Morning Market Update for the DBP Market

I. Key Points

1. Downstream buyers of DBP maintain cautious procurement.
2. Raw material prices have declined, weakening cost support.
3. On September 23: Iranian authorities stated they are not in a hurry to initiate negotiations until relevant conditions are met, and the Strait of Hormuz remains temporarily closed, driving up international crude oil prices. NYMEX WTI front-month November contract rose by $1.64/bbl to $92.16/bbl (+1.81% WoW); ICE Brent November contract increased by $3.83/bbl to $103.08/bbl (+3.86% WoW). China INE crude oil futures contract SC2611 fell by CNY 22 to CNY 695.1/bbl during the day session but rebounded by CNY 34.9 to CNY 730/bbl in the night session.

II. Price Summary

Comparison of DBP and Upstream Product Prices

Unit: CNY/ton

Data Source: Chempricehub Information

Notes:

1. DBP, naphthalene-based PA, and n-butanol refer to National Standard Premium Grade products.
2. Listed prices are spot cash prices inclusive of VAT, denominated in CNY per ton.
3. All RMB prices in the table above represent ex-factory spot cash prices.
4. The "Previous Period" and "Current Period" prices reflect point-in-time values from the two preceding working weeks prior to this week, rather than weekly averages.
5. The change rate represents the week-over-week percentage variation.

III. Market Outlook

Yesterday, domestic DBP market prices trended downward with fluctuations. Market sentiment shifted towards wait-and-see attitudes. It is reported that markets for raw materials phthalic anhydride and n-butanol continued to decline, reducing cost-side support for DBP prices. Meanwhile, downstream operators maintained cautious trading strategies, adhering to minimal essential demand procurement. Market inquiries and transaction volumes remained sluggish, with price centers leaning towards the lower end. Today’s DBP market prices are expected to fluctuate within a weak range.

IV. Data Calendar

Data Source: Chempricehub Information

Notes:

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