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.

Aluminum prices fluctuated strongly in June

Aluminum prices were relatively strong in June. According to the Commodity Market Analysis System of Shengyi Society, as of June 30, 2025, the average price of aluminum ingots in the East China market in China was 20786.67 yuan/ton, an increase of 2.38% from the market average price of 20303.33 yuan/ton on June 1.
The overseas aluminum prices remained firm in June, which is an important support for the upward trend of domestic aluminum prices. At present, aluminum prices maintain a strong external and weak internal pattern, and the domestic import window is relatively closed. The main trading macro factors in the market have relatively weakened the influence of fundamental factors.
There is a high probability of horizontal fluctuations in aluminum prices in July
From a fundamental perspective, currently in the off-season of traditional consumption in China, domestic demand is relatively weak, and aluminum prices are relatively high, resulting in insufficient downstream purchasing and receiving enthusiasm; On the supply side, the operating capacity of electrolytic aluminum is unlikely to decrease during the southwest rainy season, but the probability of maintaining a weekly output of 844000 tons is relatively high, and the supply is relatively stable. From a cost perspective, the stabilization of raw material alumina has led to short-term strength, which may provide relative support for aluminum prices in the near future. Low level sideways trend in social inventory: Currently, the social inventory of aluminum ingots is relatively low and in a sideways trend this week. As of June 30th, the inventory of electrolytic aluminum ingots in mainstream consumption areas in China was 462000 tons, a decrease of 46000 tons from June 5th.
Macro variables in July
1. Changes in Federal Reserve policies and the implementation of equivalent tariffs in the United States.
2. Geopolitical factors, Middle East direction, and dynamic changes in the Russia Ukraine situation.
Future expectations

In summary, the market trading logic tends to be macro oriented, and may return to fundamental considerations in the later stage. Currently, social inventory is low and sideways, and with off-season demand, the upward space for aluminum prices has narrowed, and the probability of sideways fluctuations has increased. It is expected that aluminum prices will fluctuate around 20000 yuan in July.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated and rose from June 16 to June 23, 2025. On June 16th, the benchmark price of toluene was 6010 yuan/ton, and on June 23rd, the benchmark price of toluene was 6170 yuan/ton, an increase of 2.66%. This week, the toluene market fluctuated and rose, international crude oil fluctuated and rose, and the toluene market followed suit with a significant increase. The supply in Shandong region is tight this week, and refinery quotations have generally been raised. Downstream purchases are made according to demand, and trading is still acceptable. The market atmosphere in the East and South China regions is good this week, with downstream purchases made according to demand, and the overall market negotiation atmosphere is still acceptable.

On the cost side, the overall crude oil market price closed higher, with the settlement price of the July WTI crude oil futures contract in the United States at $74.93 per barrel as of June 20th. The settlement price of Brent crude oil futures for August contract is $77.01 per barrel. On the one hand, the escalating tensions in the Middle East have led to a tight supply of crude oil and a significant rise in the international oil market; On the other hand, the trade negotiations between China and the United States have made good progress, and coupled with the unexpected decline in US crude oil inventories, favorable factors have supported the international oil market, with the crude oil market mainly rising.
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 June 23rd, East China Company quoted 6150 yuan/ton, North China Company quoted 6100 yuan/ton, South China Company quoted 6200-6250 yuan/ton, and Central China Company quoted 6250 yuan/ton.
Demand side:
On June 23rd, 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. Compared to June 16th, it remains unchanged. As of June 20th, the closing prices of the xylene market in Asia were 873-875 US dollars/ton FOB Korea and 898-900 US dollars/ton CFR China, an increase of 44 US dollars/ton from June 13th.
Market forecast: The overall macro trend is relatively strong in the near future, with a significant increase in crude oil prices and an overall strengthening of fundamentals. From the perspective of supply and demand, the supply side has been relatively loose recently, and downstream demand is more rigid. The impact of supply and demand on the toluene market is relatively small in the near future, and it is expected that the toluene market will continue to maintain a stable, medium, and strong trend in the short term.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has been running weakly this week. The average market price at the beginning of the week was 877 yuan/ton, and the average market price over the weekend was 857 yuan/ton, a decrease of 2.28% and a year-on-year increase of 7.66%. On June 19th, the Business Social Chemical Index was 787 points, unchanged from yesterday, down 43.79% from the highest point of 1400 points during the cycle (October 23, 2021), and up 31.61% 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 has been running weakly this week. The price of caustic soda in Shandong region is around 780-890 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 930-970 yuan/ton. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 2800-2900 yuan/ton (converted to 100%). During the week, the liquid alkali market in Shandong remained stable with small fluctuations, and there were no significant fluctuations in the supply side of the Shandong region. Alumina was mostly purchased on demand, and non aluminum deliveries were noticeably cautious. The main downstream purchasing prices were lowered, and there was no positive support for caustic soda prices.
Business Society analysts believe that the recent weak operation of caustic soda prices is supported by moderate downstream demand in China, which supports the consolidation of caustic soda prices. The comprehensive supply-demand game predicts that caustic soda will maintain a consolidation operation in the later stage, depending on downstream market demand.

price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol first fell and then rose this week, with the overall price mainly declining. At the beginning of the week, the average price of isopropanol in China was 6258.34 yuan/ton, and the average price over the weekend was 6108.33 yuan/ton, with a price reduction of 2.4%.
This week, the market price of isopropanol first fell and then rose, with the overall price mainly declining. The overall market situation of isopropanol is average, with good shipments from major factories in Shandong over the weekend and a slight increase in prices. The market has stopped falling and rebounded, and the mentality of industry players has been slightly boosted. As of now, most of the isopropanol market prices in Shandong are around 5950-6150 yuan/ton; The majority of prices in the isopropanol market in Jiangsu are around 6150-6200 yuan/ton.
Future forecast
The isopropanol analyst from Business Society Chemical Branch believes that the isopropanol market price first fell and then rose this week, and the market stopped falling and rebounded. The prices of raw materials acetone and propylene have both rebounded, and cost support is still acceptable. It is expected that there will be limited volatility in the isopropanol market in the short term, with buying driven by strong demand. Pay more attention to changes in the raw material market.