This week, the overall load of the East China factory has decreased, and the supply side has started to reduce. At the same time, downstream users have started to stock up appropriately, and the inventory of enterprises has decreased. The acrylonitrile market has bottomed out and is consolidating. As of January 23rd, the mainstream tank discharge price in East China ports has increased by 7250 yuan/ton, up 50 yuan/ton from last week; Short distance delivery to the Shandong market is 7050 yuan/ton, a decrease of 50 yuan/ton from last week.
Supply reduction:
The overall load reduction of the East China factory within the week. According to statistics, as of January 22, the weekly capacity utilization rate of domestic acrylonitrile factories reached 75.22%, which is -2.93% higher than the previous cycle; The weekly output is about 85700 tons, which is 0.34 million tons compared to the previous cycle. The total inventory is about 57300 tons, which is 0.42 million tons compared to last week, indicating a decrease in the company’s inventory.
Increased demand:
This week, the overall production of major downstream industries has declined, among which Zhejiang Petrochemical has reduced its negative load, and the utilization rate of ABS production capacity has decreased to 66.8%, a decrease of -3% compared to last week; Capacity utilization rate of acrylic fiber enterprises: 65.97%, unchanged from last week; The utilization rate of acrylamide production capacity was 56.29%, which was -0.36% compared to last week. However, the low price attracted some buyers to follow up, and downstream users began to stock up appropriately, resulting in an overall increase in demand.
Cost increase:
During the week, upstream propylene prices continued to rise, leading to an increase in raw material costs for acrylonitrile production. However, acrylonitrile prices remained low and fluctuated, resulting in further worsening of production losses this week. According to statistics, as of January 22, the market price of propylene in Shandong was 6175 yuan/ton, an increase of 30 yuan/ton from the previous weekend’s 6145 yuan/ton. The average production cost of acrylonitrile is 8430 yuan/ton, with a month on month increase of 0.06%. The average production profit of acrylonitrile during the same period is -1220 yuan/ton, with a month on month decrease of -45 yuan/ton.
In the later forecast, there are currently fluctuations in local equipment and active load reduction, and the industry’s capacity utilization rate has dropped to around 70%. Excess pressure may be alleviated, and low prices may attract some buyers to follow suit. There is an expectation of an upward trend in the domestic acrylonitrile market, but considering the temporary weakening of demand before and after the Spring Festival, the market rebound space will still be suppressed.

1、 Price trend
According to data monitored by Shengyi Society, as of January 22, the average price of industrial grade high-quality cyclohexane in China was 6900 yuan/ton. The cyclohexane market remained stable, with high levels of cyclohexane inventory and insufficient downstream demand, resulting in an overall market supply-demand balance.
2、 Market analysis
In terms of the market, the enterprise equipment is relatively stable, downstream demand is poor, inventory is running at a high level, the overall market negotiation focus is stable, the overall supply and demand in the market are balanced, the upward momentum is insufficient, downstream demand is weak, the purchasing atmosphere is insufficient, the overall market supply exceeds demand, prices are showing a downward trend from a high level, and price increases lack favorable support.
Upstream pure benzene: Supply is loose, domestic pure benzene supply is sufficient, and port inventory is rapidly accumulating. On December 1st, Jiangsu port inventory reached 224000 tons, an increase of 36.59% compared to the previous month. Currently, downstream demand is weak, and the overall operating rate is declining. Main products such as styrene and caprolactam are losing profits, and the purchasing willingness is weak.
In terms of demand: Currently, the overall demand for cyclohexane is weak, with downstream markets mainly focused on rigid procurement. Downstream industries such as synthetic fibers and coatings have not seen a significant increase in operating rates, and export orders are also limited.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market is expected to maintain a stable to weak operation, with prices mainly remaining stable.

Entering 2026, the Chinese acrylic acid market did not see the expected “good start”, but instead fell into a “dilemma of ups and downs” in a volatile stalemate under the dual pressure of continuously rising raw material costs and weak recovery of terminal demand. In line with the downward trend of “no effective rebound” for the whole year of 2025.
Price trend:
Changes this week: As we enter January 2026, prices are gradually stabilizing. As of January 20th, the benchmark price of acrylic acid in Shengyi Society was 6000.00 yuan/ton, an increase of 2.56% compared to the beginning of this month (5850.00 yuan/ton).
Cost side:
The price of propylene raw materials has risen: Recently, propylene prices have been operating strongly, and the valuation range in Shandong has risen to 5750-5810 yuan/ton, with upward pressure. As a direct raw material for acrylic acid, propylene accounts for over 60% of the cost, and this round of price increase has directly pushed up the production cost of acrylic acid.
Narrowing profit margin: Although the price of acrylic acid has rebounded slightly, the increase is much lower than that of raw material propylene, leading to further compression of production profits. By the end of 2025, the industry’s profit per ton has fallen to a low level. Under current cost pressures, small, medium, and high cost enterprises may face losses, forcing them to reduce or shut down production.
Supply side:
Partial equipment resumption of production (such as one unit in Zibo) increases local supply, but the overall operating rate of the industry is still suppressed. Long term prices below the cost line trigger production capacity clearance, causing some companies to undergo maintenance or delay restart.
Demand side:
Downstream industries such as coatings and adhesives are in a traditional off-season, with procurement mainly focused on small orders for essential needs. The export market is under pressure, global demand is weak, and competition for low-cost production capacity in the Middle East is constraining export growth.
Short term outlook:
The oscillation is strong, but the upward space is limited, and the cost support is solid. If the price of propylene continues to rise, it will push acrylic acid to passively follow suit. After reaching the cost line of 5800 yuan/ton, the resistance to further decline increased, triggering supply contraction. There has been no significant improvement on the demand side, and there is a strong wait-and-see sentiment downstream. Additionally, some factories may shut down early before the Spring Festival. The pattern of overcapacity remains unchanged, and any rebound may stimulate the release of existing capacity and suppress growth.
Price range: It is expected that the mainstream price in the East China market will fluctuate within the range of 5900-6200 yuan/ton in the short term, and breakthrough depends on a significant increase in costs or supply contraction beyond expectations.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on January 16th was 1096 yuan/ton, which is 3.14% higher than the average market price of 1063 yuan/ton on January 12th.
2、 Market analysis
supply and demand situation
The price of ammonium sulfate in the domestic market has continued to rise this week. This week, the operating rate of coking grade ammonium sulfate remained stable, while the operating rate of domestic grade ammonium sulfate was relatively low, resulting in tight market supply. At present, ammonium sulfate manufacturers have no pressure on shipments and mainly focus on raising prices. Downstream on-demand procurement has increased the mentality of buying when prices rise and not buying when prices fall. The enthusiasm for restocking has also increased, and the trading atmosphere in the ammonium sulfate market has improved.
market situation
As of January 16th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 970 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1070-1110 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the recent strong upward trend in the ammonium sulfate market is the main trend. At present, the ammonium sulfate market is improving and terminal demand is increasing. It is expected that the short-term domestic ammonium sulfate market price will continue to operate strongly.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market has been weak and adjusted since January. As of January 17th, the spot price of PTA in East China was 5019 yuan/ton, a decrease of 1.17% from the beginning of the month.
Recently, PTA plant restarts and maintenance coexist. Dushan Energy’s 3 million ton plant restarted on January 14th, Yisheng New Materials’ 3.6 million ton plant stopped on January 14th, and Zhuhai BP’s 1.25 million ton plant stopped on January 16th. Overall production has decreased to around 75%.
The disappearance of geopolitical premiums coupled with inventory pressure has led to a sharp decline in international crude oil prices, ending a five-day streak of gains. On January 15th, the settlement price of the March WTI crude oil futures contract in the United States was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price of Brent crude oil futures for March was $63.76 per barrel, a decrease of $2.76 or 4.1%.
Downstream polyester experienced seasonal decline before and after the Spring Festival. After the concentrated fermentation of downstream polyester production reduction news, a new round of production reduction for polyester filament began (mainstream filament manufacturers decided to start a one quarter continuous production reduction from January 14th, with a magnitude of 15%), and PTA traders’ willingness to hold goods weakened.
And the overall new order atmosphere of the terminal weaving end is still poor. At the beginning of the month, driven by the rising atmosphere of crude oil and costs, some customers with low inventory or intention to stock up on raw materials after the new year were driven to purchase raw materials. The overall wait-and-see sentiment is strong, maintaining a strong demand for raw material procurement.
Business analysts believe that PTA supply and demand expectations are gradually weakening, and there is significant pressure on inventory accumulation in February. It is expected that PTA prices will mainly follow fluctuations in raw materials in the short term.