According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has slightly rebounded recently. As of January 26th, the benchmark price of 85% industrial grade formic acid in Shengyi Society’s domestic market was 2350 yuan/ton, an increase of 2.17% compared to the same period last week (January 19th), a month on month increase of 2.17%, and a year-on-year decrease of 20.34%.
Supply side: Production reduction and price protection continue+maintenance expectations rise, supporting price increases
The contraction signal from the supply side is the core driving force behind the market recovery this time. From the perspective of the industry as a whole, mainstream enterprises generally maintained a reduced workload operation in late January, which continued the spirit of the resolution reached by the three core enterprises in Liaocheng, Feicheng, and Jingzhou, Hubei at the beginning of the month to reduce production and maintain prices. Although the current industry inventory is still in the mid to high range, the controllable inventory level combined with continuous load reduction operation has effectively alleviated the pressure of loose supply in the early stage and laid the foundation for price stabilization.
More importantly, the maintenance plan for a 200000 ton/year main plant in Liaocheng, Shandong has become an important catalyst for market growth. Since its disclosure on the 21st, this information has continued to affect market expectations, leading traders and downstream enterprises to form a consistent judgment on the subsequent tightening of supply.
On the demand side, rigid procurement is the main focus, making it difficult to generate strong driving force
The overall performance on the demand side was lackluster, failing to generate substantial driving force for the market. In late January, downstream industries generally maintained a pace of on-demand procurement, while traditional demand areas such as feed, leather, printing and dyeing were still in the seasonal off-season, with a production rate of less than 60% and low enthusiasm for stocking up in large quantities. Among them, the pesticide industry’s spring plowing and stocking up have not yet been fully launched, and the leather and printing and dyeing industries have limited digestion capacity due to sluggish terminal consumption. Only the pharmaceutical and chemical industries maintain a small amount of essential procurement, making it difficult to change the overall balance of market supply and demand.
The formic acid data analyst from Shengyi Society believes that, based on the current market supply and demand pattern, inventory levels, and industry expectations, the domestic formic acid market will continue to maintain a sideways consolidation trend in the short term. The implementation of the main equipment maintenance plan in Liaocheng, Shandong will become the core variable determining the subsequent market trend. If the maintenance is successfully implemented, the market supply will be substantially tightened. Coupled with the current industry’s background of reducing production and ensuring prices, the price of formic acid is expected to gain further upward space. On the contrary, if the maintenance plan is postponed or cancelled, the expectation of loose supply may rise again, and the price action force will significantly weaken.

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.