Daily chemical market prices on September 18, 2026: PVC fell 10.85%, Silica rose 5.49%, and PEG gained 4.67%. Explore key trends across Energy, Plastics, Rubber, Fine Chemicals and other markets.GuideView14 MIN READSeptember 18, 2026
Daily Chemical Market Price Overview — September 18, 2026
The latest daily chemical price update highlights significant movements across major sectors including
Basic Chemicals,
Fine Chemicals,
Energy,
Plastics,
Rubber, and
Other Chemicals. This report reviews daily, weekly, and monthly price fluctuations to identify short-term market volatility, supply-chain constraints, inventory trends, and changes in downstream purchasing behavior across the chemical industry.
Market focus today centered on sharp corrections in selected PVC products and continued strength in silica, PEG, asphalt, and lead, while several polymer and refined-product markets moved into consolidation as higher prices increasingly encountered cautious downstream procurement and improving supply availability.
PVC recorded the largest daily price movement across the tracked markets, falling 10.85% on September 18. The sharp decline should be interpreted cautiously because the dataset contains two PVC price series with significantly different price levels and daily movements. The broader PVC market remained under pressure from weak downstream demand and relatively high supply availability, although inventories had started to decline at the margin. Weekly prices were still up 17.68%, indicating that the sharp daily correction followed a strong recent rally rather than representing a complete reversal of the broader monthly trend.
Silica posted the strongest daily gain among the major positive movers, rising 5.49% to CNY 6,400/ton. The sharp increase was supported by higher raw-material costs, maintenance-related supply reductions and pre-holiday replenishment from downstream buyers. Compared with Carbon Black, which had already gained 26.26% over the month, Silica had shown a much smaller cumulative increase, suggesting that the latest move represented a stronger catch-up phase within the Rubber value chain. The sustainability of the rally will depend on downstream tire and rubber-product manufacturers' ability to absorb higher filler costs.
PEG prices increased 4.67% to CNY 11,200/ton, extending the weekly gain to 9.25% and the monthly increase to 4.38%. The move was primarily supported by higher ethylene oxide costs and tighter merchant EO availability, while downstream procurement remained largely need-based. Reduced merchant EO supply from integrated producers and firm EO pricing have strengthened the entire EO derivative chain, including PEG and polycarboxylate-superplasticizer monomers. The combination of
higher feedstock costs and constrained intermediate availability has therefore become the main driver of PEG's recent price strength.
Price increased 4.67% today — EO supply tightness and cost transmission remain the key factors to watch.
Basic chemicals remained structurally firm on September 18, but the market showed increasing differentiation after the strong gains seen earlier in the month.
Acetic acid and Acetic anhydride remained the strongest major products, rising 4.76% and 2.92% day-on-day, respectively, while Ethyl acetate increased a more moderate 0.45%. At the same time, several products that had accumulated substantial gains over the previous month, including
Methanol, Toluene, Benzene, Xylene and Acetone, showed either outright daily declines or significantly slower momentum. The market therefore appears to be moving from a broad cost-driven rally toward a more selective phase in which product-specific supply availability, downstream purchasing and accumulated price gains are becoming increasingly important. Among the tracked products, Methanol remained the strongest on a monthly basis at +31.55%, while Formaldehyde and Acetone were also up more than 25% over the month. In contrast, Lithium carbonate, Cobalt, Sulfur and Sulfuric acid remained in negative monthly territory, highlighting a clear divergence between individual chemical chains.
The Acetic acid chain continued to be the clearest source of upward momentum. Acetic acid increased 4.76% to CNY 4,403/ton, bringing its weekly gain to 11.52% and its monthly increase to 21.71%. Acetic anhydride followed with a 2.92% daily increase to CNY 7,038/ton, while its weekly and monthly gains reached 9.80% and 17.23%, respectively. The simultaneous strength of these two upstream products indicates that the tightening seen earlier in the acetyl chain has not yet fully eased. Domestic market quotations also showed a relatively firm structure, with several producers quoting Acetic acid around CNY 4,000-4,450/ton on September 18. The magnitude of the weekly increase suggests that producer pricing and spot availability remain more influential than downstream demand alone.
Ethyl acetate, however, rose only 0.45% to CNY 6,713/ton, despite remaining 9.18% higher on a monthly basis. The narrowing gap between upstream and downstream daily gains is important: it suggests that higher Acetic acid costs are increasingly being transmitted into Ethyl acetate, but downstream buyers are becoming more resistant to accepting another sharp increase after the earlier rally. This creates a potential margin-pressure point for acetate downstream producers if Acetic acid remains firm while Ethyl acetate demand fails to accelerate proportionally.
The phenol-ketone chain began to diverge from the broader acetyl and aromatics rally. Acetone slipped 0.15% to CNY 8,675/ton, while Phenol declined 1.34% to CNY 9,200/ton. This is a meaningful change from the previous session, when both products were still showing stronger upward momentum. Despite the daily correction, Acetone remained 25.79% higher than one month earlier, making it one of the strongest performers in the entire Basic Chemicals basket. The combination of a very large monthly gain and a flat-to-negative daily movement suggests that the market is entering a consolidation phase rather than immediately reversing its broader trend. Phenol's weaker performance reinforces this interpretation. Because Phenol and Acetone are closely linked through the phenol-ketone production chain, the simultaneous weakness in both products points to some easing in spot tightness and greater resistance from downstream buyers at elevated price levels.
The key issue is therefore shifting from supply shortage to demand absorption and producer margin sustainability.
The aromatics complex also showed a clear high-price correction. Benzene declined 1.39% to CNY 9,468/ton, while Toluene and Xylene fell 2.38% and 1.52%, respectively. Nevertheless, their monthly gains remained substantial at 18.66%, 19.28% and 21.58%. The simultaneous daily decline across Benzene, Toluene and Xylene suggests that the recent rally is encountering resistance after a rapid repricing. In particular, Toluene and Xylene had already risen by roughly one-fifth over the month, making downstream users increasingly sensitive to the cost increase.
PX was the major exception within the aromatics complex, rising 2.08% to CNY 9,800/ton and extending its monthly gain to 9.16%. The spot PX market remained relatively firm, with the September 18 spot benchmark at CNY 9,800/ton and a sizable premium over the corresponding futures price. This divergence indicates that PX supply-demand fundamentals remained tighter than those of some other aromatics, even as Benzene, Toluene and Xylene entered a short-term correction.
Methanol remained the strongest longer-term momentum product, but short-term price behavior became more cautious. Methanol declined 1.56% to CNY 3,967/ton on September 18, yet remained 7.91% higher on a weekly basis and 31.55% higher on a monthly basis. The scale of the monthly increase is significant and indicates that the current correction is taking place from an already elevated base. Domestic East China prices also showed a substantial upward shift in the third week of September, supporting the view that the underlying price center has moved higher. However, the latest daily decline suggests that buyers may be becoming more selective after the rapid increase. From a downstream perspective, sustained Methanol strength can raise the cost base for formaldehyde and other methanol derivatives, but the ability of downstream producers to pass those costs through will increasingly depend on actual operating rates and end-user demand. The current divergence between Methanol and Formaldehyde therefore deserves close attention: Formaldehyde increased 0.29% to CNY 1,750/ton and remained 26.66% higher on a monthly basis, indicating that a substantial portion of the upstream cost increase has already been transmitted downstream.
Ethylene glycol and Propylene glycol showed another important form of differentiation. Ethylene glycol declined 0.37% to CNY 6,683/ton but remained 22.87% higher on a monthly basis, while Propylene glycol fell a more significant 3.00% to CNY 9,700/ton, reducing some of the gains accumulated earlier in the month. The divergence between the two glycol products suggests that downstream demand and individual supply conditions are becoming more important than a common feedstock-cost explanation. Ethylene glycol's strong monthly performance indicates that its price center remains substantially higher than one month ago, whereas the sharper correction in Propylene glycol points to greater sensitivity to downstream purchasing and inventory conditions.
The negative daily movement in these products, despite strong monthly gains, is another indication that parts of the market are entering a consolidation phase after the earlier cost-driven rally.
Inorganic chemicals were mixed, with hydrogen peroxide remaining firm on a weekly basis but sulfur-related products continuing to weaken. Hydrogen peroxide declined 1.32% to CNY 750/ton, although it remained 11.16% higher week-on-week and 12.48% higher month-on-month. Domestic market data also showed a wide regional price range on September 18, reflecting differences in concentration, logistics and local supply conditions. By contrast,
Sulfur fell 6.77% over the week and 11.43% over the month, while Sulfuric acid declined 1.47% on the day and 3.19% over the month. Domestic sulfur prices had already fallen significantly during the third week of September, with East China prices around CNY 7,669/ton on September 18. The divergence between Hydrogen peroxide and sulfuric-acid-related products suggests that the inorganic segment is no longer being driven by one common cost factor. Product-specific inventory, plant operating rates and downstream procurement are increasingly determining price direction.
The lithium and battery-material segment remained under pressure, but the underlying physical market was more balanced than the headline price decline suggests. Lithium carbonate fell 0.76% to CNY 130,000/ton, extending its weekly loss to 5.88% and its monthly decline to 5.12%. SMM's September 17 assessment showed that the spot market was already characterized by active downstream dip-buying and stockpiling, while upstream lithium chemical producers were maintaining firm spot-order prices and limiting sales. The market was therefore caught between gradually recovering supply and relatively strong low-price purchasing interest. Production was also expected to recover as salt-lake operations resumed after maintenance.
The latest decline in Lithium carbonate should therefore be interpreted as a correction within a highly contested supply-demand balance rather than simply as evidence of collapsing demand. Cobalt also remained weak, falling 0.35% on the day and 3.35% over the week, with its monthly decline reaching 8.89%, while Nickel rose marginally by 0.37% but remained down 1.79% over the month. The continued weakness in battery metals contrasts with the strong performance of several petrochemical products and confirms that Basic Chemicals remains highly segmented by individual supply-demand cycles.
Overall, the September 18 Basic Chemicals market showed a transition from broad-based price acceleration toward selective consolidation. The Acetic acid and Acetic anhydride chain remained firmly supported, with Acetic acid reaching CNY 4,403/ton and retaining gains of more than 20% over the month. PX also continued to strengthen, while Methanol, Formaldehyde and Ethylene glycol remained at substantially higher monthly price levels. In contrast,
Benzene, Toluene, Xylene, Acetone, Phenol, Propylene glycol and Methanol all showed signs of short-term price resistance or correction, despite strong cumulative gains in several cases. This divergence indicates that the market is increasingly being determined by the balance between upstream cost transmission and downstream affordability. Products with tight spot availability and stronger producer pricing power are still capable of extending their gains, while products that have already risen sharply may face greater resistance from downstream buyers. The near-term Basic Chemicals market is therefore likely to remain firm but increasingly selective, with
acetyl products and PX retaining stronger supply-side support, while aromatics, methanol derivatives and several high-growth products face a greater risk of consolidation as accumulated gains become harder to absorb downstream.
Fine chemicals showed a clear divergence on September 18, with
Poly(ethylene glycol) (PEG) moving sharply higher while
Sodium metabisulfite remained broadly stable. PEG increased 4.67% day-on-day to CNY 11,200/ton, extending its weekly gain to 9.25% and its monthly increase to 4.38%. In contrast, Sodium metabisulfite slipped only 0.18% to CNY 3,943/ton, with weekly and monthly declines of 0.33% and 0.70%, respectively. The contrasting performance reflects different feedstock and supply-demand structures within the fine chemicals sector. PEG is increasingly being supported by higher ethylene oxide costs and tighter merchant availability across EO derivatives, while Sodium metabisulfite is facing lower sulfur-related feedstock costs but continues to receive support from relatively stable demand in food preservation, water treatment and other industrial applications. The current fine chemicals market therefore remains highly selective, with upstream cost transmission supporting some specialty products while mature inorganic specialty chemicals remain largely range-bound.
Poly(ethylene glycol) was the strongest mover in the Fine Chemicals segment. PEG increased 4.67% on September 18 to CNY 11,200/ton, following a 9.25% weekly increase. The recent rally is closely linked to the tightening cost structure of the ethylene oxide value chain. East China ethylene oxide prices rose by around 20% during the first half of September and reached approximately CNY 9,200/ton on September 11, the highest level of the year. Higher feedstock costs, together with reduced merchant EO availability, provided a strong cost basis for downstream EO derivatives. Some EO/MEG co-production units had previously allocated more ethylene toward MEG production, reducing merchant EO supply. Although several producers have recently started to adjust their production allocation back toward EO as EO economics improved, the overall supply response has remained limited. This has allowed higher EO prices to be transmitted into downstream specialty products, including PEG.
The PEG rally should therefore be viewed primarily as a combination of feedstock cost inflation and tighter intermediate availability rather than evidence of a broad-based surge in specialty chemical demand.
The broader EO derivative market provides additional evidence of this cost-transmission mechanism. On September 18, domestic polycarboxylate superplasticizer monomers including
EPEG, HPEG and TPEG increased by roughly 3%–4% across major Chinese regions. Market reports indicated that spot EO resources remained relatively tight, while downstream buyers continued to purchase mainly according to essential requirements rather than aggressively chasing higher prices. This combination of firm feedstock costs and cautious but persistent downstream procurement is consistent with the current PEG market structure.
For Fine Chemicals, the important development is therefore not simply higher demand, but the widening transmission of elevated EO costs into specialty derivatives. If EO remains firm and merchant supply remains limited, PEG prices may retain upward pressure; however, the relatively cautious downstream procurement environment could increasingly limit the speed of further price increases once inventories are replenished.
The PEG market should also be interpreted with caution because PEG represents a family of products with different molecular weights and applications. Publicly available Chinese market quotations on September 17–18 showed substantial price differences among PEG 400, PEG 600, PEG 6000, PEG 10000 and other grades, with quotations varying significantly by molecular weight, grade, region and supplier. The CNY 11,200/ton figure in the current dataset should therefore be treated as the representative market price for the tracked PEG product rather than as a uniform spot price for all PEG grades. This distinction is important because different PEG grades serve different end markets, including pharmaceuticals, cosmetics, personal care, industrial formulations, surfactants and other specialty applications.
Price transmission is consequently likely to differ by grade, with higher-purity and higher-molecular-weight products potentially showing different supply-demand dynamics from industrial PEG grades.
Sodium metabisulfite moved in the opposite direction and remained largely range-bound. The product declined only 0.18% on September 18 to CNY 3,943/ton, with a weekly decline of 0.33% and a monthly decline of 0.70%. Domestic market data also showed limited day-to-day movement, with industrial-grade material generally quoted around CNY 3,850–3,950/ton in East China. The relatively stable price structure indicates that neither supply nor demand is currently exerting enough pressure to generate a significant directional move. Importantly, Sodium metabisulfite has not followed the sharp decline in its sulfur-related feedstock to the same extent, suggesting that stable downstream consumption is providing some resistance to further price decreases.
Lower sulfur prices are currently the main cost-side pressure on Sodium metabisulfite. Sulfur prices fell substantially during September, with the September 18 benchmark at approximately CNY 7,685.67/ton, down about 7.95% from the beginning of the month. The corresponding sulfur price in the Basic Chemicals dataset was CNY 7,669/ton, with weekly and monthly declines of 6.77% and 11.43%, respectively. Because sulfur is an important upstream raw material for sulfur dioxide and sulfite-based chemicals, the decline in sulfur prices reduces the replacement-cost pressure on Sodium metabisulfite producers. However, the decline has not translated into an equivalent reduction in the finished product, indicating that
lower feedstock costs are currently being absorbed partly through producer margins rather than being fully passed through to buyers. This creates a relatively stable price floor for the product as long as downstream consumption remains steady.
From the demand side,
Sodium metabisulfite benefits from relatively diversified end-use applications, including food preservation, water treatment, pharmaceutical processing and industrial reducing or bleaching processes. Market data indicate that China and India remain major export suppliers, while international demand is distributed across multiple importing markets. This diversification reduces the sensitivity of the product to a single downstream industry cycle. Food-grade demand in particular tends to provide a relatively stable baseline, although purchasing can still exhibit seasonal fluctuations. As a result, the current market is better characterized as a balance between declining raw-material costs and stable downstream consumption rather than an outright oversupply situation.
The divergence between PEG and Sodium metabisulfite highlights a broader structural feature of the Fine Chemicals market. Specialty chemical prices are increasingly being determined by individual value-chain economics rather than by a single sector-wide trend. PEG is currently experiencing upward cost transmission from ethylene oxide, while Sodium metabisulfite is experiencing downward cost pressure from sulfur. At the same time, both products face relatively cautious downstream purchasing behavior at elevated or uncertain price levels. This means that
Fine Chemicals should not be viewed as a uniform bullish or bearish market. Products with tight intermediate supply, limited merchant availability and strong producer pricing power can continue to rise even when downstream buyers remain cautious, while products with adequate supply and falling feedstock costs are more likely to remain flat or weaken. The September 18 data therefore point to a market increasingly shaped by feedstock-specific cost movements, intermediate availability and differentiated downstream demand rather than by broad-based changes in specialty chemical consumption.
Looking ahead,
PEG is likely to remain more sensitive to the EO market and the allocation of ethylene between EO and MEG, while Sodium metabisulfite should remain more closely linked to sulfur prices and the stability of food, water-treatment and industrial demand. The key variable for PEG will be whether higher EO prices continue to be accompanied by limited merchant supply and whether downstream users accept further increases. For Sodium metabisulfite, the main question is whether lower sulfur costs eventually translate into lower producer offers or are instead offset by stable demand and producer margin management. Overall, the Fine Chemicals segment remains characterized by
selective cost-push inflation in EO-linked products alongside relative price stability in mature inorganic specialty chemicals, suggesting that individual feedstock and application chains will remain more important than a broad sector-wide trend in determining price movements.
Energy, Rubber, Plastic and other chemicals Prices
Energy Market:The Energy market remained highly differentiated on September 18.
Asphalt increased from CNY 6,100/ton to CNY 6,153/ton, gaining 0.87% on the day, while its weekly and monthly gains reached 7.99% and 26.00%, respectively. By contrast,
Gasoline declined 0.78% to CNY 10,150/ton, although it remained 2.08% higher on the week and 13.40% higher on the month. The divergence indicates that product-specific supply and inventory conditions are becoming more important than broad energy-cost movements. Asphalt is being supported by exceptionally low inventories and seasonal construction demand, while gasoline is increasingly constrained by high prices and weaker spot purchasing enthusiasm.
Asphalt:The asphalt market remained structurally tight. Domestic asphalt producer inventories were around 451,000 tons as of September 17, down 9.6% week-on-week and 33.6% year-on-year, while social inventories fell 13.5% week-on-week and 64.5% year-on-year. Both producer and social inventories were therefore at relatively low levels. At the same time, September marks the traditional road-construction peak season, with construction activity accelerating in northern regions and existing projects entering a faster completion phase. This combination of
low inventories, constrained refinery supply and seasonal demand provides a stronger price foundation than cost inflation alone. :contentReference[oaicite:0]{index=0}
Gasoline:Gasoline showed the opposite short-term pattern. The September 18 benchmark was around CNY 10,229.86/ton, already close to the upper end of its recent price range, while the daily change was negative. The market had moved into a higher-price environment, making downstream buyers more reluctant to chase spot prices. With crude prices also retreating on September 18, the marginal cost support weakened. :contentReference[oaicite:1]{index=1} The current structure is therefore better described as
high-cost support versus weakening downstream price acceptance. The substantial monthly gain remains intact, but short-term momentum is becoming less synchronized with the upstream cost environment.
Energy Market Outlook:The key distinction is now between products with direct supply constraints and products exposed to downstream price resistance. Asphalt continues to benefit from low inventories and seasonal infrastructure demand, whereas gasoline is increasingly sensitive to high retail and wholesale prices, refinery economics and purchasing behavior. The Energy market is therefore shifting from a broad cost-driven rally toward a more product-specific pricing structure, with
inventory and physical availability becoming increasingly important.
Plastics Market:The Plastics market entered a more differentiated phase on September 18.
ABS declined modestly by 0.44% to CNY 11,367/ton, but remained 14.61% higher on the month.
HDPE fell 1.14% to CNY 10,800/ton, with its weekly performance already turning negative at -0.70%, while monthly growth remained positive at 3.98%.
PVC also weakened, although the two PVC price series in the dataset show substantially different absolute levels and daily changes. Overall, the market is moving from broad cost support toward a phase dominated by supply recovery, inventory management and downstream purchasing resistance.
HDPE:HDPE has shown the clearest signs of weakening fundamentals. Recent polyethylene data indicate that maintenance units have gradually returned to production, industry operating rates have increased, and additional restarts together with new capacity expectations are likely to increase supply pressure. At the same time, downstream demand remains relatively soft, with purchasing largely limited to immediate requirements. HDPE 5000S declined from CNY 11,100/ton on September 14 to CNY 10,800/ton on September 18, a 2.70% decline. :contentReference[oaicite:2]{index=2} The market is therefore moving from a previously tight balance toward
higher expected supply combined with limited demand elasticity. Low inventories can provide some downside protection, but high prices are increasingly restricting further demand expansion.
ABS:ABS remained comparatively resilient despite the daily correction. The price declined only 0.44% on September 18 while retaining a 14.61% monthly gain, indicating that the move is more consistent with high-level consolidation than a broad reversal. ABS pricing continues to reflect the combined influence of upstream styrenics and nitrile/butadiene-related costs, supply availability and downstream demand from automotive, electrical and appliance applications. At current price levels, downstream converters have stronger incentives to control inventory and purchase only against confirmed orders. This creates resistance to further price increases even while upstream costs remain elevated.
PVC:PVC remained under pressure as spot demand failed to provide sufficient support. The spot market was characterized by cautious sentiment, declining dealer quotations and relatively weak trading activity, while mainstream calcium-carbide PVC quotations in Shandong were around CNY 4,750–4,800/ton in the September 17 market. :contentReference[oaicite:3]{index=3} The dataset also contains two PVC price series with very different absolute levels, including one showing a 10.85% daily decline. This large divergence should be treated as a
price-series or specification difference rather than interpreted directly as a 10.85% collapse in the entire PVC market. Fundamentally, PVC remains constrained by weak downstream demand and relatively high supply availability, even though inventories have begun to decline at the margin.
Plastics Market Outlook:The main transition in Plastics is from
cost-driven price increases toward supply-and-demand differentiation. ABS is maintaining a relatively high price level, HDPE is being pressured by production restarts and weak downstream demand, while PVC continues to face insufficient demand support. The key variable is increasingly the ability of resin producers to pass higher costs through to converters. When finished-product demand does not increase at the same pace as feedstock costs, the pressure is gradually transferred to converter margins rather than indefinitely pushing resin prices higher.
Rubber Market:The Rubber market showed one of the clearest examples of internal divergence.
Carbon Black declined 1.63% to CNY 12,571/ton on September 18, but remained 18.99% higher on the week and 26.26% higher on the month. Meanwhile,
Silica jumped 5.49% to CNY 6,400/ton, with its weekly and monthly gains reaching 1.51% and 1.92%. The contrast indicates that rubber-material pricing is increasingly being determined by individual feedstock and supply conditions rather than by tire demand alone.
Carbon Black:The 1.63% daily decline appears more consistent with high-level consolidation after a sharp cost-driven rally than with a fundamental reversal. Carbon black prices remain elevated across major Chinese regions, with N220 quotations around CNY 13,000–13,150/ton in Guangdong and Hebei on September 18. :contentReference[oaicite:4]{index=4} The major upstream driver remains the coal-tar chain: tighter coking-coal supply and reduced coke-plant output have constrained coal-tar availability, pushing carbon-black production costs sharply higher. At the same time, carbon-black operating rates and inventories remain relatively constrained. :contentReference[oaicite:5]{index=5} The resulting structure is
strong upstream cost support but increasingly limited downstream price acceptance.
Silica:Silica moved sharply higher on September 18, reaching CNY 6,400/ton after a 5.49% daily increase. The latest market assessment attributes the move to a combination of
higher raw-material costs, maintenance-related supply reductions and pre-holiday restocking. :contentReference[oaicite:6]{index=6} Compared with carbon black, silica had experienced a much smaller monthly increase before this move, so the September 18 jump represents a more visible catch-up phase. The short-term price structure is therefore supported by both supply-side tightening and temporary procurement demand, although the durability of the move will ultimately depend on whether downstream tire and rubber-product manufacturers can absorb higher filler costs.
Rubber Market Outlook:The key issue is the different speed of cost transmission between carbon black and silica. Carbon black has already experienced a substantial price increase, with raw-material inflation significantly ahead of downstream tire-price adjustments. Silica, by contrast, is experiencing a more concentrated combination of supply tightening and restocking. The next stage of the market will therefore depend increasingly on
downstream margin absorption and the ability of tire manufacturers to pass filler-cost increases into finished products.
Lead Market:Lead prices increased from CNY 15,945/ton to CNY 16,280/ton on September 18, gaining 2.10% on the day. However, the weekly change remained negative at -0.87% and the monthly change was broadly flat, indicating that the move was more consistent with a short-term rebound than a renewed monthly uptrend. Physical lead availability has tightened, while inventories have continued to decline. Shanghai Futures Exchange lead inventories fell by 6,123 tons on September 18 to 53,115 tons, a decline of approximately 10.3% from the previous trading day. Major-market social inventories were also reported at 70,900 tons as of September 17, down 1,400 tons from the previous week. :contentReference[oaicite:7]{index=7}
Lead Supply Chain:Upstream concentrate availability remains an important source of support. Domestic lead-concentrate treatment charges were reported at only CNY 150/ton, while imported treatment charges were negative at approximately -USD 175/ton, indicating tight concentrate economics. At the same time, secondary lead production remains constrained by tight spent-battery feedstock and weaker operating rates. Primary lead production has improved somewhat, so the market is not experiencing a uniform supply contraction, but the combination of
tight raw-material availability, limited secondary-lead margins and declining inventories has tightened the spot market. :contentReference[oaicite:8]{index=8}
Lead Demand:Demand has also provided a near-term floor. Lead-acid battery operating rates improved marginally, while pre-holiday procurement supported some additional restocking. Domestic lead inventories consequently moved lower. However, the increase in lead prices itself may limit further purchasing by battery manufacturers, particularly if downstream companies choose to consume existing inventories rather than chase the spot market. The current structure is therefore better characterized as
tight physical supply plus seasonal restocking, rather than broad-based demand expansion. :contentReference[oaicite:9]{index=9}
Lead Market Outlook:Lead is currently being supported by the physical market more than by a broad acceleration in end-user demand. The most important variables are concentrate availability, secondary-lead feedstock costs, smelter operating rates and inventory movements. As prices rise, downstream battery producers are likely to become increasingly sensitive to procurement costs, making inventory behavior a key indicator of whether the current tightness can translate into a sustained price premium.
Overall Market View:The September 18 market was characterized by increasingly strong divergence across value chains.
Energy was differentiated by physical supply and inventory, with Asphalt remaining much tighter than Gasoline.
Plastics were moving from broad cost support toward a supply-recovery and downstream-demand-driven structure, with HDPE and PVC under greater pressure than ABS.
Rubber showed strong internal rotation, with Carbon Black consolidating after a major cost-driven rally while Silica entered a sharper catch-up phase.
Lead remained sensitive to raw-material availability and inventory drawdowns, with seasonal battery demand providing additional support. Overall, the market is moving away from a generalized cost-push environment toward a more differentiated phase in which
supply availability, inventory, margins and downstream price acceptance increasingly determine individual product performance.
Data Source & Update Methodology
The above pricing data is compiled from multiple market channels including domestic ex-works quotations, distributor transaction references, port prices, and mainstream spot market assessments. Data was updated on
September 18, 2026, based on the latest available trading activity and real-time market feedback collected by GuideTrends analysts and industry participants.
All prices are for reference purposes only and may vary depending on region, transaction volume, specification, and contract terms.
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