According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market will experience a volatile downward trend in September 2025. From September 1st to 29th, the domestic butadiene market price decreased from 9316.67 yuan/ton to 8900 yuan/ton, with a price drop of 4.47% during the period.
Early October: The supply and demand changes in this cycle are limited. Due to fluctuations in the downstream synthetic rubber futures market, the butadiene market first fell, then rose, and then fell back this week, maintaining an overall range oscillation trend.

Late period: The domestic butadiene market as a whole has been weak in this cycle, with poor performance on the demand side and a weak trend in the downstream synthetic rubber market. The enthusiasm for entering the market is low, and the purchasing intention is weak. The actual transaction performance in the market is poor, and there is a lack of demand support, resulting in a weak overall operation of the butadiene market. Near the end of the month, downstream pre holiday stocking is basically completed, and the supply of butadiene market is relatively loose, lacking demand boost, causing the butadiene market to decline again.
Cost wise: As of the 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. During this round of price adjustment cycle, crude oil prices were mainly volatile. On the one hand, OPEC+announced a cumulative increase in production of 2.3 million barrels per day by September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the tense situation in Europe and the upcoming peace talks have led to a weakening of geopolitical supply risks, negative global macro data, and the expectation of the Federal Reserve’s interest rate cut in September, making it difficult for the crude oil market to have positive support.
Supply side: As of the 29th, the listed price of butadiene for various sales companies of Sinopec is 9000 yuan/ton, a decrease of 500 yuan/ton compared to the same period last month.
On the demand side, the September market for butadiene rubber was weak, fluctuating and declining. According to the commodity market analysis system of Shengyi Society, as of September 29th, the market price of butadiene rubber in East China was 11750 yuan/ton, a decrease of 3.69% from 12200 yuan/ton at the beginning of the month. On the one hand, the price of raw material butadiene has fluctuated and fallen, which has a negative impact on the cost of butadiene rubber; On the other hand, the production of butadiene rubber has slightly decreased, and the pressure on the supply side has eased; Downstream tire production fluctuated slightly, mainly supporting the demand for butadiene rubber. As of September 29th, the mainstream prices for Qilu, Daqing, Sichuan, and Yangtze Shunding in East China were 11650-12000 yuan/ton.
Market forecast: There is no significant increase in downstream demand in the near future, and overall market expectations are weak. With the intention of purchasing for essential needs, the spot market is generally weak. Pre holiday stocking is basically completed, and the market lacks positive factors to boost. Under the influence of weak demand, it is expected that the butadiene market will be weak and volatile in the short term, with a focus on post holiday procurement demand.

This week (9.22-28), domestic liquid ammonia prices continued to rise. According to the Commodity Market Analysis System of Shengyi Society, the weekly increase in liquid ammonia prices in Shandong region was 1.16%. The main reason is that in the context of stable downstream demand, the incremental production in some areas is slow, and the supply pressure has slightly eased. At present, the mainstream price of liquid ammonia in Shandong region is 2250-2400 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. Some enterprises resumed work this week, but the overall increase was slow, and the market supply pressure was not significant. From the beginning of the week to the middle of the week, some companies have engaged in price adjustments. Large factories in Shandong generally adjust prices within the range of 100 yuan, and the market shows a basic balance between supply and demand. However, the supply volume slowly increases over the weekend, and there is a phenomenon of inventory accumulation in some companies. Some companies in Shandong have slightly decreased their quotations, with a range of less than 50 yuan. The enterprise still has expectations of resuming work in the later stage, and the supply may continue to increase in the later stage.
From the demand side, downstream demand has shown lukewarm performance, with the operating rate of compound fertilizers still at a low level. However, urea shipments have increased recently, and prices have slightly rebounded in the middle of the week. After the price rose, the market generally cooled down, and prices generally fell back to the beginning of the week near the weekend. The main reason is the lack of sustained demand in the later stage. According to the commodity analysis system, the weekly decline of urea was 1.44%. 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:
Analysts from Business Society believe that the continued upward trend of liquid ammonia this week is mainly due to the continued positive news from the supply side. Recently, there are expectations for the resumption of maintenance equipment storage and work. As the weekend approaches, some companies have shown pressure to release inventory, and ammonia prices have slightly fallen. Supply pressure may gradually increase in the later stage. In addition, there is not much positive news from the demand side, and there may still be room for downward adjustment in the ammonia market.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market weakened in September, mainly oscillating and falling. On September 1st, the average price of adipic acid in the domestic market was 7383 yuan/ton. On September 26th, the average price of adipic acid in the domestic market was 7250 yuan/ton, a decrease of 1.81% in price.

Negative sentiment combined with September adipic acid market oscillation and decline
Since September, the market for cyclohexanone, a raw material for adipic acid, has remained weak and stable, while the market for pure benzene raw materials has declined. Terminal rigid demand has weakened, and the market for adipic acid continues to decline. As of September 11th, the price has dropped to 7300 yuan/ton, with average market transactions and mediocre sales. The combination of negative factors has led to a weak decline in the market for adipic acid.
After mid month, the prices of raw materials pure benzene and cyclohexanone will decline, and their cost support will be limited. The terminal demand is average, market transactions are sluggish, and the adipic acid market is weakening. As of September 22nd, the price has dropped to 7280 yuan/ton, a decrease of about 100 yuan/ton from the beginning of the month.
At the end of the month, the prices of raw materials pure benzene and cyclohexanone were weak, with average support. Terminal demand remains weak, market transactions are flat, and the adipic acid market is stabilizing weakly. As of September 26th, the average market price has fallen to 7250 yuan/ton, a decrease of nearly 2% from the beginning of the month.
An analyst from Shengyi Society believes that after the National Day holiday, as terminal demand increases and the raw material market improves, the domestic adipic acid market is expected to stop falling and rise.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market slightly fell in mid September. As of September 21, the average market price of n-butane oxidation maleic anhydride remained at 5625.00 yuan/ton, a decrease of 0.22% from 5637.50 yuan/ton on September 11.

On the supply side: In mid September, the market for maleic anhydride slightly declined, with poor bidding transactions in Yantai in the early stage and continuous price drops. Recently, some manufacturers have limited sales operations, resulting in a slight increase in prices for maleic anhydride manufacturers, but overall supplier prices remain stable. At present, there is a significant resumption of production of maleic anhydride in Binzhou. Recently, downstream unsaturated resin manufacturers of maleic anhydride have maintained a stock of essential goods and are mainly observing the situation. As of September 21st, 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 4700 yuan/ton.
Upstream: The overall price of n-butane rose in mid September, and as of September 21, the price in Shandong was around 4550 yuan/ton.
Downstream: Currently, the unsaturated resin market is mainly stable, with sufficient supply of unsaturated resin and average downstream transactions. The support for unsaturated resin is limited, and the market situation is weak.
The analyst of Shengyi Society’s maleic anhydride products believes that the current downstream unsaturated resin market for maleic anhydride is weak, and the procurement of maleic anhydride is limited; At present, maleic anhydride manufacturers have limited sales operations, and it is expected that the maleic anhydride market will rise slightly in the near future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the aniline market saw a slight increase this week. On September 15th, the market price of aniline was 7625 yuan/ton, and on September 19th it was 7650 yuan/ton, with a weekly increase of 0.33% and a decrease of 22.82% compared to the same period last year.
2、 Analysis and Review
This week, the maintenance plan of major factories in the north has been implemented, which has boosted the price of aniline factories by 50 yuan/ton tentatively, and the mainstream price of aniline has risen to 7650-7750 yuan/ton. Downstream inquiries have increased, transactions have improved, inventory pressure on the market is not high, factory shipments are smooth, supply and demand are stable, and aniline remains stable after rising.
Cost wise: Pure benzene has slightly increased this week. International oil prices have risen and the Double Festival is approaching, with downstream demand for stocking up. Pure benzene prices have fluctuated and risen, and the future market is limited by the weak impact of its own fundamentals, with limited upward space.
3、 Future expectations
The current trading in the aniline market is stable, and the upcoming double quarter is approaching, ushering in a wave of stocking market. It is expected that the aniline market will operate strongly in the short term.

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.