Morning Market Insight: DBP

I. Key Points

1. Downstream buyers of DBP are exercising caution in procurement.
2. Raw material prices showed mixed movements, resulting in weak cost support.
3. As of September 28: US-Iran relations remain deadlocked, sustaining market concerns over supply risks and driving up international crude oil prices. NYMEX WTI November futures rose by $0.19/bbl to $92.60/bbl, a quarter-over-quarter increase of +0.21%; ICE Brent November futures rose by $0.96/bbl to $105.28/bbl, a quarter-over-quarter increase of +0.92%. China INE crude oil futures for the November 2026 contract (2611) rose by CNY 9.3 to CNY 734.1/bbl during the day session but fell by CNY 22.5 to CNY 711.6/bbl during the night session.

II. Price Table

Comparison of DBP and Upstream Product Prices

Unit: CNY/ton

Data Source: Chempricehub Information

Notes:

1. DBP, naphthalene-based phthalic anhydride (PA), and n-butanol are all national standard premium-grade products.
2. The prices listed are spot cash prices inclusive of tax, denominated in CNY per ton.
3. All RMB prices in the table above represent factory gate spot cash prices.
4. "Previous Period" and "Current Period" refer to snapshot prices from the two preceding working weeks prior to this week, not weekly averages.
5. The change rate represents the period-over-period percentage change.

III. Market Outlook

Yesterday, domestic DBP market prices fluctuated downward, with sentiment shifting towards wait-and-see. Reports indicate that raw material phthalic anhydride (PA) prices rose, while n-butanol prices continued to decline. Consequently, downstream operators adopted cautious trading strategies, maintaining procurement at low levels based solely on rigid demand. Market inquiries and transaction volumes remained sluggish. It is projected that DBP market prices will continue to trend sideways-to-weak today.

IV. Data Calendar

Data Source: Chempricehub Information

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with changes exceeding ±3%.
2. →↗↘ indicates narrow-range fluctuations, highlighting data dimensions with changes within 0–3%.