Chemical Prices Today (September 23, 2026): Daily Market Trends & Price Changes

Basic chemicals were finely balanced, with 12 products higher, 13 lower and 26 unchanged among the 51 tracked. Formic acid posted the sharpest move, falling 10.87% to CNY 2,050/ton, while Aniline led the gains at 2.49% to CNY 14,400/ton. Other notable movers included Phenol down 2.38% to CNY 8,713/ton, Lithium carbonate down 2.24% to CNY 131,000/ton, Hydrogen peroxide down 1.81% to CNY 707/ton, Urea down 1.30% to CNY 1,745/ton and Methanol down 1.18% to CNY 4,017/ton. On the upside, Nickel rose 1.23% to CNY 127,767/ton, Dichloromethane gained 1.15% to CNY 2,468/ton, Propylene glycol added 1.05% to CNY 9,633/ton and Formaldehyde increased 1.03% to CNY 1,758/ton. The narrow daily changes and the one-point decline in the composite chemical price index to 1,082 confirm that the segment is consolidating after an exceptionally strong month rather than reversing.

The acetic acid chain remained the most consistently supported group. Acetic acid rose 1.10% to CNY 4,603/ton, lifting its weekly and monthly gains to 7.23% and 25.49%. On September 23 Shandong Hualu-Hengsheng raised its acetic acid price by CNY 50/ton to CNY 4,600/ton for bulk material, citing low producer inventories and strong cost support from high-priced Methanol, while ex-works prices across North China, South China and Zhejiang have been raised repeatedly since mid-September. Acetic anhydride was unchanged at CNY 7,158/ton but remains up 5.14% weekly and 20.21% monthly, and Formaldehyde extended its monthly gain to 28.05%, reflecting the same methanol-driven cost push. ethyl acetate edged down 0.24% to CNY 6,767/ton, a sign that downstream ester producers are beginning to resist further cost pass-through even as the acid chain stays firm.

Aromatics continued to outperform the broader energy complex. Benzene rose 0.06% to CNY 9,824/ton, with Dongying Fuhai Weilian lifting its petroleum benzene ex-works price by CNY 50/ton to CNY 9,853/ton on September 23, and styrene quotes rising by CNY 100/ton to CNY 10,000/ton at Li Huayi. Spot benzene firmed even as energy futures fell broadly, reflecting low port inventories and continued cost support requirements from downstream styrene, ABS and PS producers. Toluene gained 0.81% to CNY 8,243/ton with South China listed prices at CNY 8,600/ton, while Xylene was essentially flat at CNY 8,320/ton, down 0.08% on the day and 3.65% over the week. Phenol was the weakest major aromatic, falling 2.38% to CNY 8,713/ton with a weekly loss of 2.96%, as easing Propylene values, down 0.88% to CNY 9,401/ton, reduced cost support and buyers stepped back from high-priced spot cargoes. PX held at CNY 9,800/ton with a 10.24% monthly gain.

Methanol-linked products began to correct after an exceptional monthly run. Methanol fell 1.18% to CNY 4,017/ton, although it remains up 2.41% on the week and 34.19% on the month, one of the strongest monthly performances in the entire basket. The decline suggests that high methanol prices are increasingly squeezing downstream margins and limiting incremental buying, particularly from MTO and formaldehyde producers. Ethylene glycol declined 1.01% to CNY 6,550/ton, with its weekly change turning negative at 0.98% while the monthly gain remains substantial at 23.35%. Technical assessments describe ethylene glycol as consolidating at an elevated level with downside pressure, as rising operating rates, the restart of coal-based units and a turn to stock building at East China ports change the supply-demand balance. Ethylene Oxide was unchanged at CNY 9,700/ton but remains up 5.43% weekly and 15.39% monthly, still supported by low inventories and supply diversion from co-production units.

Fertilizer, sulphur and battery-material chains remained the weakest part of the segment. Urea fell 1.30% to CNY 1,745/ton and is now down 2.06% over the week, caught between maintenance outages and export loading on the supply side and seasonally soft agricultural demand on the demand side. sulfuric acid was flat at CNY 1,738/ton with weekly and monthly declines of 4.4% and 3.93%, while Sulfur held at CNY 7,752/ton with a monthly loss of 12.33%, even as selected producers including Shandong Li Huayi raised offers by CNY 100/ton; national port sulphur inventories were reported at around 940,200 tons. Lithium carbonate fell 2.24% to CNY 131,000/ton, with industrial-grade lithium hydroxide posting an even steeper decline, as softer ternary cathode schedules, elevated visible inventories and a firmer dollar continued to pressure the battery-materials complex despite the product remaining more than 78% above year-earlier levels. Cobalt eased 0.18% to CNY 280,000/ton with a 9.58% monthly decline, whereas Nickel rose 1.23% to CNY 127,767/ton, the strongest gain among the metals.

Chlor-alkali, solvent and inorganic products showed mixed, mostly modest moves. Sodium hydroxide declined 0.62% to CNY 2,567/ton and Hydrogen peroxide fell 1.81% to CNY 707/ton, extending its weekly loss to 3.11%, while Dichloromethane moved in the opposite direction, up 1.15% to CNY 2,468/ton with weekly and monthly gains of 2.25% and 8.34%. Chloroform was unchanged at CNY 2,383/ton with a 7.89% monthly gain. Ammonium sulfate rose 0.32% to CNY 1,267/ton after Hualu-Hengsheng lifted caprolactam-grade material by CNY 10/ton to CNY 1,300/ton and power-plant grade by CNY 40/ton to CNY 1,095/ton. Sodium bicarbonate added 0.41% to CNY 1,210/ton, Potassium chloride gained 0.51% to CNY 3,350/ton, and Propylene glycol recovered 1.05% to CNY 9,633/ton after a weak week, although it remains 3.12% lower over seven days. Acetone was almost unchanged at CNY 8,863/ton, consolidating after the volatile moves of the previous two sessions.

Several large-volume products were entirely unchanged, reinforcing the impression of a market waiting for clearer direction. Ethanol held at CNY 5,577/ton, Caustic Soda at CNY 639/ton, calcium carbide at CNY 2,670/ton, Phosphoric Acid at CNY 8,350/ton, Titanium dioxide at CNY 14,200/ton, White phosphorus at CNY 27,766/ton, Mineral oil at CNY 72,000/ton, Pyridine at CNY 18,471/ton and EVA at CNY 11,033/ton. Acetic anhydride, Heptane, Hexane and Borax were likewise stable. Overall, the Basic Chemicals complex is characterised by strong but increasingly uneven cost support: products with tight supply or concentrated maintenance, such as aniline, acetic acid and benzene, continue to attract increases, while products exposed to easing feedstock costs or weak seasonal demand, including urea, methanol, ethylene glycol and lithium salts, are beginning to give back part of their September gains.

Fine Chemicals were the quietest segment, with 11 of 14 products unchanged. Tetrahydrofuran was the main mover, rising 1.47% to CNY 17,250/ton, followed by Melamine up 0.80% to CNY 6,288/ton, while sodium acetate was the only decliner, easing 0.16% to CNY 5,483/ton. The most striking statistic in the group remains dimethyl carbonate, unchanged at CNY 6,683/ton but still up 39.65% over the month, the largest monthly gain anywhere in the tracked basket, even though it has slipped 0.79% over the week. The pattern is consistent with a segment driven by identifiable raw-material shifts and contractual purchasing rather than by speculative flows, and it stands in clear contrast to the volatility seen in energy-linked bulk chemicals.

PTMEG-related Tetrahydrofuran rebounded 1.47% to CNY 17,250/ton, turning its weekly change positive at 0.32%, although the product remains 8.20% lower than a month earlier. The recovery is closely linked to the BDO chain, which is reported to be running at an annual high with strong cost support and limited downside momentum. On September 23 Xinjiang Lanshan Tunhe published its September BDO settlement at CNY 8,695/ton for East China and CNY 8,895/ton for South China, while setting October list prices sharply higher at CNY 10,000/ton and CNY 10,200/ton respectively, with one 100,000-ton line still shut and the remaining lines running at 70%–80% of capacity. East China BDO spot bulk material was discussed at CNY 10,000–10,100/ton. This combination of firm upstream costs and constrained operating rates explains why PTMEG has begun to recover even though downstream spandex demand remains seasonally soft.

Melamine rose 0.80% to CNY 6,288/ton, lifting its weekly change to 0.10% and its monthly gain to 0.22%, after easing in the previous session. The product continues to be supported by firm Urea and coal costs on the cost side while being capped by modest demand from laminate, tableware and resin producers. The very small monthly increase, in a month during which energy and petrochemical costs have risen sharply, indicates that melamine producers have so far been unable to pass the full cost increase through to customers. sodium acetate edged down 0.16% to CNY 5,483/ton, remaining broadly stable with a 1.46% monthly gain, while Sodium metabisulfite held at CNY 3,927/ton with weekly and monthly declines of 0.51% and 0.85%, tracking the continued softness in Sulfur, which is 12.33% lower over the month.

The remaining fine chemical products were entirely unchanged, underlining how narrow current price drivers are. Citric acid held at CNY 6,200/ton, Lactic acid at CNY 8,113/ton, Hydroquinone at CNY 30,500/ton, Oleic acid at CNY 10,000/ton, glycolic acid at CNY 13,000/ton, Ferric chloride at CNY 2,808/ton, Sodium hypochlorite at CNY 553/ton, Water softener salt at CNY 967/ton and Dimethyl sulfoxide at CNY 12,200/ton. Taken together, the Fine Chemicals segment remains a market of cost transmission rather than demand-led expansion: PTMEG is being pulled higher by a firm BDO chain, melamine is supported by urea and coal but capped by weak resin demand, and sodium metabisulfite is being weighed down by falling sulphur costs. With the Mid-Autumn Festival and National Day holidays approaching, selected chains may see temporary restocking support, but the narrow daily ranges suggest buyers and sellers remain closely matched on price expectations.

Energy, Rubber, Plastic and other chemicals produced the most dramatic single move of the day, with Anthracite falling 10% to CNY 1,575/ton, while WTI Crude Oil eased 1.09% to USD 91/barrel, HDPE declined 0.54% to CNY 10,513/ton and Gasoline rose 0.23% to CNY 10,091/ton. Asphalt, Carbon Black, Silica, kerosene, ABS, PVC and Carbon were all unchanged. The segment illustrates the current split in the market very clearly: coal and crude-linked products are correcting on improved supply expectations, while products supported by structural supply constraints and low inventories are holding their levels even as feedstock costs fall.

WTI Crude Oil fell to USD 91/barrel, though the session was far more volatile than the net change suggests. Benchmarks first extended their decline, with Brent touching USD 97.36 on September 22, its lowest since September 8, and WTI reaching its weakest level since September 1 early on September 23, as increased Middle East supplies and hopes of a United States–Iran agreement weighed on prices. Sentiment then reversed after Iranian President Masoud Pezeshkian told the United Nations General Assembly that Tehran would never surrender to the United States while still supporting diplomacy, and Brent settled 3.86% higher at USD 103.08. Several supply-side developments had already pressured the market: Saudi Arabia restarted its East-West Pipeline to the Red Sea on September 22 after drone attacks on September 11 halted loadings at Yanbu, Iraq reported exports above 3 million barrels per day, and United States crude inventories rose by 3 million barrels to 426.4 million in the week ended September 18 against expectations of a draw. Weekly WTI prices remain 7.92% lower, reflecting the scale of the recent de-rating of geopolitical risk.

Anthracite saw the sharpest correction in the segment, falling 10% to CNY 1,575/ton after rising 7.69% over the previous week. The trigger was a joint notice from the National Development and Reform Commission, the National Energy Administration and the National Mine Safety Administration requiring coal-producing provinces and producers to accelerate steady production and supply guarantees, actively advance mine restarts and ramp-ups, speed up acceptance of joint trial-operation mines and adjust policies to release coal production capacity reserves in a timely manner. The notice also addressed medium and long-term thermal coal contract performance, the supplementary role of imports and the development of replacement capacity. Market data show port coal prices retreating from highs as power plant daily consumption enters its seasonal decline and buyers grow cautious at elevated spot levels, with Daqin line daily shipments rising to about 1.117 million tons in mid-September from roughly 953,000 tons in early September. August domestic raw coal output was 360 million tons, down 7.7% year on year, so the cumulative supply loss remains large and the pace of any price relief will depend on how quickly policy translates into physical tonnes.

Refined products and asphalt reflected the same tension between weaker crude and tight physical balances. Asphalt was unchanged at CNY 6,200/ton, holding a 2.23% weekly gain and a 28.49% monthly increase, as refinery production plans remain far below normal and both producer and social inventories continue to sit at multi-year lows, offsetting the softer crude backdrop. Gasoline edged up 0.23% to CNY 10,091/ton despite a 1.11% weekly decline, supported by reduced refinery runs, low product inventories and the pending domestic retail price adjustment scheduled for September 24, while kerosene was flat at CNY 8,200/ton. The divergence between sharply lower crude futures and broadly stable domestic refined product prices indicates that physical tightness and the domestic pricing mechanism are still cushioning the downstream fuel market against the international cost retreat.

Rubber-related materials were entirely unchanged on the day, suggesting that the carbon black correction has paused for now. Carbon Black held at CNY 12,243/ton after falling 2.61% in the previous session, leaving it 2.66% lower on the week but still 29.27% higher on the month, while Silica was steady at CNY 6,400/ton with weekly and monthly gains of 3.06% and 2.73%. The two products continue to be driven by different mechanisms: carbon black remains hostage to high-temperature coal tar costs and to the ability of tyre makers, running at around 65% utilisation, to absorb further increases, whereas silica has been supported by tight upstream organosilicon supply and firmer precipitated and fumed grade quotations. The stabilisation in carbon black prices suggests that the initial phase of raw-material easing has now been priced in.

Plastics remained under modest pressure as converters continued to resist elevated resin prices. HDPE fell 0.54% to CNY 10,513/ton, extending its weekly decline to 2.94% while retaining a 3.45% monthly gain, and ABS and PVC were unchanged at CNY 11,017/ton and CNY 4,650/ton respectively. Broader market data for September 23 showed linear low density polyethylene down about 0.89%, polypropylene down around 1.49% and ABS marginally lower, with resin prices generally easing from intra-month highs even though month-to-date gains remain significant. On the supply side, September polypropylene maintenance has been heavy, with 22 units shut and average monthly operating rates around 68.4%, as oil-based, PDH and MTO routes remain loss-making or barely profitable; however, new capacity additions have been delayed to the fourth quarter, and restarted units plus new lines are expected to accelerate supply growth from October. Carbon was unchanged at CNY 12,433/ton with a 1.65% monthly gain.

Overall, the Energy, Rubber, Plastic and other chemicals segment is now defined by policy-driven supply recovery in coal, geopolitically driven volatility in crude, and demand-driven resistance in polymers. Anthracite has reacted immediately to the government supply-guarantee push, and further downside is possible if restarts accelerate, which would in turn relieve cost pressure on calcium carbide, nitrogen fertilizers and coal-chemical producers. WTI Crude Oil has become a two-way market in which diplomatic headlines around the Strait of Hormuz dominate short-term direction, with the weekly decline of 7.92% contrasting against a still-positive 17.07% monthly change. Asphalt, Carbon Black and Silica are holding up on structural supply tightness, while ABS, HDPE and PVC remain in a phase of price digestion that is likely to intensify once idled capacity returns in the fourth quarter. The approaching National Day holiday should provide temporary restocking support, but also raises the risk of post-holiday inventory normalisation.

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