Morning Market Update for the DBP Market

I. Key Focus Points

1. Downstream DBP buyers are maintaining cautious procurement practices.
2. Raw material prices have declined, weakening cost support.
3. On September 21, reports emerged that the United States and Iran may resume negotiations, easing market concerns and causing international crude oil prices to fall. The NYMEX WTI October futures contract closed at $95.78/bbl, down $4.52/bbl (-4.51% WoW); the ICE Brent November futures contract closed at $100.34/bbl, down $3.53/bbl (-3.40% WoW). China's INE crude oil futures November 2026 contract fell by RMB 23.6 to RMB 730.8/bbl, with the night session dropping a further RMB 16.5 to RMB 714.3/bbl.

II. Price Table

Comparison of DBP and Upstream Product Prices

Unit: RMB/ton

Data Source: Chempricehub Information

Notes:

1. DBP, naphthalene-based phthalic anhydride (PA), and n-butanol are all graded as National Standard Premium Grade.
2. Prices listed are spot exchange rates including VAT, in RMB per ton.
3. All RMB prices in the table above represent ex-factory spot exchange rates.
4. The "Previous Period" and "Current Period" prices reflect point-in-time data from the two preceding working weeks prior to this week, rather than weekly averages.
5. The change rate represents the period-over-period variation.

III. Market Outlook

Yesterday, the domestic DBP market price center shifted downward, and market wait-and-see sentiment intensified. It is reported that the markets for raw materials phthalic anhydride (PA) and n-butanol were sluggish and trending lower, reducing the cost-support strength for DBP prices. Downstream users engaged in cautious procurement based on rigid demand, resulting in average inquiry volumes and transaction activity, with the price center leaning towards the lower end. Today, the DBP market price is expected to fluctuate within a weak range.

IV. Data Calendar

Data Source: Chempricehub Information

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions where fluctuations exceed 3%.
2. →↗↘ indicate narrow-range volatility, highlighting data dimensions where fluctuations are within 0–3%.