In July, domestic liquid ammonia prices rose significantly. According to the Commodity Market Analysis System of Shengyi Society, the monthly increase in liquid ammonia prices in Shandong region was 10.41%. The main reason is that, against the backdrop of stable downstream demand, many facilities have undergone maintenance, resulting in a decrease in operating rates and tight supply performance. As of the end of the month, the mainstream price of liquid ammonia in Shandong region is between 2500-2700 yuan/ton.

In terms of supply, in the first half of the year, the market supply was basically stable, and the price of liquid ammonia continued to fluctuate within a certain range. Since the second half of the year, some units have entered the maintenance period, and the supply has decreased. In addition, there is not much supply pressure in Shandong, Hebei, Anhui, and the two lakes regions. The main reason for the repeated increase in enterprise quotations is that manufacturers increased their prices by more than 200 yuan/ton in the last two weeks of the end of the month. The market performance shows a slight tightness in supply.
From the demand side, there is not much improvement in downstream demand, with the operating rate of compound fertilizers still at a low level, and the demand for urea remains rigid. Urea has shown a decline in performance throughout July, with a decrease of 0.9%; There is a differentiation in local demand, especially with an increase in phosphate fertilizer demand in the two lake areas, resulting in higher downstream operating rates and a slight improvement in agricultural demand. In addition, the domestic industry urgently needs to follow up, and coupled with the decrease in inventory caused by the early consumption of ammonia plants, manufacturers have shown a clear willingness to raise prices, which has supported ammonia prices.
Market forecast:
Business analysts believe that the rise in liquid ammonia this month is mainly driven by favorable conditions on the supply side. Although there has been improvement on the demand side, the increase is not significant. It is expected to enter August, and the resumption of maintenance equipment in the north is expected. Supply may be tight or improve, which will to some extent dilute the positive news of the increase in compound fertilizer production. Taking all factors into consideration, it is expected that the high price of liquid ammonia will cool down and the price will return to the range of fluctuations.

1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example, according to data monitoring by Business Society, the price of titanium dioxide in the domestic market fell in July. On July 1st, the average price of titanium dioxide was 13720 yuan/ton, and on July 27th, the average price of titanium dioxide was 13640 yuan/ton, with a price reduction of 0.58%.
2、 Market analysis
The domestic titanium dioxide market prices fell in July. The market situation was light in the first ten days, and downstream factories and traders were more cautious. The trading atmosphere on the market was insufficient, and the market center of gravity shifted downwards. In the middle of the month, the overall demand in the downstream market was weak, and the downstream market was cautious in purchasing goods. The market temporarily stabilized and operated. It is difficult to find favorable support in the second half of the year, and the market has slightly lowered its price. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-14100 yuan/ton; Sharp titanium type costs around 11900-12300 yuan/ton; The actual transaction price is negotiable.
In terms of titanium concentrate, the price of titanium concentrate fluctuated upward in July. This month, the supply of raw ore in the Panxi region has decreased, coupled with high costs, resulting in an increase in prices. But currently, terminal demand is weak, production is insufficient, and raw material procurement is cautious, resulting in severe market price pressure. As of now, the transaction price of 46,10 titanium ore for small and medium-sized manufacturers is between 1750-2000 yuan/ton; The price of 47,20 minerals ranges from 1900-2100 yuan/ton; The price of 38 titanium ore excluding tax is around 1100-1200 yuan/ton. It is expected that the market will remain stable in the short term.
According to customs data statistics, in June 2025, China imported 4888.56 tons of titanium dioxide, a year-on-year decrease of 35.23% and a month on month decrease of 34.54%. Among them, 3504.32 tons of chloride titanium dioxide were imported, and 1384.14 tons of sulfuric acid titanium dioxide were imported. The total import of titanium dioxide from January to June 2025 was 39700 tons, a year-on-year decrease of 16.69%; Among them, 16100 tons of sulfuric acid titanium dioxide were imported, a year-on-year increase of 15.44%; The import of chlorinated titanium dioxide was 23600 tons, a year-on-year decrease of 30.06%.
According to customs data statistics, China’s titanium dioxide exports in June 2025 were 131900 tons, a year-on-year decrease of 25.20% and a month on month decrease of 2.72%. Among them, 107500 tons of sulfuric acid titanium dioxide were exported, a month on month decrease of 2.89%, and 24400 tons of chloride titanium dioxide were exported, a month on month decrease of 2.00%. From January to June 2025, the total export of titanium dioxide was about 916600 tons, a year-on-year decrease of 5.76%, a decrease of about 56000 tons. Among them, the export of chlorinated titanium dioxide was 177200 tons, a year-on-year decrease of 3.04%; The export of sulfuric acid titanium dioxide was 739300 tons, a year-on-year decrease of 6.39%.
3、 Future forecast
Business Society’s titanium dioxide analyst believes that the domestic titanium dioxide market will continue to decline this month. The domestic downstream market demand is in the off-season, and new orders on the market are being cautiously executed. Internationally, the market export situation remains weak. It is expected that the price of titanium dioxide will remain weak and stable in the short term, and the actual transaction price will be subject to negotiation.

According to the Commodity Market Analysis System of Shengyi Society, from July 21st to 25th (as of 15:00), the domestic methanol market in East China port prices rose from 2409 yuan/ton to around 2500 yuan/ton, with a price increase of 3.77% during the period, a month on month decrease of 5.36%, and a year-on-year decrease of 0.40%. The strong methanol market along the coast is mainly boosted by macro policies, but the increase is limited due to weak traditional downstream demand. Macro favorable conditions continue to ferment, coupled with low inventory levels in production areas and the continued demand for external procurement of olefins due to the decoration of some facilities, leading to a sustained strengthening of the domestic methanol market prices.

As of the close on July 25th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract for methanol futures, 2509, opened at 2479 yuan/ton, with a highest price of 2525 yuan/ton and a lowest price of 2475 yuan/ton. It closed at 2519 yuan/ton in the closing session, up 54 yuan/ton from the previous trading day’s settlement, an increase of 2.19%. The trading volume is 991786 lots, the position is 663505, and the daily increase in position is 31318.
On the cost side, the contradiction between strong supply and weak demand in the coal market will be alleviated, inventory consumption will accelerate, and cost support will be strengthened. The cost of methanol is influenced by favorable factors.
On the demand side, glacial acetic acid: The market price of glacial acetic acid is mostly stable. Formaldehyde: The formaldehyde market is fluctuating. The rise in raw material methanol has led to increased costs, and some factories have raised prices under cost pressure. Dimethyl ether: The dimethyl ether market is stable with some growth. The price of raw material methanol has risen, and the sentiment of dimethyl ether in Hebei and Shandong is strong. Most downstream products have been affected by the rise in methanol prices, and the demand for methanol is biased towards favorable factors.
On the supply side, the overall equipment recovery exceeds the loss, resulting in an increase in capacity utilization. Negative factors affecting the methanol supply side.
In terms of external markets, as of the close on July 24th, the CFR Southeast Asian methanol market closed at $332.50-333.50 per ton, up $3 per ton. The closing price of the US Gulf methanol market was 95.00-96.00 cents/gallon, up 3 cents/gallon; The closing price of FOB Rotterdam methanol market is 235.50-236.50 euros/ton, down 2 euros/ton.
In future market forecasting, attention should be paid to the acceptance of high priced goods by traditional downstream companies, as well as the impact of some maintenance enterprises resuming production on the market. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will strengthen and consolidate.

Analysis: This week (7.14-18), the liquid ammonia market in Shandong was sluggish, with prices continuing the downward trend from last week. According to the Commodity Market Analysis System of Shengyi Society, the main production area of Shandong experienced a weekly decline of 0.58%. The main reason is the increasing supply pressure and the surplus of market inventory. The maintenance equipment is partially running, and the supply side is showing loose performance. In addition, many manufacturers have increased the amount of ammonia conversion, and the accumulation of liquid ammonia continues to put pressure on the manufacturers. From the beginning of the week to the middle of the week, the prices of manufacturers gradually loosened. As the weekend approached, the prices of manufacturers gradually stabilized. As of Friday, mainstream large factories in Shandong generally lowered their prices by around 50 yuan/ton. Distributors mainly underreport shipments. And downstream procurement enthusiasm is not high, agricultural demand is still in the off-season, industrial demand remains rigid, and the overall demand side is bearish. At present, the mainstream quotation in Shandong region is 2300-2400 yuan/ton.

Prediction: In the near future, the operating rate of downstream compound fertilizers for liquid ammonia will decrease, which will lower the demand for liquid ammonia. Agricultural demand and industrial demand are mainly followed up, with sufficient supply, but the mid-term supply pressure may be partially alleviated. On the one hand, in the main production areas of the north, as prices hover at low levels or supply is tightened, there is an increase in enterprise inspections and price hikes, and it is not ruled out that manufacturers will reduce production and adjust supply. From the demand side, downstream procurement may continue to be sluggish, maintaining reasonable procurement demand. There is not much room for order growth in the later stage, and industrial demand urgently needs to be followed up. Taking all factors into consideration, liquid ammonia may still perform weakly next week, with prices mainly hovering at low levels.

The domestic fluorite prices have remained stable this week, with an average price of 3137.5 yuan/ton as of the weekend, unchanged from the initial price of 3137.5 yuan/ton at the beginning of the week and a year-on-year decline of 14.86%.

Supply side: The mine is operating normally, and the supply of fluorite is normal
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has increased. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. However, with the rise of temperature, northern enterprises are operating normally, and the supply of fluorite enterprises in the field has increased. The lack of active procurement has led to normal spot prices in the field. Some fluorite manufacturers have appropriate inventory, resulting in a low fluorite market situation.
Demand side: Low price of hydrofluoric acid, acceptable refrigerant market
This week, the domestic price of hydrofluoric acid remained low, and the mainstream price for hydrofluoric acid in various regions of China is negotiated at 10000-10500 yuan/ton. Some downstream hydrofluoric acid units are still shut down, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. They are not actively purchasing raw fluorite, and downstream merchants have a strong wait-and-see attitude. Both buyers and sellers have weak expectations for the future market due to poor demand digestion. Recently, the prices of some hydrofluoric acid manufacturers have remained stable, and the fluorite price market has not changed much due to this news.
The downstream refrigerant market in the terminal industry is still promising, and the terminal policy of the refrigerant industry is being strengthened. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, but the industry inventory is transmitting in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up in the terminal industry is low, and upstream products are mainly purchased on demand. The trend of refrigerant market is average, while the fluorite market is sluggish.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. However, in some areas, the lack of active fluorite procurement has led to an increase in inventory. In addition, downstream resistance to high prices is severe, and hydrofluoric acid enterprises mainly purchase on demand, with no actual increase in demand. In addition, the hydrofluoric acid market remains low. Overall, the fluorite market price is mainly fluctuating in the short term.

Since July, the domestic acetone market has continued to decline. The domestic acetone market has been trading at an average price of 5210 yuan/ton since July 1st, down to 4880 yuan/ton on July 11th, a decrease of 6.38%; The East China market dropped from 5010 yuan/ton to 4750 yuan/ton, with the market dropping as low as 4550 yuan/ton during this period.

Since July, domestic phenol ketone units have been continuously adjusted. Currently, Hengli Petrochemical plans to shut down for maintenance around July 20th, which is expected to last for a week; Shanghai Xisa has a short-term maintenance plan at the end of the month. Currently, Yanshan Petrochemical, Gaoqiao Petrochemical, Jilin Petrochemical, and Huizhou Zhongxin Phase I are undergoing long-term parking.
The operating rate of the downstream MIBK industry has increased, while the operating rate of MMA has declined with the reduction of negative load in the second phase of Zhejiang Petrochemical. The operating rate of the isopropanol industry has also shown a slight decrease. The solvent industry has been affected by high temperature weather and the rainy season in the south, and the overall demand for acetone has decreased. The downstream purchasing sentiment is not high, and they mostly follow up with urgent needs.
From the perspective of Shengyi Society, the short-term acetone market is mainly characterized by range fluctuations. In the first half of the year, the acetone market has experienced its lowest decline in nearly two years. In terms of supply, Yangzhou Shiyou has restarted, Zhenhai Refining and Chemical phenol ketone products are exported, and the four downstream industries have experienced some decline. Currently, there is a lack of conditions to push up the market, and short-term range fluctuations are the main focus.

price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the isopropanol market first fell and then rose this week, with a slight decrease in market prices. At the beginning of the week, the average price of isopropanol in China was 6025 yuan/ton, and the average price over the weekend was 5983.33 yuan/ton, with a price reduction of 0.69%.
This week, the isopropanol market first fell and then rose, with a slight decrease in market prices. The overall market situation of isopropanol is generally average, while the acetone market in East China is experiencing a broad downward trend. In addition, downstream demand is average, and the focus of industry negotiations is weak downward. As of now, most of the isopropanol market prices in Shandong are around 5800-5900 yuan/ton; The majority of prices in the isopropanol market in Jiangsu region are around 6100-6200 yuan/ton.
Future forecast
The isopropanol analyst from Business Society Chemical Branch believes that the isopropanol market has slightly declined this week. The price of raw material acetone has declined, while the price of propylene first rose and then fell, resulting in poor overall cost support. The downstream market demand is light, and the shipment situation of holders is average. It is expected that the isopropanol market will remain cautious in the short term, with a focus on stable operation.

Ethylene glycol prices fall from high levels

The situation in the Middle East has eased, with crude oil prices plummeting last week and ethylene glycol prices dropping sharply from high levels. According to data from Shengyi Society, as of June 30th, the average price of domestic oil to ethylene glycol was 4413.33 yuan/ton, a decrease of 3% from the average price of 4550 yuan/ton on June 23rd.
In terms of imported ethylene glycol, on June 30, 2025, the spot contract price of ethylene glycol at the port was weak and volatile, with a transaction range of 4330-4350 yuan/ton and a slightly weaker basis. It remained strong in the morning and weakened in the afternoon. The intraday basis range for next week’s spot contract is+62 to+68. As of the close of trading, the contract basis quotes for next week will be+62 to+64, the contract basis quotes for July will be+63 to+65, and the contract basis quotes for August will be+69 to+70.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 4000-4120 yuan/ton.
In terms of external ethylene glycol, as of June 26th, the landed price of ethylene glycol in China is $512/ton, and the landed price of ethylene glycol in Southeast Asia is $543/ton.
In June, there was a significant destocking of port inventory, which is currently fluctuating at a relatively low level
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to April, the port inventory fluctuated horizontally. From May to June 2025, there will be a significant decrease in the inventory of ethylene glycol at the main port in East China. Currently, the inventory of ethylene glycol at the port is relatively low. As of June 30th, the total inventory of ethylene glycol in the East China main port was 482000 tons, a decrease of 94700 tons from the total inventory of 576700 tons on May 29th, and a decrease of 218900 tons from the total inventory of 700900 tons on April 28th; Compared to the total inventory of 671900 tons on March 31st, it decreased by 189900 tons.
Fundamental Overview
After the easing of the situation in the Middle East, international crude oil prices fell, and the cost of ethylene glycol, which had previously risen, supported the withdrawal of the ladder. Overseas supplies such as Iran resumed production, and the expected reduction in import sources fell through. However, the short-term arrival volume is low, and the port inventory has significantly decreased.
Supply and demand fundamentals: Last weekend, a 400000 ton/year ethylene glycol enterprise in Shaanxi had a production line shut down for maintenance, which is expected to take about 20 days. At present, the overall supply and demand situation still presents a weak supply-demand pattern, with domestic maintenance and relatively low inventory on the supply side, which supports the price of ethylene glycol. However, due to the downward shift in downstream polyester production and strong expectations of production reduction, the price of ethylene glycol is suppressed.
Future expectations
The pricing of the ethylene glycol market has now returned to fundamental considerations. Due to the decrease in downstream operating rates, the demand for ethylene glycol is relatively weak. Although the current port inventory is low, there is an expectation of concentrated foreign ships arriving at the port in July, and the liquidity of spot goods in the market will be supplemented. It is expected that the short-term ethylene glycol price center will be weak and mainly operate.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of June 30th, the average quotation price of domestic high-quality DMF enterprises was 4170 yuan/ton. In June, the DMF market saw a narrow upward trend with a slight increase in price. Compared with the same period last month, the price rose by 1.96%, an increase of about 100 yuan/ton. Currently, downstream demand is average, and the spot market supply is sufficient.
2、 Cause analysis
In terms of cost: Upstream methanol ports will replenish empty orders within the month, and short-term Taicang spot goods may remain relatively strong. Some domestic cargo continues to flow into the port for arbitrage, which has a certain impact on the port market. There is a high possibility of a decline in the port market, and there are serious differences in the mentality of mainland industry players. Currently, downstream is in the traditional off-season, but the operating rate remains high. There are news of maintenance in the methanol market in July, and the supply side may tighten. Some traders have the willingness to hold goods.
On the demand side: Currently, downstream demand for DMF is limited, with rigid procurement being the main focus. In July, some units underwent maintenance, which has a certain boosting effect on the market. Traders are cautious in their operations and have a strong wait-and-see atmosphere.
In terms of supply, the DMF market has a stable operating rate, sufficient spot supply, downstream on-demand procurement, average willingness to stock up, and slow warehouse shipments are the main factors. Currently, the supply and demand balance in the DMF market, and we will continue to monitor the pace of downstream procurement.
3、 Future forecast
DMF analysts from Shengyi Society believe that the downstream DMF market is currently at a low season level, with slow overall market shipments, balanced supply and demand, and sufficient spot supply. It is expected that the DMF market will operate steadily, moderately, and strongly in the short term.

The domestic fluorite prices continued to decline in June, with an average price of 3243.75 yuan/ton as of the end of the month, a decrease of 7.16% from the beginning price of 3493.75 yuan/ton and a year-on-year decrease of 14.21%.

Supply side: Normal operation, sufficient spot supply of fluorite
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has increased. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. However, as the temperature rises, northern enterprises gradually start operating, and the supply of fluorite enterprises in the field has increased. The lack of active procurement has led to sufficient spot goods in the field, and fluorite inventory in the field has increased. The fluorite market continued to decline in June.
Demand side: The price of hydrofluoric acid has declined, and the refrigerant market is still acceptable
In June, the domestic price of hydrofluoric acid declined, and the mainstream price of hydrofluoric acid in various regions of China was negotiated at 10700-11200 yuan/ton. The downstream hydrofluoric acid equipment is still in shutdown, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. They are not actively purchasing raw fluorite, and downstream merchants have a strong wait-and-see attitude. Both buyers and sellers have weak expectations for the future market due to poor demand digestion. In July, the guidance price of hydrofluoric acid manufacturers was once again lowered, and the downward trend of fluorite prices is difficult to change due to this news.
The downstream refrigerant market in the terminal industry is still promising, and the terminal policy of the refrigerant industry is being strengthened. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, but the industry inventory is transmitting in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up in the terminal industry is low, and upstream products are mainly purchased on demand. The trend of refrigerant market is average, while the fluorite market continues to decline.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. However, in some areas, the lack of active fluorite procurement has led to an increase in inventory. In addition, downstream resistance to high prices is severe, and hydrofluoric acid enterprises mainly purchase on demand, with no actual increase in demand. In addition, the market price of hydrofluoric acid is low. Overall, the fluorite market price is prone to decline but difficult to rise in the short term.