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Pricing of ethylene glycol market returns to fundamental considerations

Ethylene glycol prices fall from high levels

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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.

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The DMF market was relatively strong in June, and the price increased slightly

1、 Price trend

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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.

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The domestic fluorite market experienced a decline in June

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%.

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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.

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This week, the domestic titanium dioxide market is weak and has been downgraded (June 13-June 20)

1、 Price trend

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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 domestic titanium dioxide market price has decreased this week. Last Friday, the average price of titanium dioxide was 14220 yuan/ton, and this Friday the market price is 14160 yuan/ton. The price has been reduced by 0.42%.
2、 Market analysis
This week, the domestic titanium dioxide market is weak and has been downgraded. The international market exports are still weak, the domestic market has entered the off-season, overall demand is weak, and positive support is difficult to find. Downstream factories are more cautious in purchasing goods. The upstream titanium concentrate market is declining, sulfuric acid prices are rising, and due to inventory and cost pressures, on-site enterprises are operating at a low pace, resulting in a strong wait-and-see atmosphere in the overall market. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13500-14600 yuan/ton; Sharp titanium type costs around 12300-12800 yuan/ton; The actual transaction price is negotiable.
In terms of titanium concentrate, the price of titanium concentrate remained weakly stable this week. At present, downstream demand for titanium dioxide is poor, with light new orders and cautious procurement of raw materials. The main focus is on observing and observing, with mining companies facing significant shipping pressure and overall market prices remaining weak and stable. As of now, the transaction price of 46,10 titanium ore for small and medium-sized manufacturers is between 1750-1800 yuan/ton; The price of 47,20 ore ranges from 1950 to 2150 yuan/ton; The price of 38 titanium ore excluding tax is around 1120-1250 yuan/ton. It is expected that the titanium ore market price will continue to operate weakly and steadily in the short term.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market price will be weakened and lowered this week. Downstream market demand is weak, market transactions are light, actual order negotiations are the main focus, and transactions are cautious. It is expected that in the short term, the market situation of titanium dioxide will be mainly wait-and-see, and the actual transaction price will be subject to negotiation.

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Supply is tight, and the xylene market is on the rise

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has slightly increased this week, rising from 5840 yuan/ton to 6030 yuan/ton from June 9 to June 16, 2025, an increase of 3.25%. The overall trend of various regions in this cycle is upward. From the perspective of Shandong region, there are more pre-sales this week. The supply in the region is tight, and downstream oil and chemical industries are actively entering the market for inquiries. The inquiry situation of local refineries is good, with stable shipments and rising market prices. The increase in quotes from major refineries in South China this week has led to an improvement in the atmosphere of the spot market, resulting in a slight increase in market prices. The transaction situation in East China is good, with overall inventory declining and spot market prices slightly rising.

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Cost wise: The crude oil market price has risen significantly, with the settlement price of the July WTI crude oil futures contract in the United States at $72.98 per barrel as of June 13th. The settlement price of Brent crude oil futures for August contract is $74.23 per barrel. On June 13th, the settlement price of the July contract for WTI crude oil futures in the United States was $72.98 per barrel. The settlement price of Brent crude oil futures for August contract is $74.23 per barrel.
Supply side:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of June 16th, East China Company quoted 5800 yuan/ton, North China Company quoted 5700-5900 yuan/ton, South China Company quoted 6250-6300 yuan/ton, and Central China Company quoted 6050-6100 yuan/ton.
Demand side:
On June 16th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7000 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. Compared to June 9th, it remains unchanged. As of June 13th, the closing prices of the para xylene market in Asia were $829-831/ton FOB Korea and $854-856/ton CFR China. An increase of $36 per ton compared to June 6th.
Market forecast: The overall macro trend is relatively strong in the near future, with a significant increase in crude oil prices and an overall strengthening of fundamentals. From the perspective of supply and demand, there have been many pre-sales in Shandong recently, and port inventory is also low, resulting in an overall tight supply situation. From the perspective of demand, downstream procurement intentions are generally weak, and demand is biased towards rigid demand. Under the mentality of supply and demand game, it is expected that the short-term range oscillation trend will be the main trend.

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The cyclohexane market is mainly weakly stable (6.6-6.13)

1、 Price trend

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According to data monitored by Shengyi Society, as of June 13th, the average price of industrial grade high-quality cyclohexane in China was 7333 yuan/ton. Recently, cyclohexane prices have been weak, with a narrow downward adjustment. Compared with the beginning of this week, the price has dropped by 1.57%, or about 50 yuan/ton. Compared with the same period last month, the price has dropped by 2.6%, or about 130 yuan/ton. Currently, the mainstream price of cyclohexane remains at around 7400 yuan/ton.
2、 Market analysis
The negotiation atmosphere in the domestic cyclohexane market is quiet, with a low focus on negotiations. Currently, cyclohexane inventory pressure is relatively high, shipments are slow, and contract customers mainly purchase for immediate needs. Downstream procurement lacks enthusiasm, and the overall cyclohexane market is under pressure. The mainstream transaction price is currently concentrated at around 7400 yuan/ton, and the cyclohexane market price is weak this week.
Upstream: The pure benzene market was mainly strong in the early stages of the weekend. On June 12th, the mainstream spot price of pure benzene in the East China market was 6100 yuan/ton, and the mainstream spot price in the Shandong market was 6150 yuan/ton. On June 13th, the East China pure benzene market opened high and rose sharply. On June 12th, the pure benzene price of Jiangsu Xinhai Petrochemical was raised by 200 yuan, with a price of 6205 yuan/ton.
Downstream: This week, the cyclohexanone market first weakened and then strengthened, with downstream users showing serious resistance to high prices. Purchasing is cautious, with a focus on stocking up for immediate needs. Market participants adopt a cautious and wait-and-see attitude, resulting in low purchasing willingness. On June 12th and 13th, the cyclohexanone market was mainly strong, with stable supply sources and normal plant start-up. Currently, the cyclohexanone price in South China is around 7400 yuan/ton.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that currently the downstream demand for cyclohexane is average, the upstream cost support is limited, inventory pressure is high, and shipments are slow. It is expected that the short-term upward momentum of the cyclohexane market will be insufficient, and the price increase space will be limited.

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The methanol market situation varies among regions

According to the Commodity Market Analysis System of Shengyi Society, from June 2nd to 6th (as of 15:00), the average price of methanol in East China ports in the domestic market increased from 2250 yuan/ton to 2313 yuan/ton, with a price increase of 2.80% during the period, a month on month decrease of 4.77%, and a year-on-year decrease of 11.72%. Domestic methanol production enterprises have poor shipments, coupled with insufficient transportation capacity during the holiday period, some methanol production enterprises have accumulated inventory and actively lowered prices to ship, resulting in overall weak methanol prices in mainland China; The coastal methanol market has been boosted by policies, with prices rebounding from low levels to rise. However, after the rise, shipments have been poor, and the basis has fallen slightly.

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As of the close on June 6th, the closing price of methanol futures on the Zhengzhou Commodity Exchange has risen. The main contract for methanol futures, 2509, opened at 2269 yuan/ton, with a highest price of 2278 yuan/ton and a lowest price of 2254 yuan/ton. It closed at 2264 yuan/ton in the closing session, up 7 yuan/ton or 0.31% from the previous trading day’s settlement. The trading volume is 607691 lots, the position is 799644, and the daily increase in position is -12806.
On the cost side, coal continues to fluctuate at a low level, which weakens the cost support for methanol. The price decline still exerts pressure on methanol prices. The cost of methanol is influenced by negative factors.
On the demand side, there has been a narrow downward adjustment in the prices of acetic acid factories, while the formaldehyde market has remained stable with small fluctuations, and the focus of dimethyl ether transactions has shifted downwards. Most downstream products have little fluctuation in methanol demand, and the impact on methanol demand is mixed.
On the supply side, the overall 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 of June 5th, the CFR Southeast Asian methanol market closed at $319.50-320.50 per ton. The closing price of the US Gulf methanol market is 78.00-79.00 cents per gallon; The closing price of FOB Rotterdam methanol market is 264.50-265.50 euros/ton, up 8 euros/ton.
In the future forecast, overall construction will maintain high fluctuations, and the arrival of foreign ships in coastal areas will gradually increase. Port inventory may gradually enter the accumulation channel. Traditional downstream demand continues to be weak. Business Society’s methanol analyst predicts that the domestic methanol spot market is mainly weak.

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Adipic acid market declines

According to the Commodity Market Analysis System of Shengyi Society, in early June, negative factors suppressed the weak domestic adipic acid market, with a decline of more than 2%. On June 1st, the average market price of adipic acid was 7433 yuan/ton, and on June 4th, the average market price of adipic acid in China was 7266 yuan/ton, a decrease of 2.24%.

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Negative pressure on domestic adipic acid market continues to decline
Since June, the market for pure benzene and cyclohexanone raw materials for adipic acid has weakened, leading to a decrease in demand in the end plastic industry and a decrease in prices for adipic acid manufacturers. The domestic adipic acid market has average transactions and a sluggish market. The price of adipic acid has mainly decreased. As of June 4th, the average market price of adipic acid has fallen to around 7266 yuan/ton, with an overall decrease of about 200 yuan/ton.
An analyst from Shengyi Society believes that in mid June, the rigid demand in the terminal industry decreased, and the raw material market was sluggish. The adipic acid market will continue to operate weakly in the future.

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Acetone fell more in May than rose, and there is still little positive news in June

In May, the focus of the domestic acetone market mainly fell. The acetone market in East China has been trading at an average price of 5750 yuan/ton since May 1st, but has dropped to 5450 yuan/ton on May 30th, a decrease of 5.22%. From the perspective of the national acetone market, there is an equally significant downward space.

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Crude oil fell sharply in the first half of the year, causing the market to bottom out and rebound. The acetone market quickly rebounded after falling. After the May Day holiday, crude oil fell below the 60 mark during the holiday season, and pure benzene fell sharply. Affected by the negative impact of raw material costs, acetone traders were under pressure and reported a downward trend. The entire petrochemical industry chain products showed varying degrees of decline. After approaching 5500 yuan/ton, downstream terminal factories digested their inventory during the holiday and accelerated their procurement pace, causing acetone to hit the bottom and rebound, which further boosted the rapid increase of acetone. During this period, petrochemical companies concentrated on raising their listing prices, and the market had limited low-level supply. Acetone rose to a high of 5850 yuan/ton in mid month.
Demand is difficult to sustain, and the market continues to bottom out in the latter half of the year. In the latter half of the year, terminal factories continued to replenish goods on demand, with little upstream fluctuations and a lukewarm market atmosphere. Actual orders were mostly small, and traders had little intention of lowering their prices. The overall market activity was low, and negotiations were deadlocked.
As the end of the month approaches, there will be little positive news in the later stage, and the overall market is in a downward trend. At the end of the month, the market fell to the lowest point of the month, and negotiations in the East China region are at 5450 yuan/ton.
The acetone offers in major mainstream markets across the country on May 30th are as follows:
Region. May 30th quotation /May’s ups and downs
East China region / 5450./ -150
Shandong region / 5600./ -150
Yanshan region / 5600./ -200
South China region / 5550./ -200

In terms of equipment in May, the first and second phase phenol ketone units of Huizhou Zhongxin were shut down and switched on May 6th, and the 350000 tons/year phenol ketone unit of Zhongsha Tianjin Petrochemical was shut down on April 21st, with an expected maintenance period of 45 days; Shandong Fuyu 250000 tons/year phenol ketone plant will shut down from May 18th to 27th; The 150000 tons/year phenol ketone plant of Blue Star Harbin will shut down for one week at the end of the month.
It is expected to continue to operate weakly in June. From the supply side, the Zhenhai Refining and Chemical Phenol Ketone Plant plans to produce products in late June, resulting in an increase in domestic acetone supply. From the perspective of imports, Saudi Arabia’s facilities have been shut down for maintenance, Middle Eastern sources are limited, and Thailand’s import resources are normal. Currently, it appears that the import volume has slightly decreased. From the perspective of demand, downstream bisphenol A and isopropanol units have been improved, but overall procurement is still mainly based on demand. From a cost perspective, the external environment remains weak, and pure benzene is expected to continue to decline, making it difficult to support acetone. It is expected that the acetone market will continue to operate weakly in June.

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Long and short positions change, ABS price rebounds after falling in May

In May, the domestic ABS market first fell and then rose, with most spot prices of various grades fluctuating. According to the Commodity Market Analysis System of Shengyi Society, as of May 31st, the average price of ABS sample products was 10625 yuan/ton, with a price level increase or decrease of -0.93% compared to early May.
Fundamental analysis

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Supply level: In May, the load of the domestic ABS industry first increased and then decreased, with the overall load level rising from 65% at the beginning of the month to 70% in the middle of the month, and then falling back to 61% by the end of the month. The weekly average production has synchronously fallen back to 110000 tons. Although the inventory level of aggregation enterprises is still at a high level, it has been reduced to a certain extent, and the on-site supply is still at a relatively sufficient level. At the same time, the recent release of new equipment capacity by two companies still has a certain suppressive impact on the industry’s supply support, and there is still some supply pressure in the market. Overall, the supply side has shown some improvement in support for ABS spot prices.
Cost factor: In May, the upstream three materials of ABS rose and then rebounded, which improved the cost support for ABS. In terms of acrylonitrile, domestic supply gradually contracted in the first half of the month, and spot resources were limited. Coupled with the rapid rebound of export orders for multiple terminal products, enterprises locked in profits by stocking up, and factories quickly responded by raising spot prices. As downstream substantive demand is met, the upward trend is hindered. In the long run, there will still be new production capacity being gradually put into operation, so the market will fluctuate and fall at the end of the month.
The domestic butadiene market price rose in May and then fell back. Boosted by macroeconomic factors such as mid month tariffs, the atmosphere in the spot market has strengthened. Some units are undergoing unplanned maintenance, coupled with tight port supply, resulting in a tight supply of butadiene in the market. The butadiene market is heating up, and after the price rises to a high level, the trading atmosphere in the market begins to fade. The downstream synthetic rubber futures market weakened in the latter half of the year, with weak market demand. The concentrated arrival of goods at ports in East China has led to a return to loose supply, resulting in a significant drop in butadiene prices.
At the end of May, the domestic styrene market rose and then consolidated. Affected by the consensus reached in the high-level economic and trade talks between China and the United States within the month, foreign pure benzene followed the rise in international oil prices, coupled with accelerated destocking of styrene ports, and market sentiment quickly improved. In the future, there will be an increase in arrivals from the main ports in East China, coupled with sustained high supply from South Korea leading to significant pressure to reduce inventory, resulting in a downward shift in price focus. Secondly, the high inventory of styrene downstream and weak demand, coupled with the early completion of maintenance for some facilities, have further suppressed the rise in styrene prices due to increased supply. It is expected that the styrene market will operate weakly in the short term.
On the demand side: As we enter May, the load of downstream ABS factories in the ABS terminal has generally flattened, and the purchasing logic tends to focus on buying at the bottom and supplementing orders for urgent needs, resulting in a lack of new orders and slow flow of goods. In mid month talks between China and the United States, both sides reached an agreement to reduce tariffs, which is beneficial for the commodity market and significantly boosts the export market in areas such as small household appliances and consumer electronics at the macro level. The export orders of ABS terminal factories rebounded rapidly, and the load also increased accordingly, leading to a surge in on-site trading volume. At the end of the month, the macro positive factors gradually dissipated, and the liquidity of the supply source cooled down. In addition, the inventory position was high, and there was a large space for on-site turnover, so there was no tight situation on the supply side. Overall, there was a slight rebound in demand support for the ABS market in May.

Future forecast
The domestic ABS market fluctuated in May. The prices of the upstream three materials first rose and then fell, and the production load of the ABS polymerization plant decreased. The comprehensive support of the cost and demand sides is still acceptable. Business analysts believe that the suspension of tariffs between China and the United States in the middle of the month and the resumption of export windows have led to a surge in spot prices in the middle of the month. However, as the market continues to heat up, businesses are returning to a cautious attitude. At the end of the month, under the dual pressure of cost and demand, ABS market is expected to continue to consolidate in the short term.

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