How is China's hydrogen peroxide supply-demand balance evolving and what drives price movements?

How is China's hydrogen peroxide supply-demand balance evolving and what drives price movements?
China's hydrogen peroxide market saw significant capacity expansion in 2023, with net new capacity of 1.78 million tonnes (27.5% basis) added in the first half alone, while 380,000 tonnes were retired. Total capacity reached roughly 22 million tonnes by end-2022, with effective capacity around 21.5 million tonnes. Production volumes have been volatile: output fell 11.4% in 2021 to 13 million tonnes, then rebounded 12.7% in 2022 to 14.6 million tonnes. The market is characterized by intense competition and low concentration due to the product's short economic shipping radius. Standard grades of 27.5%, 35%, and 50% are widely available, but higher-purity products such as 70% and electronic or food grades remain in short supply, leading to minimal exports and selective imports of premium material.