According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has risen recently (9.1-9.8). As of September 1st, the spot rubber market price in China’s natural rubber market was around 15416 yuan/ton, an increase of 3.06% from 14958 yuan/ton on September 1st. Downstream tire production has fluctuated slightly, forming a strong demand support for Tianjian; In addition, the high prices of natural rubber raw materials remain strong, and the cost support of natural rubber continues; In addition, the continued slight decline in domestic port inventory and favorable market sentiment have driven natural rubber prices to fluctuate and explore an upward trend. As of September 8th, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 15350~15600 yuan/ton.
As of September 8th, the price of Thai glue was 56.00 baht/kg, an increase of 0.99% from 55.45 baht/kg on September 1st. Recently, the main rubber production areas at home and abroad have been affected by rainfall and typhoons, resulting in lower than expected new rubber production and high raw material prices.
Recently (9.1-9.8), natural rubber inventories have continued to decrease slightly, and the market atmosphere has improved. As of September 7, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 592300 tons, a decrease of 10000 tons or 1.66% compared to the previous period.
Recently (9.1-9.8), there has been a slight consolidation in downstream tire production, providing essential support for the natural rubber market. As of September 5th, the construction of semi steel tires by domestic tire companies has slightly increased to around 7.3%; The production of all steel tires by tire companies in Shandong Province has slightly decreased to around 6.4%.
Market forecast: The current high and firm prices of raw materials both domestically and internationally, as well as stable downstream tire production and consolidation, provide support for the Tianjin rubber market. The Tianjin rubber port inventory has slightly decreased, and with the arrival of the peak season, it is expected that the natural rubber market will fluctuate and rise in the later period.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene fluctuated slightly and fell this week. On Monday, the price of pure benzene was 5975.33 yuan/ton, and on Friday it was 5945.33 yuan/ton, with a 0.5% drop in price during the week.
2、 Market analysis
Pure benzene: This week, the market price of pure benzene in Shandong region fluctuated slightly and fell. On September 4th, the pure benzene prices of Sinopec’s refineries in East and South China were lowered by 100 yuan to 5900 yuan/ton. International crude oil futures closed down, affecting confidence in the pure benzene market. Shandong Refinery offered discounts to sell, stimulating downstream purchases, and on-site transactions were still acceptable.
Downstream aspects
3、 Future forecast
Crude oil futures: On September 4th, international crude oil futures closed down. The settlement price of the October WTI crude oil futures contract in the United States was $63.48 per barrel, a decrease of $0.49 or 0.8%. The settlement price of Brent crude oil futures for November was $66.99 per barrel, a decrease of $0.61 or 0.9%.
Foreign pure benzene: On September 4th, FOB Korea fell 5 to 713 US dollars/ton, and CFR China fell 6 to 728 US dollars/ton. FOB Rotterdam fell 12 to 642 US dollars per ton, while FOB US Gulf rose 1 to 252 US cents per gallon.
Overall expectation: The pure benzene market is expected to experience slight fluctuations in the short term, with cautious trading. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell this week, with an average price of 7510 yuan/ton at the beginning of the week and 7486 yuan/ton over the weekend, a decrease of 0.32% during the week.
News: On September 4th, international crude oil futures closed down. The settlement price of the October WTI crude oil futures contract in the United States was $63.48 per barrel, a decrease of $0.49 or 0.8%. The settlement price of Brent crude oil futures for November was $66.99 per barrel, a decrease of $0.61 or 0.9%.
Cost wise: Pure benzene fluctuated and fell this week. The average price at the beginning of the week was 5975 yuan/ton, and the average price over the weekend was 5967 yuan/ton, with a decrease of 0.12% during the week. Recently, pure benzene ports have been destocked, import pressure has eased, domestic maintenance and downstream demand have increased, and supply and demand are expected to improve seasonally in the third quarter.
Supply and demand side: The styrene industry is facing losses, with high production and supply maintaining high levels, and port inventory levels operating at high levels. Downstream EPS/PS have experienced a decline in industry production due to profit compression.
Styrene external market: On September 4th, the closing price of styrene in the Asian region fell by $5/ton, with closing prices of $850-855/ton FOB Korea and $860-865/ton CFR China..
Market forecast: The current styrene market fundamentals are weak, and if the enterprise maintenance plan is carried out on time in September and October, the supply side is expected to improve. Without significant changes on a macro level, it is expected that the styrene market will experience weak fluctuations in the short term.

The demand for hydrofluoric acid in the market was weak in August, and the price trend declined. According to the analysis system of Shengyi Society, as of August 29th, the benchmark price of hydrofluoric acid in Shengyi Society was 10650 yuan/ton, a decrease of -1.39% compared to July.
On the raw material side, the domestic fluorite price trend rose in August. As of the end of the month, the average domestic fluorite price was 3268.75 yuan/ton, an increase of 3.77% from the beginning of the month at 3150 yuan/ton, and a year-on-year decrease of 7.62%. 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 operating rate of fluorite enterprises. However, with the rise of temperature, northern enterprises are operating normally, and the supply of fluorite enterprises in the field has not changed much. Some fluorite manufacturers have appropriate inventory, and fluorite mining enterprises are holding up prices and selling goods. This has led to a rise in the fluorite market in August. The high cost end of hydrofluoric acid is under pressure, and the pressure of enterprise losses continues to intensify, resulting.
On the demand side: Although the downstream refrigerant market is in the traditional peak season, due to weak terminal demand and low stocking enthusiasm, upstream products are mainly purchased on demand, and there is a strong wait-and-see attitude. The market trading atmosphere is cold, and some companies have reduced their raw material demand due to profit losses. The demand for downstream refrigerants is average, and the market price of hydrofluoric acid is weak and declining.
Market forecast: In August, the domestic fluorite market prices will be under high pressure, with strong cost support and weak downstream terminal demand. Market trading will be sluggish, and enterprise losses will continue to increase. It is expected that the market price of anhydrous hydrogen fluoride will bottom out and rebound in September, with prices easily rising but difficult to fall. More attention should be paid to news from Longtou enterprises and market supply and demand.

In August, domestic liquid ammonia did not continue the upward trend of the previous month, but turned into a decline, and the decline was significantly greater than the previous month’s increase. According to the commodity market analysis system of Shengyi Society, the decline of liquid ammonia in Shandong region in August was 12.74%. As of the end of the month, the mainstream price of liquid ammonia in Shandong region is between 2200-2350 yuan/ton.
Equipment resumption and high inventory bring pressure
From a supply side perspective, the supply-demand structure continues to be in an oversupply situation. As we enter August, the operating rate continues to increase. Previously, maintenance companies have resumed work one after another, coupled with an increase in ammonia conversion capacity. The inventory pressure of enterprises is high, and in order to alleviate the pressure, factory prices continue to be lowered. Furthermore, the import volume continues to increase, and low-priced foreign sources are impacting the domestic market. Supply is in an oversupply situation. During the month, major factories in Shandong have repeatedly lowered the ex factory price of liquid ammonia, with a range of 300-350 yuan/ton. From the demand side perspective, in the traditional off-season, downstream industries such as urea and compound fertilizers lack support, and industrial demand remains rigid with little fluctuation. Downstream weakness has further exacerbated the supply-demand imbalance.
The cooling of the industrial chain is mainly due to the weakness of the upstream and downstream
From the perspective of the liquid ammonia industry chain chart, the performance of the upstream and downstream environment of liquid ammonia is weak, and the upstream natural gas continues to be weak, with a monthly decline of 5.09%. Especially in the downstream sector, there is still a general cooling trend, with more declines and less gains, heavier declines and smaller gains. Especially urea is still lukewarm, according to monitoring, the decline in urea in August was as high as 5.79%. This is mainly reflected in weak downstream demand, low season in agriculture, and the current increase in compound fertilizer production not meeting market expectations. The terminal production in the industrial demand field is also showing a downward trend. The market is generally dominated by rigid demand, and the demand side is restricting the ammonia market from getting out of the slump.
Market forecast:
Business analysts believe that from a supply side perspective, the market supply and demand pressure will not decrease next month, and the impact will tend to weaken as the equipment will be on and off. The mentality of enterprises to raise prices may be reflected, and the downward space in the later stage may be compressed. In addition, there may be an increase in ammonia conversion enterprises in the later stage, and there is a trend of increasing ammonia production. The supply and demand pressure in September should not be underestimated.
From the demand side, in the short term, demand remains stable, and expectations for the later period may be weak. On the one hand, the agricultural peak season has not yet begun, and trading is light. In addition, industrial demand remains dominated by rigid demand, and overall, downstream liquid ammonia may continue to drag down its price recovery in the later stage.
Taking all factors into consideration, the price of liquid ammonia is expected to hover at a low level in the short term, and in the later stage of supply and demand competition, the ammonia market may enter a volatile range, further narrowing the range of price fluctuations. We need to pay attention to the manufacturer’s equipment start-up news in the later stage.