This week, domestic industrial-grade acetonitrile prices continued to rise. In the East China market, mainstream transaction prices reached approximately 22,000 yuan/ton, up 1,000 yuan/ton from last week, representing a 4.76% increase. However, this gain is significantly narrower compared to previous weeks, which often saw weekly increases exceeding 10%. Demand for pharmaceutical-grade acetonitrile remains robust; however, downstream users in other sectors have shown increased resistance, with poor purchasing enthusiasm leading to wider gaps in market negotiations. It is reported that some low-end transactions have already fallen below the 20,000 yuan/ton level.
The rapid and substantial surge in domestic acetonitrile prices during this cycle has driven values from below 8,000 yuan/ton in August to the current level of around 22,000 yuan/ton, marking a cumulative increase of 175%. This price point also represents the highest level since February 2022 and sets a record for short-term gains. The primary driver behind this rally is the sharp increase in demand for pharmaceutical-grade acetonitrile, stimulated by surging terminal consumption of peptides. Although peptide-related demand is not entirely new, its concentrated and rapid release only began this year, catching the supply side unprepared. This resulted in a sustained shortage of pharmaceutical-grade acetonitrile, thereby pulling up industrial-grade prices rapidly.
Meanwhile, production profits for synthesis-route acetonitrile have expanded significantly. Despite a notable rise in feedstock acetic acid prices during this period, which pushed production costs for synthesis-route acetonitrile from 8,500 yuan/ton to approximately 11,500 yuan/ton, the price increase far outpaced the cost growth. Current calculations indicate that production profits for synthesis-route acetonitrile exceed 10,000 yuan/ton. These attractive margins have boosted operating enthusiasm among producers, pushing overall utilization rates to their highest levels in recent years, near 80%. Furthermore, capacity expansions at facilities such as Nantong Liyang are actively being advanced.
However, while growing pharmaceutical-grade demand serves as the main pillar supporting this acetonitrile price rally, the rapid and substantial price increases have led to escalating resistance among users in traditional pesticide and pharmaceutical sectors. This is particularly evident among downstream producers using acetonitrile as a direct synthesis raw material. Some pesticide users have indicated that their costs are facing inversion, leading to reduced motivation to maintain high operating rates.
Additionally, since acetonitrile is used primarily as a solvent in the peptide sector, the recovery volume of acetonitrile products has increased in tandem with rising pharmaceutical-grade consumption. This recovered acetonitrile is gradually entering the market as a low-cost resource, impacting the industrial-grade segment and further creating headwinds against upward price momentum.
Looking ahead, while pharmaceutical-grade demand remains steady, increased resistance in traditional consumption areas will likely trigger periodic pullbacks and consolidation in industrial-grade acetonitrile prices. In the initial phase of any correction, the market may experience rapid declines due to fear of high prices. However, pharmaceutical-grade demand is expected to remain supportive. Simultaneously, the supply of byproduct-route acetonitrile may contract again if propylene nitrile producers continue to face losses. Therefore, the acetonitrile market is projected to find a quick floor following this periodic adjustment.
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