According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke in September first fell and then rose, with prices falling overall. The mainstream average price of petroleum coke products from major domestic refineries was 2385.75 yuan/ton on September 30th, a decrease of 2.22% compared to 2440 yuan/ton on September 1st.
On the cost side, the crude oil market prices fluctuated widely in September, and the crude oil market was affected by both long and short factors. On the one hand, geopolitical factors are still one of the important factors affecting the crude oil market. The Russia Ukraine issue has led to a strong operation of the crude oil market, coupled with the Federal Reserve’s interest rate cuts benefiting the international oil market, the crude oil market trend has risen. On the other hand, Saudi crude oil may increase production, leading to an increase in US crude oil inventories. In addition, with the end of the peak oil season in the US, the global economic outlook and oil demand are not optimistic, putting pressure on crude oil market prices.
Supply side: In mid to early September, the market for refined petroleum coke fluctuated and declined, with average shipments from refineries. Some refineries’ petroleum coke prices fluctuated significantly with indicators, and petroleum coke prices fluctuated alternately; Downstream enterprises have average enthusiasm for petroleum coke procurement, with a strong wait-and-see attitude and cautious approach to market purchases; In late September, the market for refined petroleum coke stopped falling and rose. Refineries reduced their inventory before the holiday, and downstream procurement was cautious, which limited support for the petroleum coke market. In mid to early September, the port’s petroleum coke production was active, with a decrease in incoming ships and a continuous decrease in port inventory. Downstream flows mainly went to carbon plants, with some going to silicon carbide factories; The price of sponge coke at the port continued to rise in the latter half of the year, leading to an increase in inquiries.
On the demand side, the overall operating capacity of silicon metal in September is expected to increase compared to August, and the overall silicon metal production will continue to increase. Therefore, there is some supply pressure on the supply side. However, Yunnan and Sichuan regions are about to enter a dry season, and electricity prices will rise. In addition, there is also an expectation for silicon coal prices to continue to rise. Supply side shipments are still mainly driven by rising prices, providing impetus for the upward trend of the market. The demand for petroleum coke market in the silicon industry still exists.
The market for sulfur calcined coke rose in September, with downstream purchases being more active and prices for newly signed orders continuing to rise.
In September, the domestic operating capacity exceeded 44 million tons, approaching the policy ceiling of 45 million tons, and there was no significant release of new investment capacity in October. The electricity price for electrolytic aluminum enterprises in Yunnan region has been officially raised by 0.12 yuan/kWh. From the supply side, although the resumption of electrolytic aluminum production in Yunnan has been basically completed, with 545000 tons of the planned production capacity of 565000 tons restored, the increase in electricity prices still has a certain impact on enterprise production, which in turn affects the supply of aluminum ingots. Downstream aluminum uses carbon as the main demand in the petroleum coke market.
Market forecast: During the National Day holiday, the price of locally refined petroleum coke will continue to rise, and port petroleum coke will mainly execute previous orders, with a slight increase in price; At present, downstream carbon enterprises are actively stocking up, coupled with low inventory of petroleum coke in refineries and improved indicators in some refineries, which is favorable for the petroleum coke market. It is expected that the petroleum coke market will rise in the near future.

The phthalic anhydride market is weak and stabilizing in September
According to the Commodity Market Analysis System of Shengyi Society, as of September 30th, the price of phthalic anhydride was 6293.33 yuan/ton, a slight decrease of 0.11% from the price of 6300 yuan/ton on September 1st. In September, the price of ortho benzene rose, and the price of industrial naphthalene fluctuated and stabilized. The cost support of phthalic anhydride still exists. The equipment load of phthalic anhydride slowly increased in September, and the operating rate of phthalic anhydride enterprises increased. The supply of phthalic anhydride increased, and the downstream plasticizer market fluctuated and fell. The equipment operating load of plasticizer enterprises slightly increased, and the demand support for phthalic anhydride was limited. Due to limited demand support from rising costs, the price of phthalic anhydride remained weak and stabilized in September.
The cost of phthalic anhydride is temporarily stable
On September 30th, Sinopec quoted 6400 yuan/ton for ortho benzene, an increase of 1.59% compared to the price of 6300 yuan/ton on September 1st. The price of industrial naphthalene is fluctuating and stabilizing, the price of ortho benzene is rising, and the cost of phthalic anhydride is increasing. In September, the operating load of phthalic anhydride equipment slightly increased, the operating rate of phthalic anhydride enterprises increased, and the supply of phthalic anhydride increased.
Demand side: Downstream production consolidation, DOP price fluctuation and decline
According to the Commodity Market Analysis System of Shengyi Society, as of September 30th, the DOP price was 7367.50 yuan/ton, a fluctuating decrease of 2.92% compared to the DOP price of 7589.17 yuan/ton on September 1st. In September, DOP prices fluctuated and fell, leading to a consolidation of operating loads for DOP enterprises and a slight decrease in operating rates. Demand for phthalic anhydride remained weak, and there was insufficient support for the increase in demand for phthalic anhydride.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, plasticizer companies have seen a high-level consolidation of load, a slight increase in operating rates, an increase in plasticizer production, and insufficient support for phthalic anhydride demand. In terms of cost, the price of ortho xylene has risen, the price of industrial naphthalene has fluctuated and stabilized, and the cost of phthalic anhydride has increased. In the future, the cost support of phthalic anhydride still exists, and with the increase in supply and insufficient demand support, it is expected that the price of phthalic anhydride will stabilize weakly.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market in September first rose and then fell. As of September 30th, the spot rubber market in China’s natural rubber market was around 14666 yuan/ton, a decrease of 1.95% from 14958 yuan/ton at the beginning of the month and a decrease of 4.86% from the high point of 15416 yuan/ton during the cycle. As of September 30th, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 14550-14850 yuan/ton.
In early September, on the one hand, the downstream tire industry gradually entered the peak season with a slight increase in production, and on the other hand, the domestic and foreign raw material markets remained strong at a high level, providing strong support for natural rubber. In mid to late September, with the weakening of typhoon weather, the supply in foreign markets gradually increased and prices slightly fell. In addition, as the downstream stocking stage came to an end near the end of the month, market transactions were light, and the natural rubber market fell from a high position.
In September, the price of natural rubber raw materials fell slightly from a high level. As of September 30th, the price of Thai glue was 54.80 baht/kg, a decrease of 1.17% compared to 55.45 baht/kg at the beginning of the month. In early September, the main rubber producing areas at home and abroad were affected by rainfall and typhoons, resulting in lower than expected new rubber production and high raw material prices; In mid to late September, with the improvement of weather conditions, the supply of raw materials has been restored, and the high level of natural rubber raw materials has slightly fallen, which has slightly weakened the support for the Tianjin rubber market.
The significant drop in natural rubber inventory in September has provided strong support for the natural rubber market. As of September 28, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 456500 tons.
The overall stability and slight increase in downstream tire production in September provided strong support for the natural rubber market’s essential needs. As of September 28th, the construction of semi steel tires by domestic tire companies has started at around 7.3%; The construction of all steel tires by tire companies in Shandong Province has slightly increased to around 6.60%.
Market forecast: The current high prices of natural rubber raw materials have fallen, and the downstream pre holiday stocking stage has ended. However, the overall inventory of Tianjiao Port continues to decline, and it is expected that the natural rubber market will fluctuate narrowly in the later period.

In September, the butadiene rubber market was weak and volatile, with a downward trend. According to the commodity market analysis system of Shengyi Society, as of September 29th, the butadiene rubber market price 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.
In September, the price of butadiene weakened and the cost support for butadiene rubber weakened. According to the Commodity Market Analysis System of Shengyi Society, as of September 29th, the price of butadiene was 8990 yuan/ton, a decrease of 3.51% from 9316 yuan/ton at the beginning of the month.
Affected by the shutdown and maintenance of multiple butadiene rubber units, the domestic butadiene rubber units slightly decreased in September, and as of the end of September, the domestic butadiene rubber production started at around 6.60%.
On the demand side, downstream tire production in September remained stable with a slight increase, providing essential support for the butadiene rubber market. As of September 28th, the construction of semi steel tires by domestic tire companies has started at around 7.3%; The construction of all steel tires by tire companies in Shandong Province has slightly increased to around 6.60%.
Market forecast: From a fundamental perspective, analysts from Shengyi Society believe that the abundant supply of raw material butadiene is mainly due to weak market conditions, with slight fluctuations in downstream tire production. Overall, it is expected that butadiene rubber may experience consolidation in the later period.

This week, the domestic phenol market has weakened and declined. According to data monitored by Shengyi Society, from the perspective of the East China market, the domestic phenol market price was 6986 yuan/ton on September 21, and 6873 yuan/ton on September 26, a decrease of. 62%. Many pre-sale holiday futures before the holiday fell to 6800 yuan/ton. From the perspective of the national market, all major mainstream markets have experienced an equal degree of decline.
This week, the domestic phenol market was dominated by a decline, with Sinopec East China listed at 7050 yuan/ton. We are concerned about the possibility of price adjustments in the future. From a supply side perspective, the inventory of phenol at Jiangyin Port dropped to 7000 tons at the beginning of the week, and there was not much replenishment of domestic trade ships during the week. From a supply side perspective, there was not much pressure, and the market downturn space was controlled. From a demand perspective, downstream demand for bisphenol A is expected to decrease, and pre-sale goods are low at the end of the month or during holidays, resulting in insufficient pre holiday transactions.
According to statistics, the cargo volume of phenol in the East China region is 27200 tons, with 24200 tons already arrived and 3000 tons in transit. We will pay attention to the subsequent arrival of the cargo at the port.
Business Society expects that the increase in domestic supply will be smaller than demand. As the holiday approaches and pre holiday stocking is completed, the expected terminal purchasing volume will decrease. The replenishment of domestic shipping cargo is not significant, and there is an early pre-sale operation, resulting in limited supply of spot goods. After the holiday, there is expected to be a slight increase in the supply side. We will pay attention to the progress of Jilin Petrochemical’s new phenol ketone plant, the replenishment of domestic trade cargo, and the spot supply situation. On the post holiday demand side, there is an expected increase in demand for bisphenol A, while other downstream sectors have finished pre holiday stocking and reduced procurement. The price trend of dual raw materials after the holiday is not easy, and the impact on the cost side is limited.

Business Society, September 28th News: In September 2025, the overall price of polyester bottle chips showed a weak downward trend. According to the Commodity Market Analysis System of Shengyi Society, in the first and middle of September, there was a continuous decline, and the average selling price of PET fell to 5840 yuan/ton at one point, a decrease of 0.35% from the beginning of the week. In late September (the last week), the market bottomed out and rebounded, with prices in the East China market rising to 5900 yuan/ton. Weakened cost side support: The international crude oil market fell due to market concerns caused by poor economic data in the United States, while the PTA market was weak and volatile, making it difficult to effectively support bottle costs. Crude oil, as the upstream raw material for polyester bottle chips, has experienced a price drop, which has led to a decrease in the cost of polyester bottle chips and subsequently driven down prices. Supply side pressure still exists: domestic polyester bottle production increased by 1100 tons to 330300 tons compared to the previous period, and the capacity utilization rate slightly increased by 0.23% to 72.31%. The market has sufficient spot supply, and even if some companies have reduced production, the overall supply is still at a high level, which continues to suppress the price rebound space. The demand side continues to be weak: downstream terminals such as the soft drink packaging industry mainly rely on rigid procurement, and it is currently in the seasonal off-season, with a lack of market momentum and fewer inquiries. End users often adopt a on-demand procurement strategy without large-scale purchasing behavior, which cannot provide upward momentum for prices. Market sentiment cautious: In the pattern of “weak cost and weak demand”, the trading atmosphere in the market is average, and the mentality of participants is generally cautious. The low trading enthusiasm and market activity of both buyers and sellers make it difficult for prices to fluctuate significantly, resulting in an overall weak downward trend. Affected by factors such as weakened cost support, weak demand, and ongoing supply pressure, Shengyi Society believes that the price of polyester bottle flakes is expected to fluctuate weakly within the range of 5750-5900 yuan/ton.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke declined in mid September. As of September 21, the price of locally refined petroleum coke in the Shandong market was 2355.00 yuan/ton, a decrease of 3.78% from 2447.50 yuan/ton on September 11.
Recently, the price of crude oil fluctuated and rose, mainly because the Russia-Ukraine conflict caused the market to worry about potential supply risks, and the Federal Reserve cut interest rates by 25 basis points to support oil prices.
In mid September, the petroleum coke market in the local refining industry declined, with average shipments from refineries. Some refineries’ petroleum coke prices fluctuated significantly with indicators, and petroleum coke prices fluctuated alternately; Downstream enterprises have average enthusiasm for purchasing petroleum coke, with a strong wait-and-see attitude, and are relatively cautious when entering the market for procurement. Recently, there has been a positive trend in the production of petroleum coke at the port, with a decrease in the number of ships arriving at the port and a continuous decrease in port inventory. The downstream mainly flows towards carbon and some towards silicon carbide plants.
In mid September, the market for calcined coke remained stable with an upward trend, and downstream purchases were more active, resulting in an increase in prices for newly signed orders.
Market forecast: Currently, the trading in the local refined petroleum coke market is weak, and downstream enthusiasm for petroleum coke procurement is average, with limited support for petroleum coke. It is expected that petroleum coke will mainly consolidate weakly in the near future.

According to the Commodity Market Analysis System of Shengyi Society, as of the 21st, the price of ethyl acetate was 5356.67 yuan/ton, an increase of 0.44% compared to the price of 5333.33 yuan/ton on September 15th. The price of acetic acid has risen, with favorable raw material support and stable downstream demand. Supply side enterprises have low inventory, and the market for ethyl acetate has stabilized and risen.
The utilization rate of domestic ethyl acetate production capacity remains low, and there is not much pressure on enterprise inventory. Downstream entry into the market follows up on demand, and market trading is still acceptable. The price of acetic acid on the raw material side has risen, and the atmosphere in the ethyl acetate market has been boosted by costs. In addition, with the support of the traditional peak season mentality, the price of ethyl acetate has been strongly raised.
Looking at the future, the inventory of ethyl acetate enterprises is currently low, with strong quotations as the main factor. As the holiday approaches, market demand is optimistic, and enterprises are actively shipping. At the same time, the raw material market is supportive. It is expected that ethyl acetate will continue to operate strongly in the short term, and specific attention will be paid to the trend of raw materials and downstream follow-up.

price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol has slightly decreased this week. At the beginning of the week, the average price of isopropanol in China was 5691.67 yuan/ton, and the average price over the weekend was 5675 yuan/ton, with a price reduction of 0.29%.
The market price of isopropanol has slightly decreased this week. At present, the trading atmosphere on the exchange is average, and the downstream purchasing atmosphere is weak. Some high-end quotations have loosened, and the price focus is biased towards the low-end. The overall market is dominated by cautious negotiations, with average actual transaction performance. As of now, most of the isopropanol market prices in Shandong are around 5550-5600 yuan/ton; The majority of isopropanol market prices in Jiangsu region are around 5650-5700 yuan/ton.
Future forecast
The isopropanol analyst from the Chemical Branch of Shengyi Society believes that the market price of isopropanol has slightly decreased this week, with actual orders being the main demand. Market negotiations are cautious. It is expected that the short-term market will mainly focus on weak consolidation, with more attention paid to the trading trends of major companies.

According to the price data from Shengyi Society, on September 19, 2025, the average selling price of PET was 5870 yuan/ton, a decrease of 0.35% from the beginning of the week. The overall price of polyester bottle flakes (PET) is showing a weak downward trend.
Cost support significantly weakened: The international crude oil market fell due to market concerns caused by poor economic data in the United States, while the PTA market remained weak and volatile, making it difficult to effectively support bottle costs.
Supply pressure still exists: domestic polyester bottle production increased by 1100 tons to 330300 tons compared to the previous period, and the capacity utilization rate slightly increased by 0.23% to 72.31%. The ample supply of spot goods in the market continues to suppress the potential for price rebound.
The demand side continues to be weak: downstream terminals (such as the soft drink packaging industry) are mainly focused on rigid procurement, and it is a seasonal off-season with a lack of market momentum and fewer inquiries.
Market sentiment cautious: In the pattern of “weak cost and demand”, the trading atmosphere in the market is generally average, and the mentality is generally cautious.
Business Society predicts that the price of polyester bottle chips is expected to fluctuate weakly within the range of 5750-5900 yuan/ton. Whether the market can stabilize largely depends on whether the cost side (crude oil and PTA prices) can stop falling and rebound, as well as whether downstream demand has substantially improved.