1、 Price trend

Taking the sulfuric acid method pyrite type titanium dioxide with a large volume of goods in the domestic market as an example, the price of titanium dioxide in the domestic market fell in August. On August 1st, the average price of titanium dioxide was 15460 yuan/ton, and on August 27th, it was 14060 yuan/ton, with a price reduction of 9.06%.
2、 Market analysis
The domestic titanium dioxide market prices fell in August. The prices of upstream raw materials such as titanium concentrate and sulfuric acid are running weakly. Downstream demand still hasn’t shown much improvement, and there is a strong atmosphere of waiting and watching for terminal purchases. The inventory of titanium dioxide factories varies, with some factories having low inventory levels. Titanium Sea has issued a letter announcing an increase, but overall it is due to limited acceptance by end-users. The titanium dioxide market as a whole is under pressure from oversupply, and market prices are weak to maintain stability. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13300-15000 yuan/ton; Sharp titanium type costs around 12600-13000 yuan/ton. The titanium dioxide market tends to adopt a wait-and-see attitude, with flexible market trading and individual negotiations on actual transaction prices.
According to customs data statistics, the import of titanium dioxide in July 2026 was 5431.12 tons, a year-on-year decrease of 25.67% and a month on month decrease of 9.73%. Among them, the import of chloride method titanium dioxide was 3253.15 tons, a month on month decrease of 13.02%, and the import of sulfuric acid method was 2177.97 tons, a month on month decrease of 4.32%. From January to July 2026, the cumulative import volume of titanium dioxide in China was about 37300 tons, a year-on-year decrease of 20.61%. From a process perspective, the import volume of chlorinated titanium dioxide was 22593.43 tons, a decrease of 21.72% compared to the same period last year; The import volume of sulfuric acid titanium dioxide was 14752.13 tons, a year-on-year decrease of 18.84%.
According to customs data statistics, the export of titanium dioxide in July 2026 was about 144400 tons, a year-on-year increase of 7.10% and a month on month decrease of 22.07%. Among them, the export of sulfuric acid method was about 105300 tons, a month on month decrease of 23.41%, and the export of chloride method titanium dioxide was 39100 tons, a month on month decrease of 18.21%; From January to July 2026, the cumulative export of titanium dioxide was 1.2121 million tons, a year-on-year increase of 15.35%. The export of sulfuric acid method was 912900 tons, a year-on-year increase of 7.45%, while the export of chloride method was about 299900 tons, a year-on-year increase of 48.62%.
3、 Future forecast
Analysts believe that the current demand for titanium dioxide in the domestic market is weak, and the demand side has not yet entered a state. The market is mostly adopting a wait-and-see attitude. It is expected that the short-term titanium dioxide market will mainly operate weakly and steadily.

1、 Price trend

Bromine prices have been consolidating this week. The average market price at the beginning of the week was 39520 yuan/ton, and the average market price over the weekend was 39500 yuan/ton, a decrease of 0.05% and an increase of 34.35% compared to the same period last year. On August 20th, the Business Society Bromine Index was 138.60, unchanged from yesterday, a decrease of 43.73% from the highest point of 246.32 points (2026-04-07) during the cycle, and an increase of 135.23% from the lowest point of 58.92 points on October 29, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
The price of bromine has been consolidating this week. The recent price of bromine in Shandong region is around 39000-40000 yuan/ton at the current stage. Manufacturers are still reluctant to sell and raising prices, but traders have a sense of urgency to ship, resulting in a slight decline in transaction prices. On the demand side: However, the downstream industry demand is generally average, so we will continue with the procurement of essential needs.
In terms of raw materials, domestic sulfur prices have fallen overall this week, with an average market price of 9502.33 yuan/ton at the beginning of the week and 9235.67 yuan/ton over the weekend, a decrease of 2.81% and an increase of 252.82% compared to the same period last year. Downstream demand is still acceptable.
Prediction: Bromine prices are expected to consolidate and operate in the near future, while upstream sulfur prices are expected to be weak. However, the supply of bromine has been average in the near future, and downstream buyers are mostly purchasing according to demand. Downstream buyers are in the off-season of the industry, and the overall trading atmosphere is quiet. The comprehensive supply-demand game predicts that bromine prices will consolidate and operate in the later stage, depending on downstream market demand.

1、 Price trend

On August 18th, the reference market price for cyclohexanone in Shandong was 9200 yuan/ton, which was an increase of 775 yuan/ton or 9.20% compared to August 10th (reference price for cyclohexanone was 8425 yuan/ton);.
In early August, the overall market situation of cyclohexanone in Shandong Province showed a continuous decline. The positive support for the cyclohexanone market was insufficient, and the market situation continued to approach a low level, with low-end prices falling to around 8450 yuan/ton. In mid August, with the continuous rise of cost side prices, the cyclohexanone market in Shandong began to rebound at a low level, and the cyclohexanone market continued to decline. As of August 18th, the cumulative price of cyclohexanone in Shandong has increased by about 700-800 yuan/ton, and the market price reference is around 9150-9250 yuan/ton.
2、 Analysis of Core Influencing Factors
In terms of cost: Recently, the market price of pure benzene, the raw material for cyclohexanone, has risen to a high level, which continues to strengthen the support for the bottom of cyclohexanone costs. The cyclohexanone market price is approaching the upward trend driven by raw materials.
In terms of supply and demand: Currently, the supply side of cyclohexanone is stable, with a steady pace of spot shipments. Downstream purchases of cyclohexanone are mainly based on demand, and market supply and demand transmission is still acceptable.
3、 Future forecast
At present, the inquiry atmosphere in the cyclohexanone market in Shandong is mild, with good cost support. It is expected that in the short term, the cyclohexanone market in Shandong will mainly operate steadily, moderately, and strongly. More attention needs to be paid to changes in supply and demand as well as cost side news.

1、 Price trend

As of August 17th, the reference average price of urea market in Shandong Province, China is 1702 yuan/ton, which is 1.87% lower than the reference average price of 1755 yuan/ton on August 10th.
2、 Market analysis
market situation
This week, the domestic urea market is running weakly. The overall urea futures market is weak, which is bearish for the spot market. At present, the urea market has sufficient supply, but the market demand is still weak. As of August 17th, the urea market prices in Shandong are around 1650-1710 yuan/ton, Hebei is around 1690-1720 yuan/ton, Henan is around 1640-1700 yuan/ton, Hubei is around 1670-1710 yuan/ton, and Liaoning is around 1750-1790 yuan/ton.
supply and demand situation
In terms of supply, urea companies currently have a high operating rate and daily production remains high. In terms of demand, downstream compound fertilizer enterprises urgently need to purchase, and the demand for industry and agriculture is poor, resulting in limited new market transactions.
3、 Future forecast
Business Society’s urea analyst believes that the domestic urea market has been weak and declining recently. At present, the demand for urea in the market is weak, and the supply and demand situation has not improved yet. The market is mainly bearish. It is expected that the domestic urea market will weaken and consolidate in the short term.

From August 10th to 14th, the domestic aggregated MDI market experienced narrow fluctuations, with an average price of 17866 yuan/ton at the beginning of the week and 17966 yuan/ton on August 14th. The weekly decline was 0.55%, while the year-on-year increase was 14.32%. There have been many tightening news on the supply side this week, but the support on the cost side has not decreased. There are many downstream inquiries, but actual transactions are limited. Intermediary quotes are relatively firm, but due to demand constraints, transaction prices have slightly loosened.

Supply side: The MDI plant with a production capacity of 80000 tons per year in Tosa, Japan, will be shut down for maintenance at the end of July, with a duration of approximately one month. The 200000 ton/year MDI plant in Tosa, Japan is scheduled to start shutdown and maintenance in early September, with a duration of about 45 days. The 1.1 million tons/year MDI plant in Wanhua Yantai Industrial Park will be shut down for maintenance starting from August 10, 2026, with an estimated maintenance period of about 45 days.
On the cost side, the pure benzene market is experiencing strong fluctuations. Due to the impact of typhoons, the unloading of pure benzene cargo has been postponed, inventory at Jiangsu’s main ports continues to decline, and the restart time of some pure benzene facilities has been delayed, resulting in lower than expected production returns. As a result, the focus of pure benzene negotiations has increased. Downstream varieties maintain negative demand feedback, resulting in overall low downstream load. Overall, although the increase in supply is slightly lower than expected, the demand side is still weak, so the rebound space for pure benzene is limited.
Demand side: Downstream demand inquiries are generally average, with small orders being the main focus and insufficient demand support.
Future forecast: There is an expectation of tight supply in the aggregated MDI market, and factories are willing to raise prices. However, the demand side support is weak, and it is expected that the aggregated MDI market will remain stagnant and operate in the short term. We will closely monitor market supply and demand as well as changes in the news side.

This week, the domestic spot price of sulfur showed a trend of pulse surge, high pressure and decline. On August 5th, the benchmark price of sulfur was 9169 yuan/ton, which rose sharply for two consecutive days driven by geopolitical premiums. On August 7th, it rose to 9535.67 yuan/ton, setting a short-term high and maintaining a three-day sideways trend at that price. On August 10th, the market turning point appeared, with prices falling 1.05% month on month to 9435.67 yuan/ton; On August 11th, the price remained stable at 9435.67 yuan/ton, indicating a significant decline in short-term bullish driving force.

1、 International geopolitics form bottom support for external market prices, but there is a blockage in transmission between internal and external markets
The ongoing conflict between the United States and Iran continues to disrupt the shipping order in the Strait of Hormuz, with the number of ships passing through the strait remaining at a low level. As a core global sulfur export region, the Middle East faces tight shipping capacity and increased logistics risks, which provide strong emotional support for international sulfur offshore quotations. Overseas traders have raised their forward supply quotes, and the market is concerned about the decline in global sulfur cross regional circulation efficiency, which has become the core driving logic for the short-term surge in domestic sulfur prices in this round.
But with the rapid upward trend of the market, the price difference between domestic and foreign markets continues to compress, and the import arbitrage window closes. Downstream resistance to high priced imported goods is increasing, and the premium brought by geography is gradually being digested by the market. Simple risk premium is difficult to sustain further upward movement of domestic spot prices, and the positive margin continues to decline.
2、 Downstream costs are under pressure, making it difficult for terminal demand to bear high raw material prices
The core consumption area of sulfur is the phosphate fertilizer industry chain. Currently, international sulfur continues to operate at a high level, greatly increasing the total cost of phosphate fertilizer production. On the one hand, the demand for overseas phosphate fertilizer procurement tends to be cautious, and the increase in domestic phosphate fertilizer export orders is limited; On the other hand, the domestic fertilizer market is in the traditional off-season of demand, and the transmission of finished product prices is not smooth, making it difficult for production enterprises to transfer raw material costs downstream.
In this context, downstream factories adhere to the strategy of purchasing essential goods to avoid the risk of high price stocking, and the market lacks centralized replenishment behavior, resulting in a sustained lack of spot trading. The weak demand side has become the core fundamental factor that limits the sustained rise of sulfur prices and drives the market to turn around and fall.
3、 The domestic spot supply side remains stable, and the supply-demand balance is gradually shifting towards looseness
The by-product sulfur production of domestic refineries remains at a normal level, and there has been no significant inventory depletion in coastal ports. In the phase of geopolitical news stimulation, traders are reluctant to sell and have a strong upward sentiment; After the price surge, some holders of goods have increased their willingness to monetize, leading to an increase in market circulation of goods.
The current fundamental contradictions are clear: external geopolitics only provide price sentiment support and cannot substantially change the domestic short-term supply and demand pattern; The fundamental bearish effects brought about by the off-season demand are persistent.
Future prospects
In the short term, geopolitical disturbances will continue to provide bottom support for external prices, and the conditions for a significant deep decline are not yet met; However, there is a lack of demand follow-up in China, and the trading atmosphere continues to be weak. The contradiction of high prices suppressing procurement is difficult to quickly alleviate, and there is further room for downward exploration in the sulfur spot market.
The follow-up focus will be on tracking three major variables: the progress of shipping recovery in the Strait of Hormuz, and the pace of sulfur source shipping in the Middle East; The operating rate and procurement rhythm of domestic phosphate fertilizer enterprises; Changes in sulfur arrivals and inventory at coastal ports.

The price of phthalic anhydride fell from a high level in August

As of August 11th, the price of phthalic anhydride from neighboring countries was 8966.67 yuan/ton, a decrease of 3.41% from the high price of 9283.33 yuan/ton on August 1st. In August, crude oil prices experienced a wide consolidation, which was transmitted downstream. Industrial naphthalene prices fell from a high level, while ortho benzene prices remained stable and cost support weakened. Phthalic anhydride prices fell from a high level in August.
Phthalic anhydride market falls back from high levels
The tension in the Middle East continues to escalate on multiple fronts, with military conflicts, diplomatic games, and maritime security incidents intertwined, and there is no sign of easing in the short term. Crude oil prices have been broadly consolidated, with cost transmission from crude oil to xylene and then to ortho benzene in the entire aromatic hydrocarbon industry chain. Sinopec’s ortho xylene listing price has stopped rising and remained stable, while industrial naphthalene prices have weakened and the cost of phthalic anhydride raw materials has decreased; DOP、 Unsaturated resin market is consolidating at a high level, with downstream production dropping to around 51%, and demand support for phthalic anhydride weakening; The operating rate of phthalic anhydride enterprises is stable, and some maintenance facilities have resumed production. There is an expectation of an increase in the industry’s operating rate, and the market supply pressure will increase.
Reduced cost support for phthalic anhydride
The high-level consolidation of international crude oil in August directly transmitted to the aromatic hydrocarbon industry chain: as of August 11th, the listed price of ortho xylene was 8500 yuan/ton, which was temporarily stable compared to the price of ortho benzene on August 1st at 8500 yuan/ton. On August 11th, the price of industrial naphthalene dropped to 5400 yuan/ton, and raw material prices declined, weakening the cost support of phthalic anhydride.
Stable supply of phthalic anhydride, accumulated inventory
On the supply side, some maintenance facilities of phthalic anhydride manufacturers have resumed production, and the expected operating rate of phthalic anhydride enterprises has increased. The overall operating rate of the industry has remained stable at around 59%, and the overall operating rate is stable. However, the overall factory and port inventory is slowly accumulating, and the willingness of manufacturers to raise prices has decreased.
Weakened demand support for phthalic anhydride
As of August 11th, the DOP quotation is 8800.83 yuan/ton, which is a weak consolidation compared to the DOP price of 8800.83 yuan/ton on August 1st, and the price is stabilizing. The downstream plasticizer industry, due to poor shipping and profitability, only maintains rigid demand and price cutting procurement for phthalic anhydride. At the same time, industries such as terminal coatings and PVC products have entered a seasonal off-season, and the plasticizer industry has seen a decrease in production to 51%, further weakening demand. In addition, exports have also encountered certain obstacles. The demand support for phthalic anhydride has weakened, and the downward pressure on phthalic anhydride has increased.
Future forecast
Analysts believe that terminal demand is in the off-season, and downstream consumers are resistant to high priced raw materials. It is expected that rigid procurement will still be the main focus. Limited cost support: Industrial naphthalene prices are expected to weaken slightly, and the cost support for naphthalene phthalic anhydride will further weaken. Controllable supply pressure: The phthalic anhydride industry is expected to resume production and slowly accumulate inventory, but the overall inventory of the industry is still low, and the increase in available spot goods is limited, resulting in limited downward space for phthalic anhydride. It is expected that the phthalic anhydride market will continue to operate weakly in the short term, and the price center may continue to slightly decline.

This week, the price of potassium nitrate has slightly fallen. As of August 7th, the benchmark price of potassium nitrate is 5162.50 yuan/ton, a decrease of 0.24% compared to 5175.00 yuan/ton at the beginning of this month. The spot market is weakly consolidating at a high level, and there are price differences in actual negotiations between different regions, industrial and agricultural grades. The market supply is sufficient, demand is in the off-season, and the turning point of the market is waiting for the start of autumn fertilizer stocking.
supply side
Domestic integrated potassium nitrate enterprise facilities maintain normal operation, the industry as a whole operates stably, the supply of goods is abundant, port inventory remains loose, and there is currently no news of centralized maintenance or production reduction; The overall market for upstream raw materials such as potassium chloride and nitric acid is stable, and the support for raw material costs is average. Changes in the market for by-product hydrochloric acid have caused a slight disturbance to the comprehensive production costs of enterprises.
Demand side
It is currently in a seasonal off-season. In the field of agriculture, the stage of topdressing for economic crops has come to an end, and water-soluble fertilizer enterprises are not operating at a high rate. Procurement is mainly based on immediate demand, and the market is waiting for the subsequent autumn fertilizer stocking window; On the industrial side, the glass, civil explosives, and electronic materials industries have stable orders with limited incremental growth, making it difficult to drive centralized replenishment. In terms of exports, overseas buyers have a cautious attitude, with India and Brazil mainly focusing on essential orders for procurement. Exporters often strive for orders through flexible pricing, and the external market pull effect is relatively weak.
Overall, the current potassium nitrate market has loose supply and downstream demand is under pressure during the off-season. The short-term market may continue to fluctuate narrowly and weakly. The turning point of the market mainly depends on the pace of domestic autumn fertilizer stocking, upstream raw material fluctuations, and changes in overseas order increments.

1、 Price trend
According to data, as of July 31st, the average market price of light soda ash was 1060 yuan/ton, a decrease of 60 yuan/ton compared to the price of 1120 yuan/ton on July 24th, a decrease of 5.36%. The soda ash market fell during the week.
2、 Market analysis
This week, the soda ash market is weak and declining. The operating rate of the supply side has increased compared to last week, and market inventory pressure has increased. Some companies have continuously lowered their quotations to promote shipment; In terms of demand, downstream glass production capacity is overcapacity, and there is a strong demand for soda ash procurement, resulting in overall weak performance. The soda ash market is highly pessimistic, and companies have a bearish attitude, leading to a wide downward shift in soda ash prices.
According to data, the glass market has declined this week, with an average market price of 12.38 yuan/square meter as of July 31, a decrease of 1.98% compared to the price of 12.63 yuan/ton on July 24. Some production lines in the glass market have undergone cold repairs, resulting in a decrease in operating rates. However, downstream demand during the off-season is poor, and the total inventory of glass society is still high. The pressure on enterprises to ship still exists, and glass prices are weakly lowered.
Future forecast: Currently, there is sufficient supply of soda ash in China, but downstream demand is weak. The pattern of strong supply and weak demand in fundamentals is difficult to improve, and there is a bearish atmosphere surrounding the market. It is expected that the soda ash market will operate weakly in the short term, and specific attention should be paid to the market shipment situation.

At the beginning of this month, the average price of nitric acid was 1360 yuan/ton, and at the end of the month, the average price of nitric acid was 1326 yuan/ton, a decrease of 2.45% in price.

In July, the overall concentrated nitric acid market was in a pattern of strong supply and weak demand. The mainstream negotiated average price of 98% concentrated nitric acid nationwide was between 1300-1450 yuan/ton, with Anhui about 1100-1200 yuan/ton, Sichuan about 1900 yuan/ton, and Jiangsu and Zhejiang about 1400 yuan/ton. The regional price difference was significant, mainly affected by regional supply and demand and transportation costs. The mainstream negotiation price for 68% dilute nitric acid nationwide is between 500-800 yuan/ton.
During the period of 7.01-7.31, the upstream liquid ammonia price decreased by 0.88%, the downstream potassium nitrate price decreased by 0.45%, and the ammonium nitrate price decreased by 4.16%. The largest downstream source of nitric acid is fertilizer, which is affected by the off-season in agriculture and the decline in the prosperity of some traditional chemical industries (such as aniline). Some downstream demand is not well followed up, and overall demand replenishment is mainly based on essential needs, which has limited impact on price driving.