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.

According to the Commodity Market Analysis System of Shengyi Society, lithium carbonate has shown a weak and volatile pattern recently, once again approaching the cost line. As of September 9th, the benchmark price of battery grade lithium carbonate trading company was 74033 yuan/ton, up 6.72% month on month and down 7.69% year-on-year. The benchmark price of industrial grade lithium carbonate trading company is 71966 yuan/ton, up 5.32% month on month and down 7.5% year-on-year.
Marginal improvement in supply and demand relationship, but inventory pressure still exists
The demand side is experiencing a seasonal rebound, and the production schedule for lithium iron phosphate materials is expected to reach a new high in September, with five consecutive months of month on month growth. The demand for energy storage batteries remains at full capacity. ​
Adequate supply side capability
The 40000 ton new project in Qinghai Salt Lake was put into operation in June, and the pyroxene production line of a lithium salt plant in Sichuan has entered the ramp up stage of production. Despite the accelerated withdrawal of high cost production capacity (partial shutdown of Australian hard rock lithium mines and Jiangxi mica mines), the overall operating rate of the industry remains high, and the resilience of the supply side remains strong. ​
Market driving factors: policy disturbance and cost game
In the short term, price fluctuations were disrupted by supply side policies. The shutdown of the Shixiawo mine in Ningde, Jiangxi Province, caused market concerns about supply contraction and led to a rebound in prices in August. However, as the market realized the limited impact of the shutdown and the expectation of resuming production emerged, emotions gradually cooled down.
Cost structure reshapes market competition pattern: Salt Lake lithium extraction, with its low-cost advantage, has shown strong resilience in the downward price cycle, further increasing its supply share. The increase in low-cost supply further suppresses the price rebound space, forcing high cost mines to shut down and accelerating industry clearance.
The data analyst of Business Society’s lithium carbonate believes that lithium carbonate is currently in a painful period of capacity clearance, and prices will repeatedly play around the cost line. Specific market changes and related policies still need to be monitored.