According to the Commodity Market Analysis System of Shengyi Society, the domestic 1 # antimony ingot market will fluctuate upward in February 2026. On February 1st, the average price was 163500 yuan/ton, and on February 28th, the average price was 168000 yuan/ton, with a cumulative increase of 2.75%.
Supply side:
The overseas antimony market is operating steadily, with prices stabilizing and price differentials narrowing during the Spring Festival, providing support for the domestic market; The news of the Trump administration’s plan to introduce guidance prices for antimony and other commodities has not had a significant impact yet, and the impact of the Myanmar conflict on antimony supply still needs to be tracked.
The shutdown of some domestic smelters has led to a slight tightening of supply; The global supply of antimony ore is tight, with Tajikistan as the main supplier and limited refining capacity in Australia. The key mineral reserve plan between the United States and Australia may affect the circulation of antimony ore. Thailand’s import and export volume of antimony raw materials remained high in January, with antimony oxide exports increasing for four consecutive months and exports to the United States recovering. The proportion of raw material exports to China rose to 62.1%, easing the pressure on domestic antimony ore supply. Overall, the tight supply of antimony ore provided basic support for the volatile upward trend of the domestic antimony ingot market in February. At the same time, the optimization of raw material flow further stabilized domestic supply expectations and provided positive support for the short-term market trend.
Demand side:
Compared with the gradual recovery of the supply side, the pace of downstream resumption of work is relatively slow. In addition, most enterprises have completed stocking before the holiday, and their willingness to replenish after the new year is flat. The overall market is dominated by rigid procurement. Although the activity of inquiry has increased compared to before the holiday, the transaction volume has not increased synchronously, and strong support has not yet been formed on the demand side.
Flame retardant materials account for about 55% of the traditional downstream demand for antimony, while glass accounts for about 15%. Antimony is an essential element in photovoltaic glass production and cannot be replaced. With the continuous development of China’s photovoltaic industry, the main increment of antimony metal in the future will be in the photovoltaic field.
Antimony oxide: As the core downstream of antimony ingots, the demand for antimony oxide is closely linked to antimony ingots, and this month it has moderately recovered with the upward trend of antimony ingots. It is mainly used in the fields of flame retardants and photovoltaic glass. The flame retardant field relies on rigid demand to maintain stability, while the demand for photovoltaic glass will be released later; Combined with the consecutive increase in exports for four months and the recovery of exports to the United States, overall demand has remained stable with a slight increase. However, due to the slow resumption of downstream work, demand has been released moderately.
Photovoltaics: During the Spring Festival, the industry as a whole entered a stagnant state, with a slower pace of shipments and more shutdowns in deep processing. After the holiday, there was a significant accumulation of inventory, and inventory pressure rebounded. At the end of the month, the upstream and downstream gradually entered the bargaining game stage, and the short-term trend is currently unclear.
Market outlook: Taking into account both supply and demand, the short-term bullish sentiment in the market continues, with antimony ingots and antimony oxide prices showing an upward trend. The tightening of the supply side provides support for the market, but downstream purchases are still mainly for essential needs, lacking substantial positive support. Therefore, the short-term trend increase still depends on the actual order landing situation downstream.

According to data from the Commodity Analysis System of Shengyi Society, the hydrogen peroxide market experienced a weak decline in February, with a drop of over 11%. At the beginning of the month, the average price of hydrogen peroxide in the market was 676 yuan/ton. On February 25th, the price of hydrogen peroxide was 600 yuan/ton, a decrease of 11.33%.
The bearish trend continues to decline in the hydrogen peroxide market in February
In early February, as the Spring Festival approached, the hydrogen peroxide terminal printing and papermaking industry gradually stopped for maintenance, resulting in weak demand and a decrease in the quantity of hydrogen peroxide purchased. Demand for hydrogen peroxide was reduced, and purchases were made as needed, with limited market transactions. The overall operating rate of hydrogen peroxide manufacturers is still acceptable, and the market supply of hydrogen peroxide is loose. The market continues to weaken and decline, with prices falling to around 610 yuan/ton, a decrease of about 50 yuan/ton.
After the Spring Festival, terminal manufacturers have not fully resumed production, and demand remains sluggish. In addition, the market is mainly bearish, and manufacturers lack confidence in raising prices. Domestic hydrogen peroxide prices have fluctuated slightly, with the average market price falling to 600 yuan/ton, mainly due to weak operation.
The hydrogen peroxide analyst from Shengyi Society believes that with sluggish terminal demand and continued supply pressure, the hydrogen peroxide market in March is limited in its upward trend and will continue to weaken.

Before the Spring Festival, the domestic dimethyl carbonate market had entered a state of flat trading and stable prices after a brief period of strong operation at the beginning of the month. The market situation after the Spring Festival will mainly depend on the pace of downstream resumption of work.
According to the monitoring of the commodity market analysis system of Shengyi Society, as of February 11th, the average price of industrial grade dimethyl carbonate in China was 3800 yuan/ton. As the Spring Festival holiday approached, trading turned weak and entered a stable state of “price but no market”.
Market forecast after the Spring Festival
Supply: In early February, some production facilities were shut down for maintenance, resulting in a temporary tightening of spot goods. After the holiday, the maintenance equipment will resume production in a centralized manner, and the accumulated inventory before the holiday is waiting to be digested; The expected increase in production capacity suppresses the medium-term space.
Requirement: Prior to the Spring Festival, downstream industries conducted a round of essential stocking to support prices. After the holiday, the electrolyte/PC resumed work in late February and returned to normal in early March; Procurement is mainly based on small orders for urgent needs, with a wait-and-see approach.
Cost: The prices of the main raw materials, propylene oxide and methanol, decreased in early February, weakening the driving force on the cost side. After the holiday, methanol/PO fluctuated at a low level, making it difficult to provide strong upward mobility.
After the holiday, it is expected that supply will recover faster than demand, and the pre holiday price effect will fade. Market trading is light, and manufacturers are offering discounts to reduce inventory. It is expected that prices may slightly decline. As downstream work gradually resumes and demand recovers, prices will stop falling and stabilize, showing an overall trend of weak first and then stable, narrow fluctuations, and difficult to rise significantly.
Upward risks: rebound in raw materials, unexpected electrolyte demand, and unexpected equipment maintenance
Downward risk: Early production of new capacity, unexpected resumption of downstream work, and centralized price reductions and destocking by manufacturers

price trend
According to the bulk ranking data from Shengyi Society, the domestic PC market remained strong and consolidated in mid February, with most spot prices of various brands fluctuating. As of February 9th, the mixed benchmark price of Business Society PC is around 12833.33 yuan/ton, with a price level increase or decrease of -1.03% compared to the beginning of the month.
Root cause analysis
On the supply side: In early February, the overall load of domestic PC aggregation enterprises remained stable and slightly increased. The second line of Zhejiang Petrochemical has been restarted at the end of January, with the overall average operating rate of the industry dropping by 5% to over 86%, and the weekly average production exceeding 70000 tons. Due to the rapid digestion of social inventory at the beginning of the year, the production and sales pressure of aggregation factories remains at a relatively low level. Overall, the supply side’s support for PC is still acceptable.
In terms of raw materials, it can be seen from the above chart that the domestic bisphenol A market continued its upward trend from the end of January in early February. The current increase in domestic supply of bisphenol A is limited, while phenol and acetone have followed the rise of crude oil and are currently consolidating at high levels. The high rigidity of raw materials has pushed up the theoretical cost of bisphenol A, forcing the holders to firmly raise prices and providing certain support for the cost of PC. It is recommended to pay attention to the progress of new production capacity implementation and the risk of raw material price fluctuations in the future market.
On the demand side: The improvement in profitability of terminal enterprises is limited, and the load position of PC downstream factories is still not ideal. At the end of January, the centralized delivery of contract orders gradually ended, easing the tight supply situation in the early stage. At the same time, after the price increase, the buyer’s stocking has returned to caution, and coupled with the basic end of pre holiday stocking, the buyer’s willingness to continue building warehouses is not strong. However, due to the tight supply of goods in some areas, spot prices remain firm. Overall, the demand side provides moderate support for PC spot prices.
Future forecast
On the eve of the Spring Festival, the domestic PC market was running at a high price. The price of upstream bisphenol A remains positive, and the cost value can still provide support for PC. The load of domestic PC aggregation plants is stable with small increases, and there is a slight trend of relaxed supply in the future. During the holiday, the trading in the front court has returned to calm, and buyers are cautious in their mentality, with small orders being the main focus of their operations. It is expected that the PC market will continue to operate strongly after the holiday.

Cobalt prices have fluctuated and fallen this week
According to the Commodity Cobalt Market Analysis System of Shengyi Society, the cobalt price on February 6th was 417400 yuan/ton, which fluctuated and fell by 6.16% compared to the cobalt price of 444800 yuan/ton on February 1st; Compared to January 1st, the cobalt price of 462100 yuan/ton fluctuated and fell by 9.67%. The recovery of cobalt exports in the Democratic Republic of Congo has led to an increase in supply expectations in the cobalt market. In January, sales of new energy vehicles declined, resulting in a decrease in demand in the cobalt market and a decrease in demand for supply recovery. As a result, cobalt prices fluctuated and fell.
Supply situation of cobalt market
Tengkefeng Gulumei Mining, a subsidiary of China Molybdenum Corporation (CMOC), the world’s second-largest cobalt producer, has officially launched its first shipment sampling under the new export quota system. With the continuous promotion of cobalt exports from the Democratic Republic of Congo, it is expected that cobalt supply will resume in the future. Huayou Cobalt, Greenmei and other Indonesian projects are steadily releasing production capacity. Indonesia plans to impose a 1.5% -2% royalty tax on associated cobalt in July 2026, which will increase the cost of cobalt mines in the long term and stimulate cobalt mining and exports in the short term. Short term growth in cobalt market supply.
Cobalt market demand trend
Affected by the off-season of the Spring Festival holiday market, last year’s high base, and policy changes, the overall sales of new energy vehicles have significantly declined compared to the previous month. In January 2026, the Chinese new energy vehicle market showed characteristics of a total decline, a general decline compared to the previous month, and a year-on-year differentiation. Wholesale sales were about 800000 vehicles, a year-on-year decline of over 15% and a month on month decline of about 40%. The sales of new energy vehicles have declined, leading to a decrease in demand for cobalt in the market.
Market Overview and Future Outlook
According to data analysts from Shengyi Society, cobalt prices in February continued their downward trend from January with a slight decline. The production and sales of new energy vehicles have significantly declined, and the demand for cobalt in the market has declined. The expected growth of the cobalt market in the future is not good, coupled with the expected recovery of cobalt supply in the Democratic Republic of Congo and the growth of cobalt supply in Indonesia. Before the Chinese New Year, the cobalt market showed a trend of increasing supply and decreasing demand, and cobalt prices were weakly consolidating before the Spring Festival. With the resumption of production after the holiday, cobalt prices are expected to fluctuate and rise. In April, cobalt prices in the Democratic Republic of Congo fell after it was concentrated in Hong Kong.