Chemical Prices Today (September 28, 2026): Daily Market Trends & Price Changes

Basic chemicals produced the broadest rally of the day, with 24 of 59 tracked products moving, 16 higher and 8 lower. Copper sulfate led the gains at 4.41% to CNY 25,633/ton, followed by Methanol up 3.53% to CNY 4,600/ton, Propylene up 2.72% to CNY 9,701/ton, Benzene up 2.47% to CNY 10,101/ton, Urea up 2.29% to CNY 1,785/ton, Acetic acid up 2.26% to CNY 4,707/ton, Toluene up 1.99% to CNY 8,550/ton and Xylene up 1.80% to CNY 8,470/ton. Smaller advances came from Chloroform up 1.43% to CNY 2,417/ton, Hydrogen peroxide up 1.41% to CNY 720/ton, Ammonium sulfate up 1.33% to CNY 1,300/ton, PET up 0.75% to CNY 8,708/ton, Phenol up 0.74% to CNY 8,815/ton and Sulfur up 0.22% to CNY 7,736/ton. Declines were concentrated and shallower: Dichloromethane down 4.56% to CNY 2,532/ton, Lithium carbonate down 3.91% to CNY 123,000/ton, Propylene glycol down 2.33% to CNY 9,100/ton, Cobalt down 1.96% to CNY 265,500/ton, Nickel down 0.80% to CNY 125,867/ton, Acetone down 0.29% to CNY 8,738/ton and Ethylene glycol down 0.12% to CNY 6,572/ton.

Methanol was the clearest beneficiary of the geopolitical reversal. The product rose 3.53% to CNY 4,600/ton, taking its weekly gain to 8.88% and its monthly advance to 38.71%, and it now sits more than 103% above its year-earlier level. Futures led the move, with the main contract jumping 4.35% to CNY 3,240/ton in early trade and touching an intraday high of CNY 3,263/ton. Two forces combined. First, the United States rejection of Iran's seven-day Hormuz plan invalidated the de-escalation thesis that had driven prices lower on September 25, forcing short positions to be covered. Second, physical supply is genuinely tight: port sample inventories had already fallen to 423,900 tons by September 16, down 127,600 tons or 23.14% on the week, with coastal freely available cargo estimated at only 99,000 tons and the year-on-year decline at 72.34%. Arrivals have collapsed even further, with sample port arrivals of just 77,100 tons in the week of September 10–16 against a normal weekly range of 150,000–250,000 tons, and September East China arrivals estimated at 300,000 tons, roughly halved month on month, as around 60% of Iranian capacity remains offline. Inland producer stocks stood at 265,200 tons, down 5.19%, with northwest plant stocks at 159,700 tons. Domestic supply is nonetheless recovering, with capacity utilisation at 86.44% on September 24 and weekly output at 1,952,865 tons, while Jiangsu-Zhejiang MTO utilisation fell to 26.75%, a negative demand signal that caps the upside.

The aromatics chain rallied in parallel with crude. Benzene rose 2.47% to CNY 10,101/ton with weekly and monthly gains of 2.83% and 21.12%, after Dongming Petrochemical lifted its petroleum benzene price by CNY 100/ton to CNY 10,400/ton on September 28 and East China benchmark material was assessed at CNY 10,580/ton, up CNY 220/ton. Toluene gained 1.99% to CNY 8,550/ton, with East China mainstream spot offers at CNY 8,800–8,900/ton, up CNY 150/ton, and Shandong material at CNY 8,830/ton, up CNY 430/ton. Xylene added 1.80% to CNY 8,470/ton, with Shandong isomer-grade at CNY 8,650/ton and South China isomer-grade at CNY 9,050/ton, both up CNY 300/ton. Traders attributed the move to firmer crude combined with low port and refinery inventories. Propylene rose 2.72% to CNY 9,701/ton, with Shandong at CNY 9,775/ton and East China at CNY 9,800/ton, while Phenol added 0.74% to CNY 8,815/ton and PET 0.75% to CNY 8,708/ton. Ethylene glycol was the exception, easing 0.12% to CNY 6,572/ton, although it retains a 23.59% monthly gain.

The acetic acid chain extended its remarkable run even as the ester link broke. Acetic acid rose 2.26% to CNY 4,707/ton, lifting weekly and monthly gains to 2.73% and 29.30%, and the product is now roughly 78% above year-earlier levels, with domestic bulk material assessed around CNY 4,650/ton. The driver remains a combination of high-priced methanol feedstock, plant turnarounds and steady downstream offtake. Acetic anhydride was unchanged at CNY 7,158/ton but holds a 22.81% monthly gain. ethyl acetate moved the other way, falling 8.48% to CNY 6,193/ton and pushing its weekly change to minus 7.11%, evidence that downstream solvent buyers have finally stopped absorbing further cost pass-through: North China ex-works offers had already been marked down to around CNY 6,260–6,275/ton and East China to CNY 6,375–6,410/ton in the previous week, with merchants explicitly citing buyer resistance to high prices. Formaldehyde was unchanged at CNY 1,755/ton with a 29.44% monthly gain, still squeezed between expensive methanol and limited downstream operating rates.

Metals, fertilizers and inorganics diverged sharply. Copper sulfate was the strongest gainer in the whole segment, up 4.41% to CNY 25,633/ton with an 11.63% weekly gain, as feed-grade raw material costs rose and September's traditional feed peak sustained buying; supplier quotations remain very grade-dependent, spanning roughly CNY 16,500–33,000/ton by specification. Urea rose 2.29% to CNY 1,785/ton, with the main contract around CNY 1,758 and Shandong spot near CNY 1,750. The rebound rests on improving pre-holiday factory orders, producer inventories of 1.476 million tons falling 81,000 tons on the week, port consolidation stocks drawing down by 239,900 tons, firmer coal costs and reported Indian IPL tender interest of 1 million tons on the west coast and 700,000 tons on the east; it is capped by weekly output recovering to 1.383 million tons, around 196,000 tons per day, and by autumn fertilizer application winding down, with compound fertilizer operating rates at only 35.8%. On the weaker side, Lithium carbonate fell 3.91% to CNY 123,000/ton and is now down 5.49% on the week and 7.53% on the month. Battery-grade material was quoted at CNY 123,750/ton, down CNY 7,000, with the futures main contract breaking below CNY 120,000/ton to close at CNY 119,040, a fall of 5.69% and a fresh year low. The trigger was a combination of UBS cutting its 2027 China lithium price assumption from CNY 200,000 to CNY 120,000/ton, Zimbabwean spodumene resuming arrivals after the export ban was lifted — August imports rose 22.6% month on month to 906,600 physical tons — and pre-holiday cathode and battery restocking drawing to a close, with weekly apparent lithium salt demand down 5,571 tons to 23,974 tons and inventory cover rebounding to 21.5 days. Cobalt fell 1.96% to CNY 265,500/ton, Nickel eased 0.80% to CNY 125,867/ton, and Ammonium chloride rose 2.53% to CNY 810/ton despite a 4.59% weekly decline.

Chlorinated solvents, sulphur and inorganics were mixed. Dichloromethane fell 4.56% to CNY 2,532/ton, unwinding part of a strong run that still leaves it 2.47% higher on the week and 10.30% higher on the month, while Chloroform moved the opposite way, up 1.43% to CNY 2,417/ton with a 9.29% monthly gain. Hydrogen peroxide rose 1.41% to CNY 720/ton with a 14.64% monthly advance, Ammonium sulfate added 1.33% to CNY 1,300/ton, and Sulfur edged up 0.22% to CNY 7,736/ton although it remains 13.08% lower over the month. Acetone eased 0.29% to CNY 8,738/ton with a 27.99% monthly gain, and Propylene glycol fell 2.33% to CNY 9,100/ton, down 3.44% over the week. A long list of large-volume products was unchanged, including Formic acid at CNY 2,050/ton despite a 3.35% weekly decline, Ethylene Oxide at CNY 9,700/ton with a 17.58% monthly gain, Aniline at CNY 14,600/ton, calcium carbide at CNY 2,670/ton with an 8.05% monthly gain, Caustic Soda at CNY 639/ton, sulfuric acid at CNY 1,738/ton, Titanium dioxide at CNY 14,220/ton, Phosphoric Acid at CNY 8,350/ton, PX at CNY 9,800/ton, Pyridine at CNY 18,471/ton and White phosphorus at CNY 27,766/ton.

Overall, the Basic Chemicals segment is being pulled in two directions at once. Energy-linked and methanol-derived chains — methanol, benzene, toluene, xylene, propylene, acetic acid — are being pushed higher by the collapse of the Hormuz de-escalation trade and by verifiable inventory tightness, while battery materials and solvent derivatives — lithium carbonate, cobalt, ethyl acetate, dichloromethane — are being pulled lower by supply recovery and downstream resistance. With only two sessions left before the National Day holiday and mainland markets closed for the following week, positions are likely to stay light, and the first post-holiday session will be dominated by whether the United States and Iran resume indirect talks.

Fine Chemicals showed 8 of 28 products moving, with 7 declines and a single gain, and the group now covers 28 lines after a substantial expansion of the basket. Beyond Potassium sorbate down 24.50% to CNY 15,100/ton, Trichloroethylene down 16.96% to CNY 4,567/ton and Dimethyl sulfoxide down 11.07% to CNY 10,850/ton, the notable moves were dimethyl carbonate down 6.73% to CNY 6,233/ton, Potassium permanganate down 3.13% to CNY 15,500/ton, Imidazole down 1.51% to CNY 21,667/ton, Creatine monohydrate down 0.12% to CNY 20,975/ton and Lactic acid up 0.62% to CNY 8,163/ton. The most striking underlying statistic remains dimethyl carbonate, which despite today's drop is still up 40.92% over the month, the largest monthly gain anywhere in the tracked basket.

dimethyl carbonate fell 6.73% to CNY 6,233/ton, making it the weakest performer in the segment after the three re-basing adjustments, with its weekly change now at minus 6.73%. The decline follows an exceptional monthly run of 40.92% and looks like profit-taking rather than a change in fundamentals: electrolyte solvent demand and polycarbonate offtake remain the structural drivers, and the product's cost base is closely tied to methanol and propylene oxide, both of which moved higher today. That divergence — rising feedstock against a falling product price — suggests further downside may be limited. Potassium permanganate fell 3.13% to CNY 15,500/ton with a 6.06% weekly decline and no monthly change, tracking softer manganese ore costs and routine water-treatment procurement, while Imidazole eased 1.51% to CNY 21,667/ton even as it holds a 1.28% weekly gain.

Lactic acid was the only gainer, rising 0.62% to CNY 8,163/ton, supported by steady food, beverage and biodegradable-polymer demand and by firm corn-derived feedstock costs. The remaining products were entirely unchanged across every measure, including Melamine at CNY 6,300/ton with a 0.22% weekly gain, sodium acetate at CNY 5,483/ton, Sodium metabisulfite at CNY 3,917/ton with a 0.13% weekly decline, Citric acid at CNY 6,200/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 and Water softener salt at CNY 967/ton. Newly tracked speciality and food-ingredient lines — Mannitol at CNY 18,000/ton, Xanthan gum at CNY 21,000/ton, Guar gum at CNY 15,500/ton, Castor oil at CNY 14,500/ton, Stearic acid at CNY 28,000/ton, Magnesium glycinate at CNY 29,000/ton, Sodium benzoate at CNY 850/ton, Sodium polyacrylate at CNY 18,000/ton, Melatonin at CNY 850/kg and Activated carbon at CNY 4,200/ton — all opened flat, which is typical for contract-priced ingredient markets where monthly or quarterly settlements dominate.

Taken together, the Fine Chemicals segment confirms that the day's volatility was concentrated in bulk, energy-linked and methanol-derived chains rather than in speciality ingredients. Only three of the eight movers — dimethyl carbonate, dimethyl sulfoxide and potassium permanganate — reflect genuine spot adjustments; the two largest moves are basket re-basing artefacts. For buyers, the practical implication is that speciality ingredient pricing remains stable into the holiday, and that any post-holiday repricing will be driven by feedstock rather than by demand.

Energy, Rubber, Plastic and other chemicals saw 5 of 10 products move, 4 higher and 1 lower. ABS rose 1.68% to CNY 11,167/ton, Gasoline gained 1.25% to CNY 10,311/ton, Asphalt added 0.89% to CNY 6,235/ton and HDPE rose 0.72% to CNY 10,563/ton, while Carbon Black fell 1.37% to CNY 11,793/ton. WTI Crude Oil was tracked unchanged at USD 92/barrel, Anthracite at CNY 1,750/ton, Silica at CNY 6,400/ton, Carbon at CNY 12,433/ton and anaerobic bacteria at CNY 50/kg. The split is informative: refined products and polymers responded immediately to the firmer crude tone, while coal-derived and rubber materials did not.

WTI Crude Oil was recorded unchanged at USD 92/barrel in the tracked basket, but the underlying market moved sharply higher. Brent rebounded more than 2% in early trade to USD 106.92 and later extended gains beyond 3%, briefly trading above USD 107 and in some reports USD 108, its highest in nearly two weeks, after President Trump rejected Iran's proposal for a seven-day truce tied to reopening the Strait of Hormuz. WTI traded at USD 94.49, up 2.25%. Tehran has tied Hormuz transit rights directly to sanctions relief and an end to the United States naval blockade, and while Mr Trump told Axios he expects negotiations to resume this week, the immediate effect was to invalidate the de-escalation pricing built up on September 25. Supply data are genuinely two-sided: Kpler estimates Middle East crude exports at 12.8 million barrels per day in September, the highest since the conflict began, with Hormuz flows near 7.4 million barrels per day, while the IEA puts August Hormuz flows at 7.6 million barrels per day, some 13.1 million below pre-war levels, and notes that global observed inventories have fallen 507 million barrels since the conflict started. The tracked product remains 15.85% higher over the month.

Refined products followed crude higher. Gasoline rose 1.25% to CNY 10,311/ton, lifting its weekly gain to 1.70% and its monthly gain to 14.04%, supported by reduced refinery runs, low product inventories and pre-holiday travel demand. Asphalt added 0.89% to CNY 6,235/ton, maintaining a 30.30% monthly gain — the second-largest monthly advance in the entire basket — as refinery production plans stay far below normal and both producer and social inventories remain at multi-year lows. Anthracite was unchanged at CNY 1,750/ton with a 1.45% weekly gain and a 1.00% monthly loss, showing that the coal complex has fully absorbed the earlier policy-driven supply-guarantee push and is no longer reacting to energy headlines.

Polymers firmed on cost pass-through while rubber chemicals softened. ABS rose 1.68% to CNY 11,167/ton with a 1.44% weekly gain and a 13.74% monthly gain, and HDPE added 0.72% to CNY 10,563/ton, tracking the styrene, butadiene and olefin complex higher as naphtha costs rose. Carbon Black was the only decliner, falling 1.37% to CNY 11,793/ton and extending its weekly loss to 2.75%, even as it retains a 30.82% monthly gain, the largest in the segment. The product continues to be squeezed from both sides: high-temperature coal tar still accounts for 65%–80% of production cost, but tyre makers facing a weak domestic replacement market are refusing to accept further increases, and the easing in coal-derived feedstock following the government supply-guarantee notice is now flowing through. Silica held at CNY 6,400/ton with a 3.41% monthly gain, and Carbon was flat at CNY 12,433/ton.

Overall, the Energy, Rubber, Plastic and other chemicals segment is now defined by a geopolitical risk premium being re-priced back into crude, cost-push in polymers, and continued cost relief in coal-derived chains. The Hormuz question remains the single dominant variable: a confirmed reopening would quickly unwind the gains in gasoline, asphalt, ABS and HDPE, while a further breakdown would push the whole complex back towards the highs seen earlier in the quarter. Macro conditions add a second layer of risk — United States 10-year Treasury yields at 5.236%, the highest since 2007, and market pricing above 65% for a second consecutive Federal Reserve hike in late October both argue for lighter positioning into the holiday. With mainland markets closed for most of next week, the first post-holiday session will set the direction for October.

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