ECHEMI Analysis

As of January 5th, the price of phthalic anhydride in China has stopped falling and increased to 6,000 CNY/ton, with a price increase of 8.43%. The rise in ortho-xylene prices by 7.02% led to an increase in the cost of phthalic anhydride. Additionally, with the operating rate dropping to 65%, supply has tightened. Although the support from DOP demand has weakened, it is still expected that the price of phthalic anhydride will continue to rise strongly in the future.

• Rising costs
• tightening supply
• phthalic anhydride prices
• weakening demand for DOP

After the holiday, the melamine market supply benefits have faded, and prices have stabilized The recovery of supply has led to the dissipation of previous expectations of tight supply, but demand recovery is slow, and downstream purchasing remains cautious Urea cost support is limited In the short term, the market will continue to experience a range-bound fluctuation pattern under a weak supply-demand balance

• Melamine Market: Supply-side support wanes
• prices remain stable for now
• supply and demand in a tug-of-war.

In 2025, the average market price of ammonium sulfate in China increased by 2661%, with a trend that first rose and then declined, ultimately ending on an upward trend It is expected that the market outlook for 2026 will remain optimistic, with exports continuing to be the core driver of growth Production capacity will continue to grow, but at a slower pace, and leading companies will further expand their advantages

• Ammonium sulfate market
• export growth
• agricultural demand
• expanding industrial applications

In 2025, the Chinese acrylonitrile market experienced a surplus due to a surge in production capacity, leading to a significant drop in prices It is expected that the oversupply pressure will continue in 2026, with prices remaining low and fluctuating, as the industry enters a period of consolidation Carbon fiber and exports are expected to alleviate some of the excess, but caution is still needed regarding cost line competition

• Acrylonitrile market
• supply and demand imbalance
• price decline
• industry reshuffle

In 2025, the supply and demand imbalance of polyethylene led to a fluctuating downward trend in prices, reaching the lowest point of the year by the end. In 2026, with approximately 6,150,000 tons of new capacity added, the oversupply situation will worsen, while demand growth remains weak. Exports become the key pressure relief valve. Cost support is fragile, and the industry is accelerating its transformation. Attention should be paid to the release of new capacities and crude oil prices.

• Polyethylene supply and demand imbalance
• overcapacity
• weakening cost support
• industry transformation

In 2025, natural rubber prices experienced volatile downward trends, with annual fluctuations ranging from 13,550 to 17,400 CNY per ton. Global supply growth remained sluggish, while China’s import dependency remained high. Demand was primarily driven by the Chinese automotive market and tire exports. In 2026, supply is expected to contract over the long term, while domestic demand will continue to grow steadily, causing prices to fluctuate between 14,000 and 18,000 CNY per ton.

• Natural rubber prices
• supply and demand
• market outlook
• impact on the tire industry

In 2025, China’s EVA market experienced fluctuating price declines due to expanded production capacity and volatile demand. In 2026, oversupply is expected to intensify, with new production capacity reaching approximately 1.69 million tons per year. While demand from the photovoltaic sector will remain dominant, its growth rate is expected to slow down. Costs are forecast to stabilize initially before weakening gradually, resulting in overall prices remaining low and fluctuating.

• EVA market
• capacity expansion
• demand fluctuations
• weakening cost support

In 2025, the Chinese dichloromethane market fell into a dilemma of high supply, weak demand, and low profit, with prices plummeting significantly. In 2026, the market will continue to maintain a weak tone, characterized by optimized supply structure, intensified demand differentiation, and reshaped cost transmission, presenting a scenario of "change within weakness and intensified differentiation." Industry concentration will increase, and structural opportunities will replace overall growth.

• Dichloromethane Market
• Supply-Demand Imbalance
• Cost Transmission
• Industry Adjustment

In December, the epichlorohydrin market first declined and then stabilized. Prices rose by 3.57% to 11,600 CNY/ton, driven by tight supply and rising cost support. As supply increased in the mid-to-late part of the month and demand remained weak, market prices are expected to stabilize in the coming period. It is important to closely monitor raw material prices and changes in supply and demand.

• Epichlorohydrin
• market price
• supply-demand changes
• cost support

In 2025, the n-butanol market in China showed a "high first, low later" trend, with the price decreasing by 20.84% throughout the year. In 2026, it is expected that production capacity will continue to grow, and demand growth will outpace supply, with the price center shifting upward by 5%-8%, operating within the range of 5,400-6,200 CNY per ton. The industry will enter a stage of high-quality growth, with green processes and emerging fields becoming key growth points.

• n-Butanol Market
• Price Trends
• Supply-Demand Analysis
• Industry Forecast

At the end of December, China's PP prices stabilized and stopped falling, with a slight rebound in various grades of products. The raw material market showed mixed trends, with a slight increase in the operating rate on the supply side, but maintenance plans in January will reduce production. Improvement in demand was limited, with moderate activity in the finished goods market for end-user enterprises. It is expected that the PP market will enter an adjustment phase.

• PP prices
• maintenance schedules
• ample supply
• weak demand

At the end of December, the Chinese PC market was weak, with spot prices running at low levels The benchmark price was approximately 13,23333 CNY/ton, a year-on-year price decrease of 515% The overall supply load was stable, but the ample supply of basic grade materials led to production and sales pressure The bisphenol A market stopped falling and started to rise, improving cost support, but the demand side performed poorly due to weakening profitability of end-user enterprises

• PC market
• Bisphenol A
• supply and demand
• price trends

At the end of December, the Chinese ABS market saw a rebound from a low point, with the average price of sample products at 8,250.00 CNY/ton. The overall operating rate on the supply side was 69%, with an average weekly production of nearly 150,000 tons, ensuring ample supply. On the demand side, there was an increase in low-price replenishment orders, which improved the flow of goods in a phased manner. In the short term, ABS prices may consolidate at a high level.

• ABS market
• rebound from low levels
• demand-side support
• loose supply

In 2025, the MIBK market was influenced by acetone prices, showing a "stable first, then declining" trend, with China dominating global capacity and demand. In 2026, the market will enter a new phase of "supply and demand optimization and price recovery," with high-value-added products such as electronic-grade MIBK driving average prices up and further increasing industry concentration.

• MIBK market
• supply-demand optimization
• price recovery
• high-end development

In 2025, the price of ethylene glycol was strong at first and then weakened, rebounding at the end of the year In 2026, it is expected that the supply will continue to be loose, with moderate growth in demand, and costs will fluctuate within a range Overall, the price will first weaken and then stabilize, showing a pattern of fluctuation within a range In the first quarter, prices will fluctuate at a low level; in the second quarter, they will bottom out and start to rise

• Ethylene glycol market
• supply and demand analysis
• cost-driven
• price forecast

In 2025, the PVC market experienced a price decline of 11% for the year due to expanded production capacity and a supply-demand imbalance In 2026, the supply-demand contradiction is expected to ease as new capacity expansion slows down and older capacity is phased out Meanwhile, demand will gradually increase, exports will continue to grow, and inventory depletion will accelerate

• PVC Market: Supply-Demand Imbalance
• Capacity Expansion
• Outlook for 2026

In 2025, the Chinese market for anhydrous hydrogen fluoride fluctuated and rose, with the annual average price increasing by 12.52%. It is expected that in 2026, the annual production capacity will grow moderately to 4.1-4.2 million tons per year. Demand is significantly driven by emerging fields such as new energy and semiconductors, leading to a stable and rising overall market trend, with a shift in the price center and a tight balance between supply and demand.

• Hydrofluoric acid market
• cost-driven
• growing demand
• emerging application areas

In 2025, the Chinese toluene market experienced a downward trend, with the average price at the beginning of the year at 6,050 CNY/ton and dropping to 5,130 CNY/ton by the end of the year. In 2026, it is expected that cost support will be relatively weak, supply will increase, and demand will rise steadily, with exports expected to exceed 1,100,000 tons. The price for the entire year is expected to fluctuate between 5,800 and 7,000 CNY/ton.

• Toluene market
• Supply and demand analysis
• Price trend
• 2026 outlook

In 2025, the titanium dioxide market in China first rose and then fell, with the average price at the end of the year decreasing by 779% compared to the beginning of the year The import volume decreased by 1988%, and the export volume decreased by 563% Production capacity continued to expand to 6,217,000 tons, while output slightly decreased by 072% year-on-year

• Titanium dioxide market
• price trend
• import and export analysis
• industry transformation

In December, 85% of industrial-grade phosphoric acid prices in China fell from 6,880 CNY/ton to 6,840 CNY/ton, a price decrease of 0.58%. The market supply and demand were balanced, and trading was stable. The yellow phosphorus market first rose and then fell, with cost support weakening. It is expected that the phosphoric acid market will experience minor fluctuations in the short term.

• Phosphoric acid market
• prices decline
• yellow phosphorus market conditions
• supply-demand balance