According to the Commodity Market Analysis System of Shengyi Society, the price of acetic acid remained stable on February 26th, with a market average price of 2880 yuan/ton, unchanged from yesterday’s price, and a decrease of 2.37% compared to the beginning of the month.

The domestic acetic acid market is stable with small fluctuations, and prices in some regions have been lowered. The domestic production rate of acetic acid is relatively high, and enterprises maintain active shipment. Downstream companies mainly follow up on demand, and the market supply and demand are relatively balanced. Acetic acid prices are running steadily; The mentality of operators in Jiangsu region is poor, downstream demand is weak, and enterprise shipments are not smooth, resulting in a slight shift in the focus of acetic acid transactions.

On February 26th, the market prices of acetic acid in various regions are as follows:

Region/ February 25th/ February 26th/ rise and fall

South China region/ 3000 yuan/ton/ 3000 yuan/ton/ 0

North China region/ 2805 yuan/ton/ 2805 yuan/ton/ 0

Shandong region/ 2830 yuan/ton/ 2830 yuan/ton/ 0

Jiangsu region/ 2825 yuan/ton/ 2800 yuan/ton/ -25

Zhejiang region/ 2975 yuan/ton/ 2975 yuan/ton/ 0

The upstream raw material methanol market has risen narrowly. On February 26th, the average price in the domestic market was 2603.33 yuan/ton, an increase of 0.55% compared to yesterday’s price of 2589.17 yuan/ton. Traditional downstream production has resumed, and downstream market purchases have been boosted. However, the decrease in external prices may have a negative impact on the domestic market, and the methanol market will continue to fluctuate in the future.

On February 26th, the downstream acetic anhydride market remained stable, with an average factory price of 5110 yuan/ton, unchanged from yesterday’s price. The upstream acetic acid market remains stable, while the cost support for acetic anhydride is average. Downstream market entry follows suit as needed, and market trading is lukewarm. The supply and demand in the market are relatively balanced, and the acetic anhydride market is running steadily and cautiously.

Market forecast: According to the acetic acid analyst from Shengyi Society, the restart and recovery of domestic facilities are underway, the market operating rate is increasing, the supply of goods is increasing, the downstream market is weak, the demand for acetic acid is limited, and the market trading atmosphere is average. It is expected that the acetic acid market will consolidate weakly, and attention will be paid to the downstream follow-up situation in the future.

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 25th, the average price of domestic oil to ethylene glycol was 4695 yuan/ton, a decrease of 0.35% from the average price of 4711.67 yuan/ton on February 1st.

Recently, the accumulation of ethylene glycol at ports has been significant, suppressing spot prices. After the price drop, contract traders became active and received more orders at low basis prices. On February 25, 2024, the spot contract price of ethylene glycol at the port was lowered, and the basis spread increased. The basis price for this week’s contract increased from+24 to+26 in the morning session, and rose to+27 to+30 in the afternoon session; After the close of trading, the contract basis quotation for the following week will be+38 to+40. The contract basis quotation for March will be+55 to+58, the contract basis quotation for April will be+72 to+74, and the contract basis quotation for May will be+80 to+85.

In terms of external ethylene glycol, as of February 24th, the landed price of ethylene glycol in China is 549 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 557 US dollars/ton.

Reasons for the recent weakening of ethylene glycol prices

1. Significant accumulation of port inventory

As of February 24, 2025, the total inventory of ethylene glycol in the main port of East China was 709700 tons, an increase of 298200 tons compared to the total inventory of 411500 tons on January 2; The total inventory on February 20th was 725600 tons, a decrease of 15900 tons.

In terms of outbound shipments, on February 24th, a mainstream storage area in Zhangjiagang shipped around 4550 tons of ethylene glycol; The shipment volume of ethylene glycol from the two main storage areas in Taicang is about 4200 tons.

The increase in port arrivals and the restart of domestic pre maintenance facilities have brought about an increase in supply, raising market expectations of oversupply, despite some domestic facilities (such as Fujian and Xinjiang) entering maintenance status.

2. Cost side fluctuations

External crude oil prices have loosened, with limited cost support. The dominant factor in market prices tends to be supply and demand considerations.

3. Downstream demand is mainly driven by short-term consumption of inventory goods

Downstream terminals are gradually resuming production, mainly consuming more inventory. The production of polyester may be affected by the operating rate of terminal demand, resulting in weak demand expectations.

In February, the market price of epichlorohydrin increased significantly, with some areas exceeding 10000 yuan. According to the monitoring and analysis system of Shengyi Society, as of February 24th, the benchmark price of Shengyi Society’s epichlorohydrin was 9375 yuan/ton, an increase of 4.17% compared to the beginning of this month.

Price influencing factors:

Raw material side: The propylene market is affected by changes in supply and demand, mainly consuming inventory, and the market price is temporarily stable. The increase in propylene based epichlorohydrin is limited; Due to tight supply and high production costs in the glycerol market, prices have increased. Supported by favorable cost factors, the price of glycerol based epichlorohydrin has been positively pushed up. According to the market analysis system of Shengyi Society, as of February 24th, the benchmark price of propylene in Shengyi Society was 6858.25 yuan/ton, an increase of 0.51% compared to the beginning of this month (6823.25 yuan/ton).

Supply side: The supply of epichlorohydrin in the market has decreased. Dongying Liancheng’s 100000 tons/year glycerol process unit is currently shut down, and the restart time will be notified separately. Hengyang Jiantao’s 50000 tons/year propylene process unit will shut down on February 17th, and the restart time will be notified separately. In addition, some devices are in a long-term parking state. Overall, the operating rate of the epichlorohydrin industry is about 50-60%.

Downstream demand side: The downstream epoxy resin industry is experiencing slow growth in production. At present, the overall operating rate of liquid resin is 70-80%, and the overall operating rate of solid resin is 50-60%. The market price of liquid epoxy resin has increased, with positive inquiries and a good trading atmosphere. The demand for solid epoxy resin is generally average, and market purchases are replenished as needed, with small order transactions being the main focus. Overall, downstream demand is showing a stable to strong trend.

Market forecast: Analysts from Shengyi Society believe that with the rise in glycerol prices and high cost support, coupled with the shutdown of some epoxy chloropropane production enterprises, the supply of epoxy chloropropane will be reduced. The attitude of holders of goods is positive, and the atmosphere of price increase is strong. At the same time, the overall downstream demand atmosphere has also improved. Supported by favorable supply and demand, it is expected that the market price of epichlorohydrin will maintain a strong trend in the near future, and more attention still needs to be paid to changes in market supply and demand.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has declined this week. The average market price at the beginning of the week was 1015 yuan/ton, and the average market price over the weekend was 985 yuan/ton, a decrease of 2.96% and a year-on-year increase of 25.96%. On February 20th, the Business Social Chemical Index was 843 points, a decrease of 1 point from yesterday, a decrease of 39.79% from the highest point of 1400 points during the cycle (2021-10-23), and an increase of 40.97% from the lowest point of 598 points on April 8th, 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 caustic soda market has been weak this week. The price of caustic soda in Shandong region is around 940-1000 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 950-1080 yuan/ton in 32% ion-exchange membrane alkali. The price of caustic soda in Inner Mongolia region is temporarily stable, with a mainstream market price of 2900-3000 yuan/ton (converted to 100%) in 32% ion-exchange membrane alkali. This week, the overall price of caustic soda has been weak, with downstream resistance and market inventory accumulation due to price increases. Downstream alumina is expected to observe the market trend and see that caustic soda prices will be weak.

Business analysts believe that in the near future, the price of caustic soda has been weak due to the accumulation of market inventory and average downstream demand. The comprehensive supply-demand game predicts that caustic soda will maintain a stable operating market in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, from February 10th to February 17th, the domestic butadiene market price decreased from 12637.5 yuan/ton to 12375 yuan/ton, with a price reduction of 2.08% during the period. This week, the butadiene market has been running weakly, and the supply side has not changed much recently, with an overall stability. Recently, the demand side synthetic rubber market has performed poorly, and the futures market as a whole is weak. The purchase of raw material butadiene remains in high demand, and market transactions are weak, resulting in an overall weak market atmosphere. As of February 17th, the mainstream delivery price of butadiene in Shandong region is between 12380-12500 yuan/ton. The self pickup price for container delivery in East China ranges from 12000 to 12100 yuan/ton.

Cost aspect: During this cycle, crude oil prices first rose and then fell, with little overall fluctuation. As of February 13th, the settlement price of the main contract for WTI crude oil futures in the United States was $71.29 per barrel. The settlement price of the main Brent crude oil futures contract is reported at $75.02 per barrel.

Supply side: Sinopec’s various sales companies have lowered the listed price of butadiene by 300 yuan/ton and implemented 12400 yuan/ton. Recently, the comprehensive operating rate of the domestic butadiene industry has not changed much, and the overall supply is relatively stable.

Demand side: According to the Commodity Market Analysis System of Shengyi Society, the styrene butadiene and butadiene rubber markets have been operating weakly this cycle, and the butadiene rubber market in Shanghai has been consolidating weakly. The futures price of Shunding rubber fluctuated weakly, while the supply price of Shunding rubber spot suppliers remained stable for the time being, and merchant offers were slightly adjusted. At present, the mainstream prices for Daqing, Sichuan, Yangtze, Qixiang, Chuanhua, and Qilu Shunding are 14550-14850 yuan/ton, a decrease of 100 yuan/ton compared to the same period last week.

Market forecast: In terms of cost, the recent weak trend in the crude oil market will drive the weak atmosphere in the spot market. The supply side has slightly rebounded recently, with loose supply. The demand side has maintained on-demand procurement in the near future, with overall weak transactions. Overall, the overall performance of the butadiene market is stable but slightly weak, with a lack of demand support. It is expected that there will be some downward adjustment space in the future, continuing the weak trend.

According to the Commodity Market Analysis System of Shengyi Society, on February 14th, the reference price of cyclohexanone in the domestic market in Shandong was 9200 yuan/ton. Compared with February 9th, the reference price of cyclohexanone in the domestic market was 9062 yuan/ton, the price has increased by 138 yuan/ton, an increase of 1.52%.

From the Commodity Market Analysis System of Shengyi Society, it can be seen that this week, the overall market situation of cyclohexanone in Shandong Province, China, has been stable and rising. During the week, the overall focus of the cyclohexanone market shifted upwards, with low prices gradually decreasing and the gap between high and low prices narrowing. As of February 14th, the reference price for cyclohexanone market in Shandong Province is around 9150-9350 yuan/ton.

In terms of supply and demand: After the holiday, the cyclohexanone market in Shandong Province is gradually recovering and operating. As we enter this week, the market situation continues to be positive, with some equipment undergoing maintenance and overall supply being tight in the market. The pressure on the supply side is relatively small, and spot inventory is available. Downstream solvent and chemical fiber markets require essential procurement, with good transmission between supply and demand.

Cost wise: This week, the cost side raw material pure benzene has risen, providing stable cost support for cyclohexanone. On February 13th, the reference price of pure benzene was 7801.33 yuan/ton, an increase of 3.29% compared to February 1st (7553.00 yuan/ton).

Market analysis in the future

At present, the trading atmosphere in the cyclohexanone market is mild, and the mentality of the industry is good. The cyclohexanone data analyst from Shengyi Society believes that in the short term, the domestic cyclohexanone market in Shandong will mainly operate with large stability and small movements, and the specific trend still needs to pay more attention to changes in supply and demand news.