Price Increases Sweep Chemical Industry, Both Overseas and Domestic Markets Experience Upward Trend

In recent days, several well-known overseas chemical companies have announced price increases for their products, and they have even finalized their price adjustments for the upcoming peak season.

Mitsui Chemicals announced that starting from October, it will raise the prices of all its PE (polyethylene) products. The price adjustments will affect products such as "Sentec-LD," "Sentec-HD," "Sentec-EVA," and "Clex," with increases of more than 20 Japanese yen/kg (approximately CNY 993/ton).

Mitsubishi Chemical Corporation announced that starting from October 1st, prices for products such as phenol, acetone, and their derivatives will increase by 15-165 Japanese yen/ton (approximately CNY 745-8,194/ton).

Dow announced that starting from October 7th, prices for certain products under the DOWSIL™ and Vorasurf™ brands will be raised by 5-10%.

Prinova Polymer Chemical Co., Ltd. announced that starting from October 1st, prices for polyethylene (HDPE, LLDPE) and polypropylene (PP) products will be increased by 15 Japanese yen/kg (approximately CNY 744/ton) or more.

The price increases by foreign companies have always been confident. In addition to the trusted quality and brand premium, the high technological barriers and the dominance of the oligopoly determine that leading companies have the power to dictate the entire chemical market. While the overseas chemical market is booming, similar situations have also occurred in the domestic chemical industry. The top-tier companies are raising prices aggressively, while the mid-tier and lower-tier companies, while envious, are also trying to follow suit to avoid being left behind by the times.

The domestic chemical market has also heated up, with price increases being widespread. Various raw materials are experiencing a strong upward trend, and out of the 67 monitored raw materials, prices of as many as 62 raw materials have risen in the past month, with over 90% of them experiencing increases.

There are 28 products with price increases exceeding 10%, including liquid chlorine with an increase of 68%, sulfuric acid with an increase of over 52%, acetic acid with an increase of over 45%, soda ash with an increase of over 45%, and hydrogen peroxide with an increase of over 34%. There are 19 raw materials that have seen price increases of over CNY 1,000/ton within the month, such as acetic acid (+1508), butyl acetate (+2066), n-butanol (+2221), butyl acrylate (+1988), pure benzene (+1070), butadiene rubber (+1550), and bisphenol A (+1375).

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