1、 The lithium hexafluorophosphate market is recovering and showing a clear trend of stabilization and recovery. As of July 27th, the benchmark price of battery grade lithium hexafluorophosphate was 104500 yuan/ton, a decrease of 2.34% from the beginning of the month.
2、 Raw material side: The price of raw material battery grade lithium carbonate is running weakly and steadily. As of July 27th, the benchmark price of Business Society’s lithium carbonate (battery grade) was 143000.00 yuan/ton, a decrease of 8.33% compared to the beginning of this month (156000.00 yuan/ton). Although the cost side price is relatively weak, the industry’s capacity utilization rate remains high, and the downward space for costs is limited. The bottom support for the price of lithium hexafluorophosphate still exists.
3、 Demand side: The peak season is approaching, and downstream demand continues to be strong. The demand side is the main driving force behind the current market trend. The demand for downstream power batteries and energy storage continues to increase, and the traditional peak season in the third quarter has driven the saturation of electrolyte orders. In addition, the increasing certainty of demand in the energy storage track and the continuous release of global demand for energy storage cells provide strong support for upstream materials such as lithium hexafluorophosphate.
4、 Market forecast: The current lithium hexafluorophosphate market is showing a pattern of “slight cost loosening and sustained strong demand”. Against the backdrop of a decline in lithium carbonate prices, the price of lithium hexafluorophosphate can still rise slightly against the trend, reflecting the strong resilience of downstream demand. With the deepening of the peak season in the third quarter, it is expected that prices will operate steadily, moderately, and strongly supported by demand.

In July 2026, the domestic 1 # lead ingot market experienced a slight decline, with an average price of 15815 yuan/ton at the beginning of the week. As of July 24th, the average price was 15675 yuan/ton, a decrease of 0.89%.
Fundamental analysis
supply side
The original stability is increasing, but the regeneration continues to suffer losses, and the supply pattern is differentiated. The current lead supply side presents a typical differentiation pattern of “primary stability, weak regeneration”. In terms of primary lead, inspection and cultivation factories in Hunan, North China, and other regions have resumed production since mid July. The weekly operating rate of primary lead is expected to slightly increase from around 65%, with a marginal increase in supply compared to the previous period. The processing fee for lead concentrate continues to be deeply inverted, and the pattern of tight balance of raw materials has not changed. However, the revenue from by-products such as silver and sulfuric acid still supports the refinery’s willingness to maintain production, and the overall supply of primary lead remains stable with an increasing trend. In terms of recycled lead, the supply of waste batteries continues to be tight, and recyclers have a strong reluctance to sell. The recycled lead industry is generally in a loss state – currently, it loses about 600 yuan per ton of recycled lead produced. The weekly operating rate of recycled lead in the four provinces of China is only about 30%, which is relatively low for the year. However, the import window for lead ingots remains open, and low-priced lead from overseas continues to flow into the domestic market, which to some extent offsets the reduction in domestic recycling.

Demand side
The off-season features are significant, and downstream delivery is weak. Currently, it is the off-season for traditional consumption of lead-acid batteries, and downstream demand is showing weak performance. The comprehensive operating rate of lead-acid battery enterprises in five provinces across the country is about 63.26%, with a slight decrease compared to the previous period. Distributors mainly focus on digesting pre stock inventory, with overall light new orders and weak demand for electric bicycle replacement and car starter batteries. Downstream battery factories maintain a strategy of “production based on sales and procurement according to demand”, without large-scale stocking plans. The spot market has seen light trading, and the divergence in quotes among holders has widened. Both price hikes and expansion discounts have coexisted in shipments. The discount on delivery source quotes from electrolytic lead refineries has expanded, with some discounts as low as 100-80 yuan/ton. In terms of exports, 85.95 million lead-acid batteries were exported in the first half of this year, a significant year-on-year decline.
Inventory end
Inventory is currently the most pressing factor in the lead market.. LME lead inventory has climbed to a nearly 50 year high, reaching 449325 tons as of July 23. LME has cancelled 65200 tons of warehouse receipts, accounting for approximately 14% of registered inventory. The lead inventory in the previous week decreased by 1361 tons compared to the previous week, with a slight decrease but still at a high level. The overall high levels of explicit inventory both internally and externally continue to suppress the upward potential of lead prices.
Overall summary
Short term lead prices are expected to continue the pattern of low-level weak fluctuations. Supporting factors: Firstly, the rigid bottom support of waste battery costs has led to widespread losses and low price reluctance among recycled lead enterprises, limiting further downward space; Secondly, the Shanghai lead position is at a recent high, indicating a significant divergence between long and short positions, and funds have a strong willingness to play at the current position. Suppressing factors: Firstly, LME lead inventories are at an absolute high level in the past 50 years, with both internal and external explicit inventories being generally high, which continues to suppress the upward potential of lead prices; The second reason is that the off-season for lead-acid battery consumption has not yet ended, and downstream operating rates continue to decline, with rigid demand procurement being the main focus.

The price of ethylene oxide will increase in July 2026. As of July 22, the average market price of epoxyethane in China was 7000 yuan/ton, an increase of 2.94% from the market average price of 7600 yuan/ton at the beginning of the month (7.1).
On July 22, 2026, the mainstream market ex factory listing prices for ethylene oxide in various regions of China are as follows: the ethylene oxide market in East China is priced at 7000 yuan/ton for external transactions; The listed price of ethylene oxide in the South China market is 6900-7000 yuan/ton; The listed price of ethylene oxide in North China is 6850 yuan/ton; The listed price of ethylene oxide in the Central China region is 68000-7050 yuan/ton.
Analysis of the Reasons for the Price Increase of Ethylene Oxide in July 2026
The core of the rise in ethylene oxide prices in July was driven by the increase in ethylene costs due to crude oil, coupled with short-term supply contraction caused by the centralized maintenance of multiple units in the early stage, and the continuous destocking and strengthening of co produced ethylene glycol to divert commodity EO sources. Combined with the recovery of macro chemical sentiment and the low-level replenishment of downstream demand, the prices rose; However, in the off-season of traditional terminal industries and the gradual resumption of maintenance equipment production, there are obvious constraints on the upward space, which belongs to the stage of repair market.
1、 Strong cost support
The geopolitical situation between the United States and Iran has repeatedly pushed up international crude oil and naphtha prices, while Asian ethylene spot prices continue to rise. The cost of EO raw materials has also increased, and the pressure of factory losses has intensified. Therefore, they have proactively raised ex factory prices to pass on costs.
2、 Periodic supply contraction and tight spot supply
In June, multiple sets of EO supporting equipment underwent centralized maintenance, but the progress of resuming production in early July was slow. Coupled with the fact that Yangzi Petrochemical stopped for maintenance again, the industry’s production capacity has been limited, and the market circulation of spot goods is insufficient. Manufacturers have a strong willingness to raise prices due to low inventory levels..
3、 Ethylene glycol linkage strengthens, driving industry chain sentiment
The East China ethylene glycol port continues to significantly reduce inventory to recent low levels, and MEG spot prices have rebounded significantly. With the co production of ethylene oxide in the same facility, enterprises prioritize high profit ethylene glycol exports, divert EO commodity volume, and further tighten the circulation of ethylene oxide commodity sources.
4、 Market buying increases to replenish inventory+macro chemical sentiment repair
The US economic data weakened, expectations of interest rate hikes cooled down, and overall commodity sentiment rebounded; In the early stage, EO prices were low, and downstream demand for polyether, water reducing agents, and washing raw materials gathered to replenish inventory at low prices. Traders hoarded goods, driving up transactions and boosting quotes.
Future forecast
In the later stage, the ethylene oxide maintenance units will gradually resume production, and the incremental supply of ethylene oxide will be gradually released; The demand for terminal real estate and textile terminals is weak, and downstream companies dare not hoard a large amount of goods. This round is only driven by cost and low inventory to repair and rise, and the trend upward space is limited.

It is expected that in the short term from the end of July to August, the concentrated resumption of production of early-stage maintenance equipment will increase the circulation of commodity ethylene oxide. Coupled with the continuous off-season in the downstream of daily chemical and building materials, demand will only maintain the purchase of essential goods, weakening the upward momentum. The market will fluctuate at a high level and be slightly under pressure. The cost side of crude oil and ethylene will form bottom support, making it difficult for a deep decline to occur; The traditional peak season of September and October has arrived, and the demand for water reducers and textile auxiliaries has rebounded month on month. In addition, some units are scheduled to undergo autumn maintenance, and the strong demand for ethylene glycol has made co production enterprises prioritize the production of MEG. The supply of commodity EO has tightened again, and prices are expected to rise slightly. However, the weakness of the real estate terminal limits the upward height; In the medium to long term, the industry will continue to increase production capacity, and the supply and demand pattern will gradually loosen. Without large-scale centralized maintenance, prices will return to a weak range by the end of the fourth quarter. The core volatility risks come from fluctuations in international crude oil and ethylene raw materials, temporary plant shutdowns, and changes in downstream terminal demand.

Cobalt prices fell sharply in July
On July 22nd, the cobalt price was 355900 yuan/ton, which fluctuated and fell 7.27% compared to the cobalt price of 383800 yuan/ton on July 10th. Starting from mid July, cobalt prices have experienced a significant decline. As the downward trend of cobalt prices slows down, there is obvious pressure on the price side. The domestic cobalt market as a whole presents a pattern of “low-level stalemate and weak stable operation”, but the bottom cost support is gradually strengthening.
Supply side: Cobalt raw materials from the Democratic Republic of Congo are concentrated at the port
According to data from the General Administration of Customs, the import volume of cobalt raw materials in China increased significantly in June 2026. The import volume of intermediate products for cobalt wet smelting was 10960.945 tons, an increase of 324.12% compared to the previous month; The import volume of unprocessed cobalt was 1120.108 tons, an increase of 66.43% month on month and 104.64% year-on-year; The import volume of cobalt trioxide is 2.123 tons. In June, cobalt raw materials from the Democratic Republic of Congo arrived at the port one after another, and the import volume of cobalt increased significantly. From July to August, cobalt raw materials from the Democratic Republic of Congo are expected to be concentrated at the port, increasing the supply of cobalt raw materials and increasing the pressure of cobalt price decline.
In 2025, the supply of recycled cobalt in China will be about 23000 metal tons. By 2026, the supply of recycled cobalt in the first half of the year has reached 21000 metal tons, and it is expected to reach 45000 to 50000 metal tons for the whole year, which can meet 35% of China’s cobalt demand. The significant increase in cobalt recycling has greatly alleviated the supply shortage in the cobalt market.
Market Overview and Future Outlook
According to data analysts from Shengyi Society, the import volume of cobalt raw materials in China increased significantly in June, and cobalt raw materials from the Democratic Republic of Congo gradually arrived at the port. It is expected that cobalt raw materials from the Democratic Republic of Congo will be concentrated at the port in July and August; In addition, the significant increase in cobalt recycling has alleviated the shortage of supply in the cobalt market, resulting in a significant increase in supply and a sharp decline in cobalt prices. With the decline in cobalt prices and the arrival of cobalt raw materials from the Democratic Republic of Congo, downstream companies in the domestic cobalt market may experience a concentrated replenishment of inventory, leading to a brief surge in demand in the cobalt market and stimulating an increase in cobalt prices. Overall, cobalt raw materials from the Democratic Republic of Congo are concentrated in ports, resulting in a temporary oversupply in the cobalt market. However, as downstream companies replenish their inventory and demand in the cobalt market rebounds, cobalt prices may stop falling and rebound.

Market trend
From July 15th to 20th, the domestic PA66 market price remained stable at 18200 yuan/ton. On July 21st, spot prices slightly rose, and the overall trend showed a bottom stabilization and a slight upward trend in the late trading session. From the perspective of the Business Social Average indicator, on July 15th, there was a signal that the 10 day moving average had crossed the 20 day moving average, and the technical trend officially turned from the previous continuous downward trend; The annual price is in the mid to low range of the year, with a significant drop of 6900 yuan from the high point of 25100 yuan/ton this year, and the bottom support is gradually emerging.
influencing factors
Cost side: The repair pace of the upstream adiponitrile supply side has slowed down, and domestic large factories have maintained a tight balance of raw materials during equipment maintenance. The arrival of adiponitrile from external sources is limited, and the raw material quotation has stopped falling and stabilized, stopping the previous downward trend of PA66 cost drag.
The supporting raw material caprolactam continued to increase during the week, and the settlement price of caprolactam by Sinopec increased month on month in the third week of July. Chemical raw materials such as pure benzene and cyclohexanone also fluctuated and strengthened, and the raw material cost of the entire nylon industry chain rose at the bottom, forming rigid cost support for PA66. The loss space of manufacturers narrowed, and the willingness to actively reduce prices and ship significantly weakened.
Domestic PA66 polymerization factories are operating at a low level, and some enterprises are operating at low loads due to sustained losses in the early stage. The increase in the circulation of spot goods in the industry is limited, and costs are stabilizing combined with supply contraction, resulting in a loss of sustained downward momentum in spot prices.
Supply side
The industry continues to operate at a low rate, and the pressure on factory inventory has significantly eased after several months of destocking. There are not many available sources of goods in the market; The low-level selling operations of traders in the early stage have basically ended, and the mentality of holding goods to support prices has increased, resulting in the gradual disappearance of low-priced sources of goods. Overlaying the moving average, there is a bullish crossover signal, and the market sentiment is gradually heating up. At the end of the trading session, spot prices showed a slight upward trend.
Demand side
Downstream modification and injection molding enterprises are in the pre stocking cycle of autumn and winter fabrics and auto parts. Compared with the off-season in June, the demand for essential purchases has rebounded, and low-end essential orders have been steadily released, providing a bottom line for spot transactions.
The overall recovery of domestic textile and injection molding terminals is weak, with limited increase in overseas orders. Downstream enterprises maintain a small batch replenishment mode according to demand, and there is insufficient willingness to stock up in large quantities. The demand side only moderately repairs, making it difficult to drive prices to soar significantly.
In the first half of the year, a large amount of low-priced imported cotton yarn continued to impact the domestic weaving industry, putting pressure on the profits of downstream nylon fabric processing factories. The acceptance of high priced PA66 raw materials was low, and the significant upward space was limited by terminal demand.
Future forecast

It is expected that the PA66 market will be prone to rise but difficult to fall in the short term, and the overall pattern of low-level oscillation and strong tendency will be maintained. The cost side raw material support is stable, and the industry’s low operating and low inventory pattern continues. Coupled with the establishment of a bullish signal on the technical moving average, the price has a bottom rebound foundation; However, the recovery of downstream demand at the terminal is limited, and the market lacks sustained driving force for a sharp rise. The upward trend is moderate, and the upper pressure level refers to the range of 18800-19200 yuan/ton. If the upstream adiponitrile and caprolactam continue to strengthen, coupled with the concentrated release of downstream stock, the price is expected to explore the upper edge of the range; If the terminal procurement continues to be sluggish, the price will mainly fluctuate within a narrow range of 17600-18600 yuan/ton.