As of October 20th, the DOP price was 10808.33 yuan/ton, a fluctuating increase of 3.75% compared to the DOP price of 10417.50 yuan/ton on October 1st. The DOP market in October showed a situation of “high-level stalemate, cost driven and weak demand pulling each other”. After hitting a nearly one-year high in October, the upward momentum of DOP prices has significantly weakened, and the overall market has entered a period of volatility and consolidation, with industry players becoming more cautious.
The raw material market is on the rise
The price of isooctanol fluctuated and rose in October
As of October 20th, the price of isooctanol was 9700 yuan/ton, a fluctuating increase of 6.40% compared to the price of 9116.67 yuan/ton on October 1st. Under the rigid cost compression of upstream propylene and the mismatch of regional supply rhythm of isooctanol, the isooctanol market showed a pre holiday bottom, post holiday rebound, and intensified regional differentiation in October. The price of isooctanol rose in October, and DOP cost support increased.
The price of phthalic anhydride fluctuated and rose in October
As of October 20th, the price of phthalic anhydride from neighboring countries was 10616.67 yuan/ton, which fluctuated and increased by 5.99% compared to the price of phthalic anhydride on October 1st, which was 10016.67 yuan/ton. Driven by the volatile rise of ortho xylene and crude oil, the cost line has been raised. In addition, after the holiday, there have been more maintenance of phthalic anhydride equipment, and the supply has been tightened. However, downstream production has decreased, and the demand for phthalic anhydride is weak. In October, the price of phthalic anhydride rose and completely reached the 10000 yuan mark. DOP cost support has increased.
Cost side:
DOP belongs to cost conductive products, and the prices of raw materials such as isooctanol and phthalic anhydride have risen, causing plasticizer manufacturers to passively follow suit; Before the holiday, some manufacturers reduced their equipment load and conducted maintenance. After the holiday, the supply of goods was tight, and combined with a round of urgent inventory replenishment after the holiday, the price of plasticizers increased in the first ten days. Isooctanol is the core driving force behind the upward trend of DOP, and the expected increase in isooctanol in the future will increase the cost support for DOP.
DOP Market Analysis
Supply side: Limited industry start-up and improvement
The low operating rate of the DOP industry has rebounded: After the holiday, the capacity utilization rate of the DOP industry gradually recovered from a low point of 43%, and by October 19-20, it had risen to 56% -57%. Although the supply has increased, the overall level is still relatively low, which has limited downward pressure on the market.
Demand side: Weak peak season
In September, the PVC market showed a trend of “less than expected peak season, limited real estate improvement, and still poor demand”. Entering October, downstream customers maintained their demand for essential purchases. Faced with high priced raw materials, their willingness to inquire and chase after price increases significantly weakened, and actual transactions were mainly based on negotiations. Weak demand and insufficient willingness of DOP demand side to catch up.
Market Overview and Future Expectations
Analysts believe that the DOP market fluctuated at a high level in October, caught between strong costs and weak demand. Cost is the ‘bottom’ of price, while demand is the ‘top’ of price. The current price has been at a high level in nearly a year, and further upward breakthroughs require substantial improvement in downstream demand beyond expectations. However, there is no sign of loosening in upstream octanol and phthalic anhydride prices, and the DOP market is showing an upward trend with limited cost support. In the future, the DOP market is likely to maintain a pattern of high volatility and a slight decrease in price center.

The domestic fluorite price trend has slightly declined this week, with an average price of 3681.25 yuan/ton as of the weekend, a decrease of 0.74% from the early week price of 3708.75 yuan/ton, and a year-on-year increase of 0.51%.
Supply side: Some mines resume production, increasing supply of fluorite

Domestically, the national inspection of mining safety production has been comprehensively tightened, and the special inspection of non coal mine safety and environmental protection standards have continued to tighten. However, the pace of resuming production in core production areas such as Jiangxi, Fujian, and Zhejiang in the south has increased, and the effective supply of high-grade wet powder has increased. The compliant production capacity has gradually been released, and the overall market supply circulation in China has increased compared to before. After some positive signals were released, the price of fluorite in the northern market remained stable on the surface, but there were slight discounts in actual transactions, showing a trend of “clear stability but hidden decline”.
In terms of imports: From January to August 2026, Mongolia’s imports of fluorite increased by 20.44% year-on-year. As China’s largest source of imports, its average import price has a significant advantage. After the end of the rainy season in Mongolia, the arrival volume in April and May increased significantly by about 40% month on month, and the import price was generally 300-500 yuan/ton lower than that of domestic products. In addition, domestic low arsenic fluorite (≤ 0.0005%) enjoys a zero tariff policy, further reducing import costs. The concentrated arrival of Mongolian fluorite at ports in East and North China has had a sustained suppressive effect on domestic market prices.
Demand side: Downstream market trend temporarily stable
1. The hydrofluoric acid market is temporarily stable, and procurement is mainly based on demand
The operating rate of hydrofluoric acid enterprises is only about 50%, and most of them suffer from serious losses. Due to the concentrated parking of large hydrogen fluoride factories in the north, the industry’s spot supply has shrunk significantly, and the original individual orders have been diverted to other production enterprises, resulting in a tight supply of individual spot goods and an increase in bargaining space. Hydrofluoric acid enterprises mainly purchase for essential needs and have a strong willingness to lower the price of upstream fluorite. More importantly, although the pricing of anhydrous hydrofluoric acid once rose, hydrofluoric acid companies continued to suppress the price of fluorite in order to repair their own losses, leading to the breakage of the transmission chain of fluorite price increases.
2. End of refrigerant peak season
Refrigerants are the main source of demand downstream of fluorite, and the refrigerant sector is also not optimistic. Affected by the refrigerant quota system and the sluggish demand in the home appliance market, the operating rate of core refrigerants such as R22 and R32 is difficult to exceed 50%, indirectly weakening the demand support for fluorite. Downstream hydrogen fluoride enterprises often adopt on-demand replenishment and batch replenishment strategies, only making phased purchases, which is difficult to effectively boost fluorite prices.
Market forecast: Overall, the resumption of mining production and the increase in import volume on the supply side will have an impact, while the end of the peak season for refrigerants on the demand side will have an impact. In addition, the current downstream demand for anhydrous hydrofluoric acid is insufficient, and the utilization rate of production capacity has shrunk. It is expected that the short-term fluorite market price will mainly fluctuate.

As of September 30th, the average production price of ethyl acetate was 6893.33 yuan/ton, an increase of 963.33 yuan/ton compared to the beginning of the month price of 5930 yuan/ton, with an overall increase of 16.25%. The supply side has experienced two minor changes, downstream demand remains stable, raw material support is strong, and the ethyl acetate market is operating strongly.
Market analysis: In September, the ethyl acetate market fluctuated upwards, with a clear overall price trend. On the supply side, the operating rate of ethyl acetate remains at a high level, with little market change and sufficient supply of ethyl acetate; On the downstream side, under the traditional peak demand season, there is an increase in enterprise orders, and the market trading atmosphere is improving, which provides good support for enterprise inventory consumption; The price trend of acetic acid on the raw material side is strong, and the cost of ethyl acetate continues to increase. The mentality of industry players is rising, and the focus of ethyl acetate transactions has risen strongly within the month.
In September, the price of acetic acid increased from 3400 yuan/ton to 4850 yuan/ton, with an overall increase of 42.65%. The upstream methanol price of acetic acid has risen, directly driving up the production cost of acetic acid. At the same time, the inventory of acetic acid enterprises is generally not high, and manufacturers have a strong intention to raise prices. Coupled with downstream support during the traditional peak season, the price of acetic acid has continued to rise throughout the month. The rise in raw material prices has increased the cost pressure of ethyl acetate, and the center of gravity of ethyl acetate prices has shifted upward.
In the future, there will be sufficient inventory of ethyl acetate, and enterprises will mainly maintain shipments. Currently, the price of ethyl acetate is relatively high, and downstream demand may have the intention to buy at a lower price. The market trading atmosphere will weaken, and it is expected that the ethyl acetate market will fluctuate at a high level next month, with a narrow price reduction. Specific attention should be paid to changes in supplier equipment and downstream follow-up.

1、 Price trend
As of September 30th, the average price of industrial grade high-quality cyclohexane in China was 6833 yuan/ton, which was at a mid to low level in September (6167-8000 yuan/ton in the one-year range, with a median of 7083 yuan/ton). The end of month price of 6833 yuan/ton still has about 1167 yuan/ton space from the high level in the year, with a certain degree of upward elasticity but constrained by downstream demand.
2、 Market analysis
Upstream costs: The direct raw material is pure benzene, with an average price of 9545 yuan/ton (9/28) for pure benzene in East China, up 20.77% from the previous month. Sinopec’s listed price increased by 300 yuan to 10200 yuan/ton on 9/29, and spot prices at Jiangsu ports surged to 11000 yuan/ton at one point. The driving force was the obstruction of navigation in the Strait of Hormuz and the US Iran conflict, which pushed up oil prices. The inventory of pure benzene at Jiangsu ports dropped to a low of about 36000 tons. Coupled with pre holiday stocking, pure benzene “separated from crude oil and maintained a high level”
Supply side: The overall operating rate of domestic cyclohexane plants is 62-66%, which is at a medium to low level. Upstream pure benzene: 71.8% of petroleum benzene and 56.24% of hydrogenated benzene started operating on 9/24 (month on month -3.18pct), with a weekly production of 506500 tons of pure benzene. The overall supply of raw materials has recovered, but hydrogenated benzene has been constrained by losses and tight crude benzene, leading to a decline in operating rates. The market is experiencing “tight supply and limited circulation”, which has become an important support for the price increase on 9/28.
Downstream demand: Downstream support: high prices, but weak demand and limited transmission. Cyclohexanone (main intermediate): 10500-10600 yuan/ton in East China,+53.62% year-on-year, fluctuating at a high level. Caprolactam (nylon 6): 14145 yuan/ton,+62.71% year-on-year, operating at a high level; BASF has once again raised the price of caprolactam/PA6 in North America since September. Adipic acid (nylon 66) was about 8500 yuan/ton at the end of August, a month on month increase of 1.49%, driven by pure benzene.
3、 Future forecast
Analysts believe that cyclohexane is currently experiencing a strong oscillation between strong cost support (high levels of pure benzene) and weak demand (low downstream production), with room for replenishment in the mid to low levels. Looking at the outlook for pure benzene/oil prices, it is expected to fluctuate within the range of 6500-8000 yuan/ton in the fourth quarter.

In September 2026, the domestic asphalt market experienced a strong upward trend, with spot prices continuing to rise throughout the month, and the market center of gravity shifting significantly. The futures market also followed suit, and the overall market emerged from the strong trend of the “Golden September” peak season. The rise in asphalt prices this month is not driven by a single factor, but rather by the resonance of multiple positive factors such as strong support from the cost side, continuous contraction from the supply side, and concentrated demand during the peak season. The overall low inventory and low operating pattern of the industry is prominent, and the market sentiment is strong. The overall trading atmosphere of the industry is active, and the strong market characteristics during the year are significant.
The continuous strengthening of the cost side provides core support for the asphalt market. In September, the international crude oil market experienced strong fluctuations, and geopolitical disturbances continued to affect global crude oil supply expectations. International oil prices remained at a high level, driving domestic heavy oil and asphalt raw material prices to rise simultaneously. The rising cost of raw material procurement for domestic refineries has led to a passive increase in asphalt production costs, forcing refineries to raise their spot prices. At the same time, the supply of heavy imported raw materials in China is tight, and the arrival of raw materials in some regions is delayed. The production costs of refineries remain high. Even if there is a slight correction during the trading session, the overall cost support logic remains stable, limiting the downward space of asphalt prices and supporting the continuous rise of spot prices.
The significant contraction of the supply side is the core driving force behind the sharp rise in asphalt prices this month. In September, the overall operating load of domestic asphalt refineries remained at a low level for the year. Many refineries were affected by factors such as raw material shortages and equipment maintenance, resulting in low production enthusiasm. The overall asphalt production in the country fell both year-on-year and month on month. The low opening trend has led to a significant contraction in the supply of spot resources in the market, coupled with the continuous depletion of industry inventories in the early stage. Refinery inventories and social inventories are both at low levels in recent years, highlighting the tight situation of spot resources in the market. Due to the scarcity of resources in some mainstream areas, traders are reluctant to sell and have a strong sentiment of pushing prices high. The tight supply of goods in the market further promotes the continuous upward trend of asphalt spot prices, and the mismatch between supply and demand continues to amplify.
Make efforts during the peak season on the demand side to consolidate the upward foundation of the market. September is the traditional peak season for asphalt consumption, with crisp autumn weather and scarce rainfall in northern regions. Outdoor construction conditions are excellent, and infrastructure projects and road maintenance projects in various regions are starting in a concentrated manner. The release of terminal demand is concentrated, and the procurement pace is significantly accelerating. Although the southern region is relatively cautious in terminal procurement due to the influence of high priced goods, the overall demand for essential goods is steadily recovering, and the role of essential goods in bottoming out is obvious. Overall, the demand for asphalt terminal construction in China is steadily recovering, effectively digesting market stock resources, continuing the destocking pattern, and providing solid fundamental support for the upward trend of asphalt prices.
In September, the trend of asphalt prices broke through the annual fluctuation range strongly, and at the end of the month, the price remained in the highest range of the price system in nearly a year, corresponding to the absolute high of the fifth level in the five level rating. From the perspective of annual price dimension, the current asphalt price is at the extreme position of the cycle, and the momentum of short-term sustained sharp rise is gradually weakening, and the upward space has narrowed. However, the core fundamentals of the current market have not reversed, with tight raw materials, low inventory levels, and continued support from peak season demand. It is difficult for the market to experience a deep correction, and the overall pattern of high-level strong and volatile operation is maintained.

Overall, the significant increase in the asphalt market in September 2026 is the result of the resonance of positive factors in cost, supply, and demand. The mismatch between supply and demand is the core logic of this round of market trends. At present, the market is characterized by high prices, low inventory, and strong support, and the market resilience is sufficient at the end of the peak season. The follow-up market will focus on the recovery of refinery operations, the pace of raw material imports and arrivals, the sustainability of domestic infrastructure construction, and the fluctuation of international crude oil prices. If the supply gradually recovers and the peak season demand gradually ends in the later stage, the high asphalt market may gradually stabilize, and the overall trend is likely to maintain a high volatility.

The price of acetic acid continued to rise in September, with an average market price of 4603 yuan/ton as of September 23, an increase of 35.39% from 3400 yuan/ton at the beginning of the month.
The price of acetic acid has increased significantly within the month. Overall, the price of acetic acid has been driven by multiple factors, including rising costs, tight supply, and downstream demand support, resulting in a significant increase in acetic acid prices. Specifically, let’s take a look:
Upstream cost push up: In the first half of the month, international oil prices rose, driving up the methanol market. Afterwards, methanol prices remained high and fluctuated, causing significant cost pressure on acetic acid companies. The cost side provided strong support for acetic acid, and the market sentiment rose. Acetic acid companies raised their quotes.
Low inventory of enterprises: Although the operating rate of acetic acid has been around 80% since September, the industry performance is relatively high. However, the overall inventory level of enterprises is low, and some devices have reduced their load or stopped for maintenance, resulting in tight spot supply. At the same time, downstream demand has rebounded, and enterprise orders have improved, driving the price focus to continue to shift upward.
Stable demand support: Under the traditional peak demand season, the downstream operating rate of acetic acid is relatively high, which supports the volume of acetic acid procurement. The market trading atmosphere is still acceptable, supporting the high and firm operation of acetic acid prices.
Positive news for exports: Due to the impact of geopolitical conflicts, the production cost of acetic acid remains high, and multiple sets of acetic acid plants overseas have successively reduced or stopped production. As the world’s largest producer of acetic acid, China’s cumulative acetic acid exports from January to August amounted to 936500 tons, an increase of 23.68% compared to the same period last year. The increase in China’s acetic acid export volume supports the tight domestic spot market and drives prices to continue rising.
Market forecast: The short-term acetic acid market is mostly positive, with prices maintaining a high level of consolidation before the holiday.
In the long run, although the upstream methanol market has loosened, prices remain high and cost support still exists; Downstream acceptance of high prices is limited, and purchasing enthusiasm may slow down; On the supply side, with the restoration of maintenance equipment, the supply gradually increases. However, recently, INEOS announced the closure of the only world-class acetyl plant in Europe, including the annual production capacity of 500000 tons of acetic acid plant and downstream acetic acid and ethyl acetate plants in the industrial chain, which will further stimulate the growth of acetic acid exports.
Overall, it is expected that the acetic acid market will fluctuate at a high level in the future, and specific attention should be paid to market supply and downstream follow-up.

1、 Price trend
This week, the overall price of caustic soda is running strongly. The average market price at the beginning of the week was around 637 yuan/ton, and the average market price over the weekend was around 639 yuan/ton, with a price increase of 0.31% and a year-on-year decrease of 24.82%. On September 17th, the chlor alkali index was 734 points, a decrease of 1 point from yesterday, a decrease of 65.51% from the cycle’s highest point of 2128 points (2021-10-24), and an increase of 3.82% from the lowest point of 707 points on February 27th, 2026. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
This week, the price of caustic soda has been operating strongly. The price of caustic soda in Shandong region is around 580-700 yuan/ton for 32% ion membrane alkali in the mainstream market. In Zhejiang region, the price of caustic soda is around 830-860 yuan/ton for 32% ion membrane alkali delivered to Xiaoshan mainstream market. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion membrane alkali is around 1850-1950 yuan/ton (converted to 100 yuan).
This week, the 32% liquid alkali market in Shandong region showed inconsistent fluctuations, but the overall trend was strong. The overall load in Shandong is basically controlled at around 80% level. It is estimated that some non aluminum downstream caustic soda will be stocked appropriately before the holiday, and the chlor alkali plant will control inventory before the holiday. The price of alumina is showing a fluctuating trend. Currently, the pace of raw material procurement in alumina plants is normal, and the probability of short-term large-scale production reduction in the market is low. It is expected that the price will continue to maintain a weak and fluctuating trend. Non aluminum downstream demand continues to increase through on-demand procurement.
Analysts believe that in recent times, the price of caustic soda has been operating strongly this week, and downstream domestic alumina suppliers have been purchasing on demand, with non aluminum companies receiving only average orders. Although there will be pre holiday stocking next week, caustic soda manufacturers have maintenance expectations, and the comprehensive supply-demand game predicts that caustic soda may tend to operate in a consolidated manner, depending on downstream market demand.

This week, the styrene market continued its upward trend, with an average price of 9900 yuan/ton on September 7th and 10610 yuan/ton on September 11th, representing a 7.17% increase during the cycle and a year-on-year increase of 43.49%.
Macro: On September 10th, international crude oil futures surged. The settlement price of the October WTI crude oil futures contract in the United States was $102.48 per barrel, an increase of $6.43 or 6.7%. The settlement price of Brent crude oil futures in November was $107.63 per barrel, an increase of $6.42 or 6.3%.
Cost wise: The price of pure benzene has risen sharply this week. Geopolitical risks continue to drive up crude oil prices, leading to a decline in port inventories of pure benzene and a continued shortage of subsequent arrivals. In addition, with the expected increase in demand for delivery due to the double festival, the focus of pure benzene negotiations continues to rise.
Supply and demand side: The peak of styrene maintenance has passed, and two sets of facilities in Shandong have restarted, with high operating rates fluctuating. The downstream three S have poor acceptance of high prices, are cautious in chasing high prices, and mainly focus on basic essential needs.
Styrene external market: On September 10th, the closing price of styrene in the Asian region rose by $48/ton, and the FOB closing price in South Korea was $1408-1418/ton. The closing price of CFR China is 1368-1378 US dollars per ton.
Market forecast: The main reason for this round of price increase is the fluctuation of crude oil, strong cost support, and the maintenance of positive exports. It is expected that the market will maintain a strong pattern, and the overall trend will mainly resonate with pure benzene.

The domestic ethanol price has been adjusted to 5516 yuan/ton, with a price drop of 2.36% in the past three months and a year-on-year decrease of 0.86%. The centralized maintenance of ethanol manufacturers’ facilities has been completed, and some areas have seen an increase in supply, resulting in a continuous oversupply on the supply and demand side.
On the cost side, the average price of corn in China has slightly increased, while regional price trends vary. Corn prices in Northeast China remain stable, while those in Henan have declined. The cost of ethanol is influenced by favorable factors.
From a supply side perspective, the shutdown of an ethanol plant with an annual processing capacity of 4.24 million tons will occur this month. In August, China’s ethanol production was 835000 tons, with a month on month increase of 28700 tons and a decrease of 3.56%. The cumulative production from January to August 2026 was 7.0051 million tons. The impact of ethanol supply is mixed.
On the demand side and downstream side, the overall demand has slightly increased, with a total demand of 172200 tons, an increase of 0.1 million tons compared to the previous period; Domestic consumption was 172000 tons, an increase of 0.1 million tons compared to the previous period; The export volume remained basically unchanged at 0.02 million tons. In terms of downstream, the consumption of traditional Baijiu is still light; The downstream of chemical industry has improved, and the chemical industry mainly relies on contract procurement for essential needs. The demand for ethanol is influenced by favorable factors.
In the future market forecast, there will be a concentrated stocking of goods before and after the holiday, resulting in an increase in demand and a rise in prices. At the same time, freight rates will rise, leading to an increase in delivery prices. Analysts predict that the ethanol market may rise.

In August, 85% of the mainstream formic acid market in China showed an overall volatile upward trend of maintaining stability at a low level, rising step by step, and closing steadily at the end of the month. The price bottom rose significantly throughout the month,. At the beginning of the month, the market continued its sideways trend as of the end of July, with prices at a low level for the year, with a benchmark price of 1800 yuan/ton. Relying on multiple factors such as low inventory levels, equipment maintenance, export boosting, and market price support, the market gradually broke through the low range and continued to shift its focus upwards. At the end of the month, the market maintained a stable high level, with a benchmark price of 2100 yuan/ton. The overall trend for the month showed a fluctuating and strengthening pattern, with a 16.7% increase during the month.

The supply-demand pattern dominates the changes in the market situation this month, forming obvious phased game characteristics
The overall supply side shows the characteristics of “offsetting the increase in production and the decrease in maintenance volume, and tightening the supply of goods in stages”. At the beginning of the month, maintenance equipment was planned to resume production one after another, and there was an expectation of increased supply in the market, which continued to suppress prices and was also the core reason for the low price fluctuations at the beginning of the month; In the middle of the month, some devices underwent centralized maintenance to offset the increase in production resumption, and the market supply tightened. Coupled with the active price hikes by enterprises, this provided core support for price increases; At the end of the month, industry inventory slightly increased, supply side pressure slightly eased, and the market tended to stabilize. At the same time, the overall inventory of the industry remained at a medium low level for a long time throughout the month, providing sustained basic support for the spot price of formic acid and effectively limiting the downward space of prices.
The overall trend of weak demand on the demand side and marginal positive boost is a key constraint factor for market fluctuations. This month, the overall production and demand of downstream terminals in China have been weak, and the pace of demand recovery is slow, making it difficult to form a sustained strong upward momentum. This has led to a lack of core support for significant price increases in most periods of the market, and the market has repeatedly entered a weak equilibrium state of sideways movement. However, the phased positive news effectively drove the market upward, and the low prices stimulated downstream to replenish inventory and purchase goods. Coupled with the stable performance of export orders within the month and the expected increase in the traditional demand peak season in September, it effectively boosted market sentiment, drove market transactions to recover, and pushed prices up multiple times.
The peak demand season in September is approaching, and prices are expected to continue rising
As the traditional peak demand season approaches in September, the demand side is expected to continue to recover, coupled with the continued upward trend in the industry, the formic acid market is likely to maintain a stable and strong operating trend, with a low probability of significant fluctuations. Specific attention still needs to be paid to changes in market supply and demand.