1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene in Shandong Province has fallen this month. On January 1st, the price was 5268.67 yuan/ton; On January 29th, the price was 6070 yuan/ton, an increase of 15.21% from the beginning of the month.
2、 Market analysis
Pure benzene: The price of pure benzene in the domestic market has risen today. International crude oil futures have risen, and the price of pure benzene in foreign markets has increased, driving confidence in the domestic pure benzene market and encouraging buying. Pure benzene prices continue to rise. Shandong Pure Benzene Refinery is boosted by the rise in oil prices, boosting confidence and leading to a wide range of price increases. The price of pure benzene in Sinopec’s refineries in East and South China has remained stable at 6000 yuan/ton, and will be implemented on January 28th. It is expected that the pure benzene market will operate strongly in the short term.
This month, the price of pure benzene from Sinopec has increased by 700 yuan to 6000 yuan/ton.
Downstream aspects
3、 Future forecast
Crude oil futures: On January 28th, international crude oil futures rose. The settlement price of the March WTI crude oil futures contract in the United States was $63.21 per barrel, an increase of $0.83 or 1.2%. The settlement price of Brent crude oil futures in April was $67.37 per barrel, an increase of $0.78 or 1.2%.
Foreign pure benzene: On January 28th, FOB Korea rose by 11 to 761 US dollars per ton, and CFR China rose by 12 to 763 US dollars per ton. FOB Rotterdam fell 1 to 916 US dollars per ton, while FOB USG remained stable at 284 US cents per gallon.
Overall expectation: The pure benzene market is expected to operate strongly in the short term, and we will wait and see on the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on January 28th was 1148 yuan/ton, and the average market price of domestic grade ammonium sulfate on January 1st was 1046 yuan/ton. The market price of ammonium sulfate has increased by 9.71% this month.
2、 Market analysis
This month, the market price of ammonium sulfate has shown a strong upward trend. The coking level operating rate has been adjusted narrowly, and the operating rate of the internal level is relatively low. This month, the price of urea has risen, which indirectly benefits the ammonium sulfate market. The supply side of ammonium sulfate has support, and demand is gradually following up. The mentality of buying up instead of buying down in the downstream has increased, and the enthusiasm for restocking has increased, resulting in a positive trading atmosphere in the ammonium sulfate market. The manufacturer’s shipments are smooth, and the main focus is on operating at reasonable prices. As of January 28th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 1020 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1120-1160 yuan/ton.
According to the weekly K-bar chart from November 3, 2025 to January 10, 2026, it can be seen that the domestic ammonium sulfate cycle is fluctuating. The domestic price of ammonium sulfate increased significantly in January, with the largest increase occurring in the week of January 12th, when the decline was 3.14%.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the recent trend of domestic ammonium sulfate prices has been dominant. At present, the ammonium sulfate market is trading well, with downstream replenishment as needed and an increase in inquiries. It is expected that the domestic ammonium sulfate market will continue to operate strongly in the short term.

Market Overview: (1.17-1.27)
Supported by the active contraction of the supply side, the price center of the dichloromethane market has slightly shifted upward, showing a pattern of “steady but firm”. According to the monitoring of the commodity market analysis system of Shengyi Society, as of January 27th, the average price of dichloromethane dispersed water in Shandong Province was reported at 1790 yuan/ton, an increase of 2.43% during the period. The main driving logic of the market has gradually shifted from “weak demand” to the combined effect of “cost support and supply contraction”.
Supply side: Device load reduction becomes a key bottom support factor
The most significant change in this cycle comes from the active adjustment of the supply side:
Concentrated load reduction and declining operating rate: The load of major production facilities has dropped to 50-70%. As a result, the overall operating rate of the industry has continued to decline from 75.8% in the middle of the month, effectively shrinking the market supply elasticity.
Inventory is in a healthy range: production enterprises actively control inventory, while traders generally maintain zero or low inventory operations. Therefore, despite average demand, the market has not formed a significant inventory selling pressure, providing a buffer space for prices.
Cost side: Double raw material increase builds strong support
The cost pressure has significantly increased, and the willingness of enterprises to lower prices is extremely low
Methanol prices are rising: Supported by reduced imports, increased shipping costs, and downstream rigid procurement, the methanol market is strengthening. As of January 27th, the benchmark price of methanol in Shengyi Society has risen to 2315 yuan/ton, an increase of 2.85% during the period.
The price of liquid chlorine remains high and firm: the ex factory price of liquid chlorine tank trucks in Shandong region remains at a high level of 350-450 yuan/ton. The simultaneous rise of two major raw materials has led to a significant increase in costs for methane chloride enterprises, resulting in production losses and providing rigid support for the price of dichloromethane on the cost side.
On the demand side: rigid procurement is the main focus, limiting the height of price increases
The lack of resonance between demand and supply contraction has limited the height of market rebound
Downstream on-demand procurement: The downstream industry only maintains rigid demand and has not engaged in centralized stocking behavior before the Spring Festival, resulting in average market transaction heat.
Market mentality cautious: Traders generally adopt a wait-and-see attitude, taking small orders as needed, resulting in weak overall market liquidity and a lack of strong demand driven prices.
Market outlook: Cost and demand game, expected to fluctuate narrowly
Overall, the market is trapped in a game pattern of “cost bottom and demand cap”:
Difficulty in price increase: The downstream capacity is insufficient, and there is a lack of cooperation in volume trading, resulting in significant resistance to price breakthroughs.
Difficult to fall: Production enterprises are already on the brink of losses and have stabilized prices by reducing losses, with solid cost support.
Therefore, it is expected that the dichloromethane market will maintain a narrow fluctuation trend in the short term. Any directional breakthrough in prices requires waiting for unexpected changes on the demand side or further significant adjustments on the supply side.

According to the Commodity Market Analysis System of Shengyi Society, the adipic acid market continued to rise in January, with prices continuing to rise. At the beginning of January, the average market price of adipic acid was 7133 yuan/ton. On January 26th, the average market price of adipic acid was 7633 yuan/ton, with a price increase of 7.01%.
Positive support, adipic acid market continues to rise in January
After the New Year’s Day, the prices of raw materials such as pure benzene and cyclohexanone continued to rise, supported by costs. Manufacturers continuously raised the ex factory price of adipic acid, and market transactions improved. As the Spring Festival approached, downstream nylon and polyurethane industries were boosted by stocking prices, supported by multiple favorable factors. The adipic acid market warmed up. As of January 26th, the average price of adipic acid in the market rose to 7700-7900 yuan/ton, with a price increase of over 500 yuan/ton compared to the beginning of the month, an increase of over 7%.
The analyst of Shengyi Society’s adipic acid market believes that the rise in this round of adipic acid market is mainly driven by the stocking market. After the Spring Festival, the adipic acid market will continue to rise and face pressure in the future, and may usher in a weak decline.

According to the Commodity Market Analysis System of Shengyi Society, from January 19th to 23rd, the domestic BDO price remained stable at 7357 yuan/ton, with a month on month decrease of 12.41% year-on-year. Both supply and demand have increased, but the gap between supply and demand has widened. The atmosphere of downstream Spring Festival stocking is average, with inventory digestion or urgent contract follow-up. Some holding manufacturers are cautious and bearish in their trading, with a focus on shipment mentality, while the domestic BDO market is mainly on a wait-and-see approach.
In terms of supply and equipment, the second phase of the Lanshan Tunhe plant has been operating stably since its restart, while the Sichuan plant has been producing products after its restart. This has led to an increase in market supply and weakened support on the supply side. The supply side of BDO is affected by bearish factors.
On the cost side, raw material calcium carbide: The domestic calcium carbide market has seen an increase, with smooth shipments from production enterprises and temporary supply shortages. Due to the orderly use of electricity in Inner Mongolia, supply has contracted, and some power plants in Shaanxi and Ningxia have malfunctioned, resulting in a decrease in the operation of calcium carbide furnaces and a tightening of market supply. Raw material methanol: The methanol market is fluctuating and consolidating. As of 10:00 am on January 23, the reference price for domestic methanol in Taicang is 2260 yuan/ton. The raw material calcium carbide market has risen, while the methanol market has fluctuated and consolidated, resulting in a mixed impact on BDO costs.
On the demand side, downstream PTMEG and PBAT have seen an increase in production, but the increase in demand is not as significant as the increase in supply, leading to a widening gap between supply and demand in the industry. The impact of BDO demand is mixed.
In the future, it is predicted that the Sichuan plant will increase its load and the Wanhua plant will restart and increase its production capacity, resulting in an increase in supply; GBL-NMP production has increased, with little fluctuation in other industries and an increase in demand; The narrow range consolidation of raw materials such as calcium carbide and methanol still puts pressure on the BDO industry to incur losses. Business Society BDO analysts predict that the domestic BDO market will mainly focus on observation and consolidation.

Recently, the price of acetic anhydride has been running strongly
According to the Commodity Market Analysis System of Shengyi Society, as of January 20th, the price of acetic anhydride was 4622.50 yuan/ton, an increase of 7.31% compared to the price of 4307.50 yuan/ton on January 11th. In mid January, the price of acetic acid continued to rise, with strong cost support for acetic anhydride. The recovery of acetic anhydride maintenance equipment on the supply side was slow, and the market supply was tight. The manufacturer’s quotation increased significantly, and downstream demand remained stable. The support for acetic anhydride was optimistic, and the price of acetic anhydride rose strongly.
Acetic acid market continues to rise
According to the Business Society Acetic Acid Commodity Market Analysis System, from January 11th to 20th, the price of acetic acid increased from 2806.67 yuan/ton to 2903.33 yuan/ton, an increase of 3.444%. The concentrated maintenance or load reduction of acetic acid plants has led to a decrease in market supply, low inventory from manufacturers, strong intention to raise prices, stable downstream demand support, and optimistic market sentiment. Acetic acid prices continue to rise, and the cost side provides favorable support for acetic anhydride.
outlook for the future market
The acetic acid analyst from Shengyi Society believes that the price of raw material acetic acid is relatively strong, and the market sentiment of acetic anhydride is optimistic. There is not much pressure on the acetic anhydride market on the supply side, and manufacturers’ quotations remain high and firm. Downstream demand follows suit, and the overall fundamentals of acetic anhydride are improving. It is expected that the acetic anhydride market will continue to operate strongly in the later stage, and specific attention will be paid to changes in the upstream market.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the price of pure benzene in the Shandong region has risen this week. On Monday, the price of pure benzene was 5303.33 yuan/ton, and on Friday it was 5476.67 yuan/ton, with a 3.27% increase in price during the week.
2、 Market analysis
Pure benzene: The market price of pure benzene in Shandong has risen this week. Yesterday, international crude oil futures experienced a sharp decline, and the market sentiment was bearish. The overall buying momentum of Shandong Refinery was weak, and trading was cautious. The price of Huadong pure benzene remained stagnant and consolidated, with a slight decline; Shandong’s local refineries are stabilizing their prices today.
This week, Sinopec’s price has increased by 200 yuan/ton to 5500 yuan/ton.
Downstream aspects
3、 Future forecast
Crude oil futures: On January 15th, international crude oil futures fell sharply. The settlement price of the March WTI crude oil futures contract in the United States was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price of Brent crude oil futures for March was $63.76 per barrel, a decrease of $2.76 or 4.1%.
On January 15th, FOB Korea fell by $8 to $699 per ton, CFR China fell by $6 to $701 per ton, FOB Rotterdam fell by $10 to $797 per ton, and FOB USG fell by $1 to $285 per gallon.
Overall expectation: The short-term pure benzene market is weak and volatile, with cautious trading. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

According to the data from the Commodity Market Analysis System of Shengyi Society, from January 1 to January 15, 2026, the domestic butadiene market showed a significant upward trend, with prices rising from 8333.33 yuan/ton to 9483.33 yuan/ton, with a cumulative increase of 13.8%. The overall market has fluctuated and strengthened this cycle, with a scarcity of low-priced goods, a strong attitude of suppliers to make offers, and stable support from downstream demand. Multiple factors have jointly driven up prices. The following provides a detailed analysis from three dimensions: cost, supply, and demand.
Cost wise: According to the Commodity Market Analysis System of Shengyi Society, the international crude oil prices have fluctuated and risen this cycle, providing solid cost support for the butadiene industry chain. The escalation of geopolitical conflicts and market concerns about the stability of global energy supply, coupled with marginal improvements in demand expectations, have driven up crude oil prices. Although there have been periodic fluctuations in the price of naphtha in this cycle, it has remained relatively high overall, laying the foundation for the upward trend of butadiene prices.
Supply side: The listed price of butadiene for various sales companies of Sinopec is 9550 yuan/ton.
Demand side: As the core downstream of butadiene, the butadiene rubber industry has been operating at a high level this cycle, with stable procurement demand, providing solid fundamental support for the butadiene market. In terms of production, the utilization rate of domestic Gaoshun Shunding rubber production capacity continues to rise. In early January, the utilization rate reached 79.15%, an increase of 1.97 percentage points compared to the previous month. The weekly output was 31800 tons, an increase of 2.55% compared to the previous month. The high load of the equipment has driven the stable release of butadiene rigid demand procurement. Despite the price increase of butadiene compressing the processing profit of butadiene rubber, the theoretical production profit of butadiene rubber this week was only 27 yuan/ton, which continued to narrow compared to the previous period. However, the industry still maintains a high willingness to operate and has strong resilience in the procurement demand for raw material butadiene.
According to the Commodity Market Analysis System of Shengyi Society, as of January 15th, the mainstream price of Sichuan Shunding rubber was 12100 yuan/ton, and the mainstream price of Dushanzi Shunding rubber was 12600 yuan/ton.
Market forecast: Overall, the domestic butadiene market in this cycle has experienced a significant price increase due to the combined effects of cost support, tight supply, and stable demand. On the cost side, crude oil prices have stabilized and rebounded, strengthening bottom support. On the supply side, equipment maintenance, inventory clearance, and external market linkage have formed multiple benefits. On the demand side, high production of butadiene rubber has provided sustained demand, and the imbalance between supply and demand has driven the market to strengthen. In the short term, multiple butadiene units are expected to restart in late January, with supply side or marginal easing. However, due to the expected increase in exports and decrease in imports, net imports may continue to decrease, and port inventories are expected to remain low. The supplier’s price support mentality will continue. The demand side of the butadiene rubber plant is likely to maintain a high load, and although the tire industry has seasonal fluctuations in production, the demand for butadiene remains unchanged, and the butadiene market still has support. It is expected that the domestic butadiene market will maintain a high volatility pattern in the short term, and special attention should be paid to the progress of plant restart, crude oil price trends, and downstream profit transmission.

Product Name: Titanium Dioxide
Latest price on January 15th: 13900 yuan/ton.
Analysis points: On January 15th, the domestic titanium dioxide market price rose. At present, domestic demand is average, but export orders are good, overall factory inventory is not high, coupled with high raw material prices, titanium dioxide enterprises are under cost pressure, and new order quotations are firm and upward.
Prediction: It is expected that the price of titanium dioxide will remain stable in the short term, and the actual transaction price will be negotiable.

The commodity market analysis system shows that on January 12th, the spot price of lithium carbonate reached a record daily increase of 7.25%. The benchmark price of battery grade lithium carbonate in Shengyi Society was 150000 yuan/ton, an increase of 25% compared to the beginning of the year, a month on month increase of 57%, and a year-on-year increase of 90%; The benchmark price of industrial grade lithium carbonate is 148000 yuan/ton, an increase of 26% from the beginning of the year, a month on month increase of 57%, and a year-on-year increase of 94%.
Short term price fluctuation factors: policy buffer zone drives demand growth
On January 9, 2026, the Ministry of Finance and the State Administration of Taxation jointly issued a policy clarifying that the export tax rebate for battery products will be adjusted in two stages: from April 1 to December 31, 2026, the value-added tax export rebate rate will be reduced from 9% to 6%; Starting from January 1, 2027, tax refunds will be completely cancelled, covering core varieties such as lithium-ion batteries, nickel hydrogen batteries, and all vanadium flow batteries. This policy has reserved a buffer period of nearly three months for battery companies (January March 2026), coupled with the first stage adjustment (April December) still retaining a 6% tax rebate rate. The market has formed a clear expectation of “grabbing exports”, promoting the expansion of short-term battery production scale and directly driving the short-term demand growth of lithium carbonate, which is expected to weaken the weak demand characteristics of the traditional off-season (January February).
Long term price fundamentals remain the dominant factor
1. Supply side constraints: The current operating rate of lithium salt plants is close to 90%, and the new smelting capacity is in a climbing stage. However, due to high lithium ore prices, insufficient OEM capacity, and the impact of some enterprise maintenance, the supply in January 2026 is likely to remain stable month on month, and the short-term supply growth is limited.
2. Inventory dynamic balance: Although there is a slight accumulation of lithium carbonate inventory, the scale is limited, and downstream enterprises have insufficient raw material inventory, resulting in a demand for replenishment. If the subsequent demand for export exceeds expectations, inventory may once again enter the de stocking channel, further strengthening the momentum of price increases.
3. Market sentiment and fund push: The correlation between the futures and spot prices of lithium carbonate is as high as 0.99, and speculative demand for funds has a significant impact on short-term prices. The current market has a clear logic of being bullish on lithium prices in the medium to long term, and the main contract holdings remain high.
4. Maintaining strong demand: The logic of demand growth for energy storage and new energy vehicles has not fundamentally changed, and will form a core support for lithium prices. The promotion of domestic electricity marketization reform, strong demand for conventional energy storage overseas, and expansion of global data center construction will continue to drive the growth of energy storage battery orders, which in turn will drive the demand for lithium iron phosphate cathode materials and provide stable growth for lithium carbonate consumption.
The lithium carbonate data analyst from Shengyi Society believes that the adjustment policy of battery export tax rebate this time has an impact on the price of lithium carbonate. The combination of export demand and low inventory pattern caused by the policy buffer period will promote the continued strong operation of lithium carbonate prices. The 150000/ton mark may become a short-term support level. In the medium and long term, the export cost pressure brought by the cancellation of tax rebate will suppress some demand, but the rigid growth demand of energy storage and new energy vehicles, as well as the tight supply-demand balance pattern in the industry, will still form the core support for lithium prices, and the space for a significant price decline is limited.