 25400 tons, a decrease of 46500 tons compared to the total export volume in 2022, with a decrease of 64.67%. The release of new production capacity in the second half of 2024 is expected to further increase the export volume in 2024.

Looking at the future market: supply is tight in the first half of the year, production capacity is released in the second half of the year, and the isooctanol market may show a trend of first rising and then falling in 2024

According to the commodity market analysis system of Shengyishe, the mainstream price of styrene in Shandong has recently risen. At the beginning of the week, the average price of styrene in Shandong was 8550.00 yuan/ton, and on the weekend, the average price of styrene in Shandong was 8680.00 yuan/ton, an increase of 1.52%. The price has increased by 1.92% compared to the same period last year.

styrene

Recently, the market price of styrene has risen. From the above chart, it can be seen that the price of styrene has been mainly fluctuating and consolidating in the past three months, with a slight increase in the market this week. The price of raw material pure benzene has slightly increased, and cost support is still acceptable. The styrene unit has been repaired, and the supply has been temporarily reduced. The styrene market transactions are still good, and the market has slightly increased.

In terms of raw materials, the price of pure benzene has slightly increased this week, with Sinopec’s pure benzene price at 7850 yuan/ton (prices in Shandong and Hebei regions have also increased by 450 yuan/ton). The rise in crude oil has driven night trading negotiations between 7790-7830 yuan/ton, with East China pure benzene expected to be stronger.

On the downstream side, the prices of styrene in the three major downstream markets have fluctuated. At the beginning of this week, the average price of PS was 9600 yuan/ton, and over the weekend, the average price of PS was 9566 yuan/ton, a decrease of 0.35% and a decrease of 1.71% compared to the same period last year. PS cost support, with transactions mainly focused on essential purchases, and it is expected that the domestic PS (polystyrene) price may fluctuate in the short term.

The EPS market remained stable this week, with an average price of 10075.00 yuan/ton for ordinary materials over the weekend. EPS is affected by the upstream pull up, and the market atmosphere has slightly improved. It is expected that the domestic EPS market may experience a narrow range of fluctuations.

Recently, the domestic ABS market has seen a slight increase. As of January 22, the average price of ABS products was 10762.50 yuan/ton, with an increase or decrease of+0.69% compared to the average price level at the beginning of the month. The overall strength of the upstream three materials of ABS has provided strong support for the cost side of ABS. It is expected that the ABS market will maintain a strong consolidation in the short term.

Recently, international oil prices have fallen and cost support has been poor. As the Spring Festival approaches, the demand for styrene spot goods has weakened, inventory has risen, and it is expected that the short-term volatility of the styrene market will mainly decrease.

Recent trends in urea prices

Under the weak support of raw material anthracite and the temporary lack of favorable downstream demand, the urea market price in Shandong fluctuated narrowly this week. According to the Commodity Analysis System of Business Society, the price of urea in Shandong increased from 2461.67 yuan/ton at the beginning of the week to 2465 yuan/ton at the end of the week, an increase of 0.14%, and the weekend price decreased by 10.23% year-on-year.

Details of domestic urea prices this week

From the supply side perspective: In the early stage, urea maintenance manufacturers resumed production, resulting in an increase in daily urea production. The data shows that the daily urea production in China is about 160000 tons, with coal urea enterprises operating at a rate of about 85% and gas urea enterprises operating at a rate of about 40%. The mainstream urea manufacturers in Shandong saw a slight increase in factory prices during the week.

Details of the price of Yangquan anthracite coal this week

Variety/ January 15th/ January 21st/ Changes

Anthracite coal (washed lump)/ 960 yuan/ton/ 960 yuan/ton/ None

From the upstream market perspective, there were ups and downs in the urea upstream market this week: the price of liquefied natural gas plummeted by 8.32%, and the weekend price fell by 17.16% year-on-year. Affected by rainy and snowy weather in some regions of China, market circulation is restricted, and liquid factory shipments are under pressure, leading to a continued decrease in liquid prices. The price of liquid ammonia increased by 2.93%, and the weekend price fell by 22.42% year-on-year. However, the prices of anthracite coal have remained low and have stabilized. Over the weekend, the price of Yangquan anthracite coal (washed lump) was 960 yuan/ton, indicating a continued weak trend in the coal market in the short term. Overall, there has been a significant drop in upstream raw material prices, which lacks support for urea prices.

From the perspective of downstream demand: agricultural demand is at the end of the off-season, while industrial demand follows the market. Composite fertilizer, board, and melamine enterprises are operating at a low level, and some industries are gradually shutting down for holidays, with a focus on essential procurement. This week, the downstream price of melamine in urea has stabilized at a high level, with a price of 7450 yuan/ton. From the perspective of exports: Although there are still bids overseas, the impact of urea export policies on the domestic market is not significant.

Looking ahead, the urea market in Shandong may experience a slight fluctuation and decline in late January. Business Society urea analysts believe that the upstream market of urea has significantly declined, and the cost support for urea is insufficient. Downstream industrial demand is mainly in demand, while agricultural demand has not yet recovered. In the second half of the year, gas companies will start construction one after another, and it is expected that Nissan will recover to some extent. In the future, urea may experience a narrow range of fluctuations and decline.

The market price of melamine remained stable this week. According to the Commodity Market Analysis System of Shengyishe, as of January 19th, the average price of melamine enterprises was 7450.00 yuan/ton, which is unchanged from Monday’s price.

Cost side: According to the analysis system chart of the commodity market in Shengyi Society, the reference price of urea on January 18th was 2465.00, a decrease of 0.8% compared to January 1st (2485.00). Recently, the market situation of raw material urea has narrowed, and the cost side is generally supported by the melamine market.

Supply and demand side: Some enterprises on the supply side stopped maintenance of their equipment, and downstream hoarding intentions were average at the beginning of the week. Some manufacturers lowered prices to attract orders, creating a strong wait-and-see atmosphere in the market. With the gradual follow-up of downstream stocking, the market atmosphere has improved, and dealers can flexibly quote according to their own situation, with a stable market trend as the main focus.

Business Society’s melamine analyst believes that the current cost support is limited, and downstream pre holiday orderly stocking is expected. In the short term, the melamine market is expected to stabilize and operate, and more attention needs to be paid to market news guidance.

441 # Overview of Silicon Price Trends

This week, the price of # 441 metallic silicon remained strong and upward. As of January 12th, the average price of metallic silicon in the domestic market was 15560 yuan/ton, a decrease of 0.38% compared to the previous week. In recent times, silicon metal production has decreased and silicon factories have started to resume production. At the same time, downstream short-term rigid demand procurement has been basically completed, and the market spot sentiment has cooled down, so spot prices have weakened and declined.

The price of 441 # silicon in various regions on the 12th is as follows:

The price range of # 441 metallic silicon in the Huangpu Port area is 15500~15600 yuan/ton, with an average price of 15550 yuan/ton; The price range of # 441 metallic silicon in Tianjin Port area is 15500~15600 yuan/ton, with an average of 15550 yuan/ton; The price range of # 441 metallic silicon in Kunming area is 15200-15400 yuan/ton, with an average price of 15300 yuan/ton; The price range of # 441 metallic silicon in Sichuan region is 15200~15300 yuan/ton, with an average of 15250 yuan/ton; The price range of Shanghai # 441 metallic silicon is 16100~16200 yuan/ton, with an average price of 16150 yuan/ton.

The Factors Influencing the Price of Silicon Metal

In terms of supply:

As of January 12th, the number of furnaces opened this week was 301, an increase of 3 compared to last week. Among them, Yunnan and Fujian each increased by 2 units, Guizhou and Sichuan each decreased by 1 unit, Yunnan and Hunan each decreased by 2 units, and Chongqing increased by 1 unit. Recently, some silicon factories on the supply side have started resuming production, and some silicon factories in Chongqing and Yunnan have started production to deliver orders. However, according to the data as of the 11th, the number of weekly furnaces has increased.

In terms of inventory:

As of January 12th, the national social inventory of industrial silicon reached a total of 354000 tons, an increase of 1000 tons compared to the previous week. Among them, the social ordinary warehouse was 116000 tons, a decrease of 1000 tons compared to the previous week, and the social delivery warehouse was 238000 tons (including unregistered warehouse receipts), an increase of 2000 tons compared to the previous week.

In terms of demand:

This week, the domestic polycrystalline silicon market remained stable, and the mainstream range of single crystal dense materials with a current model of first-class solar energy has slipped to 52000 to 58000 yuan/ton. The preliminary maintenance equipment has now resumed operation, and with the release of new production capacity, the domestic supply has significantly increased. Downstream installed capacity demand is decreasing, and the demand for silicon materials in the market has slowed down recently. We need to continue to follow up, but currently the price decline space is gradually narrowing, and it may stabilize in the later stage, but we have not seen any signs of rebound

The prices of organic silicon and aluminum alloy have slightly increased. The domestic organic silicon DMC market price is referenced around 13940 yuan/ton, and the current quotation for aluminum alloy ADC12 is 20150 yuan/ton. The aluminum alloy market is stable, with aluminum alloy factories making small-scale purchases and placing appropriate inquiries for replenishment, resulting in an overall increase in demand.

Future Market Forecast

In summary, on the supply side, news of some silicon factories resuming production this week has emerged, while the market’s spot sentiment has cooled down and traders have loosened their willingness to raise prices; On the demand side, downstream replenishment is basically coming to an end, so both spot and market prices of silicon have begun to decline. The social inventory has slightly increased, and the overall inventory pressure is relatively high. At present, maintenance enterprises in Xinjiang have not significantly resumed production, and cost support still exists. It is expected that industrial silicon will operate in a weak and volatile manner in the short term next week. We will continue to pay attention to supply side disturbances and downstream replenishment progress after the year.

Commodity Market: According to the Commodity Market Analysis System of Business Society, the mainstream market price of polyacrylamide (CPAM, cationic, molecular weight 12 million, 10-30 ionic degree) in China has slightly increased this week. On the 15th, the market reported around 13340 yuan/ton, and on the 8th, it reported around 13220 yuan/ton, with a price increase of 0.91%. The prices of raw materials acrylonitrile and acrylic acid have declined, the cost of polyacrylamide has fallen, and enterprises in the main production areas are operating normally. The market supply is abundant, downstream demand is weak, and commodity circulation is slow. The mainstream market trend of polyacrylamide is mainly consolidating.

Raw material acrylonitrile: According to the commodity market analysis system of Business Society, the acrylonitrile market has been declining this week, with the bulk water price in the acrylonitrile market at 9387 yuan/ton as of January 15th. At present, the mainstream price for self extraction of acrylonitrile from tanks in the market is between 9200 to 9600 yuan/ton. The price of raw materials has slightly increased, and the cost supports acrylonitrile; The operating rate of major downstream ABS polymerization enterprises has been lowered to below 68%, and the production of enterprises has remained stable; The supply of acrylonitrile units is loose, and the impact of supply and demand is bearish, resulting in a downward trend in the market.

Raw Material Acrylic Acid: According to the Commodity Market Analysis System of Business Society, the overall acrylic acid market has slightly declined this week. As of January 15th, the average quoted price for acrylic acid in the East China region is 6150 yuan/ton. At present, the cost support is still acceptable, and downstream companies need to follow up. The market atmosphere is light.

Liquefied natural gas for production. According to the Commodity Market Analysis System of Business Society, the domestic liquefied natural gas price trend continued to weaken this week. At present, there is insufficient market demand and the willingness of downstream restocking is not strong. The bidding price for raw gas has been lowered, weakening cost support. It is expected that domestic liquefied natural gas prices will continue to decline weakly in the short term.

Market forecast: In the near future, the overall price of raw materials will fall, the fuel market will fall, and the cost of polyacrylamide will decline. On the supply side, enterprises in the main production areas have normal production and sufficient market supply; On the demand side, downstream procurement and supply remain flat, with little change in market transactions. It is expected that domestic polyacrylamide sorting will be the main focus in the near future.

1、 Price trend

According to the monitoring of the commodity market analysis system of Business Society, the domestic yellow phosphorus market is on the rise. The average price of yellow phosphorus on Monday was 22962.67 yuan/ton, and this Friday’s average price was 23862.67 yuan/ton, with a price increase of 3.92%.

2、 Market analysis

This week, the domestic yellow phosphorus market has been on the rise, and the overall market trading situation is relatively active. The market is driving steadily, with traders and downstream buyers showing good enthusiasm, and yellow phosphorus manufacturers collectively increasing prices. The focus of new transactions has shifted upwards. As of now, the market quotation for yellow phosphorus is around 23800-24000 yuan/ton, and the actual transaction is negotiable.

In terms of phosphate ore, according to data monitoring from Business Society, the domestic phosphate ore market has remained stable this week, with an average price of 1056 yuan/ton. At present, the trading atmosphere in the domestic phosphate ore market is mild, and the mentality of the industry is good. Some downstream companies prepare goods before the new year and purchase according to the quantity. According to the phosphate ore data analyst of Business Society, the domestic phosphate ore market is mainly stable in the short term, and the specific trend needs to pay more attention to the influence of factors such as demand and downstream shipment situation.

In terms of coke, according to the analysis of the commodity market by Business Society, the atmosphere in the coke market was weak this week. The average price of coke on Monday was 2328.33 yuan/ton, and on Friday it was 2226.67 yuan/ton, a decrease of 4.37%. The coke market in Shandong port is operating weakly, with spot market prices slightly decreasing. The quasi first level outbound price at the port is around 2300 yuan/ton, and the first level outbound price is 2400 yuan/ton. The port market is operating weakly, with inventory at the two ports slightly declining. The enthusiasm of traders in the spot market to gather at the port is weak, and market trading is slightly sluggish, with actual transactions being relatively low.

In terms of phosphoric acid, according to the monitoring of the commodity market analysis system of Business Society, the market price of phosphoric acid has decreased this week. The average price of phosphoric acid on Monday was 6510 yuan/ton, and on Friday it was 6360 yuan/ton, with a price reduction of 2.3%. The phosphoric acid data analyst from Business Society predicts that the phosphoric acid market is weak, with average downstream demand and weak consolidation in the market.

3、 Future Market Forecast

The yellow phosphorus analyst from the Chemical Branch of Business Society believes that the upstream phosphate ore market is currently stable, the overall coke market is weak, and cost support is average. The downstream has a good enthusiasm for purchasing yellow phosphorus, and the on-site trading atmosphere is active. It is expected that in the short term, the yellow phosphorus market will tend to strengthen and consolidate, with a single discussion.