In the 20th week of 2026 (May 18-22), the commodity market showed a differentiated downward trend. According to data from the Shanghai and Shenzhen raw material lists of Shengyi Society, a total of 94 commodities experienced a month on month price decline this week, accounting for 53.41%; Only 38 products showed a month on month increase, accounting for 21.59%, with an average weekly increase or decrease of -0.8%, indicating significant pressure on the overall market.

1、 Price increase chart: Chemical products lead the way, with small varieties showing outstanding price increases

This week’s rising products are concentrated in the chemical sector (18 types) and non-ferrous sector (8 types), with all varieties experiencing a growth rate of over 5% coming from the chemical industry. The overall growth rate is relatively mild, with only 3 varieties experiencing a growth rate of over 4%.

Top three varieties in terms of price increase (led by chemical industry)

Formic acid (+8.33%): At the beginning of the week, the quoted price was 2400 yuan/ton, which rose to 2600 yuan/ton over the weekend, making it the variety with the highest weekly increase.
Phosphoric acid (+7.18%): 9050 yuan/ton at the beginning of the week, 9700 yuan/ton at the end of the week, a year-on-year increase of 43.92%, with strong demand support.
Liquid ammonia (+4.61%): 2240 yuan/ton at the beginning of the week, 2343.33 yuan/ton over the weekend, with a slight increase in prices supported by the demand for chemical raw materials.

Other popular rising varieties

Nonferrous sectors: Silver (+1.94%), Tin (+1.53%), and Aluminum (+1.25%) saw slight increases, with Silver experiencing a year-on-year increase of 127.53%, highlighting the resilience of precious metals.
Rubber and building materials: PP (brushed) (+1.55%) and corrugated paper (+1.29%) are steadily increasing, and the marginal recovery of downstream demand provides support.
Energy and Agriculture: Fuel oil (+0.83%) and rapeseed oil (+1.12%) saw a slight increase with limited fluctuations.
2、 Decline List: Chemicals suffer heavy losses, with multiple varieties experiencing a decline of over 5%

This week, the falling commodities were concentrated in the chemical sector (40 types) and non-ferrous sector (13 types), with 7 types experiencing a decline of more than 5%. Chemical products led the decline significantly, with some varieties experiencing a decline of more than 10%, spreading pessimistic sentiment in the market.

Top three varieties in terms of decline (chemical disaster areas)

Melamine (-11.35%): At the beginning of the week, it was 6937.5 yuan/ton, and over the weekend it fell to 6150 yuan/ton, making it the variety with the largest decline throughout the week. The supply-demand imbalance dragged down prices significantly.
Hydrogen peroxide (-8.87%): 826.67 yuan/ton at the beginning of the week, 753.33 yuan/ton at the end of the week. Downstream demand in the chemical industry is weak, and prices continue to weaken.
Ethylene oxide (-7.32%): 8200 yuan/ton at the beginning of the week, 7600 yuan/ton over the weekend, insufficient terminal orders, and increased pressure on the industry to reduce inventory.

Other popular falling varieties

Chemical raw materials: lithium carbonate battery grade (-5.79%), PTA (-5.33%), urea (-1.66%) collectively fell, among which lithium carbonate still rose 183.53% year-on-year, and the short-term correction does not change the long-term logic.
Black series: rebar (-1.19%), hot-rolled coil (-1.10%), iron ore (Australia) (-2.05%) have slightly declined, and weak real estate demand has suppressed the trend of steel prices.
Nonferrous rare earths: neodymium oxide (-6.10%), praseodymium oxide (-6.13%), and praseodymium neodymium alloy (-4.49%) continue to weaken, leading to loose supply and demand in the rare earth market and downward pressure on prices.

3、 Panoramic performance of sectors: significant differentiation in chemical industry, decent resilience in non-ferrous metals, and fluctuations in energy, agricultural and sideline industries

1. Chemical sector: ups and downs are differentiated, with both leading and falling concentrated

The chemical industry sector is the core fluctuation area this week, with 18 types of gains and 40 types of losses, showing significant differentiation characteristics. The rising end is mainly composed of basic chemicals such as formic acid, phosphoric acid, and liquid ammonia, benefiting from the support of raw material costs and the recovery of local demand; On the downside, midstream chemicals such as melamine, hydrogen peroxide, and ethylene oxide are at the core, coupled with oversupply and weak demand, resulting in a significant drop in prices.

2. Nonferrous sector: more gains and less losses, differentiation between precious metals and industrial metals

Eight types of non-ferrous metals rose and thirteen types fell, with overall resilience better than that of the chemical industry. Precious metals (silver+1.94%) performed outstandingly, with a significant year-on-year increase, supported by their safe haven nature and capital inflows; Industrial metals (aluminum+1.25%, copper+0.28%) saw a slight increase, with low global inventories supporting prices. However, varieties such as lithium carbonate and rare earths fell due to loose supply and demand, resulting in significant internal differentiation within the sector.

3. Energy and Black Sector: Minor fluctuations, dominated by weak demand

The energy sector (fuel oil+0.83%, liquefied natural gas -1.54%) experienced narrow fluctuations, with international oil price fluctuations transmitted to the domestic market. Coupled with stable domestic demand, price fluctuations were limited. The black series (rebar -1.19%, iron ore -2.05%) continues to be weak, and the recovery of real estate infrastructure demand is not as expected. The slow destocking of steel has put downward pressure on prices.

4. Agricultural and textile sectors: minor fluctuations, with supply and demand balance as the main focus

The agricultural and sideline sectors (rapeseed oil+1.12%, eggs -1.08%) experienced narrow fluctuations, while oil and oilseeds saw a slight upward trend due to international market transmission. Eggs entered the off-season of consumption and prices fell. The textile sector (polyester staple fiber -1.54%, PTA-5.33%) is overall weak, with insufficient terminal textile orders and a decline in chemical raw materials, dragging down prices in the textile industry chain.

4、 Market outlook: Short term pressure continues, focus on demand recovery and cost changes

This week, the overall commodity market is under pressure, with chemical products leading the decline and most sectors falling. The core driving factors are weak downstream demand, oversupply of some varieties, and the spread of pessimistic market sentiment. In the short term, the market may continue to fluctuate weakly, and three core variables need to be focused on:

On the demand side: the recovery of real estate infrastructure, the recovery of chemical and textile terminal orders. If the demand margin recovers, it is expected to support the stabilization of prices for some varieties;
Cost side: Fluctuations in international oil prices, coal and other energy prices will directly affect the costs of the chemical and energy sectors, which will then be transmitted to terminal prices;
Supply and demand pattern: The progress of chemical destocking, whether the loose supply of non-ferrous rare earths has eased, and changes in supply and demand balance will determine the price trend of varieties.

Overall, in the short term, the commodity market is unlikely to change its pattern of differentiation and oscillation. The chemical sector remains the core fluctuation area, and we need to be vigilant about the opportunities for oversold rebound of some high decline varieties, while avoiding the downside risks of sustained loose supply and demand varieties.

From May 8th to 15th (as of 15:00), the domestic methanol market in East China port prices rose from 3111 yuan/ton to around 3137 yuan/ton, with a price increase of 0.83% during the cycle, a maximum amplitude of 1.90%, a month on month decrease of 6.63%, and a year-on-year increase of 22.95%. The domestic methanol market is mainly running weakly. Although there are still a large number of mainland sources to supplement, the amount of foreign arrivals is low, and the export volume is high. The methanol inventory at ports has significantly decreased, which provides some support for the market. However, the downstream demand is in the off-season, and the market purchasing power is poor, which has dragged the market down and caused price fluctuations and downward movements.

As of the close on May 15th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract for methanol futures, 2609, opened at 2850 yuan/ton, with a highest price of 2935 yuan/ton and a lowest price of 2850 yuan/ton. It closed at 2907 yuan/ton at the end of the trading day, an increase of 23 yuan or 0.80% compared to the settlement of the previous trading day. The trading volume is 779879, the position is 693841, and the daily increase is 17227.
On the cost side, coal has basically maintained a balance between production and sales, with cautious and conservative terminal procurement, and strong prices providing support for methanol. The cost of methanol is influenced by favorable factors.
On the demand side, from the downstream perspective, the market price of acetic acid continues to decline, the formaldehyde market is consolidating horizontally, and the dimethyl ether market is running steadily. Most downstream products are affected by methanol prices, and the demand for methanol is biased towards negative factors.
On the supply side, the overall device loss exceeds the recovery amount, resulting in a decrease in production and a decrease in capacity utilization. The supply of methanol is affected by favorable factors.
In terms of external trading, as of the close on May 14th, CFR Southeast Asia methanol market closed at 632-634 US dollars per ton. The FOB US Gulf methanol market closed at 161-163 cents/gallon, down 1 cent/gallon; The European FOB Rotterdam methanol market closed at 526-528 euros/ton, up 1 euro/ton.
In the future, it is predicted that the domestic methanol market will repeatedly play a game between cost support, supply contraction, and weak demand in the near future. Overall, the methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

According to the commodity analysis system of Shengyi Society, the overall domestic market for maleic anhydride declined in April. As of April 30th, the average quoted price of maleic anhydride was 7862.50 yuan/ton (including tax), a decrease of 8.04% from 8550.00 yuan/ton on April 1st.
Supply side: In April, the supply of maleic anhydride in the market showed a characteristic of “high in the beginning and low in the end”, with some units maintaining high load operation in the first ten days, and the market supply of goods was relatively sufficient; Starting from mid month, due to the rapid decline in prices and profit inversion, coupled with the continuous increase in volume of goods from Northeast China and the clear advantage of arrival, the high price transaction volume in various regions has been limited, and the industry’s production reduction and maintenance plans have increased. The operating load rate of n-butane maleic anhydride plants has gradually fallen, and the market supply of goods has shrunk. At the end of the month, due to the slowdown of liquid anhydride shipments by manufacturers and the suspension of shipments in Northeast China before the holiday, the sentiment of downstream demand entering the market to replenish inventory before the holiday may rise, pushing up the market for maleic anhydride. As of April 30th, the factory price of solid anhydride in the maleic anhydride market in Shandong is around 7800 yuan/ton, while the factory price of liquid anhydride is around 7500 yuan/ton.
Upstream: After a brief surge in the n-butane market in the early stages of April, the downward trend continued throughout the second half of the year due to factors such as insufficient downstream chemical demand, off-season civilian gas consumption, and weak market confidence. The price center of gravity significantly shifted downwards, and the overall market was in a weak operating pattern. In April, Saudi CP prices rose to $800 per ton.
Downstream: In April, the operating rate of the unsaturated resin market in the downstream core area of maleic anhydride remained low, and downstream enterprises mostly produced according to orders. The procurement of maleic anhydride mainly followed up on urgent needs, and there was insufficient willingness to purchase in bulk. At the same time, downstream industries are under pressure in terms of profits, and the acceptance of high prices for maleic anhydride continues to decline. The market’s new orders are sluggish, forming a pattern of “strong supply and weak demand”, directly suppressing the price trend of maleic anhydride.
Business Society’s maleic anhydride product analyst believes that with the addition of new parking devices in May, market supply will decrease; The continuous rise in crude oil prices may provide some support for the cost side of maleic anhydride; The operating rate of the downstream unsaturated resin market is still at a low level, and it is difficult for terminal demand to substantially recover, resulting in insufficient support for the price of maleic anhydride. It is expected that the market for maleic anhydride in May may fluctuate within a weak range.

The overall polyethylene market in April showed a weak and fluctuating pattern of “rising and falling, and weak recovery at the end of the month”. According to the data from Shengyishe Spot News, the average price of LLDPE (7042) was 8716 yuan/ton on April 1st, and 8425 yuan/ton on April 29th, a decrease of 3.35%. LDPE (2426H) had an average price of 11483 yuan/ton on April 1st and 11350 yuan/ton on April 29th, a decrease of 1.16%. The average price of HDPE (5000S) on April 1st was 10212 yuan/ton, and on April 29th it was 10082 yuan/ton, a decrease of 1.27%.

Supply side: Tighten first and then loosen, gradually releasing pressure. Early October: Partial device maintenance/load reduction, low social inventory, strong willingness of traders to raise prices, and temporary tight supply. In the second half of the year, with the concentrated resumption of early maintenance equipment and the release of new production capacity, coupled with an increase in the amount of imported goods arriving at the port, the market supply pressure has significantly increased, which has continued to suppress prices. At the end of the month, some devices entered maintenance again, coupled with the low prices in the early stage suppressing the production enthusiasm of some enterprises, the supply pressure slightly eased, supporting a slight rebound in prices.
Demand side: Overall weak. Downstream industries such as plastic weaving, agricultural film, and packaging have weak order follow-up, and the operating rate of enterprises remains low. Procurement is mainly based on on-demand use and procurement, lacking large-scale stocking power. Although the low prices at the end of the month have stimulated some essential demand replenishment, they have not formed a sustained increase in demand, and overall it is still difficult to effectively drive prices.
Cost aspect: In the first half of the year, international crude oil prices fluctuated upwards, providing strong cost support for the market and driving up prices. In the second half of the year, crude oil experienced a pullback due to macroeconomic concerns and inventory data, leading to loose cost support and weak supply and demand, accelerating the decline in PE prices. At the end of the month, crude oil rebounded slightly, and the cost side showed marginal recovery, driving PE prices to recover at a low level.
Short term: There are still expectations of resuming production on the supply side, and there is no significant increase on the demand side. The fluctuation of crude oil on the cost side remains the core variable, and prices are likely to maintain a weak and volatile pattern.

In March 2026, the domestic sulfuric acid market continued its strong upward trend, with prices rapidly rising and reaching a new milestone. As of March 31st, the benchmark price of sulfuric acid in Shengyi Society reached 1580.00 yuan/ton, an increase of 49.41% compared to the beginning of the month and a year-on-year increase of 3%. The market presents a pattern of “simultaneous increase in quantity and price, and tight supply of goods”.
In March, the overall price of sulfuric acid rose sharply, with different types and regions experiencing varying but significant increases. Sulfur acid and mineral acid have shown significant increases, with some regions exceeding 700 yuan/ton, and the cumulative increase in smelting acid is generally between 100-200 yuan/ton.
In terms of regional growth, the southern and southwestern regions have led the way. The ex factory price of 98% sulfuric acid in Sichuan has reached 1800-2000 yuan/ton, while the prices of related varieties in Guangxi, Guangdong, and Hubei have all exceeded 1500 yuan/ton; The northern region is synchronously rising, with 98% of smelting acid in Shandong breaking through 1400 yuan/ton, setting a new three-year high.
This surge is the result of the combination of raw material costs, supply contraction, demand support, and geopolitical factors, forming a pattern of “cost push up, supply tightening, and demand bottoming out”.
The soaring cost of raw materials has formed strong support
Sulfur, as the core raw material, accounts for over 60% of the production cost of sulfuric acid. In March, due to geopolitical conflicts and tight supply and demand, the price rose from 4800 yuan/ton to 5700 yuan/ton, an increase of nearly 20% in 20 days. Some ports experienced a daily surge of 400 yuan, leading to a situation of “grabbing goods”.
The price of pyrite has risen synchronously and is planned to increase in April, further pushing up costs. The cost of sulfuric acid raw materials for some enterprises is close to 1500 yuan/ton, and price increases have become an inevitable choice.
Supply side contraction, continuous tight supply of goods
In March, the sulfuric acid industry entered the peak season for maintenance, with enterprises in major production areas such as Yunnan and Guizhou conducting centralized maintenance, resulting in a reduction of monthly production capacity by over 100000 tons; Due to a shortage of raw materials, some sulfur based sulfuric acid production enterprises are restricted in their operations, resulting in a tight supply of spot goods and limited shipments, leading to a strong reluctance to sell.
The tightening of environmental protection measures has led to the withdrawal of small and medium-sized acid smelting enterprises, increased industry concentration, and strong willingness of large factories to raise prices, providing support for price increases.
Demand side support, positive purchasing sentiment
The peak season for spring plowing and fertilizer preparation in March requires a large amount of sulfuric acid for phosphate fertilizer production. In 2026, the demand for spring plowing fertilizers will increase by 3% year-on-year, and the proportion of phosphate fertilizer demand will exceed 25%. Fertilizer companies are actively purchasing to support the demand.
The demand in the chemical industry has rebounded, and industries such as titanium dioxide have released their urgent needs. The new demand in the new energy sector has further exacerbated the supply-demand imbalance.
Geopolitics and market sentiment support the surge of price increases
The geopolitical conflict in the Middle East has led to an increase in shipping risks in the Strait of Hormuz, tightening international sulfur supply, causing domestic port inventories to drop to 60% of the same period last year, and arrival volumes to hit a new low in nearly a decade.
The market has a strong bullish sentiment, with traders hoarding and downstream panic buying forming a vicious cycle, driving up prices.
Market impact: The transmission effect of the industrial chain is highlighted
The skyrocketing price of sulfuric acid is transmitted along the industrial chain, and downstream industries are under significant cost pressure.
The fertilizer industry is the first to bear the brunt, with phosphate fertilizer enterprises experiencing a significant increase in production costs and some experiencing losses. They can only raise prices to pass on costs, which may push up the cost of spring plowing and planting.
Although the titanium dioxide industry has increased prices synchronously, the price of sulfuric acid has risen even faster. In the first quarter, the single ton loss of enterprises reached 2300 yuan/ton, and some small and medium-sized enterprises have temporarily stopped production.

Industries such as dyes and synthetic fibers are also facing cost pressures, with profit margins being compressed, which may affect the end consumer market.
Market outlook: Short term strong continuation, long-term downside risk
The sulfuric acid market remained strong in the short term in April, with acid plants in the main production areas still undergoing maintenance, tight sulfur supply, stable chemical demand, and expectations of price increases. In the long run, there is a risk of a pullback: some maintenance facilities will resume in April, leading to an increase in supply; Downstream inventory accumulation and demand overdraft, if the geopolitical situation eases and sulfur prices decrease, coupled with the off-season demand in the second quarter, prices may fluctuate or rebound at a high level.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the reference average price of 85% industrial grade phosphoric acid in China was 6940 yuan/ton on February 28th, and 6890 yuan/ton on February 1st. The domestic phosphoric acid market price has increased by 0.73% this month.
2、 Market analysis
This month, the domestic phosphoric acid market has shown a strong upward trend. In the first half of this month, the price of phosphoric acid in the market fluctuated narrowly. The price fluctuation of raw material yellow phosphorus is not significant, and there is no significant change in the cost side. The phosphoric acid market has stable trading and downstream urgent procurement needs. At the end of this month, the market price of phosphoric acid began to rise. The price of raw material yellow phosphorus has strengthened, and cost support has increased. The phosphoric acid market has followed the rise of the raw material market.
market conditions
As of February 28th, the factory price of 85% industrial phosphoric acid in Hubei region is around 6900-7250 yuan/ton, and in Sichuan region it is around 6900-7200 yuan/ton. The domestic market price for 85 wet process phosphoric acid is around 6950-7500 yuan/ton.
In terms of cost
Raw material yellow phosphorus market. This month, the yellow phosphorus market is mainly experiencing an upward trend. In the first half of this year, the yellow phosphorus market experienced narrow fluctuations and the trading atmosphere was average. At the end of this month, the supply of yellow phosphorus in the market is tight, and market trading is heating up. The transaction price of yellow phosphorus in the market is starting to strengthen, and manufacturers are mainly reluctant to sell.
3、 Future forecast
The phosphate analyst from Shengyi Society believes that the price trend of the phosphate market has been on the rise recently. The raw material market is strengthening, the cost side support is increasing, and the optimistic attitude of the phosphoric acid market is increasing. It is expected that the short-term domestic phosphoric acid market will mainly operate with a strong trend.

As of February 28th, according to the price data from Shengyi Society, the mainstream average spot price of polyester bottle chips in East China is 6322 yuan/ton.

1、 Price trend
Overall: First fell, then rebounded, and weakened again at the end of the month; The monthly average price is 6230 yuan/ton, with a month on month increase of 1.27%.
phase division
At the beginning of the month (2.1-2.5): Rapid downward trend. After the holiday, raw materials rebounded, cost support weakened, and futures fluctuated downward; Spot price increased from 6324 to 6068 yuan/ton (2.2 yuan/day, down 256 yuan).
Mid month (2.6-2.23): Shockingly rebounded, raw material PTA/MEG strengthened, and costs rose; Futures rebounded and spot prices gradually recovered to the range of 6100-6270 yuan/ton.
At the end of the month (2.24-2.27), the futures rose 136 yuan to 6266 yuan/ton due to the expansion of rising, falling, and weakening; Subsequently, crude oil weakened and downstream resumption of work fell short of expectations, causing spot prices to fall from 6330-6450 yuan/ton.
2、 Core market analysis
1. Cost side (dominant factor)
Crude oil under pressure: OPEC’s expected increase in production and falling oil prices directly suppress PTA/MEG.
• Weakening of raw materials: PTA/MEG prices have declined, bottle chip cost support has weakened, and factory profits have shrunk.
Transmission pathway: crude oil → PX → PTA/MEG → bottle flakes, with significant downward transmission of short-term costs.
2. Supply side
• Operating rate: Approximately 66% per month, with some equipment undergoing maintenance (such as CR Jiangyin and Sanfangxiang), resulting in tight supply.
• Inventory: Low factory inventory provides limited support for prices.
New production capacity: The growth rate will slow down in 2026 (about 6.25%), and the supply and demand will tighten in the medium term.
3. Demand side (maximum drag)
Slow resumption of work: The resumption rate of downstream industries such as soft drinks and edible oils is only 50% -60%, lower than the same period in previous years.
• Prudent procurement: Downstream focus on digesting pre holiday inventory, with few new orders and only replenishing inventory for essential small orders.
• Low production and sales: The production and sales of 2.27 bottle tablets are only 30% (far below the 70% profit and loss line), and the factory is under great pressure to ship.
Peak season expectation: Traditional peak season in mid to late March, but there is no clear order signal in the short term.
4. Futures and market sentiment
Futures led the decline in spot prices, with a weaker basis and a strong wait-and-see sentiment in the market.
The price difference of the quotation has widened (50-100 yuan/ton), and transactions are mostly low-priced goods.
3、 Market forecast (early March)
Trend judgment: Weakly oscillating consolidation, difficult to have a significant rebound.
• Core focus:
Crude oil and PTA/MEG price trends
◦ Downstream resumption progress (after Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) or at the inflection point)
Production and sales of bottle tablets and inventory turnover speed
• Risk points: Continuous decline in crude oil, downstream resumption of work less than expected, further weakening of futures.

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 628 yuan/ton, and the average market price over the weekend was 622 yuan/ton, a decrease of 0.96% and a year-on-year decrease of 38.72%. On February 5th, the Business Social Chemical Index was 797 points, a decrease of 2 points from yesterday, a decrease of 43.07% from the highest point of 1400 points during the cycle (2021-10-23), and an increase of 33.28% 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 price of caustic soda has been running weakly this week. The price of caustic soda in Shandong region is around 550-650 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Zhejiang region is stable, with a mainstream market price of 850-970 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 2200-2300 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. The overall load of liquid alkali in Shandong is still high, and the profit of the chlor alkali industry is not high, which forms a support on the cost side. 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.
Analysts from Shengyi Society believe that the caustic soda prices have been weak this week, and downstream buyers in China have been purchasing on demand recently. There is no positive support for the Shandong market, and demand has not substantially improved. The quotation for orders outside Shandong Province has basically ended, and now the main focus is on executing long-term orders. 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.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the overall price of bromine has risen this month. The average market price at the beginning of the month was 36100 yuan/ton, and the average market price over the weekend was 41400 yuan/ton, with a price increase of 14.68% and an increase of 89.91% compared to the same period last year. On December 30th, the Business Society Bromine Index was 125.61, unchanged from yesterday, a decrease of 48.77% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 113.19% from the lowest point of 58.92 points on October 29th, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine in Shandong region remained firm. The factory quotation in Shandong region is based on 39000-44000 yuan/ton, with the mainstream price around 41500 yuan/ton. Inventory replenishment is limited, and supply continues to tighten. However, downstream companies are observing and the market trading is flat. Downstream demand is generally average. The atmosphere of bromine wait-and-see remains, and the market supply and demand are in a tight game, resulting in weak actual transactions. In terms of raw materials, domestic sulfur prices have been rising, with an average market price of 3661 yuan/ton at the beginning of the month and 4210 yuan/ton at the end of the month, representing a 15% increase and a 147.99% increase compared to the same period last year.
Prediction: Bromine prices are expected to be strong this month, while upstream sulfur prices are expected to be strong this month. Bromine supply is tight in the near future, and imports are limited. However, downstream purchases are mostly based on demand, continuing the trend of rigid procurement. The overall market trading atmosphere is weak. It is expected that bromine may continue to consolidate and operate after a rise in the later period, depending on downstream market demand.

price trend
According to the monitoring of commodity data, the titanium dioxide market will show an overall trend of first rising and then falling in 2025, with a significant decrease in prices at the end of the year compared to the beginning of the year. At the beginning of the year, the average price of domestic titanium dioxide was 14900 yuan/ton, and at the end of the year, the average price was 13740 yuan/ton. The price dropped by 7.79% during the year.
Review of the Titanium Dioxide Market Situation

Product Market Trends
From the perspective of market development in 2025, the overall market situation of titanium dioxide shows a trend of first rising and then falling. In the first quarter, the inventory of manufacturers was low, and the prices of upstream titanium concentrate and sulfuric acid rose, resulting in price increases. In the second quarter, the foreign trade market experienced a downturn, with an increase in on-site inventory and a gradual weakening of the market. In the third quarter, India cancelled its decision to impose anti-dumping duties on imported titanium dioxide from China in September, which is favorable for the recent titanium dioxide market, which is stable and rising. In the fourth quarter, the situation of new order transactions was poor, and the titanium dioxide market was sluggish.
In the first half of the year, the market for titanium dioxide first rose and then fell, resulting in an overall decline in prices. The cumulative decline from January to June was 5.23%. As of the end of June, the domestic quotation for sulfuric acid method gold red stone titanium dioxide is mostly between 13300-14200 yuan/ton; Sharp titanium type costs around 11700-12300 yuan/ton.
In the second half of the year, the supply and demand sides of the titanium dioxide market remained deadlocked and watched, with little fluctuation in market prices. Overall, prices slightly increased. The cumulative increase from July to December is 0.15%. As of the end of December, the domestic quotation for sulfuric acid method gold red stone titanium dioxide is mostly between 13300-14300 yuan/ton; The quotation for rutile titanium dioxide is around 12000-12500 yuan/ton.
Current situation of titanium dioxide in 2025 and expectations for 2026
Import and export aspects
According to customs data, the total import volume of titanium dioxide from January to November 2025 was only 67800 tons, a significant decrease of 19.88% year-on-year. Among them, chlorination products are still the main import force, with a cumulative import of 40800 tons from January to November, a year-on-year decrease of 27.49%, accounting for 60.2% of the total import volume. The import volume of sulfuric acid products is relatively small, with a cumulative import of 27000 tons from January to November, a slight decrease of 4.77% year-on-year.
The significant decline in the import volume of chlorination method indicates that in the high-end product field that relied on imports in the past, the investment of domestic chlorination method production capacity and technological progress are effectively filling the market gap.
According to customs data, from January to November 2025, the cumulative export volume of titanium dioxide in China was about 1.6451 million tons, a decrease of 5.63% compared to the same period last year, a decrease of about 98200 tons. Among them, the chloride process titanium dioxide performed well, with a cumulative export of 322300 tons from January to November, a year-on-year increase of 1.29%. Sulfuric acid titanium dioxide still dominates but performs weakly, with a cumulative export of 1.3228 million tons from January to November, a year-on-year decrease of 7.18%, accounting for 80.4% of the total export volume and still the absolute mainstay.
This export pattern of “total volume reduction and structural optimization” clearly indicates that China’s titanium dioxide industry is in a critical stage of transformation from “winning by quantity” to “breaking through by quality”.
In terms of production capacity and output

According to publicly available information, the titanium dioxide industry is undergoing a deep adjustment in 2025, with continuous expansion of production capacity. In 2025, China’s titanium dioxide production capacity will be 6.217 million tons, with a year-on-year growth rate of 3.62% compared to 2024. The main regions with increased production capacity are Inner Mongolia and Anhui; By 2025, the top three regions in China’s production capacity will have Sichuan accounting for 19%, Shandong accounting for 13%, and Henan accounting for 10%.
According to public information, in November 2025, China’s titanium dioxide production was 400400 tons, a year-on-year increase of 0.36%. The cumulative production of titanium dioxide from January to November 2025 was 4.3504 million tons, a year-on-year decrease of 0.72%, and the production decreased by about 31500 tons.
International giants shut down and went bankrupt, Venator Germany. In September 2025, Venator Germany filed for bankruptcy. Its 50000 tons/year chlorination production capacity in Germany and the previously shut down 80000 tons/year production capacity in Italy led to a global supply contraction and the transfer of international orders to China.
In terms of downstream terminal real estate
From January to November 2025, the national real estate development investment was 7859.1 billion yuan, a year-on-year decrease of 15.9%; Among them, residential investment was 6043.2 billion yuan, a decrease of 15.0%.
From January to November, the construction area of real estate development enterprises’ houses was 656066 million square meters, a year-on-year decrease of 9.6%. Among them, the construction area of residential buildings was 457.51 million square meters, a decrease of 10.0%. The newly started construction area of houses is 534.57 million square meters, a decrease of 20.5%. Among them, the newly started residential area was 391.89 million square meters, a decrease of 19.9%. The completed area of the house is 394.54 million square meters, a decrease of 18.0%. Among them, the completed residential area was 281.05 million square meters, a decrease of 20.1%.
Summary and prediction
In 2025, the Chinese titanium dioxide industry will face challenges such as overcapacity, international trade frictions, fluctuations in raw material prices, and environmental pressures. This year is also a key turning point for titanium dioxide to shift from scale expansion to high-quality development. The titanium dioxide industry is undergoing deep adjustments and upgrades driven by policies, markets, and technology.
Looking ahead to 2026, the titanium dioxide industry will present a new cycle of “policy driven, technology driven, and market driven”. The market size will shift from “quantity growth” to “quality improvement”, and the supply and demand pattern is expected to improve. The transformation towards high-end, green, and intelligent will accelerate.
1、 Policy driven: Green Transformation and Capacity Optimization
Environmental policies will continue to be strengthened to promote the industry’s transformation towards low-carbon and circular industries. For example, the Ministry of Ecology and Environment requires that new projects must adopt the chlorination process or the sulfuric acid process with a complete circular economy system, and specifies that by 2025, the industry’s energy efficiency benchmark level production capacity will reach 30%, and by 2030, the energy efficiency benchmark line will be fully achieved.

2、 Technology driven: breakthroughs in chlorination process and high-end products
With the increasingly strict environmental policies, chlorination method may become the main production trend in the future. As of 2025, the proportion of titanium dioxide production capacity produced by chlorination method in China has exceeded 35%, and it is expected to reach 60% by 2030. Nano scale titanium dioxide has achieved technological breakthroughs in the field of photocatalytic degradation of VOCs. Technological innovation has become the core driving force for the industry to transition from scale expansion to high-quality development.
3、 Market driven: Emerging demand and upgrading of export structure
The market center of gravity is further tilted inward: Against the backdrop of pressure on export volume and continuous reduction in imports, the importance of the domestic market is becoming increasingly prominent. Traditional fields such as coatings and plastics have stable demand, while emerging fields such as new energy and photovoltaics are growing rapidly. The usage of titanium dioxide in the field of new energy vehicles is increasing by 25% annually, and the demand for photovoltaic backsheet is increasing by 27% annually. Industry competition will focus more on domestic market share, service responsiveness, and product customization level. Enterprises need to deeply cultivate the domestic market while breaking through overseas markets with high-end products.
4、 Competitive Landscape: Structural Adjustment and Globalization Layout
The titanium dioxide industry has formed a “one super, many strong” pattern, with leading enterprises building a closed loop of the entire industry chain and small and medium-sized enterprises accelerating their exit. The demand growth in traditional fields is weak, and emerging fields have become new growth points. Market diversification accelerates overseas layout, and Longbai Group, as an industry leader, guarantees raw material supply through overseas mergers and acquisitions, long-term cooperative mining, and builds a global unified sales network. It is expected that the overall structure of the titanium dioxide industry will continue to adjust in the coming years to adapt to market changes and policy guidance.