According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid in China has shown a trend of first stabilizing and then rising recently. As of October 28th, the benchmark price of 85% industrial grade formic acid in China was 2830 yuan/ton.
Premium replenishment drives short-term fluctuations
Last week (10.20-10.24), the product quotation remained stable at 2800 yuan/ton, and the market price remained rigid. However, this week, there has been a partial premium phenomenon, with some end buyers restocking at a price of 2830 yuan/ton. The stability of prices in the early stage is mainly supported by the balance between sufficient supply and weak demand. The slight increase in prices in the later stage is related to the concentrated procurement and stocking of goods before downstream price increases, which is a short-term market situation brought about by the release of phased demand.
Supply and demand pattern: sufficient and stable supply, with demand leading the market rhythm
Supply side: High load production supports sufficient inventory, and the formic acid supply side maintains a stable and abundant state, with inventory levels maintained at around 60%; Demand side: Overall performance is weak, with the release of essential purchases. Due to potential price increases in the market, downstream manufacturers are concentrating on purchasing, which has driven up prices slightly.
The formic acid data analyst from Shengyi Society believes that due to market rumors that a large enterprise in Liaocheng has a maintenance plan but has not yet determined the implementation time, downstream centralized procurement will occur in the short term. With the release of procurement demand, the market will return to the normal dominated by rigid demand. It is expected that formic acid prices will continue to operate steadily, and specific changes in market supply and demand, as well as manufacturer maintenance plans, need to be monitored.

1、 Price trend
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 from Shengyi Society, the domestic titanium dioxide market has remained stable this week, with an average price of 13860 yuan/ton.
2、 Market analysis
This week, the domestic titanium dioxide market has maintained stable operation. At present, the demand for titanium dioxide in the market is light, with average new inquiries and cautious actual orders. Some companies still focus on delivering orders in hand. The production cost of raw materials is high, and there is a game between upstream and downstream markets. The market situation is relatively stagnant, and many are waiting and watching. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13200-14200 yuan/ton; The price of rutile type is around 12000-12500 yuan/ton, and the price of chlorination method is 13600-16500 yuan/ton. The actual transaction price is negotiable.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market is mainly consolidating weakly this week. There is not much inventory pressure, and there is a strong wait-and-see attitude in the market, resulting in cautious transactions. It is expected that titanium dioxide will operate steadily in the short term, and the actual transaction price will be negotiated one by one.

This week, the polyester bottle chip market showed a trend of first falling and then rising, with relatively small overall fluctuations. According to data from Shengyi Society, on October 24th, the average selling price of PET was 5755 yuan/ton.
Cost factor: At the beginning of the week, the price of polyester bottle chips fell due to the weakness of crude oil. Subsequently, geopolitical risks drove the rebound of oil prices, cost support rebounded, and provided certain support for the price of polyester bottle chips, causing their prices to stop falling and rebound.
Supply and demand relationship: The industry’s capacity utilization rate remained around 72.59% this week. Although mainstream factories continue to implement production reduction plans, there is still ample spot supply in the market. Meanwhile, overcapacity is a long-term pressure faced by the industry, continuously suppressing the rebound space of prices. The stability of the supply side and the abundance of spot goods in the market have to some extent suppressed price increases. In terms of demand, we are currently in the off-season of seasonal demand. The cooling weather has led to a narrow decline in demand for soft drinks and catering. According to data from Shengyi Society, the production of soft drinks from January to August 2025 decreased by 4.8% year-on-year. Downstream end users often adopt the strategy of “on-demand procurement” and lack enthusiasm for large-scale stocking, leading to a shift in the focus of market transactions.
Export situation: Due to the influence of upstream raw materials, the export quotation of polyester bottle chip factories has been raised, and the negotiation range for mainstream bottle chip factories in East China has been extended to $750-770/ton FOB Shanghai Port. However, according to Southwest Futures’ analysis, there is a slowing trend in the growth rate of bottle chip exports.
Market expectation: It is expected that the market will warm up and fluctuate next week. The cost side is expected to strengthen under the support of geographical factors, which will provide cost support for bottle chips. However, due to stable supply and abundant spot goods, as well as seasonal off-season demand, the upward space for bottle chip prices is limited, and it is expected to fluctuate within the range of 5600-5800 yuan/ton.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of October 23, the reference average price of 85% industrial grade thermal phosphoric acid in China was 6620 yuan/ton, which is 0.45% lower than the reference average price of 6650 yuan/ton on October 17.
2、 Market analysis
Market aspect
This week, the domestic phosphoric acid market prices have slightly declined. As of October 23rd, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6200-6650 yuan/ton, in Yunnan region it is around 6300 yuan/ton, and in Sichuan region it is around 6200-6600 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. The market price of raw material yellow phosphorus has slightly increased this week. At present, there is a shortage of low-priced sources in the yellow phosphorus market, and manufacturers’ quotations are firm. Although the market transaction price has risen, downstream companies are mainly cautious and cautious, with fewer new orders being transacted. Short term yellow phosphorus prices are expected to remain stagnant.
3、 Future forecast
Business Society’s phosphate analyst believes that the phosphate market has experienced slight fluctuations in recent days. The price of raw material yellow phosphorus has increased, and the cost support has increased, but the support is limited. At present, the supply and demand of the phosphoric acid market are stable, and the trading atmosphere is light. It is expected that the short-term domestic phosphoric acid market will mainly experience consolidation and operation.

Recently (10.14-10.22), the nitrile rubber market has been consolidating weakly. According to the Commodity Market Analysis System of Shengyi Society, as of October 22, the price of nitrile rubber was 16550 yuan/ton, which was the same as the price on October 14. On the one hand, the cost center of nitrile rubber has shifted downwards, and on the other hand, downstream demand has provided support, resulting in a weak consolidation of the nitrile rubber market. As of October 22, the mainstream market price for Lanhua 3305 in East China is around 16200-16200 yuan/ton; The mainstream market price for nitrile 3665 in Russia is around 15800-16000 yuan/ton; The mainstream market price for Nandi Nitrile 1052 is around 17300 to 17400 yuan/ton.
Recently (October 14-1022), the prices of raw materials such as butadiene and acrylonitrile have weakened, and the cost support for nitrile rubber has weakened. According to the Commodity Market Analysis System of Shengyi Society, as of October 22, the price of butadiene was 8333 yuan/ton, a decrease of 1.34% from 8446 yuan/ton on October 14; As of October 22, the price of acrylonitrile was 7800 yuan/ton, a decrease of 0.85% from the price of 7866 yuan/ton at the beginning of the month.
Recently (October 14-1022), the production of nitrile rubber plants in China has been declining, and starting from October 22, 2025, they will gradually shut down and enter the maintenance cycle.
After the holiday, the production of downstream nitrile rubber hoses in China increased by around 60%, and the production of insulation foam increased by around 5.4%. This mainly supports the demand for nitrile rubber, but there is resistance to high priced sources.
Market forecast: Business Society’s nitrile analyst believes that the cost support for nitrile rubber is currently weak; Downstream demand for support but resistance to high priced sources, it is expected that the nitrile rubber market will consolidate weakly in the later stage.