The Commodity Market Analysis System of Shengyi Society shows that after New Year’s Day, the price of adipic acid has steadily increased. At the beginning of the month, the average market price of adipic acid was 7133 yuan/ton. On January 22, the average market price of adipic acid was 7466 yuan/ton, with a price increase of 4.67%.
The raw material market is boosting, and the adipic acid market is steadily rising
After the New Year’s Day, the prices of pure benzene and cyclohexanone, raw materials for adipic acid, continued to rise, driven by the stocking market of terminal nylon. Manufacturers continuously raised the ex factory price of adipic acid, and market transactions improved. The market steadily rose, with an increase of nearly 5%. As of January 22, the average price of adipic acid in the domestic market is around 7500 yuan/ton, an increase of 300 yuan/ton.
An analyst from Shengyi Society believes that terminal manufacturers purchase according to demand, and the sustained upward momentum of the adipic acid market in the future is insufficient, which may lead to a weak decline.

The current anhydrous hydrogen fluoride market is in a two-way tug of war between “cost driven” and “demand suppressed”. According to the analysis system of Shengyi Society, as of January 20th, the benchmark price of hydrofluoric acid in Shengyi Society was 13033.33 yuan/ton, unchanged from the beginning of the month.
On the raw material side, the prices of fluorite and sulfuric acid remained stable this week. Although the prices on the raw material side were stable, they still provided solid cost support for anhydrous hydrofluoric acid, limiting its potential for significant price drops. According to the analysis system of Shengyi Society, as of January 20th, the benchmark price of Shengyi Society’s fluorite was 3406.25 yuan/ton, an increase of 0.18% compared to the beginning of this month (3400.00 yuan/ton).
Demand side: As the downstream refrigerant industry approaches the end of the year, production quotas have been exhausted, and overall demand is weak, with on-demand procurement being the main focus. Maintain a wait-and-see attitude and have low purchasing enthusiasm. The market price has shown weak upward momentum, and in the short term, the main focus will be on executing contract orders and maintaining weak stability. It is expected that the operation of anhydrous hydrogen fluoride will be the main focus in the later stage.
Market forecast: The price of raw material fluorite sulfuric acid is running steadily, but there is still some support. In addition, downstream demand is weak, and rigid demand is mainly purchased, resulting in weak demand side support. It is expected that the market price of anhydrous hydrogen fluoride will mainly consolidate in the later stage. More attention should be paid to changes in market supply and demand.

price trend
The price center of mainstream production areas is slowly shifting downwards. According to the monitoring of the commodity market analysis system of Shengyi Society, as of January 16th, the average price of formaldehyde in Shandong region was reported at 1026 yuan/ton, a decrease of 1.08% from the beginning of the month.
Analysis of Core Influencing Factors
The core contradiction in the current market is that “costs are supported, but demand lags behind”, resulting in a double squeeze on prices and profits.
1. Loose supply
The overall operating rate of the industry is not high, but due to weaker demand, the market’s spot supply is still sufficient.
2. Weak demand (core drag)
Dragging on the board industry: The downstream artificial board industry, which is the largest source of formaldehyde, continues to experience a contraction in demand due to factors such as high real estate and raw material costs, as well as intense industry competition, resulting in rigid procurement of formaldehyde. Other downstream self use is the main focus: fine chemical downstream industries such as formaldehyde and Urotropin have poor profits and mainly rely on digesting supporting formaldehyde, resulting in low demand for external purchases.
3. Poor cost transmission
The expected decrease in the import volume of raw material methanol, coupled with significant destocking at ports, has driven up methanol prices. As of January 16th, the benchmark price of methanol in Shengyi Society was 2250.83 yuan/ton, an increase of 1.96% from the beginning of the month. But it is difficult to effectively transmit to the selling price of formaldehyde, and downstream acceptance is poor. In order to control inventory, factories can only sell at a discounted price.
short-term outlook
In the short term, the formaldehyde market is expected to continue the pattern of “weak stability stalemate”. The rise in costs supports downward space, but weak demand and inventory pressure from factories further suppress any potential for an increase. Whether the market can break the deadlock depends on whether the downstream sheet metal industry’s production and stocking situation has improved beyond expectations.

This week (2026.01.12-01.16), the spot price of polyester bottle chips showed an initial increase followed by a decrease, with a decline within the week; According to the Commodity Market Analysis System of Shengyi Society, as of January 16th, the average sales price in East China was 6100 yuan/ton.
Reasons for price changes
Cost side (dominant): At the beginning of the week, due to the strong situation in the Middle East, crude oil drove PTA and MEG up, supporting bottle prices; On Thursday, the situation in Iran eased, Venezuela’s supply expectations increased, crude oil fell, PTA fell 33% to 5047, cost support weakened, and bottle flakes fell along. The aggregation cost is about 5592 yuan/ton, and the cost side has a high weight on the price impact.
Supply side: Weekly output of 334700 tons, slightly lower than the previous month; The capacity utilization rate was 72.27%, a decrease of 1.01 compared to the previous period; Partial equipment maintenance (such as Jiangyin’s 1.2 million ton equipment being shut down from mid January to March) has led to a shortage of spot goods in some areas, suppressing the decline.
On the demand side: downstream soft drink production accounts for 65-75%, oil factories account for 57%, and PET sheets account for 60%, all at a low level; Before the Spring Festival, there is a strong need to replenish inventory, with no centralized stocking, weak willingness to chase price increases, and weak transactions, which restricts price increases.
Industry pattern: By 2025, production capacity will increase by 11.2% to 22.28 million tons, with fierce competition, difficult to increase processing costs, and prices easily fluctuating with costs.
Future forecast
Business Society believes that short-term bottle tablet prices fluctuate with weak raw materials, with a reference range of 5900-6200 yuan/ton; Pay attention to the trends of crude oil and PTA, equipment maintenance progress, and downstream stocking rhythm.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 6410 yuan/ton on January 1st and 6890 yuan/ton on January 15th, an increase of 7.49%. LDPE (2426H) had an average price of 8400 yuan/ton on January 1st and 9283 yuan/ton on January 15th, an increase of 10.52%. HDPE (2426H) had an average price of 6862 yuan/ton on January 1st and 7300 yuan/ton on January 15th, an increase of 6.38%.
At the beginning of 2026, polyethylene showed a strong upward trend, led by LDPE due to high import dependence. The main factors are the rise in crude oil costs due to Iran’s geopolitical risks, tightening expectations for imported high-pressure materials supply, and limited support from supply and demand fundamentals.
Cost side: The situation in Iran has raised concerns about crude oil supply, causing a significant increase in crude oil prices. Cost side support for polyethylene is strong.
Supply side: The expectation of polyethylene plant shutdown and maintenance is relatively strong, and the pace of new production capacity deployment has slowed down, resulting in a slight contraction in the supply side. Although the early maintenance equipment has gradually recovered, the overall operating rate is still relatively low, alleviating the pressure of oversupply. LDPE has a high dependence on imports, and tight shipping and delivery expectations have pushed up the price of high-pressure materials.
On the demand side: Agricultural film is in the off-season of demand, and packaging film is mainly replenished for urgent needs, leading to an increase in resistance to high prices. The demand for replenishing inventory before the Spring Festival is temporarily supported, but factories will gradually shut down from the end of January to early February, and the demand will further weaken.
On the futures side, the main contract for continuous plastic trading fluctuated and climbed, closing at about 6766 yuan/ton on January 14th, forming a positive driving force for polyethylene spot trading.
Driven by cost support and the strengthening of futures, the high volatility of spot prices is supported, but downstream resistance to high prices and slower trading limit upward space. It is expected that polyethylene will fluctuate at a high level in the short term, and the upward trend will slow down.