Chemical Prices Today (September 21, 2026): Daily Market Trends & Price Changes

Basic chemicals remained broadly firm but increasingly differentiated, with Acetic acid, Acetic anhydride, Acetone, and Ethylene Oxide leading the upward move, while Formic acid, Hydrogen peroxide, Methanol, Ethylene glycol, Phenol, Propylene, and Xylene moved lower. Acetic acid increased 2.27% to CNY 4,503/ton, extending its weekly and monthly gains to 6.05% and 23.59%, respectively. The recent rally has been supported by higher Methanol feedstock costs, relatively low producer inventories, and tighter spot availability. Market reports also pointed to operating disruptions, maintenance and reduced production at several domestic units, while downstream buyers of vinyl acetate and acetate esters increased pre-holiday replenishment ahead of the National Day holiday, further tightening spot availability. Acetic anhydride followed the same trend, rising 1.53% to CNY 7,158/ton, with its monthly increase reaching 18.81%, as elevated Acetic acid costs continued to provide strong cost support.

Ethylene Oxide recorded the strongest daily increase in the basket, jumping 5.43% to CNY 9,700/ton and gaining 14.22% over the month. The latest industry reports indicate that domestic Ethylene Oxide prices have reached a new yearly high, with East China quotations at CNY 9,200–9,700/ton and Central China prices above CNY 10,000/ton. The sharp September rally has been driven by a combination of higher upstream feedstock costs, supply diversion caused by changes in co-production unit operations, and low port inventories. Major producers including Sinopec have raised ex-plant prices several times during September, reinforcing the tight-supply environment. Acetone also strengthened by 3.59% to CNY 9,000/ton. Cost inflation from Crude oil, Benzene, and Propylene, together with maintenance at some production units and slower import arrivals, has tightened spot availability, while downstream sectors including BPA, MMA and Isopropyl alcohol have provided additional replenishment demand. Despite the latest daily increase, the market is already up 26.52% month-on-month, suggesting that downstream purchasing power and margin absorption will become increasingly important for the next phase of the rally.

Methanol and Ethylene glycol showed a different pattern, with both retreating despite substantial monthly gains. Methanol fell 0.73% to CNY 4,053/ton, although it remained up 33.07% over the month. Recent market data show that coastal Methanol inventories have continued to decline, while imports remain relatively limited amid disruption to Iranian supply and ongoing geopolitical risk around regional shipping routes. At the same time, high Methanol prices have increasingly squeezed downstream margins, particularly for MTO and Formaldehyde producers, limiting incremental demand and creating a risk of short-term price corrections. Ethylene glycol declined 0.75% to CNY 6,633/ton but remained 23.19% higher on a monthly basis, indicating that the latest decline is better viewed as a correction from elevated levels rather than a complete reversal of the broader September uptrend. Recent market data also showed the Ethylene glycol price index falling 2.79% on September 21, consistent with the short-term weakening seen in the physical market.

Several other products also reflected profit-taking and weaker short-term fundamentals. Formic acid dropped sharply by 8.00% to CNY 2,300/ton, while Hydrogen peroxide fell 4.00% to CNY 720/ton, although both remained significantly higher than a month earlier. Phenol declined 1.10% and Propylene fell 0.24%, suggesting that not all products are able to fully pass through the broader increase in energy and petrochemical costs. In the aromatics complex, Benzene increased 1.04% and remained 19.15% higher on a monthly basis, while Toluene and Xylene declined 0.42% and 0.99%, respectively. Recent market commentary indicated that Toluene and Xylene were still supported by pre-holiday replenishment and improving downstream purchasing, but prices were increasingly influenced by futures-market fluctuations and the balance between crude-oil costs and supply-demand expectations. Ammonium sulfate, Aniline, Dichloromethane, Ethanol, and Ethyl acetate remained relatively firm, with monthly gains ranging from 0.11% to 10.80%, indicating that the broader chemical market is still characterized by strong cost support but uneven downstream absorption.

Outside the organic chemical chain, Cobalt remained under pressure, falling 0.57% to CNY 281,100/ton and extending its monthly decline to 9.24%. The correction contrasts with the strong rally seen earlier in the year and reflects a market in which the initial supply-tightness premium has been partially unwound, while downstream battery-material demand and pricing power have become more important. Nickel, by comparison, was broadly stable at CNY 125,933/ton, with a marginal daily increase of 0.05% and a monthly decline of 1.91%. Sulfur also remained weak on a monthly basis, down 11.95% despite a marginal daily increase, while Urea declined 0.56% on the day and 1.56% over the week. Overall, the latest data point to a two-speed Basic Chemicals market: products exposed to tight supply, low inventories, or strong feedstock inflation continue to move higher, while products facing margin compression, improving availability, or weaker downstream purchasing are beginning to correct. The approaching National Day holiday is likely to keep replenishment activity supportive in selected chains, but the increasingly large monthly gains in several products also raise the importance of inventory digestion and downstream cost absorption.

Fine Chemicals remained relatively stable overall, but individual products showed clearly different supply-cost dynamics. Melamine edged up 0.19% to CNY 6,275/ton, extending its weekly gain to 0.22%, while its monthly increase remained limited at 0.19% in the supplied dataset. The market has been supported mainly by firm upstream Urea and coal costs, together with relatively stable operating conditions at some producers and pre-holiday procurement. Recent market reports showed that Melamine prices moved higher during September as cost pressure strengthened, although the downstream market remained relatively cautious and the overall price increase was moderate. On September 21, Sichuan Jinxiang raised its Melamine ex-works quotation by CNY 50/ton to CNY 6,050/ton, providing additional evidence that producers were attempting to pass through higher costs. The latest market data therefore suggest that Melamine is currently characterized by cost support rather than a strong demand-driven rally, with the limited monthly increase indicating that downstream purchasing power is still constraining the upside.

Sodium metabisulfite moved in the opposite direction, falling 0.25% to CNY 3,933/ton and extending its weekly and monthly declines to 0.41% and 0.78%, respectively. The latest weakness is closely linked to the raw-material side, particularly Sulfur. Market information on September 21 showed that Shanghai industrial-grade Sodium metabisulfite quotations fell by around CNY 100/ton as sulfur prices declined, while local inventories remained at roughly 20% of normal levels. This indicates that the current price pressure is primarily cost-driven rather than the result of a sudden deterioration in downstream demand. The relatively limited monthly decline also suggests that the market remains relatively balanced, but with falling sulfur costs reducing the willingness of producers to maintain previous price levels. As Sulfur itself remained significantly lower on a monthly basis, the near-term direction of Sodium metabisulfite is likely to remain closely linked to raw-material cost movements and the pace of downstream replenishment ahead of the holiday.

PTMEG was the strongest performer in the group, increasing 0.98% to CNY 17,167/ton after a prolonged correction. Despite the latest rebound, the product remained down 8.19% on a monthly basis, indicating that the current move is better viewed as a short-term recovery from depressed levels rather than a return to a sustained uptrend. Recent market reports described the domestic PTMEG market as narrowly consolidating on September 21, while industry data continued to track multiple PTMEG production-unit developments across major producers. At the downstream level, Spandex remained caught between firm upstream costs and weak seasonal demand. As of September 21, the domestic Spandex benchmark was around CNY 29,000/ton, down 1.69% from the beginning of September, while mainstream 40D transactions were concentrated around CNY 28,500–29,500/ton. Higher BDO and PTMEG costs continued to provide support to Spandex production costs, but weak terminal demand limited the ability of producers to fully pass higher raw-material costs downstream. This combination explains why PTMEG has begun to stabilize or rebound even though its monthly performance remains negative.

From a broader market perspective, the three Fine Chemicals products show a market that is still dominated by cost transmission rather than broad-based demand expansion. Melamine is receiving support from elevated Urea and coal-related costs, but downstream demand remains insufficient to generate a strong price acceleration. Sodium metabisulfite is facing the opposite situation, with falling Sulfur costs allowing its price center to move lower despite relatively stable inventories. Meanwhile, PTMEG is benefiting from a firmer BDO chain and attempts by upstream producers to maintain margins, while the downstream Spandex sector remains constrained by weak terminal demand. The approaching Mid-Autumn Festival and National Day holiday may provide temporary replenishment support across selected chemical chains; however, the Shanghai International Energy Exchange has announced that trading will be suspended from September 24 through September 27 and again from October 1 through October 7, with trading resuming on October 8. This holiday schedule may encourage some pre-holiday inventory adjustments while also increasing the likelihood of short-term price volatility around the final trading sessions before the break.

Energy and Plastics markets showed increasingly divergent trends, with Anthracite and Asphalt remaining supported by supply-side constraints and seasonal demand, while Gasoline softened as crude oil prices corrected. In plastics, POE strengthened further, whereas ABS and HDPE entered a short-term correction as downstream buyers became more cautious at elevated price levels. EAA also weakened moderately, indicating that higher upstream costs have not translated into broad-based demand support across specialty polymer markets.

Anthracite recorded the strongest daily increase in the entire Energy and Plastics basket, rising 11.11% to CNY 1,750/ton. The sharp move comes despite the product remaining 1.83% below its level one month earlier, suggesting that the latest increase represents a rapid rebound from relatively depressed levels rather than a continuation of a long-term rally. The major driver is the broader domestic coal supply contraction. Recent industry reports indicated that Shanxi, China's largest coal-producing province, continued to experience significant production reductions, with cumulative output losses exceeding 100 million tons over June-August. Coal prices consequently rose sharply during September despite the traditional seasonal transition into the post-summer period. The tightening supply environment has provided direct support to Anthracite, while higher coal prices are also feeding into the cost structures of downstream nitrogen fertilizers, calcium carbide and other coal-intensive chemical processes. With domestic coal supply remaining the key variable, Anthracite is currently more supply-driven than demand-driven.

Asphalt declined slightly by 0.79% to CNY 6,300/ton on the day, but remained up 3.33% on a weekly basis and 27.50% over the month. The short-term decline therefore appears to be a correction rather than a reversal of the broader upward trend. The latest industry data point to a combination of tight refinery supply, falling inventories, stronger road-construction demand, and elevated crude-oil costs. Domestic refinery Asphalt production has remained constrained, with October refinery production plans estimated at around 770,000 tons, down approximately 22% from the September plan and 46% year on year. At the same time, domestic commercial inventories continued to decline, while weekly shipments from sampled Asphalt producers increased 16.5% as traditional late-September construction activity recovered. The market is therefore receiving simultaneous support from both supply and seasonal demand, although the recent correction in international crude prices may limit the speed of further gains. This explains the current pattern of strong monthly appreciation combined with a small daily decline.

Gasoline was broadly stable, easing 0.09% to CNY 10,078/ton, but remained 13.51% higher than one month earlier. The relatively weak daily movement contrasts with the earlier September rally in crude and refined products. International crude prices corrected sharply on September 21 as market expectations shifted toward a faster recovery of Saudi oil transportation infrastructure and increased diplomatic efforts to ease the Middle East conflict. Brent crude fell back below USD 100/barrel, while domestic crude futures also dropped sharply during the session. Domestic refinery gasoline quotations, however, remained relatively stable, with northwest independent refineries maintaining gasoline prices around CNY 10,200–10,300/ton. This divergence between falling crude futures and relatively stable domestic gasoline prices indicates that the downstream fuel market is still receiving support from elevated replacement costs and the domestic pricing mechanism, even as the international cost impulse weakens. The near-term direction of Gasoline will therefore depend increasingly on whether the recent crude correction develops into a sustained decline or remains a short-term geopolitical risk adjustment.

In Plastics, ABS fell 1.77% to CNY 11,100/ton, extending its weekly decline to 3.10%, although the product remained 14.49% higher on a monthly basis. The correction is consistent with recent market developments showing weaker spot transactions after the earlier price increase. On September 21, ABS-related spot quotations declined again, while the broader ABS market remained under pressure from weaker downstream follow-through. Upstream Butadiene, Acrylonitrile and Styrene costs remain an important source of support, but the rapid increase in polymer prices has reduced downstream buyers' willingness to replenish aggressively. Market commentary also indicated that petrochemical supply and demand were both recovering, while high spot prices were causing transactions to slow. The combination of elevated upstream costs and weaker spot demand has therefore created a classic high-price consolidation pattern: cost support remains in place, but further price increases are increasingly difficult to pass through.

HDPE also weakened by 0.40% to CNY 10,695/ton, with weekly losses reaching 2.01%, while the monthly gain remained positive at 3.77%. Recent market data showed HDPE spot prices declining for several consecutive sessions, reflecting weaker follow-through from downstream processors. The broader Polyolefin market has been affected by the interaction between elevated crude-oil costs, recovering domestic supply and cautious downstream purchasing. Recent industry analysis indicated that PE production capacity utilization remained relatively normal, with several maintenance units scheduled to restart, potentially increasing supply in the near term. At the same time, downstream demand is receiving some seasonal support from food packaging and the approaching Mid-Autumn and National Day holidays, but high raw-material prices have increased resistance to aggressive inventory accumulation. Consequently, HDPE is currently experiencing a balance between seasonal demand support and increasing price resistance, with the recent decline reflecting weaker spot-market momentum rather than a collapse in end-user demand.

POE moved in the opposite direction, rising 1.82% to CNY 16,800/ton and recording its first meaningful weekly gain in the supplied dataset. The monthly increase remained modest at 0.77%, suggesting that the latest move is more closely related to improving short-term supply-demand conditions than to a broad structural price surge. Importantly, recent industry developments provide additional support for the product's market positioning. On September 21, Maoming Petrochemical completed its first POE export to North America, marking a further step in the commercialization and overseas expansion of domestically produced POE. The company operates a 50,000-ton/year POE industrial demonstration facility based on Sinopec's proprietary metallocene catalyst and solution-polymerization technology. POE remains a key raw material for photovoltaic encapsulant films, automotive components and high-end packaging films. Separately, imported photovoltaic-grade POE8-carbon-chain material was quoted at around USD 1,775/ton on September 21, up USD 50/ton over the previous week. The combination of stable photovoltaic-material demand, rising overseas market penetration of Chinese POE, and continued domestic substitution of imported materials provides a stronger structural foundation for POE than is currently visible from its relatively small monthly price increase.

EAA declined 1.20% to CNY 57,800/ton, with both daily and weekly changes at -1.20% and the monthly change almost flat at -0.04%. The product therefore appears to be trading in a consolidation range rather than following the stronger movements seen in ABS, HDPE or POE. The relatively high absolute price level continues to limit aggressive downstream replenishment, while the broader correction in Polyolefin and crude-related markets reduces cost-driven upward pressure. With EAA positioned as a specialty copolymer serving applications such as packaging, adhesives and barrier materials, its price tends to respond not only to ethylene and acrylic-acid costs but also to the willingness of converters to absorb higher specialty-material costs. The current data suggest that demand-side resistance is temporarily offsetting upstream cost support, leaving the market broadly range-bound.

Overall, the latest Energy and Plastics data point to a clear divergence between supply-constrained commodities and high-priced downstream polymers. Anthracite and Asphalt are receiving strong support from supply restrictions and seasonal demand, while Gasoline is becoming increasingly sensitive to the recent correction in international crude prices. In Plastics, ABS and HDPE are entering a period of price digestion after substantial earlier gains, as downstream buyers resist elevated raw-material costs and spot transactions slow. By contrast, POE is showing stronger structural support due to photovoltaic-film applications, improving domestic production capability and the expansion of Chinese suppliers into overseas markets. The overall market therefore remains characterized by strong upstream cost inflation but increasingly selective downstream acceptance, with the approaching National Day holiday likely to provide temporary replenishment support while also increasing the risk of post-holiday inventory normalization.

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