According to the Commodity Market Analysis System of Shengyi Society, formic acid has shown a fluctuating trend recently. As of September 1st, the benchmark price of 85% industrial grade formic acid Shengyi Society was 3353 yuan/ton, up 25.59% month on month and 25.75% year-on-year.

The arrival of the “golden nine and silver ten” on the demand side may lead to positive downstream expectations
The pressure on foreign trade supply has eased, and the volume of export orders has shrunk month on month. From the perspective of the domestic market, the “Golden September and Silver October” are approaching, and downstream industries such as pharmaceuticals are gradually recovering, which may increase the demand for formic acid. However, the current formic acid price is at a high point this year, and terminal purchasing intentions are becoming cautious.
Large factories have maintenance plans, and inventory pressure may be alleviated
According to market news, a large factory in Liaocheng plans to carry out equipment maintenance this month. As a result of this expectation, the high inventory of formic acid is expected to ease, and prices may rise.
According to the data analyst of Shengyi Society, the price of formic acid is expected to rise due to multiple favorable factors.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market experienced a volatile decline in August 2025. From August 1st to 29th, the domestic toluene market price fell from 5570 yuan/ton to 5440 yuan/ton, with a price drop of 2.33% during the period.

In the first half of this cycle, the toluene market experienced narrow fluctuations with relatively small overall volatility. This week, some enterprises in the Shandong market are temporarily not exporting for personal use, and the export enterprises are mainly based on pre-sales. Refinery quotations are generally stable. The East China market is mixed with negative and positive factors, and the market is temporarily stable under the mentality of supply and demand game. Although the supply in the South China region is slightly tight, the weakening of crude oil prices has dragged down market sentiment, and the overall market performance remains stable.
Late month: Due to poor sales at the end of the month in Shandong, the listing prices continued to decrease, but downstream purchasing intentions were generally low and weak. The overall performance of the demand side is still weak, although the upstream actively reduces prices, the downstream’s enthusiasm for entering the market is low, and the market is overall declining, with limited negotiations.
Cost wise: As of the 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. During this round of price adjustment cycle, crude oil prices were mainly volatile. On the one hand, OPEC+announced a cumulative increase in production of 2.3 million barrels per day by September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the tense situation in Europe and the upcoming peace talks have led to a weakening of geopolitical supply risks, negative global macro data, and the expectation of the Federal Reserve’s interest rate cut in September, making it difficult for the crude oil market to have positive support.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of August 29th, East China Company quoted 5450 yuan/ton, North China Company quoted 5300 yuan/ton, South China Company quoted 5550-5600 yuan/ton, and Central China Company quoted 5550 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, as of August 29, 2025, the price of xylene by Sinopec Sales Company has temporarily stabilized, with a current execution price of 7200 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities are operating stably and selling normally, with a price reduction of 50 yuan/ton compared to July 30. As of August 28th, the closing prices of the xylene market in Asia were $822-824/ton FOB Korea and $847-849/ton CFR China, a decrease of 19 yuan/ton from July 30th.
Market forecast: The overall performance of the toluene market is weak in the near future, and there is a strong game mentality between supply and demand. With some toluene enterprises resuming operations, the market supply is relatively loose in the near future. The demand side is approaching the traditional peak season of “golden September and silver October”, and downstream stocking demand may increase to some extent. In the short term, the toluene market is expected to have a weak trend due to loose supply in the future. In the long run, demand during peak seasons may drive an upward trend in the market. In the future, we will focus on the trend of crude oil and downstream enterprise production.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market rebounded after a decline in August, with an average price of 4891 yuan/ton in the PTA market in East China, an increase of 1.45% from the beginning of the month. In the first ten days, OPEC+increased production, crude oil continued to decline, and market prices fell due to expectations of self accumulation. In the second half of the year, the petrochemical industry experienced a rebound and PTA units suffered unplanned losses, leading to a significant increase in market prices. At the end of the month, concerns about weakened supply and demand led to a sharp decline in market prices from high levels.

In terms of PTA supply, some factories have undergone equipment maintenance, and the industry’s operating rate is around 68%, but the market supply is stable and there has been no shortage of goods. In early September, three sets of PTA plants with capacities of 2.25 million tons, 2.2 million tons, and 4.5 million tons will be restarted one after another, and the supply and demand of the industry will shift from destocking to loose balance.
The crude oil market is intertwined with long and short factors, and will continue to face complex situations in the short term. On the supply side, the geopolitical risks between Russia and Ukraine have escalated due to Trump’s deadline for negotiations, raising concerns about supply disruptions. On the demand side, both US crude oil inventories and Cushing crude oil inventories have decreased, while strategic petroleum reserve inventories have increased, providing support for oil prices. However, the implementation of US tariffs on India’s purchase of Russian crude oil may be hindered. As of August 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. The future still needs to focus on the progress of the Russia Ukraine situation and the policy guidelines of the OPEC meeting on September 7th.
The operating rate of downstream polyester industry has slightly rebounded, and PTA is mostly purchased at low prices. In previous years, with the gradual issuance of autumn and winter orders and the start of the “Golden September” peak season, demand is expected to gradually increase. However, since the beginning of this year, tariff disputes have persisted, affecting the export of terminal textiles and clothing, and the launch of the “Golden September” has been delayed. Most textile companies are cautious and cautious, focusing on maintaining essential procurement.
Business analysts believe that the supply of PTA maintenance equipment will return in September, and the maintenance is still uncertain. On the demand side, the market expects the traditional peak season in September to inject a stimulant into the market. However, in the absence of clear direction guidance, short-term PTA prices are expected to follow fluctuations in crude oil prices.

According to the Commodity Market Analysis System of Shengyi Society, as of the 25th, the price of ethyl acetate was 5386.67 yuan/ton, a decrease of 0.68% compared to the price of 5423.33 yuan/ton on August 18th, and a decrease of 1.10% from the beginning of the month. The supplier’s inventory has slightly increased, downstream demand continues to be weak, market transactions are average, and the ethyl acetate market continues to operate weakly.

The utilization rate of domestic ethyl acetate production capacity has slightly increased, and the market inventory has increased. Enterprises maintain active shipment, but downstream market entry enthusiasm is not high. A small amount of low-priced purchases are sought, and market consumption inventory is limited. The domestic acetic acid on the raw material side has fluctuated, and cost support is insufficient. Enterprises follow the market, and the price of ethyl acetate is weak and fluctuating.
In the future, the shipment of ethyl acetate enterprises is average, downstream demand consumption is slow, and the market fundamentals are weak. Recently, some areas of raw material acetic acid have been operating strongly, which has boosted the mentality of ethyl acetate. It is expected that the short-term market for ethyl acetate may rise slightly, and specific attention should be paid to changes in supplier equipment and downstream follow-up.

This week, the price of plasticizer DOP has stopped falling and rebounded

According to the Commodity Market Analysis System of Shengyi Society, as of August 25th, the DOP price was 7759.16 yuan/ton, which first fell and then rose compared to the DOP price of 7759.16 yuan/ton on August 15th. This week, the operating load of DOP enterprises has slightly decreased, the production of plasticizers has remained stable, and downstream demand is unlikely to improve. The intention of DOP procurement inquiries is flat, and the improvement in DOP demand transactions is limited. The price of raw material isooctanol fluctuated and fell, the price of phthalic anhydride fluctuated and rose, and the cost support of plasticizers slowed down. The stable supply has led to a decrease in costs, and the price of plasticizers has stopped falling and stabilized this week.
This week, the price of raw material isooctanol fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of August 25th, the price of isooctanol was 7316.67 yuan/ton, a fluctuating decrease of 0.81% compared to the price of 7376.67 yuan/ton on August 15th. The production of isooctanol equipment resumed in August, and the operating rate of isooctanol equipment increased to 92% this week. In addition, with the addition of new production capacity and increased supply of isooctanol, the price of isooctanol fluctuated and fell this week; The cost of plasticizers has decreased, and the downward pressure on DOP has increased.
This week, the price of raw material phthalic anhydride has stopped falling and risen
According to the Commodity Market Analysis System of Shengyi Society, as of August 25th, the price of phthalic anhydride in neighboring countries was 6333.33 yuan/ton, which first decreased and then increased compared to the price of 6300 yuan/ton on August 15th, with an increase of 0.53%; Compared to the price of 6233.33 yuan/ton quoted on August 20th, the price of ortho benzene has fluctuated and increased by 1.60%. The price of ortho benzene is stabilizing, the price of industrial naphthalene is rising, the cost of phthalic anhydride is increasing, the operating rate of phthalic anhydride equipment is consolidating at a low level, and the cost increase combined with weak supply and demand has led to a rebound in phthalic anhydride prices this week. The price of raw material phthalic anhydride has risen, and the cost of plasticizers has increased. This week, the downward pressure on the price of plasticizer DOP has weakened.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol has fluctuated and fallen, while the price of phthalic anhydride has rebounded and risen, and the cost of plasticizer DOP has stopped falling; On the supply side, the operating capacity of plasticizer enterprises has slightly decreased, the production of plasticizers has remained stable, and the supply of plasticizers is sufficient; In terms of demand, the overall economy is sluggish, coupled with anti competition and the elimination of outdated production capacity, resulting in weak downstream demand. Overall, the weak supply and demand, coupled with the stabilization of costs, are expected to lead to a consolidation of the price of plasticizer DOP in the future.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has risen this week. The average market price at the beginning of the week was 860 yuan/ton, and the average market price over the weekend was 862 yuan/ton, with a price increase of 0.23% and a year-on-year increase of 7.08%. On August 21st, the Business Social Chemical Index was 771 points, unchanged from yesterday, a decrease of 44.93% from the highest point of 1400 points during the cycle (October 23, 2021), and an increase of 28.93% from the lowest point of 598 points on April 8, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda increased over the weekend this week. The price of caustic soda in Shandong region is around 800-890 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, with a mainstream market price of 870-930 yuan/ton in 32% ion-exchange membrane alkali. The price of caustic soda in Inner Mongolia region is stable, with a mainstream market price of 2700-2800 yuan/ton (converted to 100%) in 32% ion-exchange membrane alkali. From the perspective of Shandong region, the price of caustic soda remained stable during the week, with a slight increase over the weekend. The pre maintenance equipment has not been restored yet, and the inventory pressure of the enterprise is not high. The prices of liquid alkali purchased by major downstream enterprises have increased, and the prices of liquid alkali in the region have risen. Alumina is mostly purchased on demand, while non aluminum receiving is mainly purchased on demand.
Business Society analysts believe that in the near future, the price of caustic soda has slightly increased and is operating steadily. Domestic downstream demand is still acceptable, and inventory pressure for caustic soda enterprises is not high. Downstream inventory enterprises are expected to undergo maintenance, and the comprehensive supply-demand game predicts that caustic soda will maintain a strong operating market in the later stage, depending on downstream market demand.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of August 20th, the average quotation price of domestic high-quality DMF enterprises was 4110 yuan/ton, which remained stable compared to the same period last week. Currently, the price fluctuation range of DMF manufacturers is limited, and the focus of DMF market negotiations is stable, with a general purchasing atmosphere.
2、 Cause analysis
In terms of market, the reference price for spot delivery of DMF in Shandong and surrounding areas is 3950-4100 yuan/ton, in Jiangsu and Zhejiang areas it is 4150 yuan/ton, and in South China it is 4250-4350 yuan/ton in the Guangzhou market. Currently, the DMF market is stable, and the mainstream delivery price for DMF in East China is 4100-4250 yuan/ton in Jiangsu and 4150-4300 yuan/ton in Zhejiang.
Upstream: The mainstream price of methanol in Yulin area is reported to be 2070-2070 yuan/ton in cash exchange, and the market trading atmosphere is good. Some enterprises have performed well in bidding transactions. The ex factory price of methanol in Jining refers to 2290-2290 yuan/ton in cash exchange, and the delivery price in Linyi refers to 2340 yuan/ton.
3、 Future forecast
DMF analysts from Shengyi Society believe that the DMF market is expected to maintain its current trend in the short term, with limited upstream cost support and average downstream procurement demand, resulting in limited upward momentum for prices.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke declined in mid August. As of August 19th, the price of locally refined petroleum coke in the Shandong market was 2535.00 yuan/ton, a decrease of 1.93% from 2585.00 yuan/ton on August 11th.

The crude oil prices fluctuated in mid August, mainly due to the market waiting for the results of the US Russian leaders’ meeting, and the geopolitical situation is still expected to further ease.
In mid August, the overall market for petroleum coke 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, while refineries tend to ship goods on demand. Recently, there has been a positive trend in the production of petroleum coke at ports, and port inventories have continued to decrease. Southwest silicon companies have started production one after another, which is favorable for the production of Formosa Plastics coke.
The market for calcined coke saw a slight increase in mid August, with most companies selling out their orders this month and low inventory levels. Companies have a strong willingness to push up prices for newly signed orders.
Market forecast: Currently, the trading in the local refined petroleum coke market is average, and downstream demand procurement still provides support for the petroleum coke market. However, procurement is relatively cautious, and it is expected that petroleum coke will mainly consolidate weakly in the near future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, on August 18th, the price of baking soda remained stable, with an average market price of 1249.4 yuan/ton, a decrease of 36.26% compared to the same period last year. On August 17th, the Business Society Baking Soda Index was 82.94, unchanged from yesterday and hitting a historic low for the cycle. It has dropped 64.83% from its highest point of 235.84 on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is temporarily stable and the market is running, and the shipment of enterprises is still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1200 yuan/ton in Henan region and 1200-1300 yuan/ton in Shandong region. Due to downstream demand driven procurement, it is expected that weak operations will be the main focus in the later stage. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash is operating steadily. The current market average price is 1234 yuan/ton, a decrease of 32.2% compared to the same period last year, and downstream purchases are mostly made on demand.
Business Society analysts believe that the price of baking soda has been consolidating recently, and the upstream raw material soda ash has also been consolidating recently. Downstream areas of baking soda, such as pharmaceuticals, textiles, and food, have been purchasing on demand recently, with average demand enthusiasm. Overall, it is expected that the price of baking soda will mainly consolidate in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market will operate steadily from August 8th to August 15th, 2025. On August 8th, the benchmark price of toluene was 5560 yuan/ton, and on August 15th, the benchmark price of toluene was 5560 yuan/ton, unchanged. The toluene market has been operating steadily this cycle, and some companies in the Shandong market have temporarily stopped exporting for their own use. Export companies mainly rely on pre-sales, and refinery quotations are generally stable. The East China market is mixed with negative and positive factors, and the market is temporarily stable under the mentality of supply and demand game. Although the supply in the South China region is slightly tight, the weakening of crude oil prices has dragged down market sentiment, and prices remain stable this week.

On the cost side: During this cycle, crude oil prices fluctuated mainly within a range. On the one hand, OPEC+announced a cumulative production increase of 2.3 million barrels per day until September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the geopolitical situation in the Middle East is affecting the oil market, and global macro data is bearish. In addition, the fundamental impact of the upcoming off-season of US summer demand will continue to put pressure on the crude oil market price. As of August 14th, the settlement price of the US WTI crude oil futures September contract was reported at $63.96 per barrel. The settlement price of Brent crude oil futures for October contract is $66.84 per barrel.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of August 15th, East China Company quoted 5500 yuan/ton, North China Company quoted 5500 yuan/ton, South China Company quoted 5650-5700 yuan/ton, and Central China Company quoted 5600 yuan/ton.
Demand side:
On August 15th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7000 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. The price remains unchanged from August 9th. As of August 14th, the closing prices of the xylene market in Asia were $799-801/ton FOB Korea and $824-826/ton CFR China, a decrease of $15/ton from August 8th.
Market forecast: The recent fluctuations in the crude oil market range have insufficient guidance for the spot market. At present, the supply and demand sides are intertwined with negative and positive news, and the market lacks clear information guidance. It is expected that the trend of the toluene market will be stable in the short term, and the future focus will be on the trend of crude oil and downstream demand.