The price of ethylene glycol first rose and then fell in February

In February 2025, the price of ethylene glycol first rose and then fell. According to data from Shengyi Society, as of February 28th, the average price of domestic oil to ethylene glycol was 4681.67 yuan/ton, a decrease of 0.64% from the average price of 4711.67 yuan/ton on February 1st.

On the morning of February 28, 2024, the basis of the spot contract for ethylene glycol at the port showed a weak downward trend. In the morning session, the basis price for next week’s contract will be+38 to+40, and in the afternoon, the price will rise to+36 to+38; After the closing, the contract basis quotation for March will be+55 to+58, and for April, the contract basis quotation will be+72 to+76.

In terms of external ethylene glycol, as of February 27th, the landed price of ethylene glycol in China is 541 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 557 US dollars/ton.

The accumulated inventory at the port in February is significant

On February 27, 2025, the total inventory of ethylene glycol in the main port of East China was 711900 tons, a decrease of 13700 tons from the total inventory of 725600 tons on February 20; The total inventory on January 27th was 511200 tons, an increase of 214400 tons.

Ethylene glycol prices are expected to stop falling and rebound in March

At present, the market sentiment is relatively cautious, mainly due to the fact that the current port has started accumulating relatively high inventory from a low inventory state. The market’s expectations of reduced supply and demand recovery have been weakened by actual data.

From late February, the trend of continuous accumulation of port inventory has been interrupted. Since February, multiple sets of ethylene glycol units in the United States have been undergoing centralized maintenance, and the ethylene glycol unit of Petronas Malaysia has been postponed to restart in April May. There is an expectation of a reduction in overseas ethylene glycol supply, and the number of imported ethylene glycol shipments may decrease in March. Based on the delivery cycle, there may be relatively more imported cargo arriving at domestic ports in early and late March, but the overall quantity may be lower than the same period in the past.

In terms of domestic supply, the maintenance of the domestic ethylene glycol plant in March will gradually be implemented, and the restart time of the Zhenhai Refining and Chemical ethylene glycol plant will be further postponed, resulting in weak ethylene glycol supply in March.

Overall, the ethylene glycol market is expected to gradually improve by March 2025, and the improvement in supply and demand will provide some support for prices.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of bromine has remained stable this week. The average market price from the beginning of the week to the end of the week was 21800 yuan/ton, a decrease of 2.68% compared to the same period last year. On February 27th, the Business Society Bromine Index was 76.49, unchanged from yesterday, a decrease of 68.80% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 29.82% from the lowest point of 58.92 points on October 29th, 2014. (Note: Cycle refers to September 1, 2011)

2、 Market analysis

This week, the price of bromine is running steadily, and in the Shandong region, the price of bromine is running steadily. The mainstream market price is around 21500-22000 yuan/ton, and bromine manufacturers are gradually resuming production. But downstream demand is weak. In terms of raw materials, domestic sulfur prices have remained strong, with an average market price of 1944.33 yuan/ton at the beginning of the week and 2104.33 yuan/ton at the end of the week. The price has increased by 6.05%, which is 106.31% higher than the same period last year. Downstream demand is still acceptable.

Prediction: Bromine prices are expected to remain stable in the near future, while upstream sulfur prices are rising. Bromine production is gradually starting, but downstream demand is still mainly based on on-demand procurement. Based on the comprehensive forecast of supply and demand, it is expected that bromine prices may continue to consolidate in the later stage, depending on downstream market demand.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China has risen this month (2.1-2.28), with an average market price of 247210 yuan/ton at the beginning of the month and 255830 yuan/ton at the end of the month, a monthly increase of 3.49%.

Tin prices rose rapidly in the early stages of February, but the upward trend decreased in the later stages.

The upcoming Chinese People’s Congress and Chinese People’s Political Consultative Conference are expected to boost market confidence with favorable policies, and overall macro sentiment is trending towards optimism. In this context, the processing fee for tin concentrate remains low and stable, and the supply of ore is still tight, especially in the Wa region where tin ore has not yet resumed production, further exacerbating the tight supply situation. Resulting in a rapid increase in tin prices to a high of 260000.

On the supply side, with the end of the Spring Festival holiday, most downstream enterprises will resume work and production starting from the ninth day of the first lunar month. Due to Myanmar’s recent official announcement of the relevant procedures for obtaining mining, beneficiation, and exploration permits, this move may further intensify the market’s anticipation and fermentation of its resumption of production. ‌

On the demand side, the operating rate of downstream tin and solder enterprises is showing a steady growth trend, with a significant month on month increase. The overall demand in the consumer electronics market is gradually recovering.

At the end of the month, the domestic inventory was 7001 tons, a decrease of 64 tons; LME inventory is 3725 tons, and a slight increase in inventory provides support and slows down tin prices.

Overall, the export volume of tin ingots on the exchange showed a stable growth trend in February. At the same time, the domestic market is entering a peak consumption season, and the demand for tin is expected to further increase. The subsequent tin prices are expected to maintain a volatile trend.

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 price of titanium dioxide in the domestic market increased in February. On February 1st, the average price of titanium dioxide was 14900 yuan/ton, and on February 27th, the average price of titanium dioxide was 15180 yuan/ton, with a price increase of 1.88%.

2、 Market analysis

The domestic titanium dioxide market price increased in February. Returning from the early Chinese New Year holiday, the titanium dioxide market continues its upward trend from before the year, with strong execution of new market prices. In the middle of the month, the domestic titanium dioxide raw material market remained at a high level, with significant cost support from titanium dioxide enterprises and a mainly consolidating trend in market prices. In the latter half of the year, titanium dioxide companies sent another letter to adjust prices and increase prices. The overall market has received good orders, boosting confidence. Some tight models have raised their prices. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 15000-15700 yuan/ton; The quotation for rutile titanium dioxide is around 13200-13600 yuan/ton. The actual transaction price is negotiable.

In terms of titanium concentrate, the price of raw material titanium concentrate increased slightly in February. After the early Chinese New Year, the supply of titanium ore raw materials was tight, and the overall titanium ore price market remained strong and upward. In the middle of the month, there was an increase in inquiries in the titanium ore market, with low inventory levels and a continued slight increase in titanium ore prices. In the latter half of the month, large mining companies in the Panxi region responded by releasing raw ore to the outside world, and the supply of medium ore also increased, causing some mining companies to operate at full capacity. However, due to the increase in prices sent by major titanium dioxide companies, mining companies’ quotations remained relatively firm. As of now, the price of 38-42 grade titanium ore without tax is around 1450-1500 yuan/ton, 46 grade 10 titanium concentrate without tax is around 2100-2150 yuan/ton, and 47 grade 20 titanium concentrate is around 2100-2200 yuan/ton. It is expected that in the short term, the mainstream titanium ore prices in the Panxi region will be mainly strong.

3、 Future forecast

Business Society’s titanium dioxide analyst believes that the domestic titanium dioxide market prices have risen this month. Due to the shortage of raw materials and the continuous increase in costs, Longqi has once again led a letter to raise the price of titanium dioxide. Overall, the confidence in the titanium dioxide market is good, and it is expected that the price of titanium dioxide will remain firm in the short term. The actual transaction price is negotiable.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of February 26th, the reference average price of domestic urea market was 1881 yuan/ton, which is 2.06% higher than the reference average price of 1843 yuan/ton on February 21st.

2、 Market analysis

market conditions

This week, the domestic urea market prices have shown a strong upward trend. As of February 26th, the factory price of urea in Shandong region is around 1835-1860 yuan/ton, in Hebei region it is around 1850 yuan/ton, in Henan region it is around 1850 yuan/ton, in Hubei region it is around 1840 yuan/ton, and in Liaoning region it is around 1880 yuan/ton.

Supply and demand situation

On the supply side, the spot supply of urea market is tight this week, but the daily production is relatively sufficient. In terms of demand, it is currently the spring plowing and fertilizer preparation period, with strong agricultural demand and increased industrial demand. The urea market has good trading volume and increased trading volume.

3、 Future forecast

The urea analyst from Shengyi Society believes that the domestic urea market has been continuously rising in recent days. As urea prices continue to rise, downstream procurement tends to be cautious. The demand side support is good, and the market still maintains an optimistic attitude. It is expected that the domestic urea market price will remain stable and rise in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of February 25th, the average price of domestic battery grade lithium carbonate was 77460 yuan/ton, a decrease of 1.7% from 78800 yuan/ton at the beginning of the year and a decrease of 2.91% from 79780 yuan/ton at the beginning of February; The average price of industrial grade lithium carbonate in China is 74700 yuan/ton, a decrease of 2.23% from 76400 yuan/ton at the beginning of the year and a decrease of 2.48% from 76600 yuan/ton at the beginning of February.

The destocking cycle has ended, and the supply-demand imbalance remains prominent

At present, the lithium carbonate market has sufficient supply, coupled with the resumption of production of the top suspended projects in Yichun, social inventory remains high. According to the latest statistical data, the spot inventory of lithium carbonate is 112500 tons, including 42800 tons in smelters, 29800 tons in downstream inventory, and 40000 tons in other inventories.

The supply of raw materials has increased, resulting in a slight decrease in prices

After the holiday, lithium salt factories and processing plants gradually resumed production, coupled with the start of some new production lines, resulting in a significant increase in supply and increasing pressure.

After the new year, the arrival of port goods will gradually increase the supply of lithium mines. Due to the short-term mismatch between supply and demand, the price of lithium carbonate may rebound and fall back.

Downstream demand and production scheduling have not shown significant improvement, and material factories remain on the sidelines

Before the Spring Festival, downstream material factories made sufficient inventory preparations in advance, and only some manufacturers had a small amount of inventory needs to be replenished. Some material factories have signed long-term agreements with some downstream battery cell factories, continuing the low discount situation of last year. There is currently no clear guidance on production scheduling in March, which has led to weak downstream procurement demand.

Macro perspective: The United States’ containment of Chinese batteries

US President Trump signed an executive order in February 2025 announcing a 10% tariff on all Chinese goods imported to the United States. Combined with the current 3.4% base tariff of the United States on Chinese battery products and the 25% Section 301 tariff on energy storage batteries that will be implemented in 2026 (which already applies to power batteries), the cumulative tariff on Chinese batteries will reach 38.4% under the impact of the new policy. This policy will increase the export costs of Chinese battery companies and reduce their price advantage in the US market. Some companies may face issues such as reduced orders and declining profits.

Business Society’s lithium carbonate data analyst believes that downstream battery exports are hindered, coupled with oversupply on the supply side, making lithium carbonate prone to decline but difficult to rise in the near future. Specific market supply and demand news still needs to be monitored.

This week, the price of isooctanol fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of February 21st, the price of isooctanol was 7733.33 yuan/ton, a decrease of 3.33% from the price of 8016.67 yuan/ton at the end of last week. The price of plasticizers has fluctuated and fallen, and the replenishment of plasticizer enterprises has ended. The demand for isooctanol has decreased, and the downward pressure on isooctanol has increased.

Downstream plasticizer DOP prices fluctuate and fall

According to the Commodity Market Analysis System of Shengyi Society, as of February 21st, the DOP price was 8513.75 yuan/ton, a fluctuating decrease of 1.16% compared to the DOP price of 8613.75 yuan/ton on February 14th last weekend. The price of plasticizer DOP has fallen, leading to a decrease in production by plasticizer companies. In addition, the end of stocking has resulted in a decrease in demand for plasticizers.

Future expectations

According to the data analyst of Shengyi Society’s octanol product, in the future, the operating load of plasticizer DOP enterprises will decrease this week, the production of plasticizers will decrease, and coupled with the end of inventory replenishment, the demand for isooctanol will decrease. It is expected that the price of isooctanol will fluctuate and fall in the future.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of February 14th, the price of 0 # zinc was 23970 yuan/ton, a slight increase of 1.01% compared to the zinc price of 23730 yuan/ton on February 1st.

This week’s market analysis

This week, zinc prices fell in the early stage, fluctuated and adjusted in the middle stage, and rose over the weekend. At the macro level, the Trump administration recently announced the resumption of tariffs on imported goods, raising concerns in the market about the escalation of global trade frictions. This macro bearish trend continues to affect the commodity market, particularly exerting significant pressure on the upward potential of zinc prices.

Inventory end

This week, during the Chinese Spring Festival holiday in 2025, the accumulated social inventory of zinc ingots only reached 65% of the expected value, and the low inventory pattern exceeded the market prediction.

Demand side

There is support on the demand side. As downstream galvanized sheet and die-casting zinc alloy enterprises speed up production after the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, stock replenishment is expected to continue to strengthen, forming a strong price support effect.

comprehensive analysis

After the holiday, the trend of zinc prices showed a trend of first suppressing and then rising. In the early stages, influenced by macro negative sentiment, zinc prices experienced a certain degree of decline. But subsequently, as fundamental factors gradually emerged and market concerns about global trade tensions eased, zinc prices began to rise. Afterwards, the zinc price fluctuated and consolidated within a certain range, forming a relatively stable trend. The actual demand recovery still takes time and is not fully in place yet. Zinc prices lack sufficient upward momentum in the short term, and the upward space is limited.

This week, the price of isooctanol rose and then fell back

According to the Commodity Market Analysis System of Shengyi Society, as of February 17th, the price of isooctanol was 7950 yuan/ton, a decrease of 0.83% from the price of 8016.67 yuan/ton at the end of last week; Compared to February 10th, the price of isooctanol fluctuated and rose by 7900 yuan/ton, with an increase of 0.63%. The price of isooctanol rose and then fell, while the cost of plasticizer DOP decreased; The post holiday replenishment has ended, and the demand for isooctanol has fallen. The upward support for isooctanol has weakened, and the downward pressure has increased.

Downstream plasticizer DOP prices fluctuate and fall

According to the Commodity Market Analysis System of Shengyi Society, as of February 17th, the DOP price was 8601.25 yuan/ton, a slight decrease of 0.29% compared to the DOP price of 8626.25 yuan/ton on February 11th. The price of raw materials has fallen, and the cost of plasticizer DOP has decreased. After the Spring Festival, the replenishment of inventory has ended, and the demand for plasticizers has decreased. The demand support for cost reduction has weakened, and the downward pressure on plasticizers has increased.

Future expectations

According to the data analyst of Shengyi Society’s octanol products, in the future, plasticizer companies will have average production after the holiday, resulting in a decrease in demand for plasticizers. After the holiday replenishment ends, the support for demand for isooctanol will weaken, and it is expected that the price of isooctanol will slightly fall in the future.

According to the analysis system of Shengyi Society, as of February 14th, the benchmark price of hydrofluoric acid in Shengyi Society was 11500.00 yuan/ton, unchanged from the beginning of the month.

Supply side: The market situation has remained stable this week, with enterprises actively starting production, and some regions experiencing tight supply of goods.

Raw material side: The price of raw material fluorite has risen this week. The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. Although the rectification action is coming to an end, the affected area has not narrowed. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The supply of fluorite sources is still tight. According to the analysis system of Shengyi Society, as of February 14th, the benchmark price of Shengyi Society’s fluorite was 3628.75 yuan/ton, an increase of 0.35% compared to the beginning of this month (3616.25 yuan/ton).

Recently, the market price trend of raw material sulfuric acid has remained stable. According to the analysis system of Shengyi Society, as of February 14th, the benchmark price of sulfuric acid in Shengyi Society was 387.50 yuan/ton, an increase of 0.65% compared to the beginning of this month (385.00 yuan/ton).

Demand side: Downstream refrigerant quotas are abundant, and downstream refrigerant companies may increase their procurement of hydrofluoric acid. Some companies have a strong reluctance to sell, resulting in price increases and strong support from the demand side for refrigerants.

Market forecast: Fluorite on the raw material side will rise, downstream refrigerant quotas will be abundant, and market demand will increase. Under the expectation of both positive supply and demand, it is expected that the hydrofluoric acid market will operate steadily with a moderate to strong trend. More attention should be paid to the news of leading enterprises and the market supply and demand situation.