In September, the market experienced a rapid upward trend, with prices soaring to the stage high point. After entering October, the market turned to a downward adjustment, presenting an overall pattern of “high-level decline and narrow plate oscillation”. Prices gradually declined from the high point, stabilized at a low level in the middle and late of the month, and rebounded slightly at the end of the month.
Looking back at the October market, the first one is the rational correction after the previous surge. In September, driven by the rise in raw materials such as bisphenol A and epichlorohydrin, as well as supply tightening due to some equipment maintenance, the price of epoxy resin quickly surged, and the bullish sentiment in the market was concentrated. Entering October, the early parking facilities resumed production one after another, the industry’s operating load rebounded, the market supply of goods became significantly loose, the supply-demand pattern changed, and high prices lacked sustained support.
The weakness on the demand side is the core factor that suppresses the market. Epoxy resin is mainly used in downstream industries such as coatings, electronic encapsulation, and composite materials. After the traditional “Golden September” peak season, terminal orders gradually weaken, and downstream enterprises hold onto essential procurement in multiple ways. They generally adopt a strategy of on-demand procurement and are unwilling to stock up at high prices. Their willingness to receive goods at high prices is weak, and the market trading atmosphere is light. The focus of transactions continues to shift downwards, forming a situation where cost support weakens and demand drags down prices.
In terms of raw materials, the rise of bisphenol A and epichlorohydrin has stagnated, prices have fluctuated and weakened, and the support for upstream costs has decreased, which has also weakened the factory’s confidence in raising prices. Although some companies have a willingness to stabilize prices due to losses, the follow-up of downstream orders is insufficient, and the effect of price adjustment is limited. Prices can only gradually fall back according to demand. By mid to late October, after the price retreated to a relatively low level, market panic subsided, and low-priced goods attracted a small amount of demand for replenishment. The market stopped falling and rebounded slightly at the end of the month.
Looking ahead to the future, there is a high probability that epoxy resin will maintain a narrow range of fluctuations in the short term, with limited room for significant increases or deep decreases. On the positive side, there is a possibility of temporary stabilization on the raw material side. Under the pressure of factory losses, the willingness to proactively lower prices is not strong. If downstream electronic and anti-corrosion coating orders recover in the future, it is expected to drive prices up slightly. Negative factors are also prominent. The traditional off-season for demand is gradually approaching, and overall demand at the terminal is difficult to increase significantly. Supply side production remains high, and abundant supply will continue to suppress the market.
Without strong stimuli such as a significant increase in raw material prices or concentrated shutdowns, E-51 epoxy resin will mainly fluctuate in intervals. It is recommended that traders and downstream factories focus on essential procurement, carefully stock up, and continuously track upstream raw material prices, equipment maintenance plans, as well as changes in orders for terminal industries such as coatings and electronics, in order to timely control the pace of the market.

In October, acetone showed an overall trend of oscillation, bottoming out, and rebounding. After rising in September, there was a clear game of long and short in the October market, with prices first suppressing and then rising, maintaining a high-level operating pattern as a whole.
Entering early October, acetone prices continued to decline from their high in September. The tight supply dividend brought about by the centralized maintenance of the phenol ketone plant in the early stage is gradually diminishing. Downstream industries such as bisphenol A and MMA are becoming cautious in purchasing high priced raw materials, with insufficient willingness to chase after high prices. They mainly focus on replenishment for urgent needs, and the market transaction atmosphere has weakened. The price of acetone in East China continues to decline, reaching a low point of this month in the mid month stage, with a minimum of around 8100 yuan/ton. The market has a strong wait-and-see sentiment.
In mid to late October, the market experienced a reversal. On the one hand, the maintenance of some phenol ketone units continues, and the increase in domestic spot circulation supply is lower than expected. Port inventory continues to deplete, and the tight balance pattern of spot goods is once again evident. The mentality of holders of goods to support prices has rebounded; On the other hand, the prices of pure benzene and propylene in the upstream remain strong, forming strong support on the cost side. Coupled with mainstream factories such as Sinopec and Sinopec gradually raising their ex factory listing prices, this has driven the spot market to rise. Downstream factories are replenishing their positions at a low level, and transactions are gradually recovering. Prices have fluctuated and rebounded from the low point, rising above 8800 yuan/ton at the end of the month and returning to the high range. However, it should be noted that during this round of rebound, downstream companies’ profits have been under pressure, and large-scale stocking has not occurred. The sustainability of the demand side still has shortcomings, and the upward trend is relatively mild.
Taking into account factors such as supply and demand, costs, etc., it is predicted that the acetone market may maintain a high volatility trend in the short term, with a narrowing range of fluctuations. The positive factor is that some equipment maintenance has not yet been completed, making it difficult to quickly increase short-term supply. The prices of crude oil and pure benzene on the cost side are still supported, and manufacturers have little inventory pressure, indicating a strong willingness to raise prices. But negative pressure also exists: as the maintenance equipment gradually resumes production, the domestic supply will steadily increase in the later stage, and at the same time, imported cargo will be concentrated at the port, and the supply of goods is expected to be loose; The downstream bisphenol A and MMA industries have limited room for improvement in production, and their ability to undertake at high prices is weak, making it difficult to sustain price increases.
It is difficult to replicate the sharp rise in September for acetone in November, and it is likely to fluctuate within the range of 8400-9200 yuan/ton. If the raw material pure benzene weakens in the later stage and the production of equipment is concentrated, there is a possibility of a slight decline in the market center of gravity, and the market will shift from a strong upward trend to a fluctuating pattern of supply and demand game. It is recommended to purchase according to demand and cautiously chase after the rise in operation.

This week, the styrene market first fell and then rose. On October 19th, the average price of styrene was 10830 yuan/ton, and on October 23rd, the average price of styrene was 11340 yuan/ton, with an increase of 4.71% during the cycle and a year-on-year increase of 66.03%.

Macro: On October 22nd, international crude oil futures closed higher. The settlement price of the December WTI crude oil futures contract in the United States was $99.47 per barrel, an increase of $2.32 or 2.4%. The settlement price of Brent crude oil futures for December was $113.17 per barrel, an increase of $4.35 or 4.0%.
Cost aspect: Recently, the market price of pure benzene has fluctuated and fallen. Zhejiang Petrochemical and Hainan Refinery have successively restarted, and the supply of pure benzene has increased. The cost transmission of downstream factories is poor, especially the phenol ketone unit has reduced production significantly. With low port inventory and limited support from later arrivals, the price of pure benzene has fluctuated and fallen.
Supply and demand side: styrene production fluctuated at a low level during the week. Styrene port inventory continues to deplete; The overall operating rate of the demand side three S has fluctuated and increased. Downstream resistance to high prices and profit squeeze have resulted in insufficient support from the demand side.
Styrene external market: On October 22, the closing price of styrene in the Asian region rose by $20/ton, and the FOB closing price in South Korea was $1450-1460/ton. The closing price of CFR China is 1390-1400 US dollars per ton.
Market forecast: The current styrene market inventory is low, and ports continue to reduce inventory, but downstream demand is expected to weaken. It is expected that the styrene market will fluctuate at a high level in the short term.

This week, the TDI market in East China experienced a weak decline. As of October 14th, the average market price in East China was 17900 yuan/ton, and on October 16th, the average price was 18100 yuan/ton, a decrease of 1.1% during the week and a year-on-year increase of 32.59%.
This week, the TDI market experienced a weak decline. The market supply side continues to tighten, and major factories in Shanghai and northern China have suspended sales in their distribution channels due to inventory shortages this week. The willingness of the supply side to raise prices is obvious, and traders are adjusting upwards according to the trend. However, downstream demand willingness is poor, resulting in sluggish market entry and low transaction volume. Under the constraint of demand, prices have fallen.
Supply side: One set of TDI equipment in Yantai is temporarily shut down, while the TDI equipment in Fujian is operating at medium to high loads, and the market supply is relatively stable.
Cost aspect: Recently, the toluene market has been operating at a high level, with international crude oil prices at a high level and the cost of naphtha rising. In the early stage, refinery maintenance and port inventory were low, and the tight supply of goods contributed to this. Downstream solvents TDI、 The demand for essential products such as Qihua remained flat, with mostly small orders purchased on demand. Buyers were cautious when buying at high levels, and the toluene market fluctuated at high levels in October.
In terms of future analysis, data analysts believe that under the current supply-demand game in the TDI market, market demand is lower than expected. Without a significant improvement in demand, it is expected that the TDI market will experience a weak and volatile trend in the short term.

As of September 30, 2026, the reference price of n-butanol in Shandong Province, China was 8500 yuan/ton, an increase of 934 yuan or 12.33% from September 1 (reference price of n-butanol was 7566 yuan/ton).
1、 Price trend data
In early September, the “Golden Nine Effect” was evident, and the n-butanol market in Shandong experienced a broad rise, with a half month increase of over 17%. In mid month, the market was at a high level and entered a stable consolidation phase as a whole. In late September, as pre holiday stocking gradually ended, there were signs of a downward recovery in the n-butanol market, and the focus of n-butanol negotiations shifted downwards. Throughout September, the overall n-butanol market in Shandong, China, showed a fluctuating upward trend. Although the market experienced a slight decline at the end of the month, it still showed an overall increase of over 10% compared to the beginning of the month.
2、 Fundamental situation
In terms of cost: In September, the bottom support of n-butanol cost was relatively solid, and the overall market for propylene on the raw material side fluctuated and rose. The cost side provided stable support for n-butanol.
In terms of supply and demand: In September, the spot supply of n-butanol in Shandong was tight, and some factories had limited inventory supply. The overall supply pressure in the market was not high, ushering in a golden September. Downstream n-butanol pre holiday stocking was relatively smooth, and demand transmission improved. Although at the end of the month, facing high prices and the gradual end of phased stocking, overall demand weakened, but overall supply and demand transmission still showed good performance throughout the month.
3、 Future forecast
At present, the trading atmosphere of n-butanol in Shandong is relatively mild, with narrow fluctuations in the market. There is a certain wait-and-see sentiment in the market after the holiday. It is expected that in the short term, the price of n-butanol in Shandong will mainly adjust within a certain range. Specific attention needs to be paid to downstream industry operating conditions and changes in supply and demand factors.

In September, the domestic epoxy resin market experienced a temporary upward trend, with an overall monthly increase of 9%, breaking the previous weak and volatile pattern, and the market trading atmosphere significantly rebounded. This month’s market has shown a trend of “steadily rising at the beginning of the month, maintaining high stability in the middle of the month, and slightly loosening at the end of the month”. The overall prosperity of the industry has improved in stages, and the core driving forces for this round of price increases are the support of raw materials, the recovery of rigid demand, and low inventory in the market. From the perspective of comprehensive supply and demand fundamentals and industry trends, it is difficult for the epoxy resin market to continue its unilateral upward trend in the short term, and the future market is likely to show a stable and moderate downward trend with narrow fluctuations.
From the specific market situation in September, the prices of mainstream liquid and solid epoxy resins in China have risen synchronously. The overall monthly increase reached 9%. The industry’s operating rate has steadily rebounded, with most major production enterprises maintaining full or high load production. The overall supply of goods is tight, and some manufacturers have temporarily closed down due to sufficient orders. The limited circulation of spot goods has effectively supported the price increase this month.
The price increase of epoxy resin in this round is not driven by a single factor, but the result of multiple favorable factors such as cost, demand, and inventory. From a cost perspective, the prices of upstream core raw materials bisphenol A and epichlorohydrin stabilized and rebounded in September, and the overall market for chemical raw materials rebounded, providing solid cost support for epoxy resin, compressing the industry’s profit margin, and driving enterprises to raise product quotations.
The recovery of demand side is the key driving force for the upward trend of the market. In September, we entered the traditional peak consumption season of Jinjiu, and downstream demand orders in the fields of coatings, electronics and electrical, composite materials, wind power, etc. were steadily released. With the steady progress of infrastructure projects and the acceleration of manufacturing resumption, downstream enterprises have concentrated their demand for replenishing inventory, changing the previous trend of on-demand procurement and cautious observation. The market transaction activity has significantly increased, effectively digesting on-site supply and helping the market rise. In addition, the overall inventory of the industry is relatively low this year, and manufacturers have no inventory pressure, further consolidating the price increase trend.
As the end of the month approaches, the upward momentum in the market gradually diminishes, and signs of a pullback are beginning to emerge, laying the groundwork for a stable and moderate decline in the future market. On the one hand, the rise in raw material prices has slowed down, with prices of bisphenol A and epichlorohydrin stabilizing and experiencing slight declines in some periods. On the other hand, downstream demand shows a “weak peak season” characteristic, with limited incremental demand for terminal necessities. Downstream enterprises mainly replenish and consume inventory at low prices, with weak willingness to purchase at high prices. The market’s pursuit of price increases has subsided, and trading is gradually returning to rationality.
Looking ahead to the future, the epoxy resin market will be mainly stable with a slight correction, and the overall volatility will be limited. On the supply side, domestic production enterprises maintain high levels of production, and new sources of goods continue to be added. The market supply is gradually easing, and the tight supply pattern will be alleviated. On the demand side, as the traditional peak season comes to an end, terminal demand is gradually cooling down, and the industry’s wait-and-see sentiment is heating up, making it difficult to reproduce the large-scale replenishment market. At the same time, macro market sentiment tends to be cautious, and chemical products as a whole lack unilateral action power.
Overall, there is no significant positive driving force for the epoxy resin market in October. Weakened cost support and weakened demand margins will dominate the market trend, and the market is likely to be stable, weak, and narrow with a very low possibility of significant fluctuations. Mainstream prices will oscillate around a reasonable range.

As of September 24th, the price of acetic anhydride was 7157.50 yuan/ton, an increase of 320 yuan/ton or 4.68% compared to the price of 6837.50 yuan/ton on September 17th.

Recently, the acetic anhydride market has been consolidating at a high level, and the Hualu plant on the supply side has resumed operation, resulting in an increase in market supply; Before the holiday, downstream stocking was smoothly followed up, and the trading atmosphere on site was still acceptable; The price of acetic acid on the raw material side continues to rise, and there is significant cost pressure on manufacturers, supporting the high and firm trend of acetic anhydride prices.
From September 17th to 24th, the price of acetic acid was raised from 4203 yuan/ton to 4603 yuan/ton, an increase of 9.52%. The price of raw material methanol fluctuates at a high level, and the cost support of acetic acid is strong. The inventory of acetic acid enterprises on the supply side is low, and the industry has a strong intention to raise prices. The focus of acetic acid negotiations continues to shift upward, and the acetic anhydride market is operating strongly under the cost drive.
Outlook for the coming period
Analysts believe that the price of raw material acetic acid is high, the cost support of acetic anhydride is strong, the supplier’s mentality is optimistic, downstream demand is stable, and the shipment volume of acetic anhydride is still acceptable. The market mentality of acetic anhydride before the holiday is optimistic, and it is expected that the acetic anhydride market will continue to operate at a high level in the short term. Specific attention should be paid to changes in the upstream market.

Recently, the price of formic acid has shown a continuous upward trend. As of September 20th, the benchmark price of industrial grade formic acid was 2500 yuan/ton, an increase of nearly 20% from 2100 yuan/ton at the beginning of the month. The market relies on rigid support from the cost side, combined with positive expectations for pre holiday stocking, breaking away from the previous stable stalemate pattern and achieving phased price increases, presenting an overall core trend of stable to strong.
Traditional centralized procurement window opens
The traditional centralized procurement window on the eve of the Double Festival is gradually opening, coupled with the rigid bottoming effect formed by the cost of raw materials. The bottom support of the formic acid market is very solid, effectively eliminating the risk of price decline and laying a solid foundation for subsequent price increases.
As the pre holiday stocking atmosphere continues to heat up and favorable market factors are concentrated, the formic acid market is experiencing a temporary upward trend. The average transaction price in the mainstream market successfully broke through the previous stable price and rose to 2500 yuan/ton, with a single month on month increase of 4.17%, becoming the turning point of last week’s core market trend. This price increase is not a short-term market speculation, but the result of multiple market factors resonating. The cost side remains stable, and production enterprises still face production cost pressure. They have a strong willingness to raise prices and push up prices, actively raising market quotes and leading the overall market upward. At the same time, the demand for downstream stocking before the holiday has gradually been released, with a slight increase in essential orders, breaking the previous market pattern of scattered essential needs and light trading. The supply-demand relationship has been improved in stages, directly promoting the steady rise of formic acid spot prices, and the overall trading atmosphere in the market has significantly rebounded.
The trend of formic acid market is logically clear, showing the characteristics of “stable bottom, upward shift of center of gravity, and high stability maintenance”. Although there has been no explosive growth in short-term downstream demand, with rigid procurement as the main focus, there is still room for improvement in acceptance of high prices. However, the two core benefits of cost support and pre holiday stocking expectations have dominated the market trend throughout the week, allowing the market to completely break free from the previous sideways stalemate and achieve reasonable price increases. The overall market is not affected by negative factors, and there is a strong upward trend in the industry. The market operates in a stable order.
Looking ahead to the future, with the continuous promotion of the double festival stocking window, downstream demand is expected to further recover, coupled with continued support from the cost side. The domestic formic acid market is likely to continue its stable to strong operating trend, with a high probability of maintaining stability at high prices. The possibility of significant short-term fluctuations is extremely low, and the market will continue to maintain a stable operating pattern. Specific changes in market supply and demand still need to be monitored.

In August, the price center of 98% concentrated sulfuric acid in China showed a significant decline, with an average monthly price of 1943.39 yuan/ton, a month on month decrease of 6.18%; At the end of the month, the average domestic transaction price fell to around 1900 yuan/ton, and the decline accelerated in the middle and late stages, with transaction prices in many places continuing to loosen. Regional differentiation is evident: the supply of smelting acid is impacting the sulfur sulfonic acid market, and low-priced smelting acid from Shandong is flowing out across regions, driving high priced supply from central and southwestern China to make up for the decline; The decline in some areas of Shandong has narrowed in the later stage and there are signs of slight stabilization, while the low-end supply in Southwest China continues to decline.

one ️⃣ Supply side: Maintenance completed, supply increased, inventory accumulated
The early maintenance equipment will resume production in August, and the overall start-up will be lifted; The continuous release of by-product acid from non-ferrous smelting and the large-scale circulation of low-priced smelting acid have had a substitution impact on high priced sulfuric acid. Against the backdrop of poor shipments, the inventory of acid plants across the country is gradually accumulating, and companies are actively reducing prices to reduce inventory and make discounts on shipments a common practice.
two ️⃣ Demand side: Autumn fertilizer launch falls short of expectations, downstream demand is weak
Phosphate fertilizer (maximum downstream): The slow start of autumn fertilizer stocking in August has put pressure on ammonium phosphate enterprises to incur losses, and the increase in production is limited. Procurement only maintains on-demand delivery without large-scale replenishment;
Titanium dioxide, chemical industry, metallurgy: The industry has a flat start, and end-users are resistant to high prices, buying up instead of buying down, with a strong wait-and-see attitude;
New energy wet metallurgy and lithium iron phosphate only provide partial support and are not enough to reverse the overall weakness.
three ️⃣ Cost and transmission tearing: high sulfur level, but price transmission failure
The raw material sulfur continues to operate at a high level, theoretically providing cost support for the formation of sulfuric acid; But downstream losses are severe, high priced sulfuric acid cannot be transmitted downwards, cost support is ineffective, market logic has switched from “cost pricing” to supply and demand pricing, and factories are forced to give up profits and sell goods.
four ️⃣ Circulation level: regional arbitrage, price difference smoothing
Shandong’s low-priced goods flow to high priced regions such as Henan, Hubei, and Southwest China, and cross regional freight flows impact local high priced enterprises, driving the overall downward shift of the national price center and rapidly compressing regional price differences.
Market forecast:
The short-term loose supply and demand pattern is difficult to quickly reverse:
If the autumn phosphorus fertilizer orders continue to be released and downstream centralized replenishment occurs, there is a temporary opportunity for the market to stop falling and recover;
If there is no significant increase in demand, high inventory pressure still exists in acid plants, and prices are prone to decline but difficult to rise;
The fluctuation of sulfur prices remains a bottom line variable for sulfuric acid costs, and the amount of smelting acid used determines the bottom range of the market.

In August 2026, the domestic butadiene market experienced a significant upward trend, showing an overall operating pattern of sustained high in the first half of the month, slight correction at high levels in the second half, and a significant monthly increase. The market price increased from 10016.67 yuan/ton at the beginning of the month to 12166.67 yuan/ton at the end of the month, with a cumulative increase of 21.46% during the period.
The core driving force of the August market trend comes from the shortage of spot goods caused by the centralized maintenance of supply side equipment, coupled with the strong support of crude oil and naphtha raw material costs, and the strong market sentiment of reluctance to sell and support prices, which has driven prices to rise rapidly. But after rising to a high level, downstream deep processing enterprises faced profit pressure and high price resistance, and the demand for essential goods continued to tighten. At the end of the month, with some equipment resuming production and the supply of goods slightly easing, the market experienced a moderate decline, presenting a typical structural upward trend of “strong supply, weak demand”. The long short game gradually intensified.

Cost aspect: In August, international crude oil was supported by the geopolitical situation and supply and demand fundamentals, and the overall operation was relatively strong. Upstream naphtha prices rose synchronously, continuously increasing the production cost of cracking to produce butadiene, and building a solid bottom support for the domestic butadiene market. At the same time, the overseas butadiene US dollar quotes have steadily increased, the cost of imported goods has significantly increased, the arbitrage window between domestic and foreign markets has closed, and the efforts to replenish overseas goods have weakened. Although the increase in butadiene prices this month far exceeded that of downstream rubber and plastic categories, and the profits of the industrial chain shifted upstream, downstream processing profits continued to be compressed. However, the high prices of upstream raw materials remained firm without a significant decline, and the favorable cost side continued throughout the month, effectively locking in the deep decline space of the butadiene market and providing important basic support for this round of price increases. As of August 27th, the settlement price of the October WTI crude oil futures contract in the United States was $83.53 per barrel, and the settlement price of the November Brent crude oil futures contract was $88.52 per barrel.
Supply side:
The overall tight supply of butadiene in the domestic market in August was the core factor driving the sharp rise in the market. Multiple mainstream butadiene cracking units in China have entered the maintenance cycle, with key units such as Yanshan, Yangzi, Sirbond, and Hainan Refining and Chemical undergoing phased shutdowns. The overall operating rate of the industry has significantly declined, and the circulation of domestic spot commodities has significantly contracted. In terms of imports, constrained by high prices from foreign markets, traders have a low willingness to import, resulting in a shortage of monthly arrivals at ports. Port inventories continue to deplete and remain at a low level. At the same time, some domestic goods are flowing into the export market, further compressing the domestic available spot quantity, and traders have low inventory and strong reluctance to sell and raise prices. Part of the equipment that underwent maintenance in the early stage of the month has been restarted and resumed production, resulting in a slight increase in market supply and easing of the tense situation. The increase in high priced goods has driven a slight correction in prices at the end of the month, temporarily reversing the unilateral upward trend.

Demand side:
This month, downstream demand for butadiene has shown significant structural differentiation, with limited overall rigid demand support and weak high price absorption. The rubber market has a significant off-season characteristic, which has formed rigid constraints on raw material demand. In terms of the rubber sector, the domestic natural rubber and synthetic rubber markets experienced overall fluctuations in August. Natural rubber was slightly strengthened due to the disturbance of rainfall in production areas and limited supply of raw materials, but the terminal transmission was weak; Shunding rubber and styrene butadiene rubber rely on the advantage of low-priced raw material substitution, and the industry maintains a medium to high level of production, forming a stable and essential demand support for butadiene. However, the tire terminal is in the traditional off-season of consumption, with slight fluctuations and overall low operating rates of all steel and semi steel tires in China. The inventory of finished products at the terminal continues to be high, and downstream car companies and auto parts processing factories have weak orders. The industry as a whole is mainly focused on rigid demand production, with no concentrated increase in production. At the same time, the significant price increase of butadiene within the month continues to compress the processing profits of rubber enterprises, putting pressure on the profits of synthetic rubber manufacturers. There is a strong resistance to high priced raw materials, and most enterprises insist on the mode of procurement and replenishment to avoid the risk of raw material price fluctuations. Except for the rubber category, chemical deep processing categories such as ABS and SBS have been in a long-term loss making state, and the increase in raw material prices has further squeezed the processing profits of enterprises. The industry has generally reduced its burden and production, and the demand for raw material procurement continues to shrink. After the price of butadiene surged within the month, the downstream industry’s wait-and-see sentiment quickly heated up, and market transactions significantly weakened, becoming the main negative factor restricting the sustained upward trend of the market and driving the price correction at the end of the month
Market forecast:
From the perspective of comprehensive supply and demand as well as cost fundamentals, the domestic butadiene market is likely to maintain a high and wide range of fluctuations in September. On the positive side, the cost support of upstream crude oil and naphtha remains stable. With the traditional “Golden Nine” consumption peak season starting, tire terminal demand is expected to gradually recover, and there is an expectation of a rebound in rubber category production. There may be marginal improvement in essential procurement; Negative factors are also prominent, and subsequent maintenance equipment will continue to resume production, gradually releasing market supply increments. Coupled with weak profits in downstream deep processing industries, enterprises lack the ability to accept high priced raw materials and are cautious about purchasing, making it difficult for demand to see significant volume increases. Overall, the butadiene market is supported by costs and low inventory in the early stage, with limited risk of a sharp decline. However, the upward space will be suppressed by both supply growth and weak demand, making it difficult to reproduce a unilateral surge trend. The focus will be on tracking the progress of equipment resumption, fluctuations in crude oil prices, downstream production and changes in essential procurement in the future.