The price of ethylene glycol loosened in September. According to data from Shengyi Society, as of September 16th, the average price of domestic oil to ethylene glycol was 4458.33/ton, a decrease of 0.59% from the average price of 4485 yuan/ton on September 1st.
In terms of port ethylene glycol, the spot contract basis for port ethylene glycol on September 16, 2025 is running weakly. The intraday basis trading range for this week’s contract is+84 to+95. As of the close of trading, the contract basis price for this week is+84 to+86, the contract basis price for September is+85 to+87, and the contract basis price for October is+72 to+73. After the close of trading, for this week’s contracts, if the market price is low, buying orders will quote an external basis of+83 to+84. If the market price is high, buying orders will quote an external basis of+78, and buying orders for collective transactions will quote an external basis of+85.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 4000-4140 yuan/ton.
In terms of external ethylene glycol, as of September 15th, recent cargo negotiations have resulted in a transaction price of around 516 US dollars per ton.
Fundamental Overview
This week, the total planned arrival volume of ethylene glycol at East China ports is 94000 tons, including 11000 tons at Ningbo port, 42000 tons at Zhangjiagang port, and 41000 tons at Taicang port. Recently, the construction of facilities in the Middle East and Singapore has rebounded, and there is an expectation of a rebound in port ethylene glycol inventory due to the recent resumption of arrivals.
As the holiday approaches, there is a strong demand for pre holiday stocking, and downstream polyester factories have low inventory replenishment needs; However, the expected production of new facilities is suppressing the price of ethylene glycol. From the perspective of overseas markets, Saudi Arabia’s 450000 tons/year facility is in operation, Singapore’s 900000 tons/year facility is shut down, and Iran’s FARSA 400000 tons/year facility has recently restarted.
Future expectations
The rebound of port inventory, coupled with the news of new equipment being put into operation, has suppressed the price of ethylene glycol; Recently, with the boost of pre holiday inventory replenishment demand, the downward space for ethylene glycol prices is expected to narrow.

According to the Commodity Market Analysis System of Shengyi Society, there was little fluctuation in the toluene market from September 8th to September 15th, 2025. On September 8th, the benchmark price of toluene was 5360 yuan/ton, and on September 15th, the benchmark price of toluene was 5360 yuan/ton, unchanged. The domestic toluene market has limited fluctuations in this cycle, with slight differences in markets across different regions. Affected by the price difference of toluene and xylene in Shandong region, downstream purchasing enthusiasm for toluene has increased. The purchasing enthusiasm was good during the week, and the main refinery prices slightly increased during the week. The trend of the East China market is relatively stable, and the enthusiasm for downstream market entry is weak. The South China market lacks clear information guidance and the market volatility is not significant. Overall, the toluene market has experienced limited volatility this week.
Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of September 12th, international crude oil futures closed higher, and the settlement price of the October WTI crude oil futures contract in the United States was $62.69 per barrel. The settlement price of Brent crude oil futures for November is $66.99 per barrel.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of September 15th, East China Company quoted 5350 yuan/ton, North China Company quoted 5300 yuan/ton, South China Company quoted 5300-5400 yuan/ton, and Central China Company quoted 5450 yuan/ton.
Demand side:
On September 15th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 7200 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. As of September 4th, the closing prices of the para xylene market in Asia were $807-809/ton FOB Korea and $832-834/ton CFR China.
Market forecast: The recent fluctuations in the crude oil market are relatively small, with limited impact on the spot market, and the macro outlook is relatively stable. From the perspective of supply and demand, some regions have performed well in the oil transfer market recently, providing some market support. However, overall, downstream demand is generally average, and it is expected that the market trend will be stable with limited fluctuations in the near future.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 12933 yuan/ton, and the price of activated carbon at the end of the week was 13000 yuan/ton, with a price increase of 0.52%.
The prices of domestic activated carbon manufacturers have risen this week, with the ex factory price of activated carbon for coconut shell water purification in East China ranging from 9500-13000 yuan/ton. Currently, the supply of coconut shell raw materials remains tight, and the demand for porous carbon materials for new energy batteries has increased, intensifying the competition for raw materials and leading to a decrease in coconut shell activated carbon production capacity, supply shortages, and price increases.
From the supply side, the main coconut producing areas in Southeast Asia have been affected by natural disasters, resulting in a decrease in production and an increase in costs for domestic enterprises with high import dependence. Coconut production in countries such as the Philippines and Indonesia has also been affected, leading to a decrease in the supply of coconut shell raw materials and an increase in demand for coconut shell activated carbon in areas such as new energy batteries and gold extraction, driving up prices. ‌‌
Prediction: Domestic market demand is on the rise, and it is expected that the price of activated carbon will mainly fluctuate with a strong trend in the short term.

According to the commodity analysis system of Shengyi Society, since September 4th, the hydrogen peroxide market has rebounded and prices have risen. On September 4th, the average market price of hydrogen peroxide was 690 yuan/ton, and on September 11th, the average market price of hydrogen peroxide was 696 yuan/ton, with a price increase of 0.97%.
Liduo is still experiencing a rise in the hydrogen peroxide market
Starting from September 4th, the demand for terminal printing and papermaking industries has increased, and some manufacturers of hydrogen peroxide have stopped for maintenance, resulting in tight supply. The positive factors are still present, and the price of hydrogen peroxide has entered an upward trend. As of September 11th, the average price in the domestic market has risen to around 696 yuan/ton. Market transactions have improved and the market has increased.
The hydrogen peroxide analyst from Shengyi Society believes that in late September, the demand for terminal printing and papermaking industry will increase, and the pressure on hydrogen peroxide supply will decrease. The market will continue to operate strongly in the future.

Recently, the operating load of hydrogen fluoride enterprises has decreased, raw materials have increased, inventory is tight, and cost pressure continues to increase; However, downstream terminal demand is generally low, with a lower acceptance of high priced raw materials, and still primarily focused on rigid procurement. Overall, the hydrogen fluoride market is showing a stable to strong trend. According to the analysis system of Shengyi Society, as of September 10th, the benchmark price of hydrofluoric acid in Shengyi Society was 11466.67 yuan/ton, an increase of 7.67% from the end of August.
On the raw material side: This week, the domestic supply of fluorite is tight, with prices rising, putting high pressure on the cost of hydrogen fluoride. As of September 10th, the benchmark price of fluorite in Shengyi Society was 3318.75 yuan/ton, an increase of 1.53% compared to the beginning of this month (3268.75 yuan/ton). 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. The sustained high price of fluorite puts pressure on the cost of hydrofluoric acid, and production enterprises still face the pressure of losses, resulting in cost inversion. It is expected that hydrogen fluoride enterprises will continue to rise in the later stage.
Demand side: Structural differentiation in downstream market demand. The mainstream varieties r134a and r32 have a strong upward trend in the market, while r22 products are mainly restocked for essential needs due to weak terminal demand, slower procurement pace, and a cold market trading atmosphere. Overall, demand support for hydrogen fluoride is stable, moderate, and strong, and it is expected that the price trend of hydrogen fluoride will continue to rise in the short term.
Market forecast: The price of raw material fluorite will rise, the cost of hydrofluoric acid will be under high pressure, and production enterprises will still face loss pressure. Downstream terminal demand is average, and only a small number of orders will be signed. It is expected that the anhydrous hydrogen fluoride market will continue to have a strong trend in the later stage. More attention should be paid to changes in market supply and demand.