After the Spring Festival, the domestic acrylonitrile market hit bottom and experienced a slight rebound in some areas, with the main support coming from the cost side. Recently, with the escalation of geopolitical risks in the Middle East, international crude oil and propylene prices have risen, and the cost pressure on acrylonitrile has once again increased, thereby stimulating the expansion of price increases. The overall market price has risen by about 200 yuan/ton, and the spot prices of major suppliers in Shandong region have reached 7400 yuan/ton for factory delivery. The prices of ports in East China have also risen to 7600-7700 yuan/ton. Considering the recent release of some factory maintenance plans, it is expected that the market will maintain an upward trend in the short term.
1、 Cost side drives acrylonitrile prices to bottom out and rebound
Since the fourth quarter of last year, the domestic acrylonitrile production loss space has gradually expanded to over 1000 yuan/ton, and there is no sign of improvement in 2026. Before this round of price rebound, the price of acrylonitrile had already fallen to a historical low of 7000 yuan/ton. As the period of losses prolongs, some factories have released parking or maintenance plans after the Spring Festival, including Fushun Petrochemical which has already shut down, CNOOC Fudao which plans to shut down for maintenance for about 25 days at the end of March, Krul which will shut down for major repairs from April to June, and large factories such as Sirbond still maintaining low load operation. Due to the recovery stage of demand after the holiday, the combination of reduced supply and increased cost pressure provides particularly significant support for the market.
2、 The short-term impact of acrylonitrile exports is limited
In recent years, the export volume of acrylonitrile in China has been increasing year by year, but trade with the Middle East region is still relatively limited. In 2025, China will export a total of 311000 tons of acrylonitrile, with an export dependence of about 8.4%. Among them, the export volume to Saudi Arabia is about 16000 tons, accounting for 5.1%. In the short term, the situation in the Middle East has limited impact on the overall export situation of acrylonitrile, but in the long term, factors such as rising freight costs may to some extent affect the export volume of acrylonitrile to the Middle East and surrounding areas.
3、 The supply side still dominates the long-term price trend of acrylonitrile
In the short term, cost side fluctuations provide impetus for the price of acrylonitrile to rise, but it is still based on the expected supply side contraction in the future. Acrylonitrile, as an intermediate product, can only have a fundamental impact on prices when cost pressures affect production changes and implementation. It is expected that there is still room for upward exploration in the market in the future, but attention still needs to be paid to changes in the supply and demand pattern. It is expected that the continuous variables on the supply side will continue to suppress market volatility.

According to the Commodity Market Analysis System of Shengyi Society, as of February 27th, the average market price of acetic acid was 2830 yuan/ton, an increase of 50 yuan/ton or 1.80% compared to the price of 2780 yuan/ton on February 23rd.
This week (2.23-2.27), domestic acetic acid prices have shown a strong upward trend. During the Spring Festival holiday, there was little change in the operating rate of the acetic acid plant, and the market supply performance was sufficient. In some regions, due to the decrease in inventory during the holiday, prices continued to rise after the holiday. Acetic acid prices in North and East China regions followed suit with psychological support. In terms of demand, downstream recovery was slow, and overall market support was insufficient. The price increase of acetic acid was limited. After the Spring Festival, the acetic acid market was consolidated and operated.
Recently, the price of raw material methanol has risen first and then fallen. As of February 27th, the average price in the domestic market was 2155 yuan/ton, a decrease of 2.09% compared to the price of 2201 yuan/ton on February 23rd. The inventory of methanol in the port market has increased, downstream demand is weak, and the price focus has been significantly lowered. The domestic methanol market lacks support, downstream procurement is average, enterprise shipments are limited, methanol prices are weak, and cost pressures on acetic acid have weakened.
The downstream acetic anhydride market is consolidating and operating. From February 23rd to 27th, the average ex factory price of acetic anhydride increased from 4565 yuan/ton to 4570 yuan/ton, an increase of 0.11%. The production of acetic anhydride on the supply side has not changed much, and downstream purchases are made according to demand. The price of acetic acid on the raw material side has risen, and the cost support is relatively strong, resulting in a slight increase in acetic anhydride prices.
Market forecast: According to the acetic acid analyst from Shengyi Society, there are currently no adjustment plans for domestic acetic acid plants, and companies are mainly adopting a wait-and-see attitude. Downstream demand will recover after the holiday, and the market trading atmosphere is optimistic. It is expected that the acetic acid market will be strong and stable in the short term, and attention will be paid to the market supply situation in the future.

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