From September 1 to September 29, 2026, the domestic mixed xylene market experienced a trend of first rising and then fluctuating at a high level. The monthly average market price increased from 7666.67 yuan/ton at the beginning of the month to 8470 yuan/ton at the end of the month, with a cumulative increase of 10.48% for the whole month. In the first half of the month, prices rapidly rose due to the dual drive of rising crude oil costs and tightening of on-site circulation sources. In the middle half of the month, the international crude oil futures market was under pressure and fell back. In the second half of the month, low port inventories and downstream raw material demand formed support, and prices stopped falling and stabilized. The price center for the whole month rose significantly compared to the previous month.

Cost aspect:
International oil prices remain the core driving force of this month’s market trend. In the first half of the year, the market was concerned about the tightening of crude oil supply, and oil prices continued to strengthen. Naphtha and aromatic hydrocarbons also rose, and the cost support for toluene was sufficient, pushing spot prices upwards; In the second half of the year, the market expects Saudi Arabia’s supply to gradually recover, the upward logic of crude oil to weaken, futures volatility to weaken, cost support to loosen, and the toluene market and spot prices to rebound accordingly. At the end of the second half of the year, the repeated geopolitical situation and the strengthening of crude oil in the night market, coupled with fluctuating cost expectations, have become important external factors causing fluctuations in the market range in the second half of the month. As of mid month, the settlement price of WTI crude oil contracts for November is above $96 per barrel, while Brent contracts for November are above $103 per barrel, indicating that the overall oil price center is still at a high level. As of September 28th, the settlement price of the November WTI crude oil futures contract in the United States was $92.60 per barrel, and the settlement price of the December Brent crude oil futures contract was $97.83 per barrel.
Mixed xylene originates from the production of refining and reforming units, and international crude oil is the most upstream cost anchor standard in the industry chain. In early September, the geopolitical situation in the Middle East continued to ferment, and the market was concerned about the obstruction of crude oil circulation channels. International crude oil futures strengthened unilaterally, and naphtha and reforming raw materials rose synchronously. Refinery unit production costs continued to rise, and main petrochemical enterprises continuously raised the ex factory listing price of mixed xylene. The cost support of the spot market significantly increased. In the middle and late stages of the year, the market trading logic switched to the expectation of oil supply recovery, and the international oil price rise slowed down and fluctuated within a certain range. The cost side driving force weakened, and the market’s upward momentum synchronously declined.
The PX market within the aromatic hydrocarbon industry chain has significantly strengthened, further raising the overall valuation of the aromatic hydrocarbon sector and indirectly driving up the expected cost of mixed xylene. In September, the domestic ex factory price of PX continued to rise, and the FOB Korean price of PX in the Asian region also rose synchronously. The processing profit of PX units remained within a reasonable range, and the resource allocation on the production side of refineries tilted towards the PX raw material end. The output distribution structure of the reforming unit was adjusted, indirectly lifting the value center of commodity grade mixed xylene. The high-level operation of naphtha and the strong PX sector throughout the month have jointly built a solid cost bottom for mixed xylene, greatly limiting the downward space of the market.

Supply side:
In September, the overall processing load of domestic refining facilities remained high, but the increase in market commodity circulation supply was limited, and the overall supply side showed a structurally tight pattern. The traditional peak season for domestic refined oil consumption has arrived, and the demand for gasoline blending has increased significantly. As a high octane blending component, blended xylene is preferred by most refineries for in-house gasoline blending, and the commodity resources available for external circulation continue to shrink. At the same time, multiple regional restructuring units underwent phased maintenance in the first half of the year, further reducing the amount of spot inventory. The main petrochemical holders had a strong willingness to raise prices, which led to a rapid increase in spot prices in the first half of the year.
The mid-term maintenance and reorganization units have gradually resumed operation, and the theoretical supply of goods in the market has increased. However, due to the rise in external prices, the cost of imported mixed xylene has significantly increased, and the inverted price difference between domestic and foreign markets has led to a low willingness of traders to import goods. The arrival of overseas supplementary goods at the port is less than expected, and the inventory of major liquid chemical storage areas in China has not been effectively accumulated. Although there was a slight increase in the circulation of goods in the market in the latter half of the year, the overall inventory remained in the low range of the year, and the expectation of loose supply of goods did not materialize. The price decline space was locked in by the inventory fundamentals, and the market entered a high range of fluctuations.
Demand side:
This month’s PX trend is significantly stronger than toluene, driving the sentiment of the sector. Sinopec’s PX listing price in September increased by 600 yuan/ton to 9600 yuan/ton. The Asian PX market strengthened synchronously, closing at $1250/ton FOB near South Korea at the end of the month. PX and toluene are located in the downstream aromatic hydrocarbon chain of naphtha. The strong performance of PX not only raises the cost and valuation center of the entire aromatic hydrocarbon sector, but also makes refineries tend to produce more PX and less toluene in terms of disproportionation and isomerization output structure, indirectly tightening the domestic circulation of toluene and echoing the low inventory at ports. However, it should be noted that the strong performance of PX is mainly supported by its own equipment maintenance and PTA demand, and the transmission to toluene terminal consumption is not smooth. There has been no centralized replenishment of toluene downstream as a result.

This month, the downstream demand for mixed xylene showed significant structural differentiation, with the demand for gasoline blending and PX isomeric raw materials forming the core support of the market. The overall demand for coating solvents remained flat. The peak consumption season of Jinjiu refined oil products combined with the increase in gasoline export orders, the demand for high octane aromatic hydrocarbon components in the oil blending end remains stable, and the self use consumption of refineries continues to rise. From the supply side, the market commodity circulation source is tightened, forming an indirect bullish trend; Heterogeneous grade mixed xylene, as the core raw material for PX production, maintained a stable operating load in the PX industry in September. Downstream PX factories resumed normal replenishment, and during the price increase phase, they concentrated on entering the market for procurement, becoming the main bullish force driving up prices. After the high PX prices came under pressure in the latter half of the year, the pace of downstream raw material procurement slowed down synchronously, and bullish buying in the market cooled down accordingly; However, the downstream of traditional solvents such as coatings, inks, adhesives, and diluents is in the off-season of the industry, with insufficient orders for terminal products. The continuous rise in raw materials has greatly compressed the processing profits of small and medium-sized enterprises. Downstream factories have strong resistance to high priced sources of goods, and only maintain on-demand small order replenishment throughout the month, without the release of centralized stocking market, making it difficult to continuously drive the market to strengthen. In terms of the international market, the overseas market for isomeric xylene in Asia has seen a significant increase throughout the month. The concentrated maintenance of overseas refineries and the strong demand for local oil blending have resulted in a continuous shortage of regional spot goods. The price of US dollar goods has continued to rise, and the strong rise of foreign markets has raised domestic import costs, weakening the willingness of traders to import and purchase goods. The overseas oil blending demand has also diverted arbitrage circulation sources, further reducing the potential domestic import supplement volume.
Market forecast:
On the cost side, there are still geopolitical risks in the Middle East, and crude oil is likely to fluctuate at a high level. The bottom support still exists, but the driving force for a significant increase is insufficient. At the same time, the risk of PX high-level pullback is increasing, and the driving effect of xylene valuation may weaken. The supply side reforming unit has started operating steadily, and the demand for gasoline blending has seasonally declined in the future. The proportion of self use by refineries has also decreased, and there is an expected increase in the supply of goods in circulation; It is difficult for external prices to fall rapidly in the short term, and the import window is difficult to open. Low inventory at ports can still provide a bottom line. The demand for oil adjustment on the demand side is gradually weakening, and downstream PX procurement is fluctuating with the market, with limited incremental support. There is currently no sign of recovery in downstream solvents such as coatings and inks, and procurement sentiment remains weak. Overall, the mixed xylene market in October was dominated by high-level fluctuations, with market volatility driven by crude oil, PX trends, and port inventories. The high price above suppresses downstream bulk purchases, while the cost and low inventory below support prices. The probability of a unilateral sharp rise or fall in the market is low, and it is necessary to focus on tracking crude oil geopolitical news, refinery output, and downstream stocking rhythm.

The domestic 1 # lead ingot market has slightly increased, with an average price of 15945 yuan/ton on September 17th and 16275 yuan/ton as of September 24th, an increase of 2.07%.
Fundamental analysis
This week, lead prices have shown a trend of “hitting the bottom, rebounding strongly, and then fluctuating at a high level”. The core logic of fundamentals is the release of pre holiday stocking demand and the transformation of spot goods from weak to strong.
On the supply side, the low lead prices in the early stage squeezed smelting profits, and refineries were reluctant to sell at high prices.
On the demand side, downstream lead-acid batteries are in the peak season of “golden September and silver October”, coupled with the approaching National Day holiday. Battery companies have a strong desire to stock up on essential needs, and their purchasing enthusiasm has significantly increased.
Overall summary
In the short term, cost support and pre holiday replenishment have provided strong support for lead prices, maintaining a bullish technical outlook. However, it is necessary to closely monitor the pullback risk brought by the “30 day super rise”. It is expected that lead prices will mainly fluctuate at a high level next week, and caution should be taken to prevent a sharp rise and fall back.

This week, the domestic fluorite price trend has slightly increased. As of the weekend, the average price of fluorite in China was 3706.25 yuan/ton, an increase of 0.68% from the early week price of 3681.25 yuan/ton and a year-on-year increase of 10.84%.
Supply side: synchronized tightening of internal and external sources of goods
Domestically, the national inspection of mine safety production has been comprehensively tightened, non coal mine safety special inspections and environmental protection standards have continued to tighten, and the pace of resuming production in core production areas such as Jiangxi, Fujian, and Zhejiang in the south is slow. The effective supply of high-grade wet powder is tight, and some small and medium-sized mines have stopped production for rectification. The release of compliant production capacity is limited, and the overall market supply of goods in the domestic market is tight and difficult to change in the short term. The bargaining power of mining enterprises has increased, and the tight spot situation of fluorite has not changed. The fluorite market trend has risen.
In terms of imports: The mines in Mongolia, the core source of domestic imports, stopped production for maintenance in mid July. Although Mongolia’s import volume has gradually increased recently, the actual inflow in the field is limited due to logistics costs and other restrictions, which only moderately alleviates the supply pressure. The simultaneous tightening of internal and external sources of goods has led to a decrease in spot inventory in the market. Mining companies have a strong mentality of being reluctant to sell and raising prices due to the shortage of sources of goods, resulting in an increase in fluorite prices.
Demand side: downstream multiple favorable resonance
1. The hydrofluoric acid market is rising, and procurement has increased compared to before
The operating rate of hydrofluoric acid enterprises is only about 50%, and most of them suffer from serious losses. Due to the concentrated parking of large northern hydrogen fluoride factories, the industry’s spot supply has significantly shrunk, and the original scattered orders have been diverted to other production enterprises. The supply of scattered spot goods is tight, and the bargaining space has increased. The negotiated price has significantly increased compared to the beginning of the month, and the willingness of enterprises to purchase fluorite continues to rise. The expected consumption of raw material fluorite has increased. In addition, the mainstream contract price rose to 15300-15800 yuan/ton in September, but the demand follow-up was clearly insufficient, and there were signs of capacity utilization shrinking, which limited the increase in domestic fluorite prices.
2. Refrigerant peak season pull
Refrigerants are the main source of demand downstream of fluorite. Since 2026, the prices of major refrigerant varieties such as R32, R125, and R134a have increased by 70% to over 180% compared to the beginning of the year. The current peak season for cold chain consumption has led to an increase in demand for downstream factories to proactively replenish their inventory. The average price of refrigerant R22 continues to rise, coupled with the rapid expansion of new energy vehicles and energy storage industries, which drives the demand for fluorite in products such as lithium battery binder PVDF and lithium hexafluorophosphate to continue to rise, driving the enthusiasm for upstream fluorite procurement to increase.
Market forecast: Overall, the rectification of mines on the supply side and the reduction of imports have solidified the price bottom, while the peak season for refrigerants on the demand side, the new AI liquid cooling track, and the expansion of fluorine chemical production capacity have formed multiple driving forces, maintaining a tight supply-demand balance in the market. However, it should be noted that the current downstream demand for anhydrous hydrofluoric acid is insufficient, and the utilization rate of production capacity has shrunk. The supply and demand sides are still in a continuous game, and the price of fluorite market will mainly fluctuate and rise in the later stage.

The domestic trichloromethane market continued to rise in September, with a benchmark price of 2066 yuan/ton at the beginning of the month, rising to 2316 yuan/ton as of September 15th, an increase of 12.1%. Multiple factories have raised their factory prices multiple times, creating a strong atmosphere of rising prices in the market.
Since September, the methane chloride industry has experienced a decline in production, with the 100000 ton/year plant in Huichang Yonghe scheduled to shut down and restart on September 1st. In addition, some companies have reduced their workload for maintenance, resulting in a contraction of industry supply; The inventory of manufacturers and society has declined compared to August, and the circulation of spot goods is tight. Traders are reluctant to sell, which has boosted the quotation.
The strengthening of upstream methanol and liquid chlorine prices has significantly increased the production cost of trichloromethane. As of September 15th, the spot price of methanol was 3776 yuan/ton, an increase of 16.21% from 3250 yuan/ton at the beginning of the month.
In September, entering the traditional off-season for air conditioning, downstream R22 factories experienced a slight decline in production, and the marginal demand weakened; The orders for pharmaceutical intermediates remain stable, with a year-on-year increase in usage, maintaining rigid procurement. The demand for solvents remains stable, and the overall demand for trichloromethane has a certain level of support.
Market forecast: The short-term strong trend of trichloromethane will continue, with low inventory and equipment maintenance support remaining, and prices may slightly rise. If the parking device resumes production, the supply pressure will gradually rise, coupled with the continued weakening of refrigerant terminal demand, and the upward trend will slow down in the mid to late period.

At the beginning of this week, the average price of nitric acid was 1310 yuan/ton, and over the weekend, it remained stable at 1310 yuan/ton.
The price of concentrated nitric acid remained stable this week, with overall demand from downstream enterprises temporarily stable. Inventory pressure still exists in some areas, which has constrained a significant increase in prices. The market as a whole has maintained weak and stable operation.
During the period of 9.7-9.11, the domestic liquid ammonia market prices entered a volatile upward trend. As the traditional peak season for chemical consumption approaches, downstream industrial demand is expected to gradually improve, and the market may maintain a strong operation, with further upward space for prices. The nitric acid analyst of Shengyi Society predicts that nitric acid prices may mainly fluctuate with a strong trend.

At the beginning of September, the adipic acid market rebounded, mainly oscillating upwards. On August 1st, the average market price of adipic acid was 8575 yuan/ton, and on September 7th, the average market price of adipic acid was 8900 yuan/ton, an increase of 3.79%.
The main factors affecting the rise and fall of adipic acid market during this stage
Supply side: The overall production of adipic acid industry in China is 78-82%, and the overall operation of the equipment is stable.
International: Ascend Adipic Acid from the United States is force majeure and is expected to gradually recover in mid September, with short-term external market tightening; However, domestic exports were suppressed by EU anti-dumping, and exports to Europe shrank significantly, mainly to Türkiye, India and Southeast Asia. The overall export volume declined significantly year on year.
Inventory: Factory inventory is moderate, social inventory is not high, and there is no obvious accumulation of inventory.
Demand side: PA66: automotive and engineering plastics, with a moderate rebound in production, but no surge in orders. Downstream demand is mostly for immediate use and procurement, with weak willingness to chase price increases. Polyurethane (PU slurry, sole stock solution): Traditional “Golden Nine” is expected to exist, but stocking has not yet been launched on a large scale. It is mainly in demand and is resistant to high priced raw materials. PBAT is biodegradable: with stable demand and no unexpected increase. Summary: There are expectations of peak season, but the reality is a mild recovery, not explosive demand, which is the biggest constraint of this round of market trend.
Cost side: Raw materials such as pure benzene and cyclohexanone are operated under vibration, which provides some cost support; The price difference between acid and benzene has been repaired, and the profits of production enterprises have improved.
In summary, the predicted results of supply and demand indicate that supply pressure has eased, demand is moderate, and the trend of adipic acid weakening is evident in late September. From a technical perspective, it can be seen that the upward momentum of the adipic acid market in late September was insufficient. Therefore, in late September, the overall trend of adipic acid market fluctuated and rose, with an expected price between 8900 yuan/ton and 9200 yuan/ton.

This week, the domestic fluorite price trend has slightly increased. As of the weekend, the average price of fluorite in China was 3637.5 yuan/ton, an increase of 0.52% from the beginning of the week price of 3618.75 yuan/ton, and a year-on-year increase of 10.86%.
Supply side: synchronized tightening of internal and external sources of goods
Domestically, the national inspection of mining safety production has been comprehensively tightened, and many mines are in a state of shutdown and rectification. The domestic circulation of raw ore continues to shrink. Affected by the tightening of national and local mining control policies, Inner Mongolia has a low level of production, while only a few mines in southern Zhejiang and Fujian have resumed work. The resumption time of most mines is yet to be determined, and the overall domestic market supply circulation pattern is tight and difficult to change in the short term. The bargaining power of mining enterprises has increased, and the tight spot situation of fluorite has not changed. The fluorite market trend has risen.
In terms of imports: The mines in Mongolia, the core source of domestic imports, stopped production for maintenance in mid July. Although Mongolia’s import volume has gradually increased recently, the actual inflow in the field is limited due to logistics costs and other restrictions, which only moderately alleviates the supply pressure. The simultaneous tightening of internal and external sources of goods has led to a decrease in spot inventory in the market. Mining companies have a strong mentality of being reluctant to sell and raising prices due to the shortage of sources of goods, resulting in an increase in fluorite prices.
Demand side: downstream multiple favorable resonance
1. The hydrofluoric acid market is rising, and procurement has increased compared to before
The operating rate of hydrofluoric acid enterprises is only about 50%, and most of them suffer from serious losses. Due to the concentrated parking of large northern hydrogen fluoride factories, the industry’s spot supply has significantly shrunk, and the original scattered orders have been diverted to other production enterprises. The supply of scattered spot goods is tight, and the bargaining space has increased. The negotiated price has significantly increased compared to the beginning of the month, and the willingness of enterprises to purchase fluorite continues to rise. The expected consumption of raw material fluorite has increased. In addition, the mainstream contract price rose to 15300-15800 yuan/ton in September, but the demand follow-up was clearly insufficient, and there were signs of capacity utilization shrinking, which limited the increase in domestic fluorite prices.
2. Refrigerant peak season pull
Refrigerants are the main source of demand downstream of fluorite. Since 2026, the prices of major refrigerant varieties such as R32, R125, and R134a have increased by 70% to over 180% compared to the beginning of the year. At present, it is the peak season for air conditioning and cold chain consumption in summer, and downstream factories have taken the initiative to replenish their inventory and demand has increased. The average price of refrigerant R22 continues to rise, driving the enthusiasm of upstream fluorite procurement to increase.
Market forecast: Overall, the rectification of mines on the supply side and the reduction of imports have solidified the price bottom, while the peak season for refrigerants on the demand side, the new AI liquid cooling track, and the expansion of fluorine chemical production capacity have formed multiple driving forces, maintaining a tight supply-demand balance in the market. However, it should be noted that the current downstream demand for anhydrous hydrofluoric acid is insufficient, and the utilization rate of production capacity has shrunk. The supply and demand sides are still in a continuous game, and the price of fluorite market will mainly fluctuate and rise in the later stage.

As of August 31st, the average market price of acetic acid was 3310 yuan/ton, a decrease of 140 yuan/ton or an increase of 4.42% compared to the price of 3170 yuan/ton on August 24th.
Recently, the domestic acetic acid market has seen a strong upward trend. The high volatility of raw material methanol prices and the strengthening of cost support for acetic acid have increased the driving force for the acetic acid market to rise; In terms of supply, currently the inventory of acetic acid enterprises is low, the market supply is tight, and there is a strong intention to raise prices on site. At the same time, the maintenance of acetic acid enterprises in Henan Province has been delayed, which is favorable for the continued bullish attitude of manufacturers; On the demand side, domestic downstream demand is dominant, and the export market is performing well. The overall downstream support for acetic acid is good. With multiple favorable factors, the price center of acetic acid is rising at a high level.
Recently, the raw material methanol market has fluctuated upwards. As of August 31st, the average price in the domestic market was 3096 yuan/ton, an increase of 3.79% compared to the price of 2983 yuan/ton on August 24th. Under the dual driving force of centralized maintenance of methanol plants, reduced domestic spot supply, and low import market arrivals, the overall market inventory is tight, resulting in strong methanol prices.
The downstream acetic anhydride market has risen strongly, with the average ex factory price of acetic anhydride dropping from 5395 yuan/ton to 5565 yuan/ton from August 24th to 31st, an increase of 3.15%. The news of maintenance of acetic anhydride plants in Shandong region has been released, and market supply expectations have decreased. The price of raw material acetic acid has risen, driving up the price of acetic anhydride. Downstream demand is stable, and the market is relatively strong. Acetic anhydride prices have been continuously raised during the week.
Market forecast: Currently, the inventory of acetic acid enterprises is not high, and industry players have a strong intention to raise prices. The downstream export market is improving, which still supports the price of acetic acid. In the upcoming traditional peak season, it is expected that the price of acetic acid will remain high in the short term. Specific attention should be paid to market supply and downstream follow-up.

Price performance

In August, domestic bisphenol A surged, fell back, and overall declined. At the beginning of the month, spot trading in East China was discussed at around 9700-9750 yuan/ton, but it quickly weakened in the middle of the month and fluctuated at a low level in the second half of the month. The mainstream transaction at the end of the month fell to 9200-9350 yuan/ton, with a monthly decline of about 300-400 yuan/ton. High price transactions were weak, and the market shifted from rising prices to shipping games.
1. During the off-season of demand, there is insufficient downstream absorption (the core pressure)
1) Epoxy resin: During the off-season of traditional coatings and flooring from July to August, solid epoxy production only reaches 40-45%, while liquid epoxy production reaches 60-65%; Downstream coatings, infrastructure, and real estate terminal orders are weak, and resin companies are losing money. They only replenish inventory for essential needs and refuse to purchase goods at high prices. 2) PC polycarbonate: The production of the equipment is still acceptable, but the terminal consumption of household appliances and sheet materials is flat, and the profit of PC itself is compressed. The procurement maintains a low inventory mode, and there is no active hoarding behavior. 3) The overall procurement logic has shifted to on-demand procurement, with intermediaries unwilling to build warehouses and high priced goods being blocked from circulation. Holders of goods offer discounts for shipment.
2. The marginal pressure on the supply side has risen, and maintenance support is limited
The supply contraction caused by the concentrated load reduction and maintenance in July gradually eased in August, and some phenol ketone and bisphenol A units were restarted one after another. The industry’s operating capacity slightly rebounded from the low level to the 65-70% range.
Although some devices have arranged short-term maintenance in August, which has formed a positive stage, the reduction has insufficient impact and is difficult to reverse the weak pattern of the off-season; Port imported goods continue to replenish the East China market and increase circulation supply.
3. Loose cost support and transmission of losses in the industrial chain
Upstream phenol briefly rose in the first half of the year and then began to decline in the middle. Pure benzene and acetone lacked sustained upward momentum, and the cost side’s support for bisphenol A weakened; The price difference of bisphenol A processing has been inverted for a long time, and the industry maintains a loss making state: once the upstream raw materials weaken, bisphenol A loses its price basis; At the same time, the negative feedback chain of Sina Finance is formed by the trend of “cost increase → downstream not following the rise → forcing raw material correction”.
4. Market sentiment and trading surface
At the beginning of the month, there was a short-term bullish sentiment in the market due to the expectation of maintenance and production reduction, but after high prices, transactions quickly shrank, and traders shifted from reluctance to sell to selling; On October 20th, the average daily spread of Shengyi Society changed from strong to stagnant and bearish, with a lack of buying verification at high levels and downward pressure on prices.
Typical contradictions in August: staged supply recovery+traditional off-season demand+cost support swing+downstream profit transmission rupture. The factory has a willingness to raise prices due to losses, but there are no orders from the terminal to take over. The market presents a weak and volatile pattern of “wanting to rise but not moving, easy to fall but difficult to rebound”.
Future forecast
1) Efforts to fulfill the traditional peak season of downstream coatings and electronics industries in September; 2) Fluctuations in phenol acetone raw materials and domestic equipment maintenance/restart plans; 3) Port arrival volume and inventory accumulation rhythm; 4) Changes in the operation of epoxy resin and PC factories.

1、 Price trend

Taking the sulfuric acid method pyrite type titanium dioxide with a large volume of goods in the domestic market as an example, the price of titanium dioxide in the domestic market fell in August. On August 1st, the average price of titanium dioxide was 15460 yuan/ton, and on August 27th, it was 14060 yuan/ton, with a price reduction of 9.06%.
2、 Market analysis
The domestic titanium dioxide market prices fell in August. The prices of upstream raw materials such as titanium concentrate and sulfuric acid are running weakly. Downstream demand still hasn’t shown much improvement, and there is a strong atmosphere of waiting and watching for terminal purchases. The inventory of titanium dioxide factories varies, with some factories having low inventory levels. Titanium Sea has issued a letter announcing an increase, but overall it is due to limited acceptance by end-users. The titanium dioxide market as a whole is under pressure from oversupply, and market prices are weak to maintain stability. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13300-15000 yuan/ton; Sharp titanium type costs around 12600-13000 yuan/ton. The titanium dioxide market tends to adopt a wait-and-see attitude, with flexible market trading and individual negotiations on actual transaction prices.
According to customs data statistics, the import of titanium dioxide in July 2026 was 5431.12 tons, a year-on-year decrease of 25.67% and a month on month decrease of 9.73%. Among them, the import of chloride method titanium dioxide was 3253.15 tons, a month on month decrease of 13.02%, and the import of sulfuric acid method was 2177.97 tons, a month on month decrease of 4.32%. From January to July 2026, the cumulative import volume of titanium dioxide in China was about 37300 tons, a year-on-year decrease of 20.61%. From a process perspective, the import volume of chlorinated titanium dioxide was 22593.43 tons, a decrease of 21.72% compared to the same period last year; The import volume of sulfuric acid titanium dioxide was 14752.13 tons, a year-on-year decrease of 18.84%.
According to customs data statistics, the export of titanium dioxide in July 2026 was about 144400 tons, a year-on-year increase of 7.10% and a month on month decrease of 22.07%. Among them, the export of sulfuric acid method was about 105300 tons, a month on month decrease of 23.41%, and the export of chloride method titanium dioxide was 39100 tons, a month on month decrease of 18.21%; From January to July 2026, the cumulative export of titanium dioxide was 1.2121 million tons, a year-on-year increase of 15.35%. The export of sulfuric acid method was 912900 tons, a year-on-year increase of 7.45%, while the export of chloride method was about 299900 tons, a year-on-year increase of 48.62%.
3、 Future forecast
Analysts believe that the current demand for titanium dioxide in the domestic market is weak, and the demand side has not yet entered a state. The market is mostly adopting a wait-and-see attitude. It is expected that the short-term titanium dioxide market will mainly operate weakly and steadily.