ECHEMI Analysis

In May, the TDI market in East China fell sharply, with a price decrease of 10.47%. Weak demand and planned maintenance at supply facilities led to a dual weakness in supply and demand. Planned maintenance was carried out at facilities of Mitsui Japan, Shanghai B plant, and GNFC India. The cost of toluene decreased, but the supply remained stable. It is expected that the TDI market will fluctuate within a range in the future.

• TDI market: both supply and demand are weak
• prices are falling
• maintenance shutdowns are having an impact.

Hydrofluoric acid market prices are under pressure. As of May 28, the benchmark price has dropped to 15,900 CNY/ton, a decrease of 1.65% from the beginning of the month. The price of raw material fluorspar has slightly weakened, while the price of sulfuric acid remains relatively high, leading to weaker cost support. Downstream refrigerant companies are purchasing slowly, with weak demand, and it is expected that the market will operate in a weak and stable manner in the later period.

• Hydrofluoric acid market: prices down
• cost support weakens
• weak demand

In May, the DOP price fell by 7.96% due to weak raw material costs and downstream demand. The prices of both 2-ethylhexanol and phthalic anhydride decreased, weakening the cost support. The DOP market supply was loose, and demand remained weak. It is expected that in June, the DOP market will still face significant downward pressure, and prices may further decline.

• DOP prices have fallen
• costs have decreased
• demand is weak
• the market is consolidating in a weak state.

In May 2026, the Chinese toluene market experienced a downward fluctuation, with prices cumulatively decreasing by 4.9%. Cost support was weak, supply was ample, and demand was weak. In the short term, the market is expected to continue its weak trend, but as more refineries undergo maintenance and the peak demand season approaches, the market situation is likely to gradually stabilize and recover.

• Supply and demand under pressure
• volatile downward trend
• weak cost support
• weak demand.

In May 2026, the butadiene market in China experienced a downward fluctuation, with prices dropping from 13,200 CNY/ton to 12,066.67 CNY/ton, a price decrease of 8.59%. The main factors were weakened cost support, ample supply, and weak demand downstream. In the short term, the market is expected to remain weak, but with an increase in plant maintenance and improvement in downstream profitability, it is anticipated to gradually stabilize and recover in the future.

• Butadiene market
• price decline
• weak supply and demand
• cost support weakening

In May, the titanium dioxide market in China was flexible, with prices slightly increasing from an average of 17,180 CNY/ton to 17,200 CNY/ton. The prices of raw materials, such as sulfuric acid and titanium ore, remained high, leading some companies to raise their prices. In April, the import volume decreased while the export volume increased. It is expected that the titanium dioxide market will remain stable for the time being.

• Titanium dioxide market
• Price trend
• Import and export data
• Market forecast

The melamine market continues its downward trend, with the benchmark price dropping to 6,13750 CNY/ton on May 27, marking a monthly price decline of 1073% Technically, the average deviation has turned negative and is widening, confirming the bearish trend On the cost side, urea prices remain weak, and maintenance shutdowns on the supply side have failed to reverse the downward momentum Meanwhile, demand remains driven by essential purchasing needs

• Melamine prices have fallen
• costs have declined
• demand is weak
• technical outlook is bearish.

In May, the prices of gasoline and diesel in China fluctuated, with 92# gasoline rising slightly by 135% and 0# diesel falling by 079% International crude oil prices fell significantly, as geopolitical tensions eased and fundamental bearish factors led to lower oil prices Chinese refineries operated at high rates, leading to inventory buildup, weak demand, and sluggish market transactions

• China’s gasoline and diesel market conditions in May: International crude oil prices declined
• China’s supply remained at a high level
• market demand was relatively weak.

This week, the price of 180CST fuel oil in China declined, with the average price falling to 6025 CNY per ton, a decrease of 0.41%. The cost support for marine fuel was limited, and demand was weak. The international crude oil market fluctuated downward due to multiple factors. Fuel oil inventories in Singapore decreased by 797,000 barrels. It is expected that the market will mainly experience high-level fluctuations in the near term.

• fuel oil 180CST
• market trend downward
• marine fuel market
• international crude oil market

Recently, the domestic maleic anhydride market in China has been continuously declining As of May 27, the average market price was 8,11250 CNY/ton, a decrease of 182% from last week The decline in international crude oil prices has dragged down the trend of major commodities, and the main factories have lowered their prices for maleic anhydride The prices of upstream liquefied gas and n-butane have also decreased, while the demand for downstream unsaturated resins remains weak

• Crude oil prices
• maleic anhydride market
• commodities
• unsaturated resins

This week, the Chinese acrylic acid market continued to be weak, with the price center dropping to 8,650 CNY/ton, a decrease of 1478% from the beginning of the month Technical indicators show that the downward momentum is converging, but no reversal signals have been observed The cost of propylene has weakened, and there is an oversupply, with weak demand and a decline in downstream operating rates

• Acrylic market: prices decline
• supply and demand are weak
• costs are falling.

As of May 27, the average price of DMF in China was 4,920 CNY per ton. The market supply is loose, with high inventory levels and weak demand. The cost support for raw materials is insufficient, and demand from downstream industries is weak. It is expected that prices will remain slightly weak in the short term.

• High inventory levels
• market under pressure
• weak demand
• oversupply

On May 27, influenced by multiple factors—including fluctuating expectations regarding US-Iran negotiations, the resumption of shipping traffic through the Strait of Hormuz, and easing prospects for geopolitical conflicts—both WTI and Brent crude oil futures prices fell by more than 5% The market’s focus has shifted from concerns about supply shortages to expectations of a calming geopolitical situation

• Geopolitics
• crude oil prices
• U.S.-Iran negotiations
• Strait of Hormuz

On May 27, 2026, the average price of quasi-first-grade metallurgical coke stood at 1,733 CNY per ton, marking the implementation of the fourth round of price increases, with cumulative hikes exceeding 200 yuan Tightening safety inspections and an increasing number of coal mine shutdowns in Shanxi have led to a tight supply situation

• Coke market
• supply shortage
• price trend
• future forecast

On May 25, international crude oil prices plummeted by more than 7%, causing the price center of PTA to shift downward. Despite increased maintenance at PTA plants and low operating rates, weak demand in the downstream textile market has led to cautious purchasing by downstream enterprises, weakening cost-side support. It is expected that PTA prices will remain volatile and tend to weaken in the short term.

• PTA prices
• crude oil market
• weakening cost-side support
• sluggish downstream demand

The SBR (styrene-butadiene rubber) market in China has significantly declined, with prices falling from about 18,000 CNY/ton in April-May to 15,200 CNY/ton, a decrease of over 15%. The weakening raw material prices and weak demand have dragged down the market. In the short term, the market is expected to remain in a range-bound fluctuation, while there may be a slight rebound in the medium to long term.

• Styrene-butadiene rubber market
• price decline
• supply and demand relationship
• future market forecast

On May 26, the price of 2-ethylhexanol was 8,033.33 CNY/ton, a decrease of 8.71% from the beginning of the month. The cost support from propylene has weakened, and the demand for downstream DOP is weak. However, the operating load of 2-ethylhexanol has dropped to 70%, leading to a supply contraction, and the short-term price is expected to stabilize. In the long term, the imbalance between supply and demand is expected to intensify, leading to a further decline in prices.

• Isodecanol price
• supply tightening
• weak demand
• weakening cost support

In late May, the average market price of adipic acid in China decreased from 9,233 CNY/ton to 9,133 CNY/ton, a price decrease of 1.08%. The supply side saw a reduction due to concentrated maintenance, but the demand side entered the off-season, leading to weak purchasing power and reduced cost support. It is expected that at the beginning of June, the adipic acid market in China will weaken, with prices ranging between 9,000 and 9,300 CNY/ton.

• Adipic acid market
• demand decline
• supply tightening
• cost support weakening

As of May 26, the average price of DMF in the Chinese market was 5060 CNY/ton, a 12% decrease from the beginning of the month. With ample supply and inventory buildup, and weak downstream demand, coupled with insufficient cost support, the overall market is under pressure. In the short term, DMF prices are expected to continue to trend weaker.

• DMF market: prices are falling
• demand is weak
• cost support is insufficient.

As of May 26, the average price of cyclohexane in China was 7,383 CNY per ton. The market is characterized by a weak trend—prices remain stable but show a downward trend, with sluggish trading activity. Tight supply and weak demand are putting downward pressure on prices. It is expected that prices will remain stable with a slight downward trend in the short term, with the mainstream operating range between 7,000 and 7,300 CNY per ton.

• Cyclohexane market: weak demand
• ample supply
• and prices stable with a downward trend.