DBP Market Price Center of Gravity Moves Upward with Fluctuations (2026-08-28 to 09-03)

1. Market Focus for the Week

• Production: The average operating rate this week was 49%.
• Cost: n-Butanol and phthalic anhydride prices remained at high levels.

2. Weekly Market Review

Domestic DBP Market Weekly Price Changes (Unit: CNY/mt)

During the current period, domestic DBP market prices fluctuated with a firm-to-strong bias. Early in the period, the market ran weak, mainly because downstream end users showed low willingness to take deliveries, and overall trading sentiment was lackluster. In addition, feedstock prices fluctuated with a downward bias, reducing support from the cost side, so DBP plants kept their price center near the lower end of the range. After international crude oil rallied for several consecutive sessions, it not only pushed raw material prices substantially higher and created strong cost support for DBP, but also increased downstream buyers’ willingness to purchase on dips. Market inquiries and transaction volumes improved. Meanwhile, DBP plants maintained a stable but low operating rate, keeping overall supply limited, which led market prices to rise continuously.

3. Analysis of Market Influencing Factors

1. DBP weekly capacity utilization stood at 49%.

2. Phthalic anhydride and n-butanol prices rose significantly, keeping DBP production costs high and squeezing profitability. As of the close on September 3, the weekly theoretical profit was -112 CNY/mt, down 66 CNY/mt from the previous week, representing a decline of 143%. The average daily theoretical profit was -190 CNY/mt, down 149 CNY/mt from August 27.

3. Downstream end users purchased only on a rigid-demand basis and remained cautious in their trading approach.