September 29 report:
According to SpotCom data: In September, the hydrogen peroxide market in China warmed up, with prices fluctuating and rising. At the beginning of the month, the average market price of hydrogen peroxide was 623 CNY/ton, and on September 29, the average market price of hydrogen peroxide was 713 CNY/ton, an increase of 14.44%.
Supply Side: The industry is operating at a moderate level. Maintenance units from August are gradually resuming operations in September, leading to a slight increase in total supply in China compared to August, with no large-scale production cuts. The proportion of integrated facilities has increased, but the volume of commodity circulation has not expanded correspondingly.
New variable: Fujian Kaimeite Gas’s new hydrogen peroxide plant began commissioning in September, adding fresh supply and limiting the room for further sharp price increases going forward.
Disruption: Minor maintenance on local equipment, logistics operations, and pre-holiday inventory staging have exacerbated regional disparities.
Key point: Overall production capacity is not tight, but commodity circulation has contracted temporarily, with regional mismatches.
Demand Side: Pulp bleaching for papermaking (the primary driver): As we enter the traditional peak season of “Golden September,” paper mills’ pulp‑bleaching purchases have rebounded markedly from August, with robust demand in Guangxi, South China.
Ferrous Phosphate (New Energy): The profitability of ferrous phosphate companies has improved, and production has increased. The demand for the oxidant hydrogen peroxide continues to rise, with stronger demand in Central and Southwest China. Municipal sewage, water treatment: Autumn maintenance has ended, and the demand for water treatment chemicals has resumed.
Caprolactam, HPPO propylene oxide: Although there has been some improvement, overall production is not high. Purchasing is mainly based on immediate needs, with no large-scale stockpiling.
Textile Printing and Dyeing: Demand Remains Lackluster, with Limited Impact on Market Trends.
Downstream sentiment as a whole is cautious, with very few long-term orders being locked in. Most are short-term and based on immediate needs, and the sustainability of price increases is constrained by the acceptance level of downstream customers in China.
This round of price increase is driven by demand, not by raw material costs; hydrogen peroxide has a short storage period, and downstream users do not stockpile it, leading to strong and rapid market fluctuations, which can also result in quick corrections.
The hydrogen peroxide analyst believes: After the National Day holiday, the supply pressure of hydrogen peroxide in China has eased, and the rigid demand from the terminal has increased, leaving room for further price increases.
