As of May 31, 2026, the reference price of n-butanol in Shandong Province, China was 6933 yuan/ton, a decrease of 733 yuan or 9.57% from May 1 (reference price of n-butanol was 7666 yuan/ton).

1、 Price Trend Review
In May, the n-butanol market in Shandong Province initially rose slightly, but the momentum of the upward trend was insufficient. The market opened up a unilateral downward trend, and the n-butanol market price continued to decline, with the downward trend continuing to widen. As of May 31, the n-butanol market price in Shandong Province was around 6900-7100 yuan/ton.
2、 Analysis of Core Influencing Factors
Mismatch between supply and demand, strong supply and weak demand
At the beginning of May, the overall supply performance of the n-butanol market was stable, and the supply and demand transmission was still acceptable. With the concentrated resumption of production of some maintenance units in the early stage, the supply of n-butanol in the market gradually increased. However, downstream demand markets were slow to digest the increase in supply, cautious in raw material procurement, and had a weak stocking sentiment. The supply and demand transmission was hindered, and the market formed a situation of strong supply and weak demand.
Weakened cost support: In May, the price of raw material propylene fell synchronously, and the production cost support for n-butanol loosened. As a result, the price of n-butanol was lowered, further exacerbating the downward trend.
Market sentiment: Downstream companies are generally watching from the sidelines, with a decrease in large-scale inventory replenishment behavior. The market lacks effective demand support, and prices are prone to falling but difficult to rise.
3、 Future forecast
In the short term, the pattern of loose supply and demand in the n-butanol market is still difficult to quickly reverse, and prices are likely to remain weak. In the future, more attention should be paid to the changes in the operating rate of n-butanol plants, as well as the support on the cost side and the recovery of downstream market demand.