DBP Market Prices Fluctuated and Adjusted after Rally (August 2026)

1. Monthly Market Highlights

1. Domestic n-butanol in Shandong averaged 7,004 yuan/ton in August, up 8.61% month-on-month.
2. Naphthalene-based phthalic anhydride in Hebei averaged 7,962 yuan/ton in August, up 3.5% month-on-month.
3. The average operating load of DBP plants was 48.24%, up 1.45 percentage points month-on-month.

2. Monthly Market Analysis

Domestic DBP Market Price Monthly Change Table
Unit: yuan/ton

Data source: Chempricehub Information

In August, the domestic DBP market price level moved upward amid fluctuations. This was mainly attributed to the sharp decline in n-butanol supply, which created a supply shortage and drove its price to surge rapidly. Meanwhile, the price of phthalic anhydride also rose continuously. With both raw materials advancing in tandem, DBP production costs increased substantially, strengthening cost-side support. Although downstream operating rates were generally moderate, downstream raw material inventories remained low and rigid-demand purchases continued. A short period of concentrated replenishment further accelerated the upward pace of market prices. Toward the end of the month, as prices reached a high level, market resistance emerged. At the same time, both n-butanol and phthalic anhydride showed weak and gradual downward trends, weakening cost support. Consequently, the DBP market fluctuated and softened at the month's end.

3. Analysis of Influencing Factors

1. The average operating load of domestic DBP plants was 48.24% this month, up 1.45 percentage points month-on-month.
2. The price levels of both raw materials moved higher, leading to significantly increased production costs and stronger support.
3. The average DBP profit was 200 yuan/ton this month, down 6 yuan/ton from July.

4. Future Market Outlook

At present, the raw material market is expected to pull back from elevated levels in the coming period, while DBP production costs remain high, providing some support for prices. In addition, the downstream sector is about to enter its traditional peak season, with low earlier raw material inventories and demand dominated by essential purchases. Therefore, the DBP market price is expected to experience fluctuating adjustments in the near term.