According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market has shown a weak overall trend since May. As of May 17th, the average price of PTA spot market in East China was 6573 yuan/ton, a decrease of 4.29% from the beginning of the month. At the beginning of the month, supported by PX costs and favorable conditions for large-scale PTA plant maintenance, the price slightly rose to around 6700 yuan/ton. With the continuous weakness of downstream polyester and terminal textile demand, coupled with geopolitical easing leading to a decline in crude oil premiums, prices have fluctuated and fallen.
The supply side has significantly contracted, with April and June being the peak period for PTA annual maintenance, and May’s maintenance scale reaching a new high in recent years. The planned maintenance capacity is 18.1 million tons, with an additional 5 million tons of equipment undergoing unplanned maintenance, and only 1.2 million tons being restarted. As of mid May, the industry’s operating rate has fallen to around 63%, hitting a low in recent years, and the supply side has significantly tightened. At the same time, processing fees continue to be repaired, factory losses have narrowed, and there is a strong willingness to passively reduce production and undergo maintenance, providing fundamental support for prices.
However, the high volatility of crude oil and PX on the cost side provides limited support. Crude oil prices have fluctuated and adjusted. As of May 14th, the settlement price of the June WTI crude oil futures contract in the United States was $101.17 per barrel, and the settlement price of the July Brent crude oil futures contract was $105.72 per barrel. The simultaneous maintenance and tight supply of PX in Asia have a solid cost base, but the downward transmission of power is insufficient, which can only limit the downward space of PTA and make it difficult to promote a significant increase.
The demand side continues to be weak, with downstream polyester industry operating at only 81%, a significant year-on-year decline. Insufficient orders for terminal weaving and high inventory of finished products have led polyester enterprises to proactively reduce their burden, resulting in weak demand procurement. Although autumn and winter orders and export orders gradually started in late May, it is difficult to significantly improve in the short term.
In the short term, the dividends of PTA plant maintenance will continue to be released, and inventory will be realized, with supply contraction supporting prices; But the off-season demand is difficult to quickly recover, which will drag down prices. Furthermore, from the perspective of the Business Society spot trading channel, the 10 day moving average has crossed the 20 day moving average, and the Business Society moving average continues to expand negatively. The further divergence of the 10 day and 20 day moving averages indicates that the PTA market has entered a downward trend.
In addition, considering the five levels, the current price position is at a one-year high and a 90 day mid to high range, and we need to be alert to the risk of short-term correction.

As of May 12th, the DOP price was 10000.83 yuan/ton, a fluctuating decrease of 0.99% compared to the DOP price of 10100.83 yuan/ton on May 6th. In May, the overall DOP market showed a trend of high level narrow range oscillation and weak consolidation, with a slight downward shift in price center compared to April, but still maintaining a relatively high level for the year. The core logic is the weakening of cost support, loose supply and demand, and weak downstream demand.
Cost side: Weakened support for raw materials
After the holiday, the price of raw material isooctanol first rose and then fell
As of May 12th, the price of isooctanol was 8766.67 yuan/ton, which first increased and then decreased by 0.38% compared to the price of 8800 yuan/ton on May 1st; Compared to May 9th, the price of isooctanol fluctuated and fell by 3.31% to 9066.67 yuan/ton. After the holiday, the price of propylene fluctuated and fell, and the cost of isooctanol decreased. In addition, the operating load of isooctanol enterprises decreased after the holiday, and the supply of isooctanol briefly tightened. In May, the price of isooctanol first rose and then fell. Overall, the marginal support for isooctanol cost after the holiday weakened, and the support for DOP increase was insufficient.
Phthalic anhydride market fluctuates and falls
As of May 12th, the price of phthalic anhydride from neighboring countries was 8910 yuan/ton, slightly lower than the price of phthalic anhydride on May 1st at 8933.33 yuan/ton, a decrease of 0.26%. Cost support, coupled with a decrease in production of phthalic anhydride enterprises after the holiday, led to weak consolidation of phthalic anhydride prices and weak support for DOP growth. But with the downward trend of ortho xylene prices, the downward pressure on phthalic anhydride prices is obvious, and the downward pressure on DOP in the future market is increasing.
Post holiday DOP Market Supply and Demand Analysis
Supply side: Rising production and loose supply
In May, some DOP units of plasticizer companies were repaired and restarted, and the industry’s operating rate rebounded to around 65%. The market supply is sufficient, and manufacturers’ willingness to raise prices has weakened, with a focus on shipping.
On the demand side: sustained weakness, primarily driven by rigid demand
More than 90% of DOP is used as a plasticizer for PVC, resulting in high inventory and weak demand in the downstream PVC industry. The recovery of terminal industries such as real estate and packaging is slow, and downstream factories only maintain essential procurement without large orders and low willingness to stock up. Environmental substitution is accelerating, and environmentally friendly plasticizers such as DOTP are squeezing out the market share of DOP, resulting in a long-term bearish demand structure. The overall demand for DOP remains weak, with insufficient growth in essential demand. Traders are reducing their holdings at high prices and operating cautiously. Upstream and downstream supply and demand are deadlocked, and transactions are mostly small orders for essential needs, limiting price fluctuations.
Market Overview and Future Expectations
The data analyst of Shengyi Society’s plasticizer products believes that after the holiday, raw material prices fluctuated and fell, and DOP provided insufficient support. In addition, with loose supply and weak demand, DOP’s upward support was insufficient. At the end of the month, there may be demand for replenishing inventory downstream, with loose supply and weak demand being the main tone. If raw materials continue to weaken, the downward pressure on the future DOP market will increase. Overall, the DOP market in May was in a game state of “high cost, weak demand, and tight balance”. The lack of significant upward momentum in prices, but the bottom line of costs limits the space for deep decline, and the overall trend will be dominated by high-level weak consolidation and narrow range oscillation.

1、 Market Review
In the past week (May 4-10), the PA6 market has shown a weak and volatile trend, with weakened cost support and continued weak supply and demand patterns. According to the monitoring of Shengyi Society, the benchmark price of PA6 has been declining from 13400 yuan/ton in early May to 13200 yuan/ton on May 10th, a decrease of about 1.49%. In the 18th week of 2026 (May 4th to May 8th), PA6 led the engineering plastics sector with a weekly decline of -0.75%.
2、 Cause analysis
From a cost perspective, the high price of core raw material caprolactam has loosened, and cost support has weakened. Since late April, the market for caprolactam has fallen from a high level. The weekly closing price of Sinopec Caprolactam decreased by 150 yuan/ton to 13650 yuan/ton compared to the previous period; On May 8th, Hualu Hengsheng lowered the price of caprolactam by 250 yuan/ton to 12300 yuan/ton. The average weekly spot price of caprolactam in East China is 12350 yuan/ton.
From the perspective of supply and demand, the supply is relatively loose while the demand remains weak. The overall operating rate of PA6 equipment is at a high level, and manufacturers have a strong willingness to ship. “Real order negotiations” are common, and the actual transaction price is often lower than the quoted price. However, the downstream textile and chemical fiber industry has a low acceptance of high priced raw materials, and procurement is mainly based on “just in need replenishment and on-demand procurement”, without centralized stockpiling. The trading atmosphere is cautious, resulting in a sluggish overall market trading.
3、 Short term outlook
Overall, the short-term PA6 market is expected to maintain a narrow consolidation and weak oscillation pattern, and there may be a slight downward shift in the price center. If there is no new price increase catalyst on the raw material side and there is no significant improvement in terminal orders, it is difficult for the market to have a reversal momentum.

After the holiday, the price of isooctanol fluctuated and rose
On May 9th, the price of isooctanol was 9066.67 yuan/ton, a fluctuating increase of 3.03% from 8800 yuan/ton at the beginning of the month, and a decrease of 2.16% from 9266.67 yuan/ton on April 1st. After the holiday, the price of isooctanol fluctuated and rose compared to the end of April, but the price is still lower than at the beginning of April. In 2026, the Chinese isooctanol market will be in a critical period of tight supply-demand balance and structural transformation. Multiple factors such as new production capacity, cost fluctuation risks, and increased exports will affect the price adjustment of isooctanol. After the holiday, the operating load of isooctanol enterprises decreased, and the supply of isooctanol briefly tightened. The price of isooctanol rebounded and rose after the holiday.
Weakened support for high propylene costs
Entering May, there has been an increase in the resumption of production in propylene enterprises, leading to an increase in propylene supply and weak demand. After the holiday, propylene prices have fluctuated and fallen. However, the uncertainty of the geopolitical situation in the Middle East may be supporting raw material costs, causing prices to “not fall” and propylene prices to remain relatively high in history. The price drop after the holiday is more like a technical correction after a rapid rise, rather than a trend reversal. The high price of propylene supports the bottom price of isooctanol, and manufacturers’ willingness to raise prices has increased, providing support for the bottom price of octanol. But after the holiday, the price of propylene fell, and the cost support of high priced isooctanol weakened.
The operating load of isooctanol decreases
At the end of April, the operating load of isooctanol enterprises increased to 98%, and after the holiday, the operating load of isooctanol enterprises decreased to 88%, resulting in a reduction in isooctanol supply. Some devices still have maintenance plans after the holiday, and there may be contraction on the supply side in the future. The tight supply provides support for the price increase of isooctanol.
2026 is the peak period for new production capacity in the isooctanol industry, and the concentrated deployment of new production capacity will have a significant impact on the market supply and demand balance, increasing the pressure of overcapacity. In the short term, due to changes in market supply and demand and the impact of enterprise maintenance plans, the industry’s operating rate has been widely adjusted, and the fluctuation range of the industry’s operating rate in the medium and long term has narrowed. It is expected that the fluctuation range of the operating rate for the whole year of 2026 will be narrowed to 80% -85%. Due to the impact of new device commissioning, phased environmental protection production restrictions, and enterprise profit adjustments, the elasticity of the supply side has weakened. The overall overcapacity pattern of isooctanol will further intensify, and market competition will become more intense.
outlook for the future market
According to the data analyst of Shengyi Society’s octanol product, on the cost side, the price of propylene has fallen after the holiday, and the cost support of isooctanol has weakened. However, due to the geographical impact of crude oil, the support for propylene’s rise is relatively large, and the space for propylene’s decline is limited. The downward pressure of isooctanol in the future market is insufficient; On the supply side, there is a significant increase in the production capacity of isooctanol, which increases the pressure on the supply of isooctanol. After the holiday, the production of isooctanol enterprises has decreased, and the supply of isooctanol has tightened, providing support for the rise in isooctanol prices; On the demand side, downstream plasticizer companies have stable production, which provides strong support for the demand for isooctanol. The increase in exports has a certain upward support for isooctanol. In terms of the future, the cost is high, the supply is tight in the short term, and there is a long-term surplus. In terms of demand, although isooctanol has export support, there is no structural growth in overall demand, and the situation of oversupply is difficult to change. The upward support for isooctanol in the future is insufficient, but due to geographical factors, the downward space for isooctanol is limited. It is expected that the price of isooctanol will weakly fluctuate and stabilize in the future.

1、 Price trend
In April 2026, the market price of n-propanol in Shandong Province showed a unilateral downward trend. The price of n-propanol fell in three steps from a high of 8500 yuan/ton at the beginning of the month, and finally stabilized after reaching 7800 yuan/ton on April 16. There was no rebound at the end of the month, and the cumulative decline during the month was 8.24%.
Key points of decline:
April 10th: The first decline, from 8500 yuan/ton to 8100 yuan/ton, a decrease of 4.71%.
April 16th: Second decline, from 8100 yuan/ton to 7800 yuan/ton, a decrease of 3.70% (cumulative decrease of 8.24%).
April 16-30: The price remained flat at 7800 yuan/ton and remained relatively stable thereafter.
2、 Analysis of Factors Influencing Market Trends
Supply side: The operating rate of domestic n-propanol plants is relatively high, and the overall market supply is sufficient. The supply side provides limited market support.
Demand side: Downstream procurement demand for coatings, inks, pharmaceuticals, and other industries in the n-propanol terminal is weak, and pre holiday stocking performance is average, mostly based on on-demand procurement. The market lacks large-scale replenishment support, and overall supply and demand transmission is loose.
Industry mentality: Currently, there is a certain level of concern in the market, and there is a lack of confidence in the recovery of demand in the future. Traders have a strong willingness to ship, which has a certain constraint on prices.
3、 Future prospects
At present, the trading atmosphere in the n-propanol market is mild, and the market fundamentals are calm. Although the market support was insufficient in April, as we enter May, with the gradual warming of the weather, downstream production is expected to rebound during the peak season, and demand is expected to rebound. It is expected that the market situation will still fluctuate slightly in the short term, and specific changes in supply and demand news need to be monitored.