The domestic ABS market fluctuated and rose in January, with significant increases in spot prices for most grades. According to the Commodity Market Analysis System of Shengyi Society, as of January 31st, the average price of ABS sample products was 9350 yuan/ton, with a year-on-year increase or decrease of 13.33% in price level.
Fundamental analysis

Supply level: During January, the load of the domestic ABS industry remained stable with small fluctuations, with an overall slight decrease within the range. In mid month, some units of Zhejiang Petrochemical were released for maintenance, and the overall operating level of the industry was reduced by about 3% to 67%, with an average weekly output of 142000 tons. The inventory position of aggregation enterprises has leveled off at around 200000 tons, and the supply on site tends to be tight and balanced. Overall, the supply-demand imbalance in the ABS market has eased in the short term, and the supply side has increased its support for ABS spot prices.
Cost factor: During January, the upstream three materials market of ABS was strong, which had a positive impact on the cost side of ABS. The acrylonitrile market has remained calm in the early stages, with average demand and pressure on local inventory, leading to continuous price reductions from major suppliers. At the end of the month, the overall load of the East China factory decreased, and a set of equipment in Silbang was shut down. The Jieyang equipment in Jihua was temporarily shut down for maintenance, and the supply side began to reduce production. Downstream users have started to stock up on dips, and the acrylonitrile market has bottomed out and rebounded. In the short term, it has recovered from the month’s decline and is expected to rise.
The butadiene market is showing a significant upward trend. At the beginning of the year, the cost side crude oil prices were relatively high, strengthening bottom support. The supply side equipment maintenance, inventory clearance, and external linkage formed multiple benefits. The demand side Shunding rubber started operating at a high level to provide sustained demand, and the supply-demand imbalance drove the market to strengthen. In the short term, the supplier’s mentality of supporting prices will continue, and the load of the end of line butadiene rubber plant is likely to remain high, providing support for the butadiene market. It is expected that the domestic butadiene market will maintain a high volatility pattern.
The styrene market also saw a significant increase. The current resumption of work in the industry falls short of expectations, and supply side support has been strengthened. The increase in maintenance of overseas styrene plants and the increase in inquiries and actual transactions of styrene exports from China have further driven the depletion of port inventory. The situation in the Middle East is boosting crude oil prices, and the raw material pure benzene continues to rise. The fundamental improvement of styrene is significant, and it is expected that the styrene market will consolidate at a high level in the short term.
On the demand side: In January, there was no significant improvement in the consumption of ABS’s main downstream electrical appliance shell industry, and the improvement in the profitability of terminal enterprises was limited. However, at the beginning of the month, spot prices were low, and buyers increased their operations of buying on dips. The demand for ABS has shown a phased increase, and the flow rate of supply has improved. The inventory location of merchants is rapidly decreasing, and companies and merchants are trying to overestimate. At the end of the month, with the rise in spot prices, the resistance of high priced goods sources increased. Overall, the demand side has supported the ABS market from strong to flat.
Future forecast
The domestic ABS market saw a significant increase in January. The production load of the aggregation plant has remained stable with a slight decrease, and the supply on site has returned to balance, while the overall cost side remains strong. Business analysts believe that the macro level ABS supply and demand contradiction pattern is still present, but the strong momentum of buying orders at low prices in the early stage has eased production and sales pressure. However, with the demand moving forward to overdraw inventory before the Lunar New Year, coupled with a relatively large increase within the range, buyers’ acceptance of prices has declined, and it is expected that ABS may experience a consolidation market in the future.

The latest bidding price for the domestic hydrogen fluoride market has landed, with a delivery price of 11900-12100 yuan/ton in the Jiangsu and Zhejiang regions, a slight increase of 0-100 yuan/ton compared to the previous period. According to the analysis system of Shengyi Society, as of January 29th, the benchmark price of hydrofluoric acid in Shengyi Society was 13066.67 yuan/ton, an increase of 0.26% from the beginning of the month.
Raw material side: The prices of raw materials fluorite and sulfuric acid have been running high this week, providing solid cost support for anhydrous hydrofluoric acid on the raw material side. It is expected that hydrofluoric acid will maintain stable, medium, and strong operation before the holiday. According to the analysis system of Shengyi Society, as of January 29th, the benchmark price of Shengyi Society’s fluorite was 3412.50 yuan/ton, an increase of 0.37% compared to the beginning of this month (3400.00 yuan/ton).
Demand side: As the downstream refrigerant industry approaches the end of the year, production quotas have been exhausted, and overall demand is weak, with on-demand procurement being the main focus. Maintain a wait-and-see attitude and have low purchasing enthusiasm. The market price has shown weak upward momentum, and in the short term, the main focus will be on executing contract orders and maintaining weak stability.
Market forecast: The price of raw material fluorite sulfuric acid is running at a high level, with some support. Downstream demand is weak, and rigid demand is the main focus. Demand side support is average. It is expected that the market price of anhydrous hydrogen fluoride will remain stable with a moderate to strong trend in the later stage. More attention should be paid to changes in market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, as of January 28th, the average market price of acetic acid was 2873.33 yuan/ton, a decrease of 30 yuan/ton or 1.03% compared to the price of 2903.33 yuan/ton on January 21st.

Recently (1.21-1.28), domestic acetic acid prices have been consolidating downward. On the supply side, the utilization rate of acetic acid production capacity has slightly increased, the market supply has increased, and some regions have a strong intention to ship; On the downstream side, entry into the market is mainly based on demand, and the trading atmosphere in the market has fallen slightly. Enterprise inventories have risen, and acetic acid prices have slightly loosened. The acetic acid market has weakened and decreased during the week.
Recently, the price of raw material methanol has fluctuated upwards. As of the 28th, the average price in the domestic market was 2288 yuan/ton, an increase of 3.16% compared to the price of 2218 yuan/ton on January 21st. The expected reduction in import inventory in the port methanol market has a strong price focus, which has boosted spot prices; In some regions of China, the trading of methanol is moderate, and the market supply and demand are relatively balanced. The methanol market is relatively strong and rising, and the impact of cost on acetic acid is limited.
The downstream acetic anhydride market is operating weakly. From January 21st to 28th, the average ex factory price of acetic anhydride was reduced from 4622.50 yuan/ton to 4590.00 yuan/ton, a decrease of 0.70%. The operating rate of acetic anhydride on the supply side has not changed much, upstream acetic acid prices have decreased, cost support has weakened, downstream demand is limited, market favorable factors have decreased, and enterprise mentality is bearish. Acetic anhydride prices have weakly decreased during the cycle.
Market forecast: Business Society’s acetic acid analyst believes that the operating rate of domestic acetic acid plants is at a medium to high level, the inventory pressure of enterprises is still acceptable, the recovery of on-site maintenance equipment is slow, the market mentality is supported, the downstream market is declining, and demand is weakened. It is expected that the acetic acid market will fluctuate and consolidate in the later stage, and the market supply situation will be closely monitored in the future.

According to data from the Commodity Analysis System of Shengyi Society, the hydrogen peroxide market weakened and continued to decline in January, with a drop of over 12%. At the beginning of the month, the average price of hydrogen peroxide in the market was 776 yuan/ton. On January 27th, the price of hydrogen peroxide was 676 yuan/ton, a decrease of 12.88%.
Negative pressure on January hydrogen peroxide market continues to decline
After New Year’s Day, the demand for hydrogen peroxide in the terminal printing and papermaking industry was sluggish, and the enthusiasm for purchasing hydrogen peroxide was average. It was purchased on demand and used as needed. The operating rate of hydrogen peroxide manufacturers is relatively high, and the market supply of hydrogen peroxide is sufficient. The supply pressure has doubled, and the hydrogen peroxide market continues to be sluggish, with prices falling to around 680 yuan/ton, a decrease of 100 yuan/ton.
The hydrogen peroxide analyst from Shengyi Society believes that supply pressure is still present, terminal demand is weak, and the hydrogen peroxide market will continue to face upward pressure in the future, mainly due to weak operation.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda is weak this week. The average market price at the beginning of the week was 690 yuan/ton, and the average market price over the weekend was 668 yuan/ton, a decrease of 3.19% and a year-on-year decrease of 32.86%. On January 22, the Business Social Chemical Index was 787 points, up 2 points from yesterday, down 43.79% from the highest point of 1400 points during the cycle (2021-10-23), 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 590-690 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 700-810 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 2150-2250 yuan/ton (converted to 100%) in 32% ion-exchange membrane alkali. This week, the supply of caustic soda is still in a loose state, and there is no obvious destocking by enterprises. Several sets of equipment reduced production, but quickly recovered. The enthusiasm for downstream alumina entering the market has been average recently, while in the north, due to weather conditions and a gradual decrease in stock during the Spring Festival, the market is still in a stalemate, and more caustic soda is purchased on demand. It is expected that the alumina market will experience weak fluctuations in the later period.
Business analysts believe that the caustic soda prices have been weak this week, and downstream buyers in China have been purchasing on demand. There will be no positive support for the Shandong market next week, and demand has not substantially improved. The quotation for orders from outside Shandong Province has basically ended, and the comprehensive supply-demand game predicts that caustic soda may continue to maintain a weak consolidation trend in the later stage, depending on downstream market demand.

The price of ethylene glycol stopped falling and fluctuated in January
The price of ethylene glycol will stabilize and stop falling in January 2026. According to data from Shengyi Society, as of January 16th, the average price of domestic oil to ethylene glycol was 3808.33 yuan/ton, a decrease of 1.45% from the average price of 3864.17 yuan/ton on January 1st.
In terms of port ethylene glycol, as of the 16th, the spot contract for port ethylene glycol (starting from 500 tons) is deeply discounted. In mid to early January, the basis of the spot contract has been maintained within the range of -120 to -160 this week. As of the close, the basis quotation for next week’s contract (before 12.25) is -130 to -125, the basis quotation for next week’s contract (before 1.30) is -125 to -125, the basis quotation for February’s contract (before 2.25) is -90 to -85, the basis quotation for March’s contract (before 3.25) is -40 to -35, and the basis quotation for April’s contract (before 4.25) is+5 to+10.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) for whole vehicle manufacturers is 3240-3380 yuan/ton.
In terms of external ethylene glycol, as of January 16th, the recent negotiations and transactions for ship to land prices have been around 441-443 US dollars per ton.
Changes in Ethylene Glycol Port Inventory in January 2026:
On January 15, 2026, the total spot inventory of ethylene glycol in the main port of East China was 728000 tons, an increase of 68500 tons from the total spot inventory of ethylene glycol in the main port of East China on December 29, which was 659500 tons.
The port inventory began to accumulate in early October 2025 and reached its peak for the year in mid to early December, rising from 355000 tons to 755000 tons. From mid December onwards, the inventory fell back to 628000 tons.
Analysis of the reasons for the fluctuation of the January ethylene glycol stabilization range:
In mid to early January 2026, the price of ethylene glycol stopped falling and fluctuated, with the core being a long short game of cost support, short-term supply disturbance and demand off-season, high inventory, and the release of new production capacity. The spot price fluctuated narrowly in the range of 3650-3850 yuan/ton, without any unilateral trend.
1. Cost side support and volatility form a bottom support for prices
Crude oil prices fluctuated: In January, international oil prices showed a fluctuating trend due to the influence of geopolitical situations such as the Middle East and South America. As an important source of cost for ethylene glycol, it provided temporary support for its price and suppressed its decline.
Coal prices are relatively stable: Coal to ethylene glycol accounts for a relatively high proportion of domestic production capacity, and although coal prices have fluctuated, there has not been a significant decline, providing some bottom support for ethylene glycol prices. However, coal to ethylene glycol is still in a loss making state, and the cost support is limited.
2. Supply side: The coexistence of short-term contraction and long-term easing intensifies the long short game
Overseas plant maintenance and disturbance: Two sets of 720000 tons/year plants in Taiwan and South Asia have been completely shut down, and some plants in the Middle East have undergone load reduction maintenance due to cost or geographical factors, resulting in a short-term reduction in import volume and easing supply pressure.
Domestic new production capacity release and plant restart: The 800000 ton/year new plant in South China started operation in early January, and new plants such as BASF Zhanjiang were put into operation. Pre maintenance plants were restarted one after another, and the overall operating rate in China remained above 70%. The supply increment is clear, and there is a strong expectation of long-term easing.

Continuous accumulation of port inventory: Ethylene glycol inventory in East China ports continues to accumulate, and high inventory levels are suppressing price rebounds.
3. Demand side: The off-season effect combined with the approaching Spring Festival provides a bottom for basic demand, but the increment is insufficient
The off-season characteristics of the polyester industry are obvious: as the Spring Festival approaches, downstream polyester enterprises enter the traditional off-season. The operating rate of weaving machines in Jiangsu and Zhejiang has dropped to around 56%, and the operating rate of polyester has gradually declined. In addition, nearly 10 million tons of polyester production capacity are planned to be shut down for maintenance in February, and there is a strong expectation of demand contraction.
Basic needs support: The polyester industry still has a certain level of basic needs, and some companies are stocking up before the holiday, which provides some support for the price of ethylene glycol and avoids a sustained sharp decline in prices.
4. Market sentiment and expectations: The pattern of mixed long and short volatility is difficult to change
Geopolitical situation impact: Geopolitical conflicts in the Middle East, South America, and other regions have raised concerns about supply stability in the market, driving a temporary rebound in prices. However, the conflict has not escalated further and the support is limited.
As the Spring Festival holiday approaches, market participants have a strong wait-and-see attitude, traders are actively shipping, and buying follow-up is average. The basis of proximal supply has weakened, and prices are showing a wide range of fluctuations.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the aniline market has risen multiple times in January. On January 1st, the market price of aniline was 7945 yuan/ton, and on January 16th it was 8437 yuan/ton, with a rise of 6.2% during the period and a decrease of 7.02% compared to the same period last year.
2、 Analysis and Review
In January, the domestic aniline market supply remained tight, with stable production of aniline factories and downstream demand entering the market. The price of pure benzene on the raw material side has risen sharply due to the boost of crude oil prices. Under the joint boost of inventory status and raw materials, the price of aniline has been raised multiple times. In the middle of the month, prices continued to rise slightly, with high prices and increased resistance to further price increases.
Cost wise: Recently, the pure benzene market has seen a significant increase. The deterioration of the situation in the Middle East has driven up crude oil prices, coupled with the strong rise of downstream styrene, which has driven the demand for pure benzene and actively boosted the pure benzene market.
3、 Future expectations
At present, the trading of aniline market is stable, and the downstream willingness to purchase high priced raw materials has decreased. It is expected that the aniline market will stabilize and operate after a short-term rise, and we will closely monitor the changes in raw materials and supply and demand in the future.

Product Name: Isopropanol
Latest price: On January 15th, the average market price was 5325 yuan/ton.
Analysis points: The isopropanol market is trending upwards today. At present, the confidence in the market is still good. The price of acetone in the upstream market has risen, and cost support has driven confidence in the isopropanol market. The intention of holders to lower their prices has weakened, and the offer is relatively strong. Downstream inquiries are relatively active, procurement is on demand, and transactions are cautious. It is expected that the isopropanol market will operate strongly in the short term, and the actual transaction price will be negotiable.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on January 12th was 1063 yuan/ton, which is 1.59% higher than the average market price of 1046 yuan/ton on January 5th.
2、 Market analysis
supply and demand situation
This week, the domestic ammonium sulfate market prices have been rising. This week, the operating rate of coking grade ammonium sulfate remained stable, while the operating rate of domestic grade ammonium sulfate decreased, resulting in a decrease in market supply. This week, the price of urea has risen, which indirectly benefits the ammonium sulfate market. The demand for ammonium sulfate in the market is stable, and the transaction atmosphere is improving. However, downstream procurement remains cautious, with a focus on low-priced purchases.
market situation
As of January 12th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 910 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1020-1070 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the recent strong upward trend in the ammonium sulfate market is the main trend. At present, the market for ammonium sulfate is improving, with manufacturers and distributors mainly pushing prices. The terminal demand is average, and the upward space is limited. It is expected that in the short term, the domestic ammonium sulfate market will be dominated by strong price consolidation and operation.

According to the Commodity Market Analysis System of Shengyi Society, from January 4th to 9th, the domestic ethanol price rose to 5430 yuan/ton, with a month on month increase of 1.35% and a year-on-year increase of 4.43%. The domestic ethanol market has seen a double increase in supply and demand, and the cost of fermented ethanol is running at a high level with limited upward momentum; The terminal demand has improved, and the short-term cost positive trend still exists. With the destocking environment in the main production areas, the future market is stable but weak.

From a cost perspective, the overall price center of corn continues to shift upwards. The price increase of Beigang has stimulated the arrival of goods, and futures have also risen. The production area follows Beigang and futures with a price increase of 10-30 yuan/ton. The quantity of grain on the market is still limited, and the enthusiasm for selling grain at the grassroots level is still average. The cost of ethanol is influenced by favorable factors.
The supply side and ethanol supply side are affected by bearish factors.
On the demand side, downstream ethyl acetate production capacity utilization rate has slightly increased. The demand for ethanol is influenced by favorable factors.
Market forecast, overall. The ethanol analyst from Shengyi Society predicts that the short-term ethanol market will mainly experience narrow fluctuations.