September isobutyraldehyde prices fluctuate and rise
As of September 20th, the domestic price of isobutyraldehyde was 8300 yuan/ton, a fluctuating increase of 5.51% compared to the price of 7866.67 yuan/ton on September 1st. In September, isobutyraldehyde remained stable and then rose, entering a high-level consolidation in the middle of the month. In mid September, the spot benchmark price remained stable at 8300 yuan/ton, in the high price range of the past year, with limited space to reach the high point of 8533 yuan/ton for the year.
Cost side: Upstream propylene high-level consolidation, cost bottoming out
On September 20th, the propylene price was 9641 yuan/ton, a fluctuating increase of 4.48% compared to the propylene price of 9227.67 yuan/ton on September 1st. The average spot price of propylene in September was around 9760 yuan/ton, which is at a high point of the year. The strong strength of propylene has raised the production cost of isobutyraldehyde, forming a strong cost bottom for isobutyraldehyde and causing significant resistance to its decline.
On the demand side: The demand is still acceptable, but caution should be exercised when chasing higher prices
The largest downstream consumption is neopentyl glycol. In early September, neopentyl glycol factories raised prices in a concentrated manner, maintaining a high level of production. The demand for essential purchases supported the upward trend of isobutyraldehyde. But the downstream of neopentyl glycol is traditional Jinjiu, but the terminal increment is not as expected; Downstream factories often use and purchase at will, with weak willingness to pursue high prices, which limits the upward potential of isobutyraldehyde.
Supply side: The device operates stably and has a high proportion of self use
The overall operation of mainstream carbonyl synthesis units was stable in September, with no large-scale shutdowns or maintenance, which supported spot prices.
Market Overview and Forecast
Analysts believe that the price of raw material propylene is high, with strong cost support, but the price has been at a one-year high, and downstream resistance to high prices limits the room for further significant upward movement; Downstream consumers refuse to stock up in large quantities due to their urgent needs. Overall, cost support has weakened, supply and demand growth is limited, and it is expected that the growth rate of the isobutyraldehyde market will slow down in the future, shifting from an “upward” trend to a strong and stable trend.

1、 Price trend
This week, the price of bromine has been rising and running in the market. The average market price at the beginning of the week was 37600 yuan/ton, and the average market price over the weekend was 38600 yuan/ton, with a price increase of 2.66% and a year-on-year increase of 35.15%. On September 17th, the bromine index was 133.68, an increase of 1.75 points from yesterday, a decrease of 45.73% from the highest point of 246.32 points during the cycle (2026-04-07), and an increase of 126.88% from the lowest point of 58.92 points on October 29, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine has been rising and running in the market. The recent price of bromine in Shandong region is around 38000-40000 yuan/ton at the current stage of bromine shipment price range. Manufacturers’ inventories are generally low, and there is a clear upward trend. The terminal maintains the strategy of purchasing for essential needs, gradually starting pre holiday stocking, and market trading is stable. Factory inventory is generally at a low level, with no pressure of inventory backlog, and quotations have been raised multiple times based on market transactions. On the demand side: However, the downstream industry demand is generally average, so we will continue with the procurement of essential needs.
In terms of raw materials: Domestic sulfur prices have fallen overall this week, with an average market price of 7869 yuan/ton at the beginning of the week and 7669 yuan/ton over the weekend, a decrease of 4.71%, a decrease of 2.45% compared to the same period last year, and an increase of 190.02% compared to the same period last year. Downstream demand is still acceptable.
Prediction: Bromine prices are expected to consolidate in the near future, while upstream sulfur prices are expected to remain weak. Bromine supply is expected to remain low due to low inventory levels, but downstream purchases are mostly made on demand, resulting in a sluggish overall trading atmosphere. The overall supply-demand game predicts that bromine prices will remain strong in the later stages, but the increase will be limited, depending on downstream market demand.

Recently, domestic carbon black prices have skyrocketed, with a 50% increase in the past month. As of September 15th, the market price of N220 carbon black in China was at 12778.57 yuan/ton, a month on month increase of 50.59% and a year-on-year increase of 73.62%, setting a new historical high.
The recent significant increase in carbon black prices is the result of rigid transmission of upstream coal industry chain costs and multiple supply side contractions. Essentially, it is a “cost driven, supply side contraction” price adjustment, rather than downstream demand overheating or speculative speculation.
Cost side: Coal tar prices skyrocket, forming rigid cost drivers
Coal tar accounts for 65% -80% of the production cost of carbon black, and its price jump directly drives up the production cost of carbon black.
The root cause of the surge in coal tar is the contraction of coking coal supply. Since the beginning of this year, coal mines in the main production areas have been affected by safety production inspections, environmental supervision, and other factors, resulting in slower than expected resumption of production. The shortage of high-quality coking clean coal supply has become prominent, and the cumulative increase in coking coal prices this year is about 77%. The price increase of coking coal has pushed up the costs of coking enterprises, causing them to generally suffer losses and being forced to lower their operating rates. As a by-product of coking, coal tar production has passively declined, and some coking enterprises have even reduced their exports and turned to self use, further tightening the market circulation of goods.
In September, the export of coal tar improved and profits increased, and the deep processing industry maintained high production, forming a rigid procurement demand for coal tar. Coupled with the concentrated stocking before the Mid Autumn Festival and National Day holidays, the supply-demand contradiction sharply intensified. The price of high-temperature coal tar has risen by as much as 2200-2270 yuan/ton in just two weeks, setting a historical record of nearly 2000 yuan/ton per week.
Supply side: Carbon black companies reduce production and inventory levels, amplifying price elasticity
Carbon black enterprises themselves are also facing serious operational pressure, with multiple supply side contractions: the industry is experiencing long-term losses, and there is a strong willingness to raise prices. The carbon black industry suffered long-term losses in the fourth quarter of 2025, with a total profit of -115 million yuan in the first half of 2026, and the overall loss situation of the industry continued. After a significant increase in raw material prices, enterprises have fallen into an extreme dilemma of “executing low-priced orders in the early stage and bearing high raw material costs in the current period”, with single ton losses reaching a historical high and forced to concentrate on reducing production to cope.
The operating rate remains at a medium low level, and the spot inventory is low. Affected by multiple factors such as previous losses, equipment maintenance, and environmental control, the operating rate of the domestic carbon black industry has only remained around 65%. Mainstream large factories have basically reduced production by 30-40%, while some small and medium-sized factories have directly stopped production due to weak pressure resistance. The overall spot inventory in the industry is not high, and manufacturers tend to produce according to orders. The market circulation of goods is scarce, and the reluctance of enterprises to sell has increased.
Environmental policies are also accelerating the clearance of outdated production capacity in the medium to long term. In April 2026, seven departments jointly issued a document clarifying that the carbon black industry will be included in the scope of upgrading and renovating old facilities, and a number of small and medium-sized production capacities that do not meet environmental standards will face closure or production restrictions.

Demand side: Tires require immediate support, but have limited willingness to chase after price increases
Tires are the largest downstream of carbon black, accounting for over 60% of the total domestic carbon black consumption. The current operating rate of all steel and semi steel tires remains around 65%. Under the expectation of the traditional “Golden September” peak season, tire factories have a demand for pre holiday stocking, which forms a certain rigid demand support for carbon black.
However, in the face of the rapid rise in carbon black prices, tire companies have shown obvious resistance and insist on purchasing on demand and following up with long-term agreements. Their willingness to actively hoard large quantities is not strong, and the market presents the characteristics of “price increases and weak transactions”. This means that the demand side has limited ability to bear prices, and the space for sustained and significant price increases is constrained.
Global background: Geopolitical conflicts drive up the cost of oil-based raw materials
The overseas carbon black production capacity is mainly based on FCC oil (a byproduct of petroleum refining) as raw material, and the price is highly correlated with crude oil. The geopolitical conflicts such as the US Israel Iran conflict in 2026 have pushed up the international oil price center, causing Brent oil prices to rise from around $72/barrel before the conflict to over $108/barrel. The cost of oil-based raw materials for overseas carbon black companies has significantly increased, and global carbon black prices have risen synchronously, providing price support for domestic carbon black exports.
comprehensive judgment
The transmission chain of this round of carbon black price increase is clear: coking coal supply contraction → coking losses and reduced production → passive reduction of coal tar and concentrated release of demand → skyrocketing coal tar prices → rigid increase in carbon black costs → carbon black enterprises reducing losses and increasing prices. Carbon black enterprises and downstream tire enterprises are actually both under pressure from this round of cost fluctuations, and the profits of the industrial chain are being squeezed by the costs of upstream coal. The key to the subsequent trend lies in whether the tight supply of coal tar can be alleviated, as well as the actual capacity of downstream tires to accept high priced raw materials.

1、 Price trend
As of September 14th, the price of power type premium lithium iron phosphate is 56666 yuan/ton, with limited overall fluctuations. Trading in the spot market is biased towards demand, and at the beginning of the week, borrowing lithium carbonate to stabilize and rebound, coupled with expectations of the “Golden September” peak season, positive electrode manufacturers’ quotations have continued to rise; However, the follow-up of terminal demand fell short of expectations, coupled with a correction in lithium prices, resulting in a rapid decline in prices and a significant drop in spot quotes.
2、 Market analysis
In terms of operating rate: This week, new production capacity has been gradually put into operation with a small increase in supply, and the overall market supply is sufficient. In the early stage, low-priced stocking traders shipped at high prices, resulting in an increase in circulating supply and a sharp differentiation in operating rate. Leading integrated enterprises such as Hunan Yuneng and Defang Nano have operating rates of 95% -100%, with full production and sales, and delivery cycles compressed to within 7 days. Small and medium-sized factories lack high-end high-pressure real production capacity, and operating rates are generally less than 50%. Some have entered production reduction or shutdown. The industry’s total caliber is based on an average capacity utilization rate of about 75% in the first half of the year, but CITIC Construction Investment estimates that the industry’s average operating rate in July was about 90%
In terms of cost, the lithium carbonate market showed a significant decline in early September, with the benchmark price of battery grade lithium carbonate dropping from 156000 yuan/ton at the beginning of the month to 143000 yuan/ton on September 7th (-8.3%), with a maximum daily drop of 7000 yuan/ton; The main futures contract fluctuated downward this week, falling from 142000 yuan/ton on Monday to 134800 yuan/ton on Friday, with a weekly decline of about 5%. It briefly fell to around 128000 yuan/ton during trading.
In terms of demand, the total demand is still growing, but the short-term pace is not as expected by the market. Power batteries: In the first half of the year, 335.6 GWh (+12%) of domestic power batteries were installed, including 272 GWh of lithium iron phosphate, accounting for 81%; The demand on the automotive side has shifted from “competing for scale” to “competing for quality”, with more incremental growth coming from commercial vehicles and exports, energy storage (core engines). In the first half of the year, domestic shipments of energy storage lithium batteries were about 485GWh, with a year-on-year increase of over 80%; However, in recent times, the bidding pace for large storage vehicles in China has been slow, and overseas orders have been released slowly. Short term consumption is limited, and the overall vehicle procurement strategy is still based on on-demand procurement. New energy vehicle manufacturers have not started large-scale stocking, and their acceptance of high-level raw materials is limited.
3、 Future forecast
Analysts believe that in the short term (late September to October): pre holiday stocking provides a bottom line, while ordinary materials are still under pressure. Prices are expected to fluctuate between 54000-58000 yuan/ton for power type and 53000-56000 yuan/ton for energy storage type. After the Mid Autumn Festival and National Day stocking ends, if the energy storage production schedule falls short of expectations, there is still a slight downward space for ordinary second/third generation materials.

In September, the domestic PTA market showed a volatile and strong operating pattern. As of September 11th, the average price of PTA market in East China was 6971 yuan/ton, an increase of 9.10% from the beginning of the month.
From the perspective of core drivers, the rise in PTA in this round mainly relies on favorable conditions on the cost side of crude oil. Recently, international crude oil has fluctuated strongly due to the geopolitical situation. As of September 10th, the settlement price of the October WTI crude oil futures contract in the United States was $102.48 per barrel, and the settlement price of the November Brent crude oil futures contract was $107.63 per barrel. Provide favorable support for PTA spot and futures prices.
On the supply side, the PTA market has been continuously destocking in the early stage, with a relatively tight supply of spot goods, combined with processing differences to maintain a reasonable range, effectively supporting market prices and avoiding a significant decline in the market. With the restart and increase of most PTA maintenance units in September, the overall operating rate of the industry has steadily rebounded, and the market supply of goods has gradually relaxed. The previous pace of destocking has slowed down, and it is expected that the destocking will shift from destocking to supply-demand balance or even slight accumulation in the middle and late of this month.
The peak season of “Golden September” on the demand side did not meet expectations, coupled with high priced raw materials restricting terminal order demand, slow follow-up of terminal textile orders, and weak procurement of essential needs. As a result, the operating rate of downstream polyester enterprises is low, and some polyester chip factories plan to undergo maintenance. The polyester load will further decline, and the expected demand during peak season may fall short, making it difficult to drive PTA prices to continue to rise.
Analysts believe that in the short term, PTA will continue its strong range oscillation trend, with the cost side remaining the core influencing factor and relatively solid support. However, weak demand will suppress the weak upward momentum. With the continuous increase in market supply and insufficient fulfillment of peak season demand, the upward space for PTA will be further limited. If there is no strong driving force of a significant increase in crude oil prices, the market will be difficult to break through the range oscillation pattern, and the overall situation will show a “near strong far weak” trend. In the future, we will focus on the fluctuations of crude oil, changes in plant operation, and the landing of terminal polyester orders.