In early August, the overall formaldehyde market fluctuated and weakened, with a shift in focus. As of August 11th, the average price of formaldehyde in Shandong Province was reported at 1228 yuan/ton, a decrease of 3.25% from the beginning of the month.
Driving factor analysis
Cost side: Methanol drag reduces cost support
In the first half of the year, methanol spot prices fluctuated downwards, and formaldehyde lagged behind methanol’s decline. On August 6th, methanol’s decline reached its maximum stage, and then methanol quickly rebounded and recovered; However, the rebound of formaldehyde was weak and continued to decline, without following the rise of methanol. The main contradiction of formaldehyde has shifted from cost drag to demand suppression. Insufficient methanol reheating is not enough to pull formaldehyde, and the core constraint is the insufficient demand for downstream boards.
Demand side: Traditional off-season, low demand for sheet adhesive
July and August are the traditional off-season for formaldehyde, with artificial boards and urea formaldehyde resin adhesives being the largest downstream. High temperature, rainy weather, and typhoon weather have restricted the operation of sheet metal factories, resulting in insufficient orders for terminal furniture and decoration. Downstream factories only maintain essential procurement and do not actively replenish inventory; The demand for fine chemicals such as Urotropin remains stable, making it difficult to drive the overall market. There is no significant increase in the real estate sector, which has limited impact on the board industry chain and is the most critical factor in suppressing formaldehyde.
Supply side: slight contraction in production, moderate accumulation of inventory
Under high temperature weather, the operational risk of formaldehyde plants increases, coupled with profit compression, and some enterprises actively reduce their load; The increment of new devices is limited. Finished product inventory is slowly rising at a medium to low level, and there has not been a high inventory explosion yet. Manufacturers have a certain willingness to raise prices, but weak demand leads to weak price support.
Market forecast: In mid to late August, there will still be weak pressure and it is difficult to have a significant rebound; As the traditional peak season approaches in September, there is a marginal expectation of recovery, and the height of the increase depends on the actual recovery of methanol and sheet metal production.
1. Cost: The methanol market is in a volatile pattern, with imports arriving at ports, domestic equipment maintenance, and geopolitical news disturbances as the main factors. There is limited room for a sharp decline, but the upward driving force is not strong. The cost of formaldehyde is showing a neutral fluctuation.
2. Supply: If losses continue, formaldehyde companies will continue to reduce their losses, alleviate inventory pressure by reducing production, and suppress downward space; If there is no centralized maintenance, the supply of goods is still relatively sufficient.
3. Demand: It is still in the off-season of summer, and the sheet metal industry is unlikely to show significant improvement. Downstream suppliers will maintain on-demand procurement.
Judgment: Formaldehyde is highly likely to oscillate at a low level, with limited rebound force, and it cannot be ruled out that local areas may continue to explore slightly; The conditions for a significant increase are not met.

1、 Price trend
Taking the sulfuric acid method gold red stone titanium dioxide with a large volume of goods in the domestic market as an example, the price of titanium dioxide in the domestic market has been lowered this week. The average price of titanium dioxide on Monday was 15460 yuan/ton, and the average price of titanium dioxide on the weekend was 14780 yuan/ton, with a price reduction of 4.4%.
2、 Market analysis
This week, the domestic titanium dioxide market prices have been lowered. In terms of upstream raw materials, both sulfuric acid and titanium concentrate market prices have been lowered, while downstream markets are in a low season with sluggish market demand and low purchasing enthusiasm, resulting in a downward shift in the focus of the titanium dioxide market. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 14300-16000 yuan/ton; The price of the Ruiti type is around 12800-13200 yuan/ton, and the actual transaction price is negotiable.
3、 Future forecast
Analysts believe that the focus of the domestic titanium dioxide market will shift downwards this week. At present, there is still no significant improvement in demand in the terminal market, and the market is sluggish. It is expected that the titanium dioxide market will be weak in the short term, and the actual transaction price will be negotiable.

1、 Price trend
On July 31st, the reference average price of 85% thermal phosphoric acid in China was 8725 yuan/ton, which is 9.11% lower than the reference average price of 9600 yuan/ton on July 1st.
On July 31st, the reference average price of 85% wet process phosphoric acid in China was 8850 yuan/ton, which was 16.51% lower than the reference average price of 10600 yuan/ton on July 1st.
2、 Market analysis
market conditions
The domestic phosphoric acid market has experienced a high decline this month. The price of raw material yellow phosphorus first suppressed and then rose, while the price of raw material sulfur fluctuated, and the cost support is still acceptable. This month, the demand for phosphoric acid market is weak, downstream procurement intentions are cautious, and market transactions are sluggish. As of July 31st, the market price of 85% industrial thermal phosphoric acid in China is around 8200-10000 yuan/ton, and the market price of 85% wet process phosphoric acid in China is around 8300-10000 yuan/ton.
In terms of cost
Raw material yellow phosphorus market. This month, the yellow phosphorus market first fell and then rose, with overall supply being tight and downstream demand being average. Manufacturers mainly raised prices. Raw material sulfur market. This month, the sulfur market has fluctuated at a high level, with downstream procurement maintaining basic demand and average demand. The market’s upward momentum is limited.
3、 Future forecast
The phosphoric acid analyst from Shengyi Society believes that the recent trend of phosphoric acid market prices has been consolidating and operating. At present, the demand for phosphoric acid in the market is weak, and there is still support on the cost side. It is expected that the short-term domestic phosphoric acid market will mainly focus on consolidation and operation.

This week (7.27-31), PVC showed an overall trend of synchronous oscillation and decline. The short-term speculative market driven by the geopolitical premium of Middle Eastern crude oil in the early stage has completely receded, with weakened costs, slight rebound in supply, and weak demand for terminal building materials during the off-season forming a triple suppression. Spot prices have generally fallen throughout the week, and the focus of futures has continued to shift downwards; The high inventory level limits the rebound space, and market transactions maintain a weak and volatile market with weak supply and demand, loose costs, and a “buy down, not buy up” trend for essential needs.
1、 Futures market
On Monday (7.23), the closing price was 4618 yuan/ton; On Friday (7.31), the closing price was 4479 yuan/ton, with a cumulative decline of nearly 140 yuan/ton for the whole week. The lowest drop during the week was 4438 yuan/ton, and it has repeatedly broken the stage low point.
2、 Spot market
As of Friday, the mainstream in East China: the SG-5 model of carbide method was reported at 4420-4470 yuan/ton. Spot prices in various regions of the country generally fell this week, with a range of 80-120 yuan/ton. The SG-5 model of East China carbide method fell by 3.05% in the week. Traders offered discounts to sell, and downstream only needed small batches of replenishment without centralized stocking, resulting in light market transactions.
3、 Factor analysis
On the supply side, there has been a slight rebound in construction, with enterprises resuming work and the marginal increase in supply pressure
This week, the overall capacity utilization rate of PVC exceeded 70%, which continued to rise compared to last week. Centralized resumption of maintenance equipment and increased domestic supply of goods; The start of ethylene production has slightly declined due to fluctuations in ethylene costs, and coastal facilities have actively controlled production, still at a historical low.
Raw material cost: Electricity stone material is declining and the cost is weak
Calcium carbide: The price of calcium carbide has fallen, the supply of goods is sufficient, the upstream blue carbon is stable, and the willingness of calcium carbide manufacturers to ship is strong. The production cost of PVC by calcium carbide method has been lowered, and the pressure of enterprise losses has been slightly alleviated, lacking the driving force of strong price support on the cost side. Calcium carbide has experienced a significant decline, with a drop of up to 3.28% within the week.
Ethylene: Temporary ceasefire between the United States and Iran, significant drop in international crude oil prices during the week, lower cost of ethylene raw materials, and synchronized decline in the cost of PVC produced by coastal ethylene methods; The profit of the ethylene plant has shrunk, but there is no upward support on the cost side, which cannot drive the price increase of PVC.
Demand side: Weakening of internal and external demand, market entering off-season
The domestic downstream product production has fallen across the board, and the downstream production rate this week is still relatively low, generally around 40%, significantly lower than the same period in history. The downstream real estate market is sluggish, and industries such as profiles and pipes are generally impacted. In addition, terminal doors and windows, as well as home decoration, have also been dragged down, resulting in a decline in upstream PVC demand. Terminal distributors are reducing inventory and generally slowing down raw material procurement.
In terms of exports, the data is flat, with no increase in inquiries from Southeast Asia and India. Domestic PVC export profits have slightly weakened, making it difficult for foreign trade to hedge against excess domestic supply. The role of exports as a bottom support is limited.
4、 Future forecast
According to PVC analysts, in the short term, on the supply side, there are still expectations of an increase in production, difficulty in improving off-season demand, and sustained suppression of high inventory; The cost side may form support, and the downward space in the later stage is limited. Due to weak demand, the accumulation of inventory is still ongoing. Overall, the main trend next week will be interval volatility, and it is difficult to see a one-sided market trend.

In July 2026, the domestic toluene market prices showed a trend of first rising and then falling, with an overall upward trend. On July 1st, the domestic toluene market price was 5741 yuan/ton, and on July 30th, the market price was 6600 yuan/ton, with a cumulative price increase of 14.96% during the period. This month, the toluene market was affected by multiple factors such as cost support and adjustment of supply and demand patterns, resulting in a significant shift in the price center. Although there was a slight decline at the end of the month, the overall increase was significant, and the market trading atmosphere changed periodically with price fluctuations.
Cost aspect:
The cost support role of the toluene market became prominent in July, becoming one of the core driving forces for price increases. Crude oil, as the upstream core raw material for toluene, has shown a strong and volatile price trend this month. Tightening supply and demand in the international crude oil market, as well as geopolitical factors, have boosted oil prices and driven the continuous increase in raw material costs for toluene production. Data shows that the upward trend in upstream raw material prices has directly pushed up the production costs of toluene enterprises. Manufacturers have a strong willingness to raise prices, providing a solid cost foundation for the rise in toluene market prices. The strong support on the cost side lasted through the first and middle of July and was the key driving force behind the significant increase in toluene prices. As of July 29th, the settlement price of the September contract for WTI crude oil futures in the United States was $84.46 per barrel. The settlement price of Brent crude oil futures for October contract is $88.09 per barrel.
Supply side:
In July, the overall supply side of the domestic toluene market was tight, which provided strong support for prices. This month, the operating rate of domestic toluene production enterprises’ facilities remained at a medium low level, and some refinery facilities underwent maintenance and load adjustments, resulting in a reduction in the spot supply of toluene in the market; At the same time, the port’s toluene inventory continues to operate at a low level, the market circulation of goods is limited, and the situation of tight spot resources continues. The tightening pattern of the supply side has led to insufficient spot circulation in the market, and the reluctance of merchants to sell is evident, further boosting the price of toluene and becoming an important supporting factor for the price increase in the toluene market in July.
Demand side:
As of July 30th, the execution price of Sinopec PX has been raised to 8500 yuan/ton, an increase of 600 yuan/ton from 7900 yuan/ton on June 30th. Currently, the price is uniformly implemented in East China, North China, Central China, and South China. The sustained rebound of PX from low levels in foreign markets has provided cost support, driving up domestic ex factory quotations. However, the recovery of downstream PTA and polyester market demand is limited, and the willingness of enterprises to pursue price increases is weak. Terminal procurement remains cautious, and it is difficult for the demand side to form a strong driving force.
International market: Asian PX rebounded from low levels in July, continuing the weak trend in June at the beginning of the month. At the end of the month, FOB Korea rebounded to $1045-1047/ton and CFR China rose to $1066-1068/ton. The recovery of crude oil during the month brought cost support, and prices gradually recovered from the bottom, rising more than $86/ton compared to the end of June. However, downstream demand follow-up is weak, and the rebound is limited, and the market situation still depends on changes in crude oil trends.

The demand side of the toluene market showed differentiation in July, and market transactions steadily followed up with the support of essential needs. In the downstream industry, toluene is an important chemical raw material, and industries such as coatings, rubber, and pharmaceuticals maintain essential procurement. Although some downstream enterprises entered the traditional off-season at the end of the month, their procurement enthusiasm slightly decreased, and they mainly relied on on-demand procurement, resulting in a slowdown in market transactions. However, in the first and middle of the month, downstream industries started operating steadily, and the demand for centralized replenishment was released, driving an increase in toluene market transactions. Overall, the downstream demand for toluene in July remained stable, and the stable operation of the demand side played a role in bottoming out market prices, supporting the high price of toluene.
Market forecast:
In August, the domestic toluene market will continue to be dominated by multiple factors such as cost, supply and demand. On the supply side, the spot supply of toluene in the market may increase slightly, and the tight supply situation is expected to ease; In terms of demand, the off-season characteristics of downstream industries may further emerge, and market procurement demand may continue to be weak. Overall, it is expected that the market will mainly experience high-level fluctuations and narrow range adjustments, with overall prices fluctuating around the current range, with a focus on the trend of crude oil prices, refinery operations, and downstream demand recovery progress.