The domestic asphalt market has entered a state of weak supply and demand, with a slight overall increase. According to monitoring data from Shengyi Society, on July 29th, the ex factory price of heavy-duty asphalt # 70 in Shandong Province was 3700 yuan/ton.

On the supply side, Shandong Jincheng, Sinochem Quanzhou, and Jinling Petrochemical intermittently switched to residual oil or stopped production during the week. However, the relief on the supply side did not significantly boost the price of asphalt, and domestic asphalt slightly increased with little overall change.
From a downstream perspective, the overall weak performance is the main source of bearish sentiment in the current asphalt market, with low transaction prices. The southern and southeastern coastal areas have been affected by typhoon weather, resulting in continuous rainy weather that seriously hinders road construction progress. The northern region also faces difficulties with rainy weather, while the central and southwestern regions continue to have high temperatures, with temperatures exceeding 35 degrees Celsius, affecting the quality of asphalt paving and resulting in overall sluggish terminal procurement.
Overall, Sinopec expects a continued decline in real estate and production compared to the same period, with demand determining future price trends. In the short term, the impact of rainy weather in the south is expected to be weak, and the same is true in North China. The price range in Shandong is between 3550-3720 yuan/ton.

Today, the auction price of Jiangsu Xinhai dropped by 60 yuan/ton to 3605 yuan/ton, and the current transaction range for automobile transportation remains stable at 3670-3750 yuan/ton. In terms of supply, the main refineries maintain high load and stable production, with a significant increase in supply within the region; In terms of demand, downstream terminal demand is lukewarm, and the actual transaction atmosphere is average, with priority given to social resources. In addition, due to the impact of the typhoon, the arrival time of the cargo at the port has been delayed, and it is expected that the social warehouse will accumulate inventory in early August.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene has risen this week. On Monday, the price of pure benzene was 5878.67 yuan/ton, and on Friday, it was 5918.67 yuan/ton, with a 1.02% increase in price during the week.
2、 Market analysis
Pure benzene: The market price of pure benzene has slightly increased this week. Shandong’s refining and shipping are smooth, and the market transaction price center is upward. The prices in the East China market are running relatively strong. Downstream styrene futures prices have risen, benefiting the pure benzene market. Overall, pure benzene has shifted its trading position and month, with more active buying and a positive atmosphere.
Downstream aspects
3、 Future forecast
Crude oil futures: On July 24th, international crude oil futures rose. The settlement price of the September WTI crude oil futures contract in the United States was $66.03 per barrel, an increase of $0.78 or 1.2%. The settlement price of Brent crude oil futures for September was $69.18 per barrel, an increase of $0.67 or 1.0%.
On July 24th, FOB Korea rose by 7 to 737 US dollars per ton, while CFR China rose by 7 to 751 US dollars per ton. FOB Rotterdam fell 13 to $755 per ton, while FOB US Gulf rose 2 to 284 cents per gallon.
Overall expectation: Pure benzene prices are expected to remain strong and upward in the short term. 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 Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated and fell from July 14 to July 21, 2025. On July 14th, the benchmark price of toluene was 5560 yuan/ton, and on July 21st, the benchmark price of toluene was 5520 yuan/ton, a decrease of 0.72%. The toluene market has fluctuated downward this cycle, and the focus of negotiations has fallen. The weak trend of crude oil this week has a certain impact on market sentiment. The overall sales performance in Shandong region is poor, with low purchasing enthusiasm in the oil blending and chemical industries, and weak market operation due to demand drag. The market in East China was generally bearish during the week, putting pressure on the market. The demand in southern China is weak, refinery shipments are poor, and the market is operating weakly.

On the cost side: During this cycle, crude oil prices have fluctuated at a low level. On the one hand, OPEC+is likely to maintain a significant increase in production in August and September, and the tension in the Middle East has eased compared to before. As a result of this news, the international oil market trend has declined; On the other hand, the market’s concerns about the US tariff negotiations have eased to some extent, and major institutions have a pessimistic view of the demand outlook. The demand side may be difficult to change, and the crude oil market remains weak. As of July 18th, international crude oil futures closed down. The settlement price of the September WTI crude oil futures contract in the United States is $66.05 per barrel. The settlement price of Brent crude oil futures for September is $69.28 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 July 21st, East China Company quoted 5500 yuan/ton, North China Company quoted 5500 yuan/ton, South China Company quoted 5550-5600 yuan/ton, and Central China Company quoted 5550 yuan/ton.
Demand side:
On July 21st, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7250 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 compared to July 14th. As of July 18th, the closing prices of the xylene market in Asia were $814-816/ton FOB Korea and $839-841/ton CFR China, an increase of $3/ton from July 11th.
Market forecast: The recent weak trend of crude oil has dragged down market sentiment. Recent market news on the supply side indicates that some devices will be put into operation, and the market expects supply to be relatively loose. From the demand side, the overall demand for downstream oil blending and chemical industries is weak, and the demand side is bearish. Overall, the supply and demand are bearish, and it is expected that the toluene market will operate weakly.

According to the Commodity Market Analysis System of Shengyi Society, from July 14th to 18th, the domestic aggregated MDI market saw a slight increase, with an average price of 15016 yuan/ton at the beginning of the week and 15066 yuan/ton at the end of the week. The increase during the period was 0.33%, and the year-on-year decrease was 12.23%. The factory started operating steadily during the week, with suppliers tentatively pushing up prices and low prices converging. However, high price transactions are difficult, and downstream acceptance is still relatively low. This week, the aggregated MDI market saw a slight increase.

On the supply side, the Wanhua Fujian plant was shut down for maintenance on June 5th, with a duration of about 45 days; Restarting gradually in early July; The 80000 ton/year MDI plant in Dongcao Rui’an will begin maintenance on July 23rd and is expected to last for about 35 days..
In terms of cost, both pure benzene and aniline raw materials have experienced varying degrees of decline recently, with average support from raw materials.
On the demand side, downstream demand is average, trading atmosphere is quiet, intermediaries have inventory pressure, and after a slight increase in prices, inquiries increase and trading volume is average.
In the future forecast, the current aggregated MDI market is at a low level, and with the restart of facilities in Fujian, supply expectations are expected to increase. Under strong supply and weak demand, it is expected that the aggregated MDI market will operate steadily in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic formic acid market has been operating weakly and steadily recently. As of July 14th, the benchmark price of 85% industrial grade formic acid in China was 2400 yuan/ton, unchanged from the beginning of the month and at a low level for the year.

The upstream caustic soda prices are in a strong operating trend, and the recent demand is still acceptable, supporting the firm operation of caustic soda prices. The comprehensive supply-demand game predicts that caustic soda will maintain a strong operating trend in the later stage,
The demand for upstream liquid ammonia in the market has been relatively weak recently, with agricultural and industrial demand mainly following suit. There will be little change in future supply, and the equipment will be on and off, showing a slow increasing trend overall.
The downstream leather and pesticide industries have a relatively stable demand for formic acid, and the sales situation is average.
In summary, there is no clear positive signal for the upstream and demand of formic acid, and it is expected that the formic acid market will operate weakly. Specific market changes still need to be monitored.

1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example. According to data monitoring by Business Society, the domestic titanium dioxide market price has remained stable this week. The average market price of titanium dioxide this week is 13660 yuan/ton.
2、 Market analysis
The domestic price of titanium dioxide has remained stable this week. This week, the domestic titanium dioxide market has been weakly stabilizing and consolidating. Upstream sulfuric acid is operating at a high level, with a slight rebound in low-priced ore prices. Enterprise costs are under pressure, inventory pressure is high, and downstream factories are cautious in purchasing goods, resulting in limited new transactions. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-14100 yuan/ton; The price of Ruiti type is around 11900-12300 yuan/ton, and the actual transaction price is negotiable.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market price is temporarily stable this week. Downstream market demand is weak, market transactions are light, and there is a strong atmosphere of stalemate and wait-and-see in the market. It is expected that in the short term, the market situation of titanium dioxide will be mainly wait-and-see, and the actual transaction price will be subject to negotiation.

According to the Commodity Market Analysis System of Shengyi Society, from June 30th to July 4th, the domestic ethanol price rose to 5661 yuan/ton, with a price increase of 0.64% during the period, a month on month increase of 3.93%, and a year-on-year decrease of 6.35%. Supported by high costs, the pressure on ethanol costs has further deepened, and short-term on-site transactions are limited.

In terms of cost, the center of gravity of corn prices continues to shift upwards. At present, the average weekly price of corn in China is 2437 yuan/ton, with a price increase of 15 yuan/ton. The cost of ethanol is influenced by favorable factors.
On the supply side, there is little fluctuation in the production of edible ethanol. Heilongjiang Hongzhan Huanan has shut down, Jixian Plant has stopped feeding, Laha One Line production, Zhongke Green has shut down, and Jilin Dongfeng has shut down. The impact of ethanol supply is mixed.
On the demand side, from the perspective of demand, downstream chemical companies require essential procurement, downstream refineries deliver a small amount of low-priced goods, and most high-end transactions occur. The short-term demand for ethanol is influenced by favorable factors.
In the future market forecast, production enterprises have a clear willingness to raise prices, and short-term prices will remain firm. Ethanol analysts from Shengyi Society predict that the short-term shutdown of factories will restore supply, and prices may remain stable in the short term.

The asphalt market rose first and then fell in June. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong region was 3625 yuan/ton on June 1st, and as of June 30th, the ex factory price in Shandong region was 3673 yuan/ton.

After the Dragon Boat Festival, crude oil rose sharply. Supported by the cost side, the asphalt market rose sharply in the first ten days of the year, and the asphalt market turned well under market competition and shipment. But there is a large gap between the north and the south, and the southern region is a national market depression affected by supply.
In the latter half of the year, as the trend of crude oil declined, the cost side support for asphalt faded, and the demand for asphalt was weak, suppressing the market’s upward sentiment and causing a decline in asphalt quotes.
From the perspective of Shengyi Society, the refinery plans to produce 2.47 million tons in July, and the maintenance of Dongming and Lanqiao has been postponed. In the second half of the year, although the expected increase in asphalt supply depends on the actual processing profit situation, the peak season increment still exists, but the overall demand performance this year is not good.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China experienced a weak decline in June. At the beginning of the month, the average TDI market price was 12266 yuan/ton. On June 27th, the TDI price was 11400 yuan/ton, a decrease of 7.07% during the month and a year-on-year decrease of 20.65%.

In June, the TDI market in East China weakened from strong to weak, with prices continuing to fall. At the beginning of the month, the high-level supply of goods was not smooth, and intermediaries entered and exited quickly. In order to stimulate sales, TDI prices began to decline slightly. In the middle of the month, market maintenance and restart coexist, with relatively fast filling of market supply and sufficient supply. Due to strong supply and weak demand, downstream companies entered the market on dips, causing TDI to accelerate its decline. At the end of the month, the supplier raised prices, with some individual quotes slightly increasing, and the downstream acceptance rate was average.
Supply side: Shanghai facility resumes operation. Gansu is operating at medium to high load. The shutdown and maintenance of the 128000 ton/year TDI plant in Tokyo, Japan is expected to last for 2 months. There is a maintenance plan for the 360000 tons/year TDI plant in Fujian on June 5th, which will last for about 45 days.
In June, upstream toluene was greatly affected by oil prices and supply and demand. From June 1st to 27th, the domestic toluene market price rose from 5470 yuan/ton to 6097 yuan/ton, with a price increase of 11.05% during the period. Due to the shutdown and maintenance of some enterprises in the first half of the month, the market supply has been in a tight state. In the second half of the month, international oil prices fluctuated and rose, with toluene following suit.
Market analysis shows that the TDI data analyst from Shengyi Society believes that the current news side has limited support for the market, facing a low demand season and weak TDI market growth. As the end of the month approaches, close attention should be paid to the settlement prices of major companies, and it is expected that the TDI market will consolidate and operate in the short term.