In the first half of September, the overall trend of the domestic ABS market continued to be weak, with some grades experiencing a narrow decline in spot prices. According to the Commodity Market Analysis System of Shengyi Society, as of September 15th, the average price of ABS sample products was 9962.50 yuan/ton, with a price level increase or decrease of -1.36% compared to early September.
Fundamental analysis
Supply level: In the past half month, the domestic ABS industry has experienced a combination of load reduction and restart, with overall load being high, stable, and fluctuating. At the beginning of the month, due to the poor profit situation of the aggregation plant, some enterprises had cost maintenance operations, but the magnitude was relatively narrow. At the same time, aggregation plants such as Tianjin Dagu are experiencing a return to production capacity, and the overall performance of domestic facilities is limited. The industry load level is adjusted narrowly at around 70%. The weekly average production is around 135000 tons, and the inventory level of aggregation enterprises is gradually rising to a high of over 240000 tons, indicating an increase in supply on site. Overall, the long-term loose supply pattern in the ABS market remains unchanged, with industry inventory accumulation. At present, there are still incremental expectations on the supply side, therefore, the support for ABS spot prices on the supply side is weak.
Cost factor: In the first half of September, the ABS upstream three material market was generally weak, which had a negative impact on the ABS cost side. At the beginning of the month, the price of acrylonitrile rose, and the direct factor for the increase came from the reduced supply in the East China region. Considering both cost pressures and long-term pre holiday stocking expectations, suppliers continue to push up prices. However, the follow-up of spot transactions is relatively slow, and the northern maintenance equipment is gradually recovering. In addition, there is no significant increase in overall demand. As the middle of the month approaches, spot prices have stopped rising and turned back down. The news is mixed with long and short positions, and the market may once again fall into a stalemate.
The domestic butadiene market was affected by fluctuations in the downstream synthetic rubber futures market, with frequent fluctuations in the butadiene market in early September, but overall maintained a range oscillation trend. In the past half month, the operation of domestic butadiene plants has been relatively stable, with little overall change, and downstream enterprises have been digesting the situation step by step. Without further positive guidance on the market and under the mentality of supply and demand game, the market has given up its previous gains, and it is expected that the butadiene market will continue to maintain a narrow range oscillation trend in the short term.
The main trend of styrene in the first half of September was fluctuating and falling. At the beginning of the month, domestic factories started operating at a high level, and the raw material pure benzene fell. Recently, the maintenance plan for styrene plants in some areas has been fulfilled, resulting in a decrease in overall production, but the accumulation of inventory at ports has become prominent. In addition, due to limited downstream demand growth, in the short term, without significant changes in the macro level, the styrene market may experience weak fluctuations.
On the demand side: In the medium to long term, the downstream factories of ABS have had average loads. The current market still exhibits significant off-season characteristics, with no signs of improvement in terminal enterprise procurement, and the logic remains to fulfill urgent orders. In the first half of September, the consumption of the electrical casing industry remained quiet, and there was no increase in production scheduling. The cautious atmosphere in the external market remains unchanged, and the flow of goods is slow. Domestic inventory levels have accumulated at a high level, and supply continues to be loose, leading to increased pressure to sell on the market. Overall, there has been no improvement in the demand side’s support for the ABS market.
Future forecast

The domestic ABS market was weak in the first half of September. The overall decline of the upstream three materials is bearish, while the production load of the ABS polymerization plant remains stable with little fluctuation, and the demand side remains unchanged during the off-season. Analysts from Shengyi Society believe that the long-term drag on spot prices of ABS due to supply and demand contradictions makes it difficult for the market momentum to improve. The current ABS market is facing significant resistance to growth, with businesses offering discounts and taking orders, leading to a pessimistic sentiment. It is expected that ABS may continue to decline in the short term.

This week (September 8th to September 12th, 2025), the overall price of polyester bottle chips showed a weak downward trend. As the mainstream market, the average price of polyester bottle flakes in East China was 5885 yuan/ton on September 12th, a decrease of 10 yuan/ton from the beginning of the week. The quotation range for goods from September to November is between 5800-5980 yuan/ton, and the delivery range is between 5790-5830 yuan/ton, with relatively few market inquiries.
Insufficient cost support: This is the main pressure for the weakening of prices this week. The international crude oil market fell due to concerns about OPEC+launching new production plans. At the same time, although the operating load of PTA, the main raw material, is not high (69.11%), the spot market is sufficient, and its market is weak and volatile, making it difficult to effectively support the cost of bottle chips.
The supply side has contracted slightly, but inventory pressure still exists: mainstream producers maintain their production reduction strategy, and the weekly operating rate of the industry remains at 70.9%. However, with sufficient spot supply in the market and a relatively high inventory availability of 16.97 days in the polyester bottle chip factory, high inventory continues to suppress the room for price rebound.
Weak demand side: Downstream terminals (such as the soft drink packaging industry) are mainly focused on rigid procurement, and the sustainability of centralized replenishment is limited, resulting in a lack of market momentum for increasing volume. End users often adopt a strategy of on-demand procurement, resulting in fewer market inquiries.
Business Society believes that in the short term, under the pattern of “weak cost and demand”, the market mentality is generally cautious and the trading atmosphere is average. The price of PET spot market is expected to fluctuate weakly within the range of 5800-5950 yuan/ton in the short term, mainly due to narrow fluctuations on the cost side. The actual trend still needs to pay attention to changes in external news, equipment changes, and demand recovery.

This week, the domestic epoxy propane market prices have been weakly stable. According to the monitoring system of Shengyi Society, as of September 11th, the benchmark price of Shengyi Society’s epoxy propane was 7500 yuan/ton, an increase of 0.67% compared to the beginning of the month.
Price influencing factors:
Raw material side: This week, the price of raw material propylene has risen, supported by high costs. However, the downstream purchasing atmosphere is not positive, and the price center of epoxy propane market is under pressure and declining. According to the market analysis system of Shengyi Society, as of September 11th, the benchmark price of propylene in Shengyi Society was 6725.75 yuan/ton, an increase of 0.94% compared to the beginning of this month (6663.25 yuan/ton).
Demand side: Downstream demand for epoxy propane is weak, the purchasing atmosphere is cold, and enterprise shipments are not smooth. It is expected that the epoxy propane market price will fluctuate narrowly in the near future.
Market forecast:
Business Society’s epoxy propane analyst believes that the high support of epoxy propane raw materials is still acceptable, but downstream market purchasing is not active, trading atmosphere is cold, and the market price center is declining. It is expected that the short-term epoxy propane market will mainly experience narrow fluctuations, and more attention should be paid to changes in raw material prices and upstream and downstream supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, as of the 8th, the price of ethyl acetate was 5373.33 yuan/ton, an increase of 0.19% compared to the price of 5363.33 yuan/ton on September 1st. The supplier’s equipment is running smoothly, with favorable support from rising raw material prices. Downstream demand follow-up is limited, and the market is relatively weak. The ethyl acetate market is experiencing a narrow upward trend.
The utilization rate of domestic ethyl acetate production capacity has slightly increased, market inventory has increased, and enterprises have maintained a focus on shipments. The raw material acetic acid market is relatively strong, and the price of ethyl acetate has been driven up by costs. In the later stage, the price of acetic acid stabilized, and market support weakened. At the same time, downstream consumption was average, demand performance was weak, and the mentality of operators was poor. The price of ethyl acetate has been adjusted downward.
Looking at the future, the ethyl acetate plant is running smoothly, and the industry is mainly adopting a wait-and-see attitude. The raw material acetic acid market is relatively strong, and downstream demand is weak. Market news is playing on the surface, and the shipment situation of ethyl acetate enterprises is inconsistent. It is expected that ethyl acetate will fluctuate and consolidate in the short term, and specific attention will be paid to the trend of raw materials and downstream follow-up.

Last week (September 1-7, 2025), the market trend of the main raw material dissolving slurry was deadlocked, with limited cost support and little fluctuation in on-site supply. The industry inventory level was low, and downstream enterprises signed orders according to demand. The overall trading atmosphere in the market was stable, and the price of adhesive short fiber remained weak and stable.
According to the Commodity Market Analysis System of Shengyi Society, last week (September 1-7, 2025), the market price of viscose staple fiber was weakly stable. As of September 7, the average market price of viscose staple fiber was 13040 yuan/ton, which was the same as the same period last week.
In terms of cost: Last week (September 1-7, 2025), there was little change in the market price of raw material dissolving pulp, with weak support and limited cost support. As of now, the price of domestic dissolving pulp is around 6700 yuan/ton, the price of external broad-leaved pulp is around 800 US dollars/ton, and the price of coniferous pulp is around 870 US dollars/ton. The market prices of auxiliary materials such as liquid alkali and sulfuric acid remain stable but fluctuate slightly, with average cost support.
The supply fluctuation is not significant
The industry supply has declined, and the current daily operating rate in the market remains at around 75%. The inventory levels of various adhesive short fiber manufacturers have declined compared to the previous period, and downstream yarn companies are picking up goods as needed. The overall inventory level of the adhesive short fiber market has decreased, and the supply fluctuation in the industry is not significant. Some manufacturers have low inventory, and the positive support from the supply side is limited.
Downstream essential replenishment
The operating rate of downstream cotton yarn market equipment has slightly increased, and price fluctuations are not significant. As of September 7th, the price of ring spun R30S in Jiangsu region is around 17100 yuan/ton, and the price of ring spun R40S is around 18300 yuan/ton. The market is in a traditional off-season of demand, and downstream cotton yarn market transactions are not ideal. Only a few models of vortex spun cotton yarn have slightly better export orders. Cotton mills mainly consume raw material inventory and replenish urgently needed goods, with no significant improvement in demand.
Future forecast
On the raw material side, the main material dissolution slurry market and the auxiliary material sulfuric acid market are generally stable, while the liquid alkali market may experience a narrow decline. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will decline in the short term, and the cost support will be insufficient.
Supply and demand side: The operating rate of the adhesive short fiber market equipment may not fluctuate significantly, and some manufacturers have high inventory levels. Therefore, it is expected that the supply side support of the adhesive short fiber market will be poor in the short term; The terminal market is still in the traditional off-season of demand, with limited new orders placed. Downstream yarn mills are experiencing a certain degree of risk aversion and may maintain their demand for signing orders. It is expected that the driving force of the adhesive short fiber market from the demand side will be moderate in the short term.
Overall, the main raw material dissolution slurry market may be weak and stagnant, with sufficient overall supply. Downstream yarn mills mainly sign orders according to demand. Under the interweaving of on-site news, adhesive short fiber manufacturers may maintain their previous quotations. Therefore, analysts from Shengyi Society predict that the domestic adhesive short fiber market will remain stable with small movements in the short term, and the price is expected to be accepted at 12900-13100 yuan/ton.