DBP Market Price Center Strongly Rallied Then Declined (September 2026)

1. Key Market Focus for the Month

1. The average price of n-butanol in Shandong, China, was 8,427 yuan/ton in September, a month-on-month increase of 20.32%.
2. The average price of phthalic anhydride produced via the naphthalene method in Hebei was 9,021 yuan/ton in September, a month-on-month increase of 13.3%.
3. The monthly average operating load of DBP units was 44.12%, down by 4.12 percentage points from the previous month.

2. Monthly Market Analysis

Data source: Chempricehub Information

Monthly Price Change Table for Domestic DBP Market
Unit: Yuan/ton

Data source: Chempricehub Information

In September, domestic DBP prices initially surged before trending downward towards the end of the month. Early in the period, DBP continued its upward trajectory, strongly supported by rising costs. Market prices for raw materials—n-butanol and phthalic anhydride—consistently climbed. Driven by simultaneous increases in both raw materials, DBP production costs rose significantly, providing strong support for market prices. Meanwhile, downstream buyers' willingness to purchase increased as raw material prices continued to rise, leading to improved inquiry activity and transaction volume. Later in the month, several DBP units entered shutdown periods for maintenance, reducing spot supply and further supporting price gains. However, near the end of the month, after prices reached peak levels, resistance emerged in the market. Additionally, with the upcoming holiday approaching, stockpiling enthusiasm waned. Raw material prices also softened into a gradual decline, slightly weakening cost support. Consequently, the center of gravity for DBP market prices shifted slightly downward.

3. Impact Factor Analysis

1. The monthly average operating load of domestic DBP units was 44.12%, down by 4.12 percentage points from the previous month.
2. Prices for both key raw materials rose strongly, strengthening cost support.
3. The average profit margin for DBP this month was 64 yuan/ton, a decrease of 136 yuan/ton compared to August.

4. Future Outlook

Currently, the n-butanol market is showing weak fluctuations, while the phthalic anhydride (naphthalene method) market still has room for price increases. Therefore, DBP production costs remain high, providing some support for its price. Downstream users are maintaining low inventory levels and primarily purchasing based on essential needs at lower price points, adopting a cautious operational strategy. It is expected that DBP market prices will undergo oscillating adjustments in the coming period.