n-Hexyl mercaptan

n-Hexyl Mercaptan Market Intelligence Report (June 24, 2026)

I. Price Trends
1. Benchmark Price
- Business Network Benchmark Price: RMB 27,500/ton (updated on June 13, 2026); the three-month average price is RMB 27,500/ton, representing a one-year high.
- Regional Price Spread: Prices in the East China region are RMB 200–300/ton lower than those in the North China region; however, rising logistics costs in northern regions due to cold weather may narrow this spread.

2. Brand Quotations
- Shandong Qiangsen Chemical Co., Ltd. (Imported premium-grade, Zibo City): RMB 28,000/ton (quoted continuously through June 22).
- Shandong Xima Supply Chain Co., Ltd. (Imported premium-grade, Zibo City): RMB 27,000/ton (quoted continuously through June 22).
- Brand Price Differential: Qiangsen’s quotation is RMB 1,000/ton higher than Xima’s, reflecting brand premium and service differentiation.

II. Supply-Demand Analysis
1. Supply Side
- Production Capacity Distribution: Global key producers include Arkema, Chevron Phillips, and Adisseo. The Asia-Pacific region accounts for 60% of global capacity, with China serving as the primary production hub.
- Operating Rates:
North China region: Operating rates have declined to 70–75% due to environmental regulations and winter production curbs.
East and South China regions: Operating rates remain stable at over 85%, ensuring ample overall supply.
- New Capacity: Additional capacity is scheduled for commissioning in East China in H2 2026, potentially intensifying supply pressure.

2. Demand Side
- Downstream Applications:
Polymers & Rubber (ca. 45% of demand): Demand increased by 5–8% year-on-year, driven by recovery in the automotive and construction sectors.
Agrochemicals (ca. 20% of demand): Winter represents the off-season for pesticide production; demand remains stable.
Other Applications (ca. 35% of demand): Including lubricant additives and animal nutrition, with relatively low demand volatility.
- Regional Demand: Demand in East and South China accounts for over 60% of the national total, aligned with the high concentration of chemical industry clusters in these regions.

III. Cost and Policy Impacts
1. Raw Material Costs
- Sulfur (a critical raw material): Prices surged 119.99% year-on-year (baseline price: RMB 3,683/ton in January 2026), significantly elevating n-hexyl mercaptan production costs.
- Propylene and other raw materials are highly sensitive to international market fluctuations; geopolitical developments and supply-demand dynamics warrant close monitoring.

2. Policy Impacts
- China’s “Dual Carbon” (carbon peak & carbon neutrality) policy advancement has led to production restrictions for energy-intensive enterprises, potentially constraining long-term supply growth.
- U.S. tariff increases on semiconductor-related products have limited impact on exports of industrial-grade n-hexyl mercaptan.

3. Competitive Substitutes
- n-Dodecyl Mercaptan (NDM) serves as a functional substitute for n-hexyl mercaptan in polymer applications. The global NDM market reached USD 40.1 million in 2025, growing at a CAGR of 4.5%. Nevertheless, n-hexyl mercaptan maintains its dominant market position owing to its cost advantage.

IV. Price Forecast and Risk Alerts
1. Short-Term Forecast (1–3 months)
- Price Range: The benchmark price is expected to remain within RMB 27,000–28,000/ton, supported by elevated raw material costs and seasonal demand recovery.
- Volatility Risks:
If sulfur prices continue rising or northern logistics recovery falls short of expectations, prices could exceed RMB 28,000/ton.
With new capacity coming online in East China in H2 2026, increasing supply pressure may drive prices downward to RMB 26,500–27,000/ton.
Should demand from the automotive and construction sectors exceed expectations, prices may rebound to RMB 27,500–28,000/ton.

2. Risk Alerts
- Raw Material Price Volatility: Prices of sulfur, propylene, and other key inputs are highly susceptible to international market forces; close attention must be paid to geopolitical developments and global supply-demand shifts.
- Policy Uncertainty: Environmental production curbs and tariff adjustments may trigger sharp short-term price fluctuations.
- Substitution Threat: Technological breakthroughs or cost reductions in NDM could erode n-hexyl mercaptan’s market share.

V. Strategic Recommendations
1. Downstream Users: Procure according to actual needs—avoid speculative bulk purchases at high prices—and consider signing partial long-term contracts to lock in costs.
2. Traders: Monitor regional price spreads closely and capitalize on arbitrage opportunities between East and North China, while managing risks associated with potential logistics delays.
3. Producers: Optimize raw material procurement strategies, employ futures hedging to mitigate cost-increase risks, and accelerate technological upgrades to reduce energy consumption.