D80 Solvent Naphtha

I. Recent Market Dynamics
1. Price Trends
- Over the past week, the market price of D80 solvent oil has generally remained stable with a slight upward trend. The main transaction prices in East China ranged from 7,800 to 8,000 RMB/ton, representing an increase of approximately 100–150 RMB/ton compared to the previous week. In South China, prices ranged from 7,900 to 8,100 RMB/ton, with an increase of 120–180 RMB/ton. In North China, prices ranged from 7,750 to 7,950 RMB/ton, rising by approximately 80–130 RMB/ton.
2. Supply Situation
- The operating rates of major domestic producers have remained stable, hovering around 75%–80%. Some enterprises experienced a slight reduction in output due to scheduled equipment maintenance, but the overall supply did not fluctuate significantly.
- On the import front, the volume of recently arrived vessels has increased, primarily from Southeast Asia, supplementing market supply. However, import costs have risen due to fluctuations in international crude oil prices.
3. Demand Situation
- Demand from downstream industries has shown divergence. The coating industry has entered its traditional peak season, leading to increased demand for D80 solvent oil. Some enterprises have seen a rise in orders and higher purchasing enthusiasm.
- Demand in the adhesive industry remains stable, with purchases mainly based on actual needs. Due to high price sensitivity, purchasing volumes have not changed significantly despite the slight price increase.
- Demand in the ink industry has seen a slight increase, driven primarily by rising orders in the packaging and printing sector. However, the incremental demand for D80 solvent oil remains relatively limited.
4. Inventory Situation
- Production enterprises hold inventory at moderate levels. Due to the recent slight price increase, some enterprises have shown stronger willingness to sell, leading to a decrease in inventory.
- Traders generally maintain low inventory levels. Most traders adopt a cautious purchasing approach, following market trends, and exhibit fast inventory turnover.

II. Analysis and Judgment
1. Factors Influencing Prices
- Cost Side: International crude oil prices have recently shown an oscillating upward trend, providing cost support for D80 solvent oil and driving the slight price increase.
- Supply Side: Although domestic production operating rates remain stable, limited supply growth due to rising import costs and scheduled maintenance at some enterprises has exerted a positive influence on prices.
- Demand Side: The growth in demand from the coating industry is the primary driver of the slight price increase. However, limited growth in the adhesive and ink industries means the overall increase in demand is not substantial.
2. Market Sentiment
- Production enterprises hold an optimistic outlook for the future. Believing that demand will further increase as the downstream peak season continues, they exhibit strong willingness to support prices.
- Traders maintain a cautiously optimistic stance. While concerned that continued price rises will increase procurement costs, they also fear insufficient demand leading to inventory accumulation. Consequently, their operations remain flexible.
- Downstream users have a moderate acceptance of the slight price increase, generally purchasing according to need. Some enterprises plan to stock up in advance to anticipate further price increases.

III. Forecast
1. Price Trends
- In the short term, the price of D80 solvent oil is expected to continue rising steadily. If international crude oil prices maintain an oscillating upward trend, cost support will further strengthen. Coupled with sustained strong demand from the coating industry, overall demand growth is expected to drive prices upward. Prices in East China are projected to reach 8,000–8,200 RMB/ton, South China 8,100–8,300 RMB/ton, and North China 7,950–8,150 RMB/ton.
2. Supply Situation
- The operating rates of domestic production enterprises are expected to remain stable, with no significant changes in supply. On the import side, rising costs due to crude oil price fluctuations may suppress import volumes to some extent, but overall supply is expected to remain sufficient to meet market demand.
3. Demand Situation
- Demand in the coating industry is expected to continue growing, while demand in the adhesive and ink industries will also steadily increase. Overall downstream demand is likely to rise further, providing support for price increases.
4. Risk Warnings
- Risks associated with a sharp decline in international crude oil prices must be monitored. A significant drop in crude oil prices would weaken cost support, potentially leading to a decline in D80 solvent oil prices.
- Downstream demand may fall short of expectations. If the coating industry’s peak season ends earlier than anticipated or orders decrease, it could exert downward pressure on prices.