According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China region rose step by step this week (8.25-8.29), with an average market price of 269990 yuan/ton at the beginning of the week and 273220 yuan/ton at the end of the week, with a weekly increase of 1.20%.

The market is showing a trend of range oscillation, mainly influenced by the game between the support of low inventory and weak demand. In the spot market, trading is relatively quiet, and downstream purchases are mainly focused on meeting rigid demand, with limited acceptance of high prices. The circulation between traders dominates, but the overall market trading sentiment is cautious, and the trading volume has been slightly increased in a moderate manner.
The supply of raw materials and minerals continues to face obstacles. As an important source of tin concentrate supply, the resumption of mining in the Wa State of Myanmar has been slow, constrained by multiple factors such as the rainy season, equipment shortages, and limited supply, far from meeting market expectations.
On the supply side, Tin Industry Co., Ltd. announced that the company will carry out routine shutdown and maintenance work on tin smelting equipment based on the actual situation. The shutdown and maintenance plan will start on August 30, 2025, with an expected duration of no more than 45 days. From the overall situation analysis, due to the tight supply side, the bottom support of tin prices is significantly stronger.
On the demand side, although the end consumer market has not fully recovered yet, with prices continuing to rise and the traditional sales peak season of gold, silver, and silver approaching, the mentality of downstream electronic and photovoltaic ribbon companies has quietly changed. These companies are concerned about further price increases in the future, so they have begun to adopt a preventive strategy by replenishing inventory when prices are relatively low. This shift from a wait-and-see attitude to actively stocking up has brought tangible buying demand to the market.
comprehensive analysis
The market is about to enter the verification stage, and market participants will closely monitor the order status of downstream electronic and photovoltaic companies during September and October. Expected high volatility in tin prices.

Today, the price of ethylene glycol has slightly loosened and remains relatively high for the month. According to data from Shengyi Society, as of August 28th, the average price of domestic oil to ethylene glycol was 4498.33 yuan/ton, an increase of 1.50% from the average price of 4435 yuan/ton on August 1st.
In terms of port ethylene glycol, on August 28, 2025, the spot contract price basis of port ethylene glycol first rose and then fell. This week’s spot contract basis range is+58 to+69 yuan/ton. As of the close, the contract basis range for next week is+68 to+71 yuan/ton, the contract basis range for late September is+70 to+74 yuan/ton, and the contract basis range for late October is+64 to+67 yuan/ton.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 4050-4100 yuan/ton.
In terms of external ethylene glycol, recent ship cargo negotiations have resulted in transactions around 531-534 US dollars per ton.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the recent trend of soda ash prices has slightly decreased. As of August 25th, the average market price of soda ash was 1220 yuan/ton, a decrease of 4 yuan/ton compared to the soda ash price of 1224 yuan/ton on August 19th, a decrease of 0.33%.
2、 Market analysis
Recently, the soda ash market has been weak and consolidating. The operating rate of the supply side fluctuates narrowly, with a slight increase in soda ash production, and manufacturers maintaining a focus on active shipments; On the demand side, the downstream enthusiasm for purchasing goods is not high, and the glass market is relatively stable. The demand for enterprise replenishment is limited, and some soda ash has moved down to maintain the transaction price of shipments. The market’s strong supply and weak demand situation has not improved, and soda ash prices are running weakly. On August 25th, the price of light soda ash in East China remained at 1130-1400 yuan/ton; Light soda ash in Central China will be reduced by 10 yuan/ton, with a price range of 1130-1300 yuan/ton.
According to the commodity analysis system of Shengyi Society, the downstream glass market is weak and declining. From August 19th to 25th, the price of glass decreased from 14.28 yuan/square meter to 13.83 yuan/square meter, a decrease of 3.15%. The production line of the glass market operates stably, with accumulated inventory in enterprises and insufficient follow-up of downstream orders. Enterprises mainly ship on demand, resulting in limited market transactions and a weak downward trend in glass prices.
Future forecast: Currently, the price trend of soda ash is downward, and the mentality of industry players is weak. Downstream stocking willingness is not high, and there is a strong need to purchase when entering the market. Soda ash enterprises have accumulated inventory, and the fundamental supply exceeds demand. It is expected that the soda ash market will consolidate weakly in the later stage, and specific attention will be paid to downstream follow-up situations.

According to the commodity analysis system of Shengyi Society, the hydrogen peroxide market has fluctuated and risen since August. On August 1st, the average market price of hydrogen peroxide was 696 yuan/ton, and on August 25th, the average market price of hydrogen peroxide was 703 yuan/ton, with a price increase of 0.96%.
Demand increases, hydrogen peroxide market slightly rises in August

At the beginning of August, the terminal demand in the printing and papermaking industry fell, and some manufacturers of hydrogen peroxide stopped for maintenance, easing the supply pressure. The long short game weakened the hydrogen peroxide market, and the average price in the domestic market fell to around 690 yuan/ton, with a price drop of about 10 yuan/ton. The market transactions are average, and the market is weak, with a decline of 0.48%.
Since August 4th, the terminal demand in the printing and papermaking industry has improved, and some manufacturers of hydrogen peroxide have stopped for maintenance. The supply pressure has eased, supported by positive factors, and the price of hydrogen peroxide has remained firm. As of August 15th, the average price in the domestic market has remained around 690 yuan/ton. Market transactions have increased and the market is improving.
After mid month, the domestic price of hydrogen peroxide continued to rise, with the average market price reaching around 700 yuan/ton. Market transactions have improved and the market has heated up, with an overall increase of nearly 1%.
Business Society’s hydrogen peroxide analyst believes that in September, the demand for hydrogen peroxide in the terminal industry will increase, and the market is expected to continue to strengthen.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average market price of baking soda at the beginning of the week was 1249.4 yuan/ton, and the average market price of baking soda at the end of the week was 1249.2 yuan/ton, a decrease of 0.02% in price and a decrease of 34.7% compared to the same period last year. On August 21st, the Business Society Baking Soda Index was 82.91, unchanged from yesterday and hitting a historic low within the cycle, a decrease of 64.84% from the highest point of 235.84 on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is running steadily, and the company’s shipments are still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1270 yuan/ton in Henan region and 1200-1300 yuan/ton in Shandong region. Due to downstream demand based procurement, it is expected that consolidation and operation will be the main focus in the later stage. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash has been consolidating this week. The average market price from the beginning of the week to the end of the week is 1224 yuan/ton, a decrease of 32.75% compared to the same period last year. Downstream buyers tend to purchase on demand.
Business analysts believe that the price of baking soda has been consolidating recently, and the upstream raw material soda ash has also been consolidating recently. Downstream industries such as pharmaceuticals, textiles, and food have been purchasing on demand recently, and demand enthusiasm for baking soda is still acceptable. Overall, it is expected that the price of baking soda will mainly fluctuate in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, from August 13th to 20th (as of 15:00), the domestic methanol market in East China port quotations fell from 2370 yuan/ton to around 2315 yuan/ton, with a price drop of 2.32% during the cycle, a month on month drop of 2.77%, and a year-on-year drop of 5.57%. There are regional differences in the domestic methanol market situation, driven by macro policies, with the mainland being stronger than ports, which has a certain boost to prices. The high import expectations of the port methanol market and the rapid accumulation of inventory expectations have a strong suppression on the market.

As of the close on August 20th, the closing price of methanol futures on Zhengzhou Commodity Exchange has been raised. The main contract for methanol futures, 2601, opened at 2393 yuan/ton, with a highest price of 2434 yuan/ton and a lowest price of 2387 yuan/ton. It closed at 2424 yuan/ton in the closing session, up 38 yuan/ton or 1.59% from the previous trading day’s settlement. The trading volume is 762703 lots, with a position of 674733 and a daily increase of -11543.
On the cost side, the digestion speed of raw coal inventory has slowed down, demand expectations are currently unclear, market prices are strong, and cost support is strong. The cost of methanol is influenced by favorable factors.
On the demand side, glacial acetic acid: The market price of glacial acetic acid has been partially rising, and the factory in Henan has stopped as scheduled. The factory has pushed up prices, and the market has followed suit. Formaldehyde: The formaldehyde market is stable with occasional declines. Raw material methanol continues to weaken, with inadequate cost support. Dimethyl ether: The market for dimethyl ether has stabilized, with some areas experiencing an increase. Most downstream products are affected by methanol prices, and the impact on methanol demand is mixed.
On the supply side, the overall recovery of the equipment exceeds the loss, resulting in an increase in capacity utilization. Negative factors affecting the methanol supply side.
In terms of external trading, as of the close of August 19th, the CFR Southeast Asian methanol market closed at $321.5-322.5 per ton, a decrease of $2 per ton. FOB US Gulf methanol market closing price of 95-96 cents/gallon; The closing price of the European FOB Rotterdam methanol market is 275.5-276.5 euros/ton, up 3 euros/ton.
In the future forecast, the atmosphere of the methanol market will continue to be weak, and market sentiment will be sluggish. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

According to the Commodity Market Analysis System of Shengyi Society, since mid August, the bearish trend has persisted, with the domestic adipic acid market weakening and mainly experiencing a decline. On August 15th, the average market price of adipic acid was 7316 yuan/ton. On August 19th, the average market price of adipic acid in China was 7283 yuan/ton, a decrease of 0.46%.

Negative led domestic adipic acid market weakens
In mid August, the prices of pure benzene and cyclohexanone raw materials for adipic acid were weak and fell, and the demand for terminal rigidity was sluggish. The domestic adipic acid market had average transactions, but the sales were still acceptable. The quotations of adipic acid production enterprises are relatively stable, while the overall quotations of traders have mainly declined. The market is running weakly, and as of August 19th, the price has fallen to 7200 yuan/ton, a decrease of nearly 0.5%.
An analyst from Shengyi Society believes that by the end of August, the overall demand in the terminal industry was sluggish, and the raw material market was weak and declining. The market for adipic acid will continue to be weak and declining in the future.

The asphalt market experiences narrow fluctuations, while spot prices in many regions remain stable. The production schedule for August has decreased compared to the previous month, but it is important to pay attention to the production situation of refineries that have exceeded their production capacity. There is a demand for rush work in the northwest and northeast regions, while the demand is poor due to the impact of rainfall in the south. The cumulative year-on-year growth rate of sample refinery shipments has increased by 1 percentage point. The overall level of commercial inventory is relatively controllable, and BU has been under pressure due to the weak cost side in recent times, but there is still support for cracking.

From the perspective of Shengyi Society, in terms of the fundamentals of asphalt, the overall weak supply-demand situation may continue, with funding conflicts and weather conditions such as rainfall affecting the release of terminal demand. The supply side may remain stable, and the operating rate is at the median level in recent years. However, inventory is relatively low and there has been no accumulation signal. The short-term pressure on the market is not significant, and asphalt is operating steadily.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has risen this week. The average market price at the beginning of the week was 852 yuan/ton, and the average market price over the weekend was 856 yuan/ton, with a price increase of 0.47% and a year-on-year increase of 7.13%. On August 14th, the Business Social Chemical Index was 771 points, a decrease of 1 point from yesterday, a decrease of 44.93% from the highest point of 1400 points during the cycle (2021-10-23), and an increase of 28.93% from the lowest point of 598 points on April 8th, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda increased over the weekend this week. The price of caustic soda in Shandong region is around 800-880 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 850-930 yuan/ton. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 2700-2800 yuan/ton (converted to 100%). From the perspective of Shandong region, the price of caustic soda remained stable during the week, with a slight increase over the weekend. The pre maintenance equipment has not been restored yet, and the inventory pressure of the enterprise is not high. The prices of liquid alkali purchased by major downstream enterprises have increased, and the prices of liquid alkali in the region have risen. Alumina is mostly purchased on demand, while non aluminum receiving is mainly purchased on demand.
Business Society analysts believe that the price of caustic soda has slightly increased over the weekend, and the domestic downstream demand is still acceptable. The inventory pressure of caustic soda enterprises is not high, and the comprehensive supply-demand game predicts that caustic soda will maintain a strong operating market in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, from August 8th to 14th, the average price of BDO in China fell from 8342 yuan/ton to 7914 yuan/ton, with a price drop of 5.14% during the period, a month on month drop of 9.40%, and a year-on-year drop of 9.48%. The supply has increased, while the main downstream industries have experienced a decline in production, resulting in a reduction in demand for raw materials. The supply and demand in the BDO industry have intensified, and the bearish mentality of industry players continues. The focus of the domestic BDO market continues to decline due to the negotiation and operation of actual order discounts by cargo holders.

On the supply side, industry supply has increased, and supply side support has weakened again. The supply side of BDO is affected by negative factors.
In terms of cost, raw material calcium carbide: With the gradual implementation of PVC maintenance, the enthusiasm of enterprises for shipment has increased, and the focus of transactions in the domestic calcium carbide market has shifted downwards. In order to accelerate shipment, some enterprises have flexible transactions. Raw material methanol: The domestic methanol market continues to be weak. As of 3:00 pm on August 14th, the reference price for domestic methanol in Taicang is 2340 yuan/ton. The weak consolidation of raw materials such as calcium carbide and methanol, as well as the negative impact of BDO cost factors.
On the demand side, the main downstream companies such as PTMEG and PBAT have seen a decrease in production, while PBT has seen an increase in production. The NMP industry has added new production capacity from Hualu Hengsheng, while there has been no significant change in the load of other industries. The overall accounting of the demand side has decreased compared to the previous period, leading to an intensification of the supply-demand contradiction in the industry and a bearish purchasing mentality among the main players. The demand side of BDO is affected by bearish factors.
In the future forecast, the supply of BDO market will increase, while the demand will also increase slightly. The supply-demand contradiction in the industry still exists, which is bearish on the market mentality. But currently, the price has fallen to a low level, and BDO analysts from Shengyi Society predict that the domestic BDO market is mainly weak and consolidating.