Ethyl Benzoate

# Ethyl Benzoate Recent Commodity Market Dynamics Intelligence (Mid-October to November 12, 2026)

---

## I. Price Quick View

| Time Point | Price Source | Price (CNY/ton) | Specification | Delivery Location |
|---|---|---|---|---|
| 2026-11-04 | SunSirs Benchmark Price | 17,500 | 99% | — |
| 2026-11-06 | SunSirs Benchmark Price | 17,500 | 99% | — |
| 2026-11-08 | Book Chemical Network Manufacturer Quote | 17,500 | 99% | — |
| 2026-11-09 | Book Chemical Network Manufacturer Quote | 17,500 | 99% | — |
| 2026-11-10 | Wuhan Baiyite Chemical (Ex-works, Tax Included) | 17,500 | 99% | Wuhan, Hubei |
| 2026-11-10 | SunSirs Benchmark Price | 17,500 | 99% | — |

**Core Assessment: Over the past month, the market price of ethyl benzoate has exhibited a \"sideways and firm\" trend. The quote of CNY 17,500/ton has remained unchanged since early November. Market transactions are primarily driven by essential demand, with extremely low volatility.**

---

## II. Supply-Side Dynamics

1. **Stable Production Operation**: Domestic major ethyl benzoate production facilities are operating normally with stable capacity release. The consistent quotes from enterprises like Baiyite over consecutive days indicate no significant disturbances on the supply side.
2. **Upstream Raw Material Linkage**: The core raw material, benzoic acid, has recently maintained high prices. As of October 26, the mainstream market average price of benzoic acid reached CNY 8,800–9,200/ton, with a three-month average of CNY 7,986/ton, situated in the high range of the past year. Toluene raw material prices increased from CNY 6,800/ton to CNY 7,200/ton (a 5.9% increase), providing rigid support to the cost side of ethyl benzoate.
3. **Continued Environmental Constraints**: Benzoic acid producers face stricter environmental requirements. The operating rates of some small and medium-sized enterprises fluctuate between 75% and 80%, indirectly affecting the raw material supply chain for ethyl benzoate and limiting supply elasticity.

---

## III. Demand-Side Dynamics

| Downstream Sector | Demand Trend | Remarks |
|---|---|---|
| Fragrances & Flavors | Stable | As a fixative and blending agent, demand is relatively rigid |
| Food Industry | Moderate Growth | Used as a food additive, with limited impact from seasonal consumption |
| Organic Synthesis/Solvents | Stable | Used in cellulose esters, cellulose ethers, resins, etc.; industrial demand base remains solid |
| Pharmaceutical Intermediates | Steady with Slight Increase | Increased reserve demand from downstream pharmaceutical companies |

According to a market research report released in mid-October, ethyl benzoate consumption capacity in urban markets is stronger than in rural markets. Regional distribution hubs are concentrated in East and South China, with potential demand sectors still being developed.

---

## IV. Market Supply-Demand Pattern Assessment

- **Supply-Demand Status**: Tight balance, leaning towards tight. High benzoic acid prices push up the cost floor, while downstream demand, though not explosive, remains steady. The supply side is constrained by both environmental regulations and raw material availability, making it difficult to increase output.
- **Price Support Logic**: Cost-driven firmness, rather than demand-pull increases. The price of CNY 17,500/ton essentially represents the equilibrium point of \"cost + reasonable profit.\"
- **Limited Import Supplement**: The import share of ethyl benzoate is low, with Southeast Asia as the main source, resulting in minimal disturbance to domestic market prices.

---

## V. Future Market Forecast

| Time Horizon | Prediction | Basis |
|---|---|---|
| **Short-term (1–2 weeks)** | Price remains sideways at CNY 17,500/ton, with a high probability of slight upward movement | Benzoic acid has reached the high level of CNY 9,200/ton, continuing cost pressure; stricter winter environmental inspections make it difficult to increase supply |
| **Medium-term (1–3 months)** | Price range of CNY 17,500–18,500/ton, with 5%–8% upside potential | If benzoic acid prices break through CNY 9,500/ton, ethyl benzoate will be forced to follow; pre-Spring Festival stocking by downstream may bring phased demand pulses |
| **Risk Warning** | If benzoic acid prices fall below CNY 8,000/ton, or downstream demand seasonally shrinks, prices may correct to CNY 16,500–17,000/ton | Need to closely monitor toluene trends and the intensity of environmental policy enforcement |

---

## VI. Operational Recommendations

- **Buyers**: Current prices are at a relatively high plateau. It is recommended to build positions in batches when prices dip, locking in sources below CNY 17,500/ton. If benzoic acid prices continue to rise, long-term contracts should be locked in in advance.
- **Traders**: Short-term arbitrage space is limited; focus on stable price shipments. Watch for the December downstream stocking window and consider moderate inventory building to bet on seasonal premiums.
- **Producers**: Control raw material inventory cycles. Lock in long-term contracts at high toluene price levels to hedge against cost volatility risks.