In early March, the domestic PS market saw a strong upward trend. The spot prices of most brands have increased significantly. According to the bulk ranking data of Shengyi Society, as of March 5th, the benchmark price of Shengyi Society’s PS was 9033.33 yuan/ton, with a month on month increase or decrease of+7.54%.
Fundamental analysis
Cost factor: Recently, the styrene market has risen strongly due to the influence of raw materials. The combination of geopolitical conflicts in the Middle East and transportation disruptions in the Strait of Hormuz has driven up international prices of crude oil, as well as a range of chemical products such as pure benzene and ethylene, due to concerns about market supply. In addition, with some styrene units undergoing maintenance and negotiation in March, there is a strong driving force in the current industry, which supports the PS market.
Supply and demand level: Recently, the domestic PS industry has experienced significant stability and small fluctuations. The domestic operating rate has been low for a long time, and the inventory position is controllable. The return of production capacity after the holiday is not obvious, resulting in tight supply of some brands. The scale of downstream product factories such as electrical appliances and packaging gradually increases after the holiday, and the on-site demand strengthens. At the same time, following some price chasing orders, styrene has entered a phase of tight supply and concentrated demand.
Future forecast
In early March, the domestic PS market showed a strong upward trend. The production load of the aggregation plant is stable, and consumer demand for replenishment, rigid demand, and price chasing are all coming out. Business analysts believe that raw materials such as styrene in the upstream of the industrial chain have jumped due to various influences, and with cost support, PS spot prices have risen rapidly. However, due to cost pressures, the improvement of PS company’s profitability is limited. It is expected that the PS market will continue to rise in the short term, and it is recommended to closely monitor the situation in the Middle East and upstream markets.

According to the Commodity Market Analysis System of Shengyi Society, starting from March, supported by the sharp rise in raw material prices, the adipic acid market has heated up and continued to rise. On March 5th, the average market price of adipic acid was 8700 yuan/ton, an increase of 4.82% from early March and 3.57% from the end of February.
Raw material market supports the rise of adipic acid market
After the Spring Festival, the adipic acid market briefly rose and then fell weakly. Since March, driven by the rising prices of raw materials such as pure benzene and cyclohexanone, manufacturers have continuously raised the ex factory price of adipic acid. The market transactions are still acceptable, and the market has experienced a sharp rise, with a two-day increase of nearly 5%. As of March 5th, the average price of adipic acid in the domestic market was around 8700 yuan/ton, an increase of 400 yuan/ton.
The main factors affecting the rise of the adipic acid market in this round are: cost side (core driver): Recently, international oil prices have risen due to geopolitical factors, directly driving the prices of upstream raw materials such as pure benzene and cyclohexanone to strengthen. The main reason for the price increase of adipic acid in this round is the support from the cost side.
Supply side (tight support): Industry supply has tightened slightly. The domestic adipic acid production rate has decreased this week; The weekly production decreased compared to the previous period. The tightening of supply is also a driving force behind the rise of adipic acid.
An analyst from Shengyi Society believes that the international oil price is rising rapidly, and pure benzene, as a downstream of crude oil, has strong upward momentum. In the short term, the market for adipic acid still has room for growth.

In March, the high cost of hydrofluoric acid played a game of high pressure and rigid demand, leading to a slight adjustment in market prices. According to the analysis system of Shengyi Society, as of March 4th, the benchmark price of hydrofluoric acid in Shengyi Society was 13166.67 yuan/ton, an increase of 0.77% compared to the previous month.
Raw material side: The supply of raw fluorite is tight, and the price is under pressure at a high level. Due to the delayed resumption of work in some fluorite facilities, the overall supply of raw materials in the market is tight. Due to factors such as mine safety inspections, the circulation of fluorite spot goods is limited, and the willingness of holders to sell at low prices is insufficient. According to the analysis system of Shengyi Society, as of March 4th, the benchmark price of Shengyi Society’s fluorite was 3431.25 yuan/ton, unchanged from the beginning of this month. The price of sulfuric acid has shown a continuous upward trend, becoming an important force driving up the production cost of hydrogen fluoride. As a key raw material, the rising price of sulfuric acid directly increases the manufacturing cost of hydrogen fluoride enterprises and compresses profit margins. According to the analysis system of Shengyi Society, as of March 4th, the benchmark price of sulfuric acid in Shengyi Society was 1092.50 yuan/ton, an increase of 3.31% compared to the beginning of this month (1057.50 yuan/ton). Overall, the upstream cost side prices continue to rise, while the upward trend of hydrofluoric acid prices is weak, leading to an expected expansion of losses for hydrogen fluoride production enterprises. Although manufacturers have strong price support sentiment, price increases are limited by demand follow-up.
Demand side: Resumption of work and replenishment of inventory are parallel, but the procurement pace is relatively slow. The main downstream application areas of refrigerant enterprises are gradually resuming work and production, and the industry’s operating rate has increased. After experiencing a round of consumption, current refrigerant companies and intermediaries generally have low inventory, and there is a demand for urgent replenishment. But the overall procurement pace is slow, and the driving force for hydrofluoric acid prices is limited. Mainly to maintain production balance. It is expected that anhydrous hydrogen fluoride will maintain stable operation.
Market forecast: The price of raw material fluorite sulfuric acid is supported by high levels, while downstream demand is weak, with rigid demand procurement as the main focus and weak demand side support. Under the game of high cost and rigid demand, and with the market remaining stable and watchful, it is expected that the market price of anhydrous hydrogen fluoride will mainly maintain stable operation in the later stage. More attention should be paid to changes in market supply and demand.

According to the commodity analysis system of Shengyi Society, the overall domestic market for maleic anhydride rose in February. As of February 28th, the average quoted price of maleic anhydride was 5300.00 yuan/ton (including tax), an increase of 0.71% from 5262.50 yuan/ton on February 1st.
In terms of supply: In early February, the market for maleic anhydride was weakly consolidated, and the bidding prices of Wanhua fell. The transaction situation was average, and the support for the maleic anhydride market was limited. The prices of the main factories for maleic anhydride continued to fall. In addition, downstream unsaturated resins were gradually shut down and put on vacation, resulting in a gradual decrease in demand for maleic anhydride; After the holiday, the bidding price of Wanhua continued to rise, and the transaction situation was good, which supported the maleic anhydride market. The prices of the main factories of maleic anhydride increased, but the downstream unsaturated resin is still in the early stage of resuming production, and new orders are limited. As of February 28th, the solid anhydride market in Shandong Province operates around a factory price of 5000 yuan/ton, while the liquid anhydride market operates around a factory price of 4750 yuan/ton.
Upstream: In February, the price of pure benzene in the Shandong region fluctuated and fell. On February 1st, the price was 6168.67 yuan/ton; On February 28th, the price was 6160 yuan/ton, a decrease of 0.43% from the beginning of the month. International crude oil futures have risen, while the price of pure benzene in foreign markets has fluctuated. The confidence in the domestic pure benzene market is average. Shandong pure benzene ground refining has poor shipments, and some manufacturers have slightly lowered their shipping prices.
The n-butane market fluctuated upward in February, with Saudi CP prices continuing to rise by $20 to $540 per ton. The naphtha market in February first rose and then fell, with Shandong n-butane prices at around 4550 yuan per ton as of February 28th.
Downstream: Prior to the Spring Festival, the main downstream unsaturated resin of maleic anhydride gradually stopped and went on vacation, resulting in a decrease in demand for maleic anhydride; After the holiday, the unsaturated resin market has resumed work gradually, and the market situation is mainly wait-and-see, with limited support for unsaturated resin.
Business Society’s maleic anhydride product analyst believes that the main downstream unsaturated resin of maleic anhydride is gradually resuming work; There is currently no inventory pressure from maleic anhydride manufacturers, and it is expected that the maleic anhydride market may have an upward trend in the near future.

In February 2026, the domestic phenol market broke away from the previous low volatility pattern and showed a steady upward trend. The strengthening of cost support, structural adjustment of the supply side, and the resonance of downstream demand recovery have driven up prices, and market trading has improved compared to January. “Stable price increase” has laid the foundation for the industry’s full year recovery.
The price of phenol rose in a stepwise manner in February, with a significant increase. According to data from Shengyi Society, the benchmark price on February 1st was 6450 yuan/ton, which rose to 6650 yuan/ton on the 27th and increased by 3.1% for the whole month. The average price in the core market of East China is about 6500-6550 yuan/ton, while in the north, the increase is slightly higher due to factory led growth, and the regional price difference is reasonable.
From an annual perspective, the current phenol price is at the median level of the past year. As of February 27th, the minimum value of phenol price in the past year was 5670 yuan/ton, the maximum value was 7947.50 yuan/ton, and the median value was 6808.75 yuan/ton. The current price still has some room for improvement from the median value, and there is still potential for upward movement in the future.
（1） Strong cost support lays the foundation for price increases
The core raw materials of phenol, pure benzene and propylene, have been operating strongly this month, forming strong support. Pure benzene saw a slight correction, with supply and demand balanced, while the propylene market improved, highlighting cost transmission. Although the phenol ketone factory is still operating at a loss, the magnitude has not expanded, and the willingness to raise prices has increased; This month, the factory’s profit decreased by 90 yuan/ton compared to last month to -926 yuan/ton, and the enterprise’s price increase drove the market up.
（2） Supply side structural adjustment, marginal improvement of supply and demand pattern
In February, the supply of phenol was generally abundant but locally tightened, and the operating rate increased by 3 percentage points to 89% compared to January. The 320000 ton/year plant in Yangzhou Shiyou is operating at full capacity, while the 650000 ton/year plant in Zhenhai Refining has increased from 65% to 85%, increasing market supply; The shutdown of the 300000 ton/year plant in Huizhou Zhongxin Phase I and the 60% load of the 630000 ton/year plant in Ningbo Taihua have eased the supply pressure.
In terms of inventory, the inventory at Jiangyin Port increased to 38500 tons during the Spring Festival period, but the pressure of contract shipments from cargo holders was low. Northern factories led the rise, driving supplier sentiment and not suppressing prices. In 2026, the growth rate of new phenol production capacity will slow down, the import volume will decrease, and the domestic substitution effect will be significant. The import dependence is expected to drop below 3%, consolidating the dominant position in the domestic market.
（3） Downstream demand gradually recovers, supporting market recovery
The Spring Festival holiday resulted in downstream production rates of bisphenol A and phenolic resin dropping to 70.84% and 20% respectively, with weak demand support. After the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, enterprises gradually resumed work, and terminal demand recovered and procurement released, providing substantial support for the market. Bisphenol A accounts for over 40% of phenol consumption, and the addition of new facilities in 2026 will drive demand growth. The current expectation is positive, which will boost procurement. Phenolic resin benefits from the recovery of real estate and the lightweighting of automobiles, and the operating rate is expected to increase; The demand for high-end phenol is driven by new energy vehicles and photovoltaics, injecting momentum into the market.
Overall, in February, firstly, prices steadily rose, relying on rational cost and demand to climb, without speculative fluctuations; Secondly, there is a clear supply-demand game, with high port inventory and rising prices from suppliers, as well as a confrontation between downstream resumption of work and improved demand, resulting in moderate and increased transactions; Thirdly, there is regional synergy, with the northern region leading the gains and the eastern and southern regions following suit, resulting in a reasonable price difference.

In the short term, the market is expected to continue its upward trend in March. On the supply side, Huizhou Zhongxin Phase I plans to restart and Phase II will undergo maintenance, while Shandong Ruilin’s new facility will start production in mid March, releasing favorable news for the procurement of start-up materials; The downstream of the demand side has resumed work comprehensively, and the addition of bisphenol A facilities has driven demand growth; On the cost side, pure benzene and propylene are relatively strong, supporting a moderate upward trend in prices.
In the long run, 2026 is a crucial year for industry recovery, showing a trend of “slowing down supply growth and steadily recovering demand”. The annual production capacity is expected to be 6.5 million tons per year, with a capacity utilization rate of 83% and a consumption of approximately 5.8 million tons. Supply and demand are tending towards balance, and the price center is shifting upwards, resulting in improved profitability. Attention should be paid to risks such as fluctuations in raw materials and unexpected demand recovery.
In summary, the clear upward trend of the phenol market in February 2026 is an important signal for the industry’s recovery. The subsequent optimization of supply and demand will gradually push the market out of its low position and steadily recover.