1、 Price trend
Taking the sulfuric acid method pyrite type titanium dioxide with a large volume of goods in the domestic market as an example, the price of titanium dioxide in the domestic market rose in September. On September 1st, the average price of titanium dioxide was 14060 yuan/ton, and on September 29th, it was 14220 yuan/ton, with a price increase of 1.14%.
2、 Market analysis
The domestic titanium dioxide market price rose in September. Longqi sent a letter to lead the rise, and several titanium dioxide companies such as Jinmao, Daoen, and Titanium Energy followed suit by sending letters to raise the price of titanium dioxide. Domestic titanium dioxide prices increased by 700 yuan/ton, and exports increased by 100 US dollars/ton. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13300-15700 yuan/ton; Sharp titanium type costs around 12800-14500 yuan/ton. The prices of enterprises are relatively firm, and the peak season of the domestic titanium dioxide market has begun to emerge, but the quality is insufficient. Downstream consumers still resist high priced sources of goods, and after the increase in new orders for titanium dioxide, there is still significant pressure to ship. The market has a strong wait-and-see atmosphere, and there is limited follow-up from terminal procurement, resulting in a stalemate in the market supply and demand game.
It is reported that on September 21, 2026, the Executive Committee of the Eurasian Economic Commission decided to suspend the application of anti-dumping measures on titanium dioxide (titanium dioxide) originating from the People’s Republic of China until August 10, 2027 (inclusive). There is a certain degree of benefit for the export of titanium dioxide.
According to customs data statistics, in August 2026, the import volume of titanium dioxide was 5403.37 tons, a year-on-year increase of 57.48% and a slight decrease of 0.51% compared to the previous month. Among them, the import of titanium dioxide by chlorination method was 3487.29 tons, a month on month increase of 7.02%; The import of titanium dioxide by sulfuric acid method was 1916.08 tons, a decrease of 12.02% compared to the previous period. From January to August 2026, the cumulative import of titanium dioxide was about 42700 tons, a year-on-year decrease of 15.30%. Among them, the cumulative import of titanium dioxide by chlorination method was 26080.72 tons, a year-on-year decrease of 15.15%; The cumulative import of sulfuric acid titanium dioxide was 16668.21 tons, a year-on-year decrease of 15.52%.
In August 2026, the export volume of titanium dioxide was about 144100 tons, a year-on-year increase of 3.86% and a slight decrease of 0.21% compared to the previous month. Among them, the export of sulfuric acid method was about 105600 tons, a month on month increase of 0.29%; The export of chlorination method was 38500 tons, a decrease of 1.55% compared to the previous period. From January to August 2026, the cumulative export of titanium dioxide was 1.3568 million tons, a year-on-year increase of 14.01%. Among them, the cumulative export of sulfuric acid method was 1.0185 million tons, a year-on-year increase of 5.72%; The cumulative export of chlorination method is about 338300 tons, with a year-on-year increase of 49.21%.
3、 Future forecast
Analysts believe that the current demand for titanium dioxide in the domestic market is average, and companies have a strong mentality of raising prices, resulting in a stalemate in the market supply and demand game. It is expected that titanium dioxide will adopt a wait-and-see attitude in the short term, with flexible market trading and actual transaction prices to be negotiated on a case by case basis.

In late September, the domestic PS market fluctuated, with spot prices of various brands fluctuating. As of September 24th, the benchmark price of PS was 11083.33 yuan/ton, an increase of 8.48% compared to the beginning of the month.
Fundamental analysis
Cost factor: Due to the tense situation between the Middle East, the United States, and Iran in the early stage, the shipping risk in the Strait of Hormuz has increased, and the market is concerned about international crude oil supply, resulting in a rapid return of geopolitical premiums for oil prices. Recently, the Iranian President will attend a meeting in the United States on September 22. US President Trump publicly expressed his willingness to meet with the Iranian President, and Iran has conveyed clear conditions for resuming negotiations to the mediator, marking a substantial diplomatic breakthrough signal in the ongoing US Iran confrontation. The focus of market trading has shifted from “supply interruption panic” to “situation cooling and supply recovery”. The remote cost rebound has dragged the styrene market to weaken, and it is expected that the short-term trend of the styrene market will be weak, which will weaken the support for PS.
Supply and demand level: Since September, the operating rate of the domestic PS industry has been consistently low, and some equipment maintenance is still gradually underway. Currently, the overall load in China is less than 40%. The inventory location is controllable, but the supply in some areas is tight. Manufacturers have a strong willingness to raise prices, and merchants are trying to overcharge. But currently, the traditional peak season signal is not strong, and downstream product factories such as electrical appliances and packaging are slow to digest. In addition, the high temperature weather continues, and terminal enterprises still have expectations of reduced production, resulting in low operating rates and weak demand for goods in the market. Currently, PS is still in a phase of weak supply and demand.
Future forecast
In late September, the domestic PS market fluctuated at a high level. The production load of the aggregation plant has decreased at a low level, and consumer demand is average. Analysts believe that the decline in remote raw material crude oil has dragged down various upstream raw materials in the industry chain. Affected by the rapid rebound of cost value, PS spot prices may come under pressure. Combined with the resistance of downstream buyers to high priced goods, it is expected that the PS market will enter a volatile and weak trend in the short term

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.