At the beginning of September, the domestic formic acid market showed a phased trend of “stabilizing first and then rising, maintaining stability at a high level”, with a clear rhythm of market fluctuations and overall stable and orderly operation. At the beginning of the month, the market price continued its sideways trend at the end of the month, with a benchmark price of 2100 yuan/ton for 85% industrial grade formic acid. Driven by favorable costs, it completed a round of deterministic price increases, rising to 2200 yuan/ton. Subsequently, relying on the supply-demand balance pattern, it operated steadily without significant fluctuations, and the market trading atmosphere tended to be rational, with sufficient support from industry fundamentals.
There are favorable factors on the cost side, which stimulate price increases
The cost side is the core positive factor driving the upward trend of formic acid prices in early September. In the first half of this month, the prices of core raw materials such as coal continued to rise, and the center of gravity of raw material costs shifted upward, directly raising the comprehensive production costs of formic acid production enterprises. The continuous rise in costs has broken the stable pattern of the previous market, giving production enterprises sufficient confidence to adjust prices, actively raising market quotations, and promoting the smooth rise of formic acid spot prices. Against the backdrop of stable raw material prices, cost benefits continue to persist, providing solid bottom support for the price increase of formic acid and effectively eliminating the risk of price decline.
Dynamic balance of supply and demand
The fundamentals of supply and demand have dominated the market’s stability after price increases. From the supply side perspective, the overall inventory of the formic acid industry is currently in a moderate and reasonable range, with no inventory backlog, destocking pressure, and no shortage of supply or urgent inventory situation. The supply and demand inventory structure of the industry is healthy. The shipping rhythm of production enterprises has always remained stable, and the supply of goods is stable and orderly, which can match the normal demand of the market and lay the foundation for maintaining market stability. On the demand side, downstream terminal rigid demand procurement has been steadily released, without centralized replenishment or rush for goods, nor has there been a sharp decline in demand. The support of rigid demand is stable, allowing the market supply and demand to form a stage dynamic balance, effectively constraining significant price fluctuations.
Overall, the market trend of formic acid in early September is in line with the characteristics of the traditional peak season in the chemical industry, with a clear logic of cost driven price increases and stable supply and demand. The current market’s favorable factors and stable factors balance each other, with cost side favorable factors continuing to support the bottom, supply and demand sides maintaining balanced operation, and the industry showing strong price support sentiment. In the short term, 85% of the domestic industrial grade formic acid market is likely to continue its current high-level stable operation pattern, and the possibility of significant fluctuations is extremely low. The subsequent market trend will mainly rely on fluctuations in raw material prices, the recovery of downstream terminal demand, and changes in industry inventory. If costs continue to strengthen or downstream demand is concentrated, there is still room for further upward movement in formic acid market prices, and specific changes in market supply and demand still need to be monitored.

At the beginning of the week, the price of activated carbon was 12266 yuan/ton, and over the weekend, it was 12366/ton, a decrease of 0.82% in price.
The prices of domestic coconut shell activated carbon manufacturers have stabilized and become stronger this week. The ex factory price of activated carbon for coconut shell water purification in East China is between 9500-13000 yuan/ton. The price trend of upstream coconut shell carbonization materials (raw materials) is firm, coupled with the recent extension of shipping cycles, increased storage and environmental protection requirements, which have pushed up import and logistics costs and formed a bottom support for the price of finished carbon.
Supply side impact: The main producing countries in Southeast Asia (Indonesia, Philippines) are affected by drought and tightening export quotas, resulting in tight raw material supply and the release of production capacity in some regions of the country. The overall market supply-demand game makes it difficult for prices to rise unilaterally, with fluctuations being the main factor.
Prediction: The domestic supply of coconut shell activated carbon raw materials is tight, and it is expected that the price of activated carbon will mainly fluctuate and strengthen in the short term.

1、 Review of August Market Trends
In August, the domestic PA6 spot market as a whole emerged from a volatile upward trend, with an accelerated rise at the end of the month. In the first half of the year, the price remained stable at 12966.67 yuan/ton, and then the market steadily rose. In the second half of the year, the price remained stable at 13166.67 yuan/ton for a long time; On September 1st, the spot price rose sharply to 13466.67 yuan/ton, with a daily increase of 2.28%. In the short term, the price of all 10-90 day cycles remained in the high range, and the one-year cycle position reached the medium high level. This round of upward trend has accumulated a considerable upward momentum.
1. Cost analysis
The upstream raw material caprolactam market has fluctuated and strengthened, with the cost center of raw materials constantly shifting upwards, providing sustained cost support for PA6. With the rise in raw material prices, the production costs of enterprises have increased, and the willingness of factories to raise prices has strengthened. Cost driven factors are an important driving force for the price increase of PA6 in August, forming a top-down upward momentum for spot prices.
2. Supply and demand analysis
On the supply side, some domestic production enterprises are undergoing periodic maintenance, and the overall operating load of the industry has fallen, resulting in limited increase in market spot supply; As prices continue to rise, manufacturers tend to be cautious in their shipping mentality, creating a strong atmosphere of reluctance to sell and pushing prices higher. The supply of spot goods has tightened, providing support for the upward trend of the market. On the demand side, the downstream spinning and modified plastic industries are gradually starting to stock up, and the expected peak season of “Golden September” is driving the enthusiasm of downstream procurement to rebound, with a month on month improvement in demand. However, the actual consumption of the terminal has not been fully released, and the downstream pursuit of price increases is becoming cautious. The resistance to high price transactions is gradually emerging, and further upward movement is subject to certain constraints. Overall, there is a pattern of supply contraction and demand recovery driven by peak season expectations.
2、 Short term future forecast
The short-term PA6 market is expected to fluctuate at a high level and slow down its upward trend, raising concerns about the risk of a pullback. At present, prices in the short, medium, and long term cycles are all at high levels, and the periodic upward trend in prices has already overdrawn some peak season expectations, further weakening the momentum of unilateral sharp upward momentum; Upstream cost support still exists, and there is some room for support below. The market is likely to enter a period of high volatility, and it is necessary to focus on tracking the actual demand fulfillment during the downstream September peak season. If terminal demand falls short of expectations, there is pressure for the market to fall back and adjust.

The price trend of acetic acid in August first fell and then rose. As of August 31, the average market price was 3310.00 yuan/ton, an increase of 86.67 yuan/ton compared to the beginning of the month when the acetic acid price was 3223.33 yuan/ton, an increase of 2.69% within the month.
At the beginning of the month, the market was affected by weak demand, downstream follow-up was not smooth, enterprise shipments were hindered, inventory accumulated in some areas, and acetic acid prices fell slightly; In the second half of the year, due to the centralized maintenance of the acetic acid plant, the supply side tightened, and the increasing intention of enterprises to rise, coupled with strong export demand and rising prices of raw material methanol, the price of acetic acid continued to rise, and the overall trend was significantly upward.
The methanol market rose strongly in August. As of August 31st, the average market price was 3096 yuan/ton, an increase of 17.81% compared to the beginning of the month price of 2628 yuan/ton. Affected by geopolitical conflicts, the expected reduction in methanol imports has provided positive support for port prices, leading to a strong market sentiment; Centralized maintenance of domestic facilities within the month, tightening of domestic supply, and high sentiment among manufacturers have driven up prices continuously; Driven by low inventory factors, methanol prices remain at a high level. The raw material methanol has a strong support for acetic acid, and the cost advantage is obvious.
Market forecast: Acetic acid enterprises have low inventory, and the market supply will remain tight in the short term. Downstream demand will follow up, and combined with traditional peak season expectations, the fundamentals will be more favorable. It is expected that the acetic acid market will continue to operate strongly in September, and specific attention will be paid to the restart of equipment and downstream follow-up.

This month (8.1-8.31), the 1 # tin ingot market in East China fluctuated and fell at a high level. The average market price at the beginning of the month was 426660 yuan/ton, and as of August 31, the average market price was 416770 yuan/ton, a decrease of 2.32%.
In August 2026, the overall domestic tin price showed a pattern of “rising and falling, with wide fluctuations at high levels”. In August, both the trading volume and position of Shanghai tin experienced a double decline, and the enthusiasm for market participation cooled down. Both long and short sides played repeatedly within the range of 415000 to 440000 yuan/ton.
supply side
In early August, news of some smelters undergoing maintenance and reducing production surged, and the market’s expectation of raw material shortages increased, leading to a short-term push up in tin prices. But over time, the disturbance gradually dissipates:
Overseas mining end: The marginal supply of imported tin ore has improved, and the tight situation of domestic smelting raw materials has been eased. Smelting enterprises that had previously reduced production have gradually resumed production, and the supply of spot goods has increased.
Domestic output: The operating rate of tin smelting in China has temporarily increased, and there has been no sustained destocking of social spot inventory. High prices have stimulated sellers to sell, and the market has increased the available supply of goods, which has suppressed tin prices.
Demand side
In the traditional electronic solder industry, although there are traditional peak season expectations, the actual order release in the terminal electronics industry is limited. Solder companies mainly purchase on demand, replenish inventory at low prices, and wait and see at high prices, without large-scale active hoarding behavior. The demand for electroplating and tin chemical sectors is stable, with limited incremental growth. After the price surge, downstream fear of high prices is evident, and the willingness to purchase at high prices quickly shrinks, lacking sustained buying opportunities and weakening the upward momentum. In the latter half of the year, during the process of price decline, there was no significant bottoming out in the downstream market, and more people remained on the sidelines, further amplifying the pressure of price correction.
Inventory end
In August, there was a clear differentiation pattern in tin inventory both domestically and internationally: domestic inventory continued to accumulate. As of August 31st, the previous period’s tin inventory was 5131 tons. LME inventory remains low.
comprehensive analysis
The short-term market is still in a game stage of “tight reality and loose expectations”. The current core contradiction lies in the fact that the tight mining situation has not fundamentally changed, and Myanmar is slow to resume production; The absolute level of global explicit inventory is still at a low level; The structural demand in the fields of AI and new energy provides long-term support. The continuous accumulation of domestic inventory weakens the elasticity of low inventory; Downstream high price acceptance is limited, and spot trading is light; Indonesia’s exports may resume in August, with marginal increase in supply pressure.