The domestic PX price trend is expected to rise in 2025, with an average price of 7108.33 yuan/ton at the beginning of the year and 7500 yuan/ton at the end of the year, representing an annual increase of 5.51%. From the PX price trend chart, it can be seen that the highest price of PX in 2025 appeared in early March, with a maximum price of 7600 yuan/ton, and the lowest price of PX appeared in mid May, with a minimum price of 6600 yuan/ton. Overall, the domestic PX price trend is rising.
The domestic PX market in 2025 will mainly be divided into four stages:
In the first stage from January to mid March, the PX market trend rose. During this period, the PX plant traditionally had a low start-up period, coupled with delays in resuming production after some companies’ pre holiday maintenance, resulting in a domestic operating rate of only about 80% and a decrease in production by about 5% compared to the previous period. PTA enterprises gradually resumed production after reducing their burden before the holiday, and the operating rate rebounded from 65% at the beginning of the year to 78% at the end of March. The rigid procurement demand for PX increased, which supported the rise of PX market prices.
The second stage is from mid March to mid May, during which PX prices significantly decrease. During this period, international oil prices sharply declined, and naphtha followed suit with weakness but strong resilience, while PX passively compensated for the decline. From March to May, PTA underwent centralized maintenance, resulting in a reduction in rigid procurement of PX and a decline in the PX market.
The third stage is the third quarter, during which the PX market is fluctuating. At this stage, the PX market showed a trend of “first rising, then falling, and then fluctuating”, with the core being the resonance of wide fluctuations in cost, loosening of supply and demand margins, weak downstream demand, and shrinking profits.
The fourth stage enters the fourth quarter, and the PX market trend rises. During this stage, the rebound of crude oil and the strengthening of naphtha have strengthened cost support; In 2025, there will be no new production capacity for PX, and the centralized maintenance of domestic facilities in the fourth quarter will result in a decrease in supply; Starting from October, the centralized processing fees for the downstream PTA industry have increased, resulting in a month on month increase of about 15% in PX procurement volume, which supports the upward trend of the PX market.
What will the PX market trend be in 2026? The driving factors for the PX market in 2026 are as follows:
（1） Supply side: rhythm mismatch+maintenance peak, significant gap in the first half of the year
1. New production capacity is concentrated in the second half of the year, with very little supply elasticity in the first half of the year
In 2026, the global PX plan plans to increase production capacity by approximately 6.5 million tons, with a total of approximately 2.6 million tons from domestic companies such as Liaoning Aramco and Fujia Capacity Expansion, all of which will be put into operation in the second half of the year. There will be no new production capacity in the first half of the year, and the supply will continue to be tightly balanced.
2. Operating rate and inventory: high load, low inventory supports prices
The domestic PX operating rate remains at a high level of 80% -88%, with the load of existing facilities approaching the upper limit and limited supply increment. At the end of 2025, PX social inventory will be at a seasonally low level, and there is a strong expectation of destocking in the first half of 2026, making prices prone to rise but difficult to fall.
2、 Demand side: Polyester rigid demand+PTA production vacuum, differentiated support strength

1. The addition of polyester production capacity forms sustained demand
Domestic polyester plans to increase production capacity by 4 million tons, with a year-on-year growth rate of 4.4%, equivalent to an increase in PX demand of about 3.2 million tons. Production will be concentrated in the first three quarters, providing stable and essential support. The expected easing of US tariff policies and the recovery of demand in Southeast Asia are expected to maintain a weaving machine operating rate of 75% -80%, driving polyester inventory replenishment and indirectly supporting PX procurement.
PTA enters the vacuum period of production, and the repair of processing fees drives the demand for PX
In 2026, PTA will have no new production capacity and enter stock competition. Processing fees will be restored to over 300 yuan/ton, and PTA enterprises will increase their operating rates, leading to an increase in PX procurement volume. In the first half of the year, PTA maintenance increased, production capacity utilization remained low, and PX demand fluctuated periodically, but long-term demand remained unchanged.
3、 Cost side: crude oil fluctuations+naphtha linkage, PXN price difference repair
1. Crude oil prices are the core cost anchor
International crude oil prices are affected by geopolitical conflicts, OPEC+production cuts, and expectations of interest rate cuts by the Federal Reserve, directly driving the linkage between naphtha and PX prices.
2. Oil blending demand and raw material diversion
When the gasoline price difference in North America strengthens, the flow of aromatic hydrocarbons increases, the pressure on the PX supply side is relieved, and the price difference of PXN widens; On the contrary, PX supply increases and the price difference shrinks.
In summary, the overall PX market in 2026 shows a trend of “strong at the beginning, stable at the end, and fluctuating at a high level”. In the first half of the year, prices surged due to tight supply-demand balance and maintenance peaks. In the second half of the year, with the landing of new production capacity and demand resilience, a high-level oscillation of “tight balance+cost anchoring” was formed. The PXN price difference first expanded and then contracted, and the central level rose throughout the year.

2025 Butylene Rubber Market Review
2025 domestic butylene rubber throughout the year in a staircase downward trend, the price fell from about 14900 yuan / ton at the beginning of the year to 11575 yuan / ton at the end of the year, a cumulative fall of 22.32% throughout the year.
Pre-festival reserves in January slightly increased to 15466 yuan / ton; February-early April weak fundamental downward to 13916 yuan / ton, April international trade policy mutation industry chain expected pessimistic price quickly fell to 11858 yuan / ton, late April-mid-May international trade policy slightly changed, plus Lanzhou, Hangzhou butylene device parking repair, low price slightly rebounded to 12866 yuan / ton; mid-May-mid-September weak fundamental plus raw material prices fell, overlapping smooth petrochemical parking repair, butylene rubber price first fell after small V-type fluctuations, high at 12866 yuan / ton, low at 1 1750 yuan / ton; mid-September to early November supply abundant weak demand, buffin rubber prices weak down to 10,600 yuan / ton; early November to the end of the year shock rebounded to 11,575 yuan / ton.
Summary of the main factors affecting the market of butylene rubber in 2025: First, the cost side drags on the whole year. In 2025, butylene new production capacity is concentrated, inventory continues to accumulate, and the price center downward drops by 22.84% throughout the year, which directly leads to a reduction in the production cost of butylene rubber. The impact of the slowdown in the growth rate of the automotive industry, inventory pressure has increased significantly, and fundamental support is weak.
Bubble Rubber Market Outlook for 2026
Macroeconomic and commodity markets are affected by the continuation of the Fed’s interest rate cut cycle in 2026, which may lead to an overall recovery in commodities, but the impact of the Fed’s interest rate cuts on different commodities is also different in terms of the cycle and magnitude. In addition, there is a need to be alert to the risk of supply chain disruption due to geopolitics in 2026.
2026 butylene rubber cost stable medium to slightly lower
In 2026, butylene will continue to support the cost of butylene rubber, butylene will weaken, butylene rubber cost center of gravity is stable and slightly lower. On the one hand, butylene as the core raw material of butylene rubber, its price fluctuations directly affect the industry profit space. Historical data show that butylene prices fluctuate by 10%, ESBR production costs change by 8%-12%, and SSBR is more affected by solvent price linkage. Ethylene supply and demand pattern is expected to improve marginally. With the significant reduction of new production capacity, and the supply elasticity adjustment mechanism is more sensitive, the market is expected to gradually transition from excess to balance, styrene price center recovery, there is some support for the cost of butylene rubber.

Steady and moderate increase in the supply of butylene rubber in 2026
In 2026, the proportion of dissolved polybutylene rubber production capacity continues to increase, the proportion of milk polybutylene rubber production capacity continues to decline, and the proportion of dissolved polybutylene rubber production capacity is expected to increase from about 27% in 2025 to a higher level in 2026. This is mainly due to the start-up of new projects by Zhongzhou Group, Shenhua Chemical, Yanshan Petrochemical and other enterprises. In 2026, the production capacity of polybutylene rubber will fall to 73.09%, among which the problem of low and medium-end overcapacity is prominent, and the market competition tends to be fierce.
By 2026, the proportion of demand in new areas for stable and weak traditional butylene rubber will increase
From the perspective of automotive production and sales, China’s automotive production is expected to reach 26-27 million units in 2026, an increase of 4-6% year-on-year. From the perspective of tire production structure, all-steel tire production is expected to grow by 3-4% in 2026 and semi-steel tire production is expected to grow by 5-6%. In the application of tires, its average annual growth rate is expected to exceed 8%. Polybutylene rubber is weak in the stable demand for traditional tires; the demand for components such as automobile shock absorbers, seal bars will grow steadily, but the growth rate is relatively slow due to the impact of infrastructure and real estate cycles; the demand for butylene rubber in the medical field is accelerating due to the aging of the population, and the annual growth rate is expected to reach 8%.
Taken as a whole, it is expected that in 2026, the market for butylene rubber will show a slight downward trend between high and low, narrow fluctuations, and the price center, in which the price of polybutylene rubber will fluctuate in the range of 11,500 to 13,500 yuan / ton, which will be affected by the low season and parking repairs and other factors.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the price trend of soda ash in December first increased and then decreased. The average market price of light soda ash at the beginning of the month was 1252 yuan/ton, and the average market price at the end of the month was around 1250 yuan/ton. The overall price decreased by 2 yuan/ton during the month, a decrease of 0.16%.
2、 Market analysis
According to the Commodity Analysis System of Shengyi Society, the soda ash market fluctuated in November. On the supply side, the load of some enterprises’ equipment has decreased, with a slight decrease during the month. The total inventory of soda ash manufacturers has also decreased, and most enterprises’ quotations have remained firm; In terms of demand, the glass market is weak and declining, and the demand for soda ash continues to be weak. The atmosphere for soda ash transactions is sluggish, and the market sentiment is bearish, resulting in a weak downward trend in soda ash prices during the month.
As of December 31, 2025, the mainstream market price of light soda ash in East China is around 1140-1600 yuan/ton, a decrease of 40 yuan/ton compared to the previous month; The mainstream price of light soda ash in Central China is around 1140-1220 yuan/ton, with a month on month increase of 30 yuan/ton; The mainstream price of light soda ash in North China is around 1250-1280 yuan/ton, with a month on month increase of 10 yuan/ton.
On the demand side: According to the commodity analysis system of Shengyi Society, glass prices have continued to decline this month, with the average glass market price dropping from 13.88 yuan/square meter to 12.75 yuan/square meter, an overall decrease of 8.14%. The glass production has not changed much within the month, downstream orders are average, overall shipments are weak, enterprise inventory continues to accumulate, glass destocking is limited, and glass prices are weakly declining.
Market forecast: The supply side soda ash maintenance equipment will resume, the expected operating rate will increase, the pressure on the supply side will increase, and downstream inventory consumption will be the main factor. The support for soda ash will be average, and the short-term market oversupply pattern is difficult to improve. It is expected that the soda ash market will weakly consolidate and operate in the future, depending on downstream follow-up.

At the end of December, the domestic ABS market rose at a low level, with some grades reporting high spot prices. According to the Commodity Market Analysis System of Shengyi Society, as of December 31st, the average price of ABS sample products was 8250.00 yuan/ton, with a year-on-year increase or decrease of -3.82% in price level.
Fundamental analysis
Supply level: Since December, the domestic ABS industry has had a large and stable load with small fluctuations. Within the range, there were mixed ups and downs, with Jilin Petrochemical’s load increasing, Zhejiang Petrochemical’s maintenance tasks for some units ending, and a unit in Shandong operating with reduced load. By the end of the month, the overall operating level of the industry was around 69%, with an average weekly output of nearly 150000 tons. The on-site supply remains abundant, and the inventory of aggregation enterprises above 250000 tons is slightly digested at a high level. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the supply side’s support for ABS spot prices continues to be weak.
Cost factor: During December, the market differentiation of ABS upstream three materials had a moderate impact on the cost side of ABS. The capacity utilization rate of the acrylonitrile industry remains above 80%, with an increase in excess inventory and market volatility. However, downstream users have abundant inventory, average purchasing enthusiasm, and poor trading in the spot market. There are still expectations of a short-term downturn, but cost pressure continues to exist, which still restricts the downward space of the market.
The market situation of butadiene in the first half of the year was similar to that of acrylonitrile, with abundant supply but weak downstream demand. Under the dual negative impact, the overall volatility of the butadiene market was weak. However, in the second half of the month, due to the increased willingness of the supply side to raise prices and the linkage effect of rising external prices, it is difficult to find low prices in the current market. And the production capacity utilization rate of major downstream products such as butadiene rubber and styrene butadiene rubber remains high, with stable procurement demand, driving up the volatile price of butadiene market.
After the styrene market rose this month, it sorted out. Although the raw material pure benzene market is constrained by demand and hindered from rising. However, many styrene plants in the middle of the month have unplanned shutdowns, and the supply side is gradually strengthening. At the same time, downstream profits have recovered and construction has rebounded. At the end of the month, the export market performed well, and the demand side steadily followed suit. At the end of the month, the styrene market has rebounded slightly, but it is expected that the supply side will increase and port arrivals will increase in the future. It is expected that the styrene market will fluctuate in the short term.
On the demand side: In December, the consumption of ABS’s main downstream electrical appliance shell industry weakened, resulting in unsatisfactory profitability for end enterprises and no increase in future production. However, the low spot prices in the latter half of the year have led to an increase in buyers’ buy in operations. The downstream demand for ABS has shown a phased increase, and the flow rate of goods has improved. The inventory location of merchants has been reduced, and companies and merchants are trying to overestimate. Overall, the demand side has slightly improved its support for the ABS market.
Future forecast
At the end of December, the domestic ABS market rebounded at a low level. The production load of the aggregation plant is stable with small fluctuations, and the consumption side is releasing empty orders for replenishment. Business analysts believe that the supply-demand imbalance of ABS is still present, while the upstream three material market is generally supportive. Recently, buying orders at low prices have shown strong momentum, easing supply pressure in the short term. It is expected that ABS will consolidate at a high level in the future.

Cobalt prices fluctuate and rise in 2025
According to the Commodity Cobalt Market Analysis System of Shengyi Society, the cobalt price on December 30th was 452800 yuan/ton, a fluctuating increase of 167.93% compared to the cobalt price of 169000 yuan/ton on January 1st. The cobalt export ban and export quota system in the Democratic Republic of Congo have led to a dual factor of supply shortage and demand growth in the cobalt market, resulting in a sharp rise in cobalt prices in 2025; With the recovery of cobalt exports from the Democratic Republic of Congo and the addition of new production capacity from Indonesia, where will cobalt prices go in 2026?

Analysis of Cobalt Price Trends under the 2025 Congo Cobalt Export Ban
On February 24th, the relevant departments of the Democratic Republic of Congo announced that the country has decided to suspend cobalt exports for four months in response to the oversupply situation in the global cobalt market. This applies to all cobalt exports originating from mining in Congo, regardless of whether they come from industrial, semi industrial, small-scale or manual mining. This measure will come into effect on February 22nd.
The Democratic Republic of Congo announced that from June 21, 2025, due to the sustained high inventory levels in the market, it has decided to extend the temporary ban for another three months from the effective date of this decision.
On the early morning of September 22nd, the strategic mineral regulatory agency of the Democratic Republic of Congo announced that the country will extend the ban on cobalt exports until October 15th, lift the ban on cobalt exports on October 16th, and implement annual export quotas. From October to December 2025, mining companies in the Democratic Republic of Congo will be allowed to export over 18000 tons of cobalt, with a maximum annual export volume of 96600 tons in 2026 and 2027.
The Ministry of Mines and the Ministry of Finance of the Democratic Republic of the Congo jointly announced on November 26 that exporters must prepay 10% of the royalty fee within 48 hours after submitting the origin and sales declaration, and obtain a compliance certificate before customs clearance. The royalty fee can only be calculated and paid after sampling and laboratory testing to determine the quality and quantity. Goods without payment vouchers cannot leave the port.
According to the analysis system of the commodity cobalt market of Shengyi Society, the cobalt price trend in 2025 can be divided into several stages, corresponding to the release time of the cobalt export policy in the Democratic Republic of Congo, and the inventory of cobalt market in each stage has different performances. Phase 1: From January to mid February, there was an oversupply in the cobalt market; Phase 2: The Democratic Republic of Congo announced a four month suspension of cobalt exports, causing a significant increase in cobalt prices and maintaining inventory in the cobalt market; Phase Three: Affected by time delay factors such as shipping cycles, cobalt exported from the Democratic Republic of Congo is still entering the market, and cobalt market inventories remain high; In the fourth stage, the ban on cobalt exports will be extended, and the cobalt market inventory will be consumed; In the fifth stage, the cobalt export quota system was introduced, and the cobalt market’s inventory continued to deplete, with no hope of replenishing inventory.
The cobalt export policy of the Democratic Republic of Congo in 2025 will directly determine the trend of cobalt prices. In 2026, the cobalt export policy of the Democratic Republic of Congo will be relatively stable, and the supply and demand of the cobalt market will determine the future trend.
Analysis of Supply and Demand Situation in Cobalt Market in 2026
Supply situation of cobalt market in 2026
The Congo Strategic Minerals Market Regulation and Control Authority (ARECOMS) has announced that due to delays in the implementation of the new export procedures, the country has decided to allow cobalt mining companies to retain their full export quotas allocated in 2025 to avoid losing their shipping rights due to incomplete procedures. This means that the unfinished quota is expected to be extended until 2026 for use. The cobalt export quota for the Democratic Republic of Congo in 2026 is approximately 114600 tons.

In early December 2025, Glencore became the first miner to export cobalt under the new quota system in Congo and has already launched a small-scale initial cargo testing system. On December 22, 2025, Tengkefeng Gulumei Mining, a subsidiary of China Molybdenum (CMOC), the world’s second-largest cobalt producer, officially launched its first shipment sampling under the new export quota system. Due to time delay factors such as shipping cycles, the transportation cycle from the Democratic Republic of Congo to China is about 3 months, and the arrival time of cobalt raw materials in China may be concentrated in April.
The annual cobalt production capacity of the Greenmei Indonesia Qingmei Bang project is 12000 tons. In the first half of 2025, the Greenmei Indonesia nickel resource project will produce 3667 tons of cobalt metal, a year-on-year increase of 125%. The monthly production in July exceeded 900 tons; About 10000 tons of cobalt metal are recycled annually in China.
Liqin Resources and its partners are collaborating to invest in a nickel smelting production line on Obi Island, Indonesia. The planned capacity for wet nickel production is 14000 tons of cobalt, with an equity capacity of 8200 tons of cobalt. All production will be completed by 2024; The first phase of the pyrometallurgical project has a production capacity of 95000 tons and has been put into operation since 2023. Some production lines of the second phase project have been put into operation in the first quarter of 2025 and will be fully put into operation in 2026. The company’s production capacity will increase to 280000 tons and equity production capacity will increase to 155000 tons.
Cobalt Market Demand in 2026
On August 21, 2025, the US Department of Defense and Defense Logistics Agency released bidding documents to accelerate cobalt strategic reserves in Europe and America. They plan to purchase approximately 7480 tons of alloy grade cobalt over the next five years, with an annual procurement of around 1500 tons, for strategic reserves, with a maximum procurement amount of up to $500 million. The EU has launched a reserve of 1000 tons, highlighting the resource security attributes of cobalt through strategic storage actions, leading to an increase in cobalt demand.
According to data from the China Association of Automobile Manufacturers, from January to November 2025, the production and sales of new energy vehicles reached 14.907 million and 14.78 million respectively, and the sales of new energy vehicles are expected to reach 20 million by 2026. The significant increase in sales of new energy vehicles has created a strong demand for cobalt; However, the proportion of ternary battery installations has been decreasing year by year, and coupled with the market’s promotion of high nickel undervalued ternary batteries, the demand growth for cobalt in new energy vehicle ternary batteries is limited.
The industrialization process of emerging industries such as humanoid robots has opened up a new long-term growth space for cobalt consumption. The production of humanoid robots in 2025 is in the early stages of mass production in the industry, and there is currently no unified official annual statistics. Global sales in 2025: Multiple institutions predict between 12000 and 18000 units. By 2025, China’s sales will account for the majority of global sales and are expected to exceed 10000 units. The explosive growth of humanoid robots in 2026 will determine the new demand in the cobalt market.

Market Overview and Future Outlook
According to data analysts from Shengyi Society, the global cobalt market supply is expected to be around 215000 tons in 2026, with a total demand of 221000 to 240000 tons. The cobalt market supply is expected to be short by 6000 to 25000 tons in 2026. The shortage of cobalt supply in the market has provided significant support for the rise in cobalt prices. In addition, the 10% royalty fee in the export quota system of the Democratic Republic of Congo and the increased environmental pressure have led to an increase in the cost of exporting cobalt raw materials in the country. In the future, the bottom price of cobalt may remain above 300000 to 350000 yuan/ton. Due to the difficulty of cobalt exports from the Democratic Republic of Congo reaching ports before April, and the continuous depletion of domestic cobalt market inventories, cobalt market inventories may bottom out by the end of April. With the support of essential demand, cobalt prices may soar to the highest level of the year, and are expected to briefly impact the 660000 yuan/ton in 2018.