According to the Commodity Market Analysis System of Shengyi Society, the toluene market will decline from April 11 to April 18, 2025. On April 11th, the benchmark price of toluene was 5840 yuan/ton, and on April 18th, the benchmark price of toluene was 5600 yuan/ton, a decrease of 4.11%. Although crude oil prices have fluctuated upwards this week, poor downstream demand has dragged down the overall weak operation of the toluene market. Refinery quotations in Shandong region have been continuously lowered this week, and downstream purchases have been made on dips. The supply in the East China market is slightly loose, the overall performance of the aromatic hydrocarbon market is weak, the toluene market is dragged down by weak prices, the price reduction of Sinopec in the South China region is dragging down the mentality of the spot market, and the market is slightly under pressure due to high port inventory.
On the cost side, international oil prices have fluctuated upward this cycle. As of April 17th, the settlement price of the main contract for WTI crude oil futures in the United States was $64.68 per barrel, and the settlement price of the main contract for Brent crude oil futures was $67.96 per barrel.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of April 18th, East China Company quoted 5550 yuan/ton, North China Company quoted 5500 yuan/ton, South China Company quoted 5600-5700 yuan/ton, and Central China Company quoted 5750 yuan/ton.
Demand side:
On April 18th, the price of xylene at Sinopec Sales Company was temporarily stable, with a current execution price of 6800 yuan/ton. This price was implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities operated stably, with normal sales, and remained the same as the price on April 11th. As of April 17th, the closing prices of the xylene market in Asia were $715-717/ton FOB Korea and $740-742/ton CFR China, a decrease of $6/ton from the 11th price.
Market forecast: The crude oil trend this week has little impact on the toluene market, and the main influencing factor is still on the supply and demand side. The overall loose performance of the supply side has led to a weak atmosphere in the spot market, and the bearish sentiment in the aromatics market is strong in the future. On the demand side, the downstream overall maintains on-demand procurement, but the demand is urgent. Overall, the toluene market is still under pressure, and it is expected that the market will mainly operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from April 14th to 18th, MTBE prices fell from 5525 yuan/ton to 5422 yuan/ton, with a price drop of 1.86% during the period, a month on month drop of 5.70%, and a year-on-year drop of 27.82%. The MTBE market is showing a fluctuating downward trend, with poor performance in the gasoline terminal market and continuous imbalance between production and sales. The demand for MTBE continues to be low, and at the same time, Dongying Shenchi and Bengu new material facilities are both operating, further increasing resource supply and significantly increasing domestic supply pressure.
On the cost side, in terms of crude oil: The rise in international oil prices is mainly due to the continued positive factors of the US sanctions against Iran, coupled with some oil producing countries submitting compensation plans for overproduction. As of April 18th, the settlement price of the main Brent crude oil futures contract was $67.96 per barrel.
On the demand side, in terms of gasoline terminal demand, there has been no significant increase in terminal demand at this stage. The inventory digestion of social units is slow, and end users and traders are very cautious in their ordering operations. For several consecutive days, the production to sales ratio of refineries has not exceeded 100%. Refineries have no choice but to lower prices and promote sales, and the market trading atmosphere is flat. The MTBE demand side is affected by bearish factors.
Supply side: Overall expected resource supply or slight increase. Short term domestic MTBE supply is affected by bearish factors.
As of the close on April 17th, the closing price of the Asian MTBE market has increased by $9.92/ton compared to the previous trading day, with FOB Singapore closing at $666.04-668.04/ton. The closing price of the European MTBE market increased by $6.25/ton compared to the previous trading day, and FOB ARA closed at $787.99-788.49/ton. The closing price of the MTBE market in the United States increased by $35.73 per ton compared to the previous trading day, and the FOB Gulf offshore price closed at $704.35-704.71 per ton (198.88-198.98 cents per gallon).
As the May Day holiday approaches, people’s expectations for travel and leisure activities are increasing, and gasoline market transactions are gradually improving, which is expected to provide some support for the MTBE market. But currently, the supply of MTBE resources is still relatively high. Let’s take a look at the supply and demand. MTBE analysts from Shengyi Society believe that the domestic MTBE market is mainly characterized by narrow fluctuations.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of April 17th, the reference average price of 85% industrial grade phosphoric acid in China was 6860 yuan/ton, which is stable compared to the reference average price of 6860 yuan/ton on April 11th.
2、 Market analysis
Market Aspects
The domestic phosphoric acid market prices remained stable this week. As of April 17th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6500-7000 yuan/ton, and the ex factory price of 85% thermal phosphoric acid in Sichuan region is around 6900-7100 yuan/ton. The domestic market price for 85% wet process phosphoric acid is around 6700-7300 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. This week, the yellow phosphorus market has declined, with business owners mainly placing early orders. At present, there is insufficient follow-up on downstream demand, and the enthusiasm for procurement has weakened. Short term domestic yellow phosphorus prices are expected to weaken and consolidate.
Supply and demand side
The supply and demand balance in the phosphoric acid market this week. At present, the supply of phosphoric acid in the market is stable, with stable shipments on the demand side and downstream procurement based on demand. Expected to maintain a balance between supply and demand in the short term.
3、 Future forecast
Business Society’s phosphate analyst believes that the phosphate market has been steadily consolidating and operating in recent days. The price of raw material yellow phosphorus has been lowered, and cost support has weakened. The phosphoric acid market is currently adopting a wait-and-see attitude, with enterprises focusing on stabilizing prices. It is expected that the domestic phosphoric acid market will consolidate and operate in the short term due to weak raw materials.

According to the Commodity Market Analysis System of Shengyi Society, from April 7th to 11th, MTBE prices fell from 5637 yuan/ton to 5562 yuan/ton, with a price drop of 1.33% during the cycle, a month on month drop of 3.47%, and a year-on-year drop of 25.83%. The MTBE market has been operating narrowly and weakly, with the sharp drop in crude oil during the Qingming holiday and negative factors affecting the market trend. After the holiday, international crude oil continued to decline, and end-users still have enthusiasm for purchasing related gasoline components. The MTBE market has experienced a narrow decline.
On the cost side, in terms of crude oil: International oil prices have significantly declined, with the main negative factors being the potential escalation of trade dispute risks due to the new US tariff policies, weakened global economic and demand prospects, and market concerns. As of April 10th, the settlement price of the main Brent crude oil futures contract was $63.33 per barrel.
On the demand side, in terms of gasoline terminal demand, with the rise in temperatures in various regions, the frequency of people using private cars for travel has decreased, and the overall shipment performance of retail gas stations is average. Gas station merchants mostly maintain medium to high inventory for procurement and sales. Short term MTBE demand is influenced by favorable factors.
Supply side: The operating load of the equipment will continue to increase, and there is an expectation of further increase in resource supply. Short term domestic MTBE supply is affected by bearish factors.
As of the close on April 10th, the closing price of the Asian MTBE market has increased by $17.69/ton compared to the previous trading day, with FOB Singapore closing at $636.84-638.84/ton. The closing price of the European MTBE market increased by $22.75/ton compared to the previous trading day, and FOB ARA closed at $719.74-720.24/ton. The closing price of the MTBE market in the United States decreased by $17.74 per ton compared to the previous trading day, and the FOB Gulf offshore price closed at $668.76-669.12 per ton (188.83-188.93 cents per gallon).
In the future, it is predicted that crude oil will continue to be weak, MTBE supply will slightly increase, and terminal demand will be relatively flat. Manufacturers will maintain a focus on volume. MTBE analysts from Shengyi Society believe that the domestic MTBE market is mainly characterized by weak fluctuations.

According to the Commodity Market Analysis System of Shengyi Society, from April 7th to 11th (as of 15:00), the average price of methanol in East China ports in the domestic market fell from 2487 yuan/ton to 2486 yuan/ton, with a price drop of 0.05% during the period, a maximum amplitude of 2.73%, a month on month decline of 6.88%, and a year-on-year decline of 3.63%. At the beginning of the week, under the influence of crude oil and policies, the domestic methanol market fell sharply. After falling to a low level, many downstream and trading companies restocked at the low price. In addition, some major production areas experienced equipment failures and reduced production, supporting the low rebound of the domestic methanol market. The methanol market is fluctuating and running.
As of the close on April 11th, the closing price of methanol futures on Zhengzhou Commodity Exchange has fallen. The main contract 2505 for methanol futures opened at 2420 yuan/ton, with a highest price of 2424 yuan/ton and a lowest price of 2374 yuan/ton. It closed at 2392 yuan/ton in the closing session, a decrease of 1 yuan or 0.04% from the previous trading day’s settlement. The trading volume is 688075 lots, the position is 392146 lots, and the daily increase is 55072 lots.
In terms of cost, recently, the domestic chemical coal market has stopped falling and rebounded, showing positive changes in the market. The coal mines in the production area maintain normal production, and the overall supply is basically stable. After a brief rise in port prices recently, they have returned to a stagnant market. Downstream terminal inventories are high, and they are adopting a wait-and-see attitude towards market resources. The cost of methanol is influenced by favorable factors.
On the demand side, downstream acetic acid: the demand for acetic acid continues to decline; Downstream chloride: Increased demand for chloride; Downstream formaldehyde: Increased demand for formaldehyde; Downstream MTBE: MTBE demand increases; Downstream dimethyl ether: There are no plans to stop driving dimethyl ether next week, and the demand fluctuation is not significant. The majority of downstream demand for methanol has increased, and the demand for methanol is influenced by favorable factors.
On the supply side, the overall recovery exceeds the loss, resulting in an increase in capacity utilization. Negative factors affecting the methanol supply side.
In terms of external trading, as of the close of April 10th, the CFR Southeast Asian methanol market closed at $348.50-349.50 per ton, a decrease of $3 per ton. The closing price of the US Gulf methanol market is 92.00-93.00 cents per gallon; The closing price of FOB Rotterdam methanol market is 287.50-288.50 yuan/ton, down 10 euros/ton.
In the future market forecast, there is ample supply, and some factories still have shipment demand, with a slight increase in traditional downstream demand expected. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

According to the Commodity Market Analysis System of Shengyi Society, this week’s PET (polyester bottle flakes) prices have shown a significant decline due to multiple pressures such as negative costs. As of April 11th, the average sales price of PET (polyester bottle flakes) is 5655 yuan/ton.
In terms of cost, factors such as OPEC+production increase, US tariff policies, and Iraq’s resumption of crude oil exports have put pressure on international oil prices. Brent crude oil has fallen below the key support level of $70 per barrel, weakening the cost support of the polyester industry chain. PTA and ethylene glycol prices have weakened. From April 1st to 11th, PTA prices fell from 4910 yuan/ton to 4489 yuan/ton, a decrease of 8.57%. Ethylene glycol prices also fell by more than 3%. In addition, port inventories have risen to a high of 584400 tons, and the operating rate of coal production facilities has remained above 70%. The loose supply pattern is difficult to change, and price rebound is limited.
In terms of supply and demand: In 2025, the new production capacity of polyester bottle flakes will be 2.15 million tons, and coupled with the current high inventory in the same period, market concerns about oversupply have intensified. The operating rate of major production enterprises remains at 74.48%, and the supply continues to increase. However, the demand side has not improved synchronously, resulting in an imbalance between supply and demand. In terms of exports, due to the global economic slowdown and environmental policy restrictions, the export increment is not enough to offset the domestic supply pressure.
In response to the current market situation, Shengyi Society believes that the core logic behind the significant drop in polyester bottle chip prices this week is the multiple pressures of cost collapse, oversupply, and weak demand. In the short term, the price of PET market may adjust with the cost side, and the actual trend still needs to pay attention to the subsequent equipment, demand situation, and cost support under the traction of crude oil.

The hydrofluoric acid market has been operating steadily this week. According to the analysis system of Shengyi Society, as of April 10th, the benchmark price of hydrofluoric acid in Shengyi Society was 12450 yuan/ton, an increase of 1.63% compared to the beginning of this month (12250 yuan/ton).
On the raw material side: The fluorite market for raw materials is weak and declining, while the sulfuric acid market price is stable. The fluctuation range on the cost side is limited and not too large. According to the analysis system of Shengyi Society, as of April 10th, the benchmark price of Shengyi Society’s fluorite was 3756.25 yuan/ton, a decrease of -0.50% compared to the beginning of this month (3775.00 yuan/ton).
On the demand side: Downstream is approaching the peak season for refrigerants, and some refrigerants are experiencing price increases. Coupled with policy encouragement in the refrigerant industry, demand is expected to achieve substantial growth. Fluorine chemical companies within quota control have strong confidence in raising prices in the refrigerant market. The prices in the foreign trade market have increased, and upstream products are mainly purchased on demand, which supports the hydrofluoric acid market.
Market forecast: In the near future, there will be a slight downward trend in the market price of raw material fluorite, which will alleviate the cost pressure on anhydrous hydrogen fluoride production enterprises. However, it is expected that the decline in raw material prices will not be too large. The downstream refrigerant market is good, and some product prices will rise, which will provide some support for the anhydrous hydrogen fluoride market. It is expected that the anhydrous hydrogen fluoride market will operate smoothly in the later stage, and more attention should be paid to the news of leading enterprises and market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated and rose from March 31 to April 7, 2025. On March 31st, the benchmark price of toluene was 6060 yuan/ton, and on April 7th, the benchmark price of toluene was 6230 yuan/ton, an increase of 2.81%. During this cycle, the trend of crude oil first rose and then fell. Last weekend, crude oil fell sharply, which dragged down the mentality of the spot market and weakened the market after the holiday. During the period, the pre holiday purchasing intentions of the disproportionation and oil blending industries in Shandong were relatively strong, and the sales situation in the region was good. The overall inventory of refineries was low, and their quotations were relatively firm. Overall, the toluene market showed an upward trend followed by a downward trend this week due to the impact of pre holiday purchasing intentions.
Cost wise: International crude oil futures plummeted on April 4th. The settlement price of the main contract for WTI crude oil futures in the United States was $61.99 per barrel, a decrease of $4.96 or 7.4%. The settlement price of the main Brent crude oil futures contract was $65.58 per barrel, a decrease of $4.56 or 6.5%. Affected by US tariff policies, oil prices have plummeted for two consecutive trading days, with WTI experiencing a cumulative drop of nearly $10. Investors are concerned about the risk of economic recession caused by the escalation of global trade conflicts. According to crude oil analysts from Shengyi Society, based on the subsequent impact of current US tariff policies, crude oil may enter a new cycle in the long term. The supply-demand balance may be disrupted and enter the process of rebalancing again. In the short term, given that countries are attempting to negotiate lower tariffs or impose retaliatory tariffs, tariffs may change and oil prices may fluctuate significantly in the short term.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of April 7th, East China Company quoted 6100 yuan/ton, North China Company quoted 6200 yuan/ton, South China Company quoted 6350-6450 yuan/ton, and Central China Company quoted 6200 yuan/ton.
Demand side:
On April 7th, the price of xylene in the petrochemical sales company was temporarily stable, and the current execution price is 7200 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and selling normally, with a price reduction of 400 yuan/ton compared to March 28th. As of April 4th, the closing prices of the xylene market in Asia were $778-780 per ton FOB Korea and $803-805 per ton CFR China.
Market forecast: Affected by the news of US tariffs, the overall commodity market will weaken, crude oil prices will significantly decline, and the atmosphere in the spot market will be weak. In terms of supply, there have been more incoming goods from the East China region recently, and the overall market supply is relatively loose. On the demand side, the downstream overall maintains on-demand procurement, but the demand is urgent. Overall, the recent supply of toluene in the market has been relatively loose, and the spot market is under pressure. It is expected that the market will mainly operate steadily and weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the aggregated MDI market has been declining recently. The mainstream price for Shanghai goods (44V20, M20S, 5005) is 15900-16000 yuan/ton, while the mainstream price for domestic goods (PM200) is 16500-16600 yuan/ton. Currently, MDI devices in China are operating at medium to high loads, with fast market supply filling and downstream entry at low prices, resulting in average demand. Pre holiday replenishment has been basically completed, with a shortage of new orders and a lack of positive news to boost the market. It is expected that the aggregated MDI market will operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the price trend of acetic acid in March first increased and then decreased. As of March 31, the price was 2810 yuan/ton, which is an increase of 10 yuan/ton compared to the acetic acid price of 2800 yuan/ton at the beginning of the month, with a monthly increase of 0.36%.
As of the end of the month, the market price details of acetic acid in various regions of China in March are as follows:
Region/ On March 1st/ On March 11th/ March 31st
South China region/ 2950 yuan/ton/ 2925 yuan/ton/ 2800 yuan/ton
North China region/ 2750 yuan/ton/ 2825 yuan/ton/ 2710 yuan/ton
Shandong region/ 2750 yuan/ton/ 2880 yuan/ton/ 2750 yuan/ton
Jiangsu region/ 2730 yuan/ton/ 2740 yuan/ton/ 2625 yuan/ton
Zhejiang region/ 2950 yuan/ton/ 2950 yuan/ton/ 2850 yuan/ton
In early March, the price of acetic acid rose strongly, mainly due to the maintenance of some factory facilities, resulting in a decrease in the utilization rate of acetic acid production capacity. At the same time, the bidding prices of large factories in the northwest continued to rise, and the atmosphere in the market was bullish. The market trading direction was good, and the acetic acid quotation was adjusted upwards; In the second half of the year, as the maintenance equipment resumed operation, the market supply increased, but downstream entry enthusiasm was not high, market transactions were limited, and sales pressure from manufacturers continued to increase. Under the supply-demand game, the price of acetic acid continued to decline.
The methanol market on the raw material side is fluctuating and consolidating. As of March 31st, the average price in the domestic market was 2590 yuan/ton, a decrease of 1.49% compared to the beginning of the month price of 2629 yuan/ton. During the month, some methanol plants were shut down for maintenance, boosting the spot market. However, downstream traders are mainly observing and waiting, and their enthusiasm for purchasing goods is limited. There is insufficient support for favorable conditions in the market. At the same time, some areas have increased their supply of goods, leading to a weak downward trend in the methanol market due to active destocking.
Market forecast: Business analysts believe that the current trading atmosphere in the acetic acid market is relatively weak, with industry players mainly negotiating on demand. In the short term, the acetic acid market will continue to operate steadily, and some domestic manufacturers will release maintenance plans in the later stage, which will have a certain boost to the market. The sales pressure on the supply side will weaken. In the long run, the utilization rate of acetic acid production capacity next month will decrease, and the price of acetic acid in the future may rise strongly. Please pay attention to the follow-up situation downstream.