ECHEMI Analysis

This week, the polyethylene price first increased and then decreased, showing an overall downward trend. The high inventory pressure on the supply side in China remains unchanged, and the demand side is recovering slowly, with market transactions mainly driven by rigid demand. Weakened cost support and cautious macro sentiment have led to a weak polyethylene market in China in the short term.

• Polyethylene market: downward pressure on the supply side
• slow resumption of production on the demand side
• weakening cost support.

After the holiday, in the first week, China's PVC market price fell by 2.3%, with the mainstream transaction price of calcium carbide method SG-5 ranging from 4600 to 4700 CNY per ton. Market supply increased while demand recovery was slow, putting pressure on exports and prices. It is expected that the PVC market will continue to show a weak trend next week, with high supply, cautious demand, and weakened cost support being the main factors.

• PVC prices declined
• supply is at a high level
• demand recovery is slow
• exports are under pressure.

In February, the price of polyester bottle chips first fell and then rebounded, weakening again at the end of the month The average monthly price was 6,230 CNY/ton, up 127% month-over-month The cost side was affected by the decline in crude oil and raw material PTA/MEG prices, leading to a contraction in factory profits Supply was tight, but demand was weak, with downstream resumption of work being slow and cautious purchasing

• Polyester bottle chip prices
• cost support weakens
• downstream resumption of work is slow
• futures lead the decline in spot prices

From February 23 to 28, the price of Chinese polymeric MDI increased by 286% to 14,400 CNY/ton Companies such as BASF and Covestro raised their MDI prices, and major Chinese manufacturers also increased their March quotations, leading to a follow-up increase by traders The supply is normal, and the cost of pure benzene fluctuates, with aniline prices rising by 339% Demand is entering the market as needed, and the market is gradually recovering

• Polymeric MDI
• market price
• supply side
• demand side

In February, the DOP price in China fluctuated and fell by 3.95% to 7,700.84 CNY/ton, mainly due to the decline in the prices of raw materials such as 2-ethylhexanol and phthalic anhydride, leading to a reduction in costs. At the same time, the operating rate of enterprises dropped to 57-60%, with weak demand. It is expected that the DOP price will remain weak and consolidate in the future.

• DOP prices have fallen
• plasticizer costs have decreased
• both supply and demand have declined
• isooctanol prices have dropped.

In February, the overall price of maleic anhydride in China increased, with the average price rising from 5262.50 CNY/ton to 5300.00 CNY/ton, a price increase of 0.71%. In the early part of the month, prices fell due to reduced demand, but after the holiday, as the auction price of Wanhua increased and downstream operations gradually resumed, the maleic anhydride market received support. It is expected that the maleic anhydride market may continue to rise in the near future.

• Maleic anhydride market
• price increase
• supply situation
• upstream and downstream analysis

In February 2026, the butadiene market in China fluctuated downward, with prices falling from 10,533.33 CNY/ton to 10,026.67 CNY/ton, a price decrease of 4.81%. Affected by supply and demand dynamics, cost fluctuations, and geopolitical factors, the supply side tended to be more relaxed, while demand was weak. It is expected that the market in March will remain weak and stable with slight warming.

• Butadiene market
• supply and demand game
• cost fluctuation
• weak oscillation

This week, the market price of Aniline in China continued to rise, from 8,845 CNY/ton on February 23 to 9,145 CNY/ton on February 28, with a price increase of 3.39%. The rise in prices was driven by an increase in domestic demand and export orders, with inventories falling to low levels. The fluctuation in the price of pure benzene, a cost factor, affected the spot price. It is expected that the Aniline market in China will continue to operate at high levels in the short term.

• Aniline market: prices rise
• demand increases
• cost impacts

In February, the Chinese titanium dioxide market remained stable, with an average price of 13,900 CNY per ton After the Spring Festival holiday, the market trading atmosphere was light, but in the latter part of the month, there was an expectation of price increases, and some chloride process enterprises raised prices by 500 CNY per ton In 2025, the annual export volume of titanium dioxide from China declined for the first time to about 1,816,900 tons

• Titanium dioxide market
• price trend
• export data
• future forecast

In February, 85% of industrial-grade phosphoric acid prices in China increased from 6,890 CNY/ton to 6,940 CNY/ton, a price increase of 0.73%. The market trend was strongly upward, especially in the latter part of the month, influenced by the rise in yellow phosphorus prices, which strengthened cost support. It is expected that the phosphoric acid market will continue to maintain a strong trend in the short term.

• Phosphate Market
• Price Trends
• Cost Support
• Future Market Forecast

In February, acetic acid prices fluctuated, with the average market price at the end of the month reaching 2,796.67 CNY per ton—a decrease of 1.18% from the beginning of the month. On the supply side, inventories remained relatively high, and demand recovery was slow. Prices for acetic anhydride and the raw material methanol also showed weakness. It is expected that acetic acid prices will continue to trend weakly in the short term.

• Acetic acid market
• price fluctuation
• supply and demand competition
• weak downstream demand in China

In February, the price of activated carbon rose from 12,883 CNY/ton to 12,933 CNY/ton, representing a price increase of 0.39%. Demand for coconut-shell activated carbon remains strong; however, starting in 2026, adjustments to global shipping policies will lead to higher costs and compliance challenges. It is expected that, in the short term, activated carbon prices will remain at high levels, fluctuating with a generally bullish trend.

• Activated carbon prices
• coconut shell activated carbon
• market demand
• policy changes

In February, the adipic acid market in China fluctuated and rose At the beginning of the month, the average market price was 8,066 CNY/ton, and by the end of the month, it had increased to 8,300 CNY/ton, a price increase of about 289% Affected by the prices of crude oil and raw materials, and driven by pre-holiday stockpiling, prices rose significantly in the early period; after the holiday, demand declined, and prices adjusted downward

• Adipic acid market conditions: prices rising
• crude oil market conditions
• terminal demand

On February 28, the DMF market in China was oversupplied, leading to overall stable market prices with only minor fluctuations. Market participants were cautious, and there was no significant improvement in demand.

• Supply surplus
• DMF market
• price trend
• stable market conditions

In 2025, China's ethylene glycol import dependence decreased to 27.7%, with Middle Eastern sources accounting for 65.86%. The impact of geopolitical conflicts on prices can be categorized into three scenarios: mild conflicts cause short-term disturbances, moderate conflicts lead to phased price increases, and severe conflicts result in trend-based price increases. North American sources are a key buffer but cannot fully fill the gap left by the Middle East.

• Ethylene Glycol Imports
• Strait of Hormuz
• Geopolitical Risks
• Price Trend Forecast

In February, the Chinese soda ash market trended downward weakly. The price of light soda ash decreased from 1,208 CNY/ton at the beginning of the month to 1,188 CNY/ton at the end of the month, a decrease of 1.66%. With ample supply and weak demand, the operating rate in the glass industry declined, providing insufficient support for soda ash. It is expected that the soda ash market will remain weak in the short term, but some companies' maintenance in March may provide price support.

• Soda ash price
• market supply and demand
• glass industry
• future market forecast

In February, the price of petcoke from local refineries in China first fell and then rose, with an overall slight increase of 0.52%. International crude oil prices fluctuated and increased, supporting the cost side. After the holiday, the supply side saw good shipments, while on the demand side, although the prices of metallurgical silicon and aluminum fell, the demand for petcoke still existed. It is expected that the price of petcoke may slightly increase in the near future.

• Petroleum coke from local refineries
• market analysis
• cost factors
• demand side

On February 28, 2025, the coke market remained stable with an average price of 1,443 CNY per ton. The prices of metallurgical coke in Tangshan, Tianjin Port, Handan, and Qitaihe remained unchanged. The market trading atmosphere was light, with high inventory levels, and there was a lack of significant momentum for price fluctuations in the short term.

• Coke market
• stable prices
• high inventory
• light trading

In February, the marine fuel market in East China showed a slight increase, with the average price of 180CST rising from 5362.50 CNY/ton to 5425.00 CNY/ton, an increase of 1.17%. International crude oil prices fluctuated upward, and fuel oil inventories in Singapore increased. It is expected that the market price of 180CST will continue to rise in the near future.

• Marine fuel market
• 180 CST fuel oil
• international crude oil prices
• Singapore fuel oil inventories

In February, the palm oil market weakened, with prices oscillating downward, decreasing by more than 5%. Palm oil production and export volume in Malaysia both decreased, but demand picked up somewhat due to stockpiling for the Chinese New Year. The support from the futures market was limited. It is expected that with the increase in end-user demand for oils in March, the palm oil market may rise.

• Palm oil market
• Supply changes
• Futures impact
• Demand analysis