Introduction: The average delivered price of DINP in Q3 was RMB 9,434/ton, down 2.89% quarter-on-quarter (QoQ). Production volume reached 115,500 tons, up 5.87% QoQ. Due to increased capacity, the average utilization rate dropped to approximately 60%, with September production notably lower.
Demand-Cost Tug-of-War Drives DINP’s “Dip-then-Rise” Trajectory
In Q3, the average delivered market price for DINP in Jiangsu Province stood at RMB 9,434/ton, a QoQ decline of 2.89%. The quarterly high was RMB 10,950/ton ex-works, while the low was RMB 7,950/ton ex-works, representing a price amplitude of 38%.
| Figure 1: DOP vs. DINP Price Trend (RMB/ton) | Figure 2: DINP vs. Isooctanol Price Trend (RMB/ton) |
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| Source: Chempricehub | Source: Chempricehub |
Early July saw ample market supply and softening prices, which briefly fell below those of DOP, marking the quarterly low. However, driven by renewed crude oil price increases, end-users gradually resumed replenishment purchases. Major producers controlled shipment volumes, and rising raw material costs triggered a rebound in DINP prices. Prices remained elevated through August and September. Although high-level trading occasionally faced intermittent demand slowdowns, tight supply of ortho-phthalic anhydride (PA) derived from o-xylene provided strong cost support, sustaining high prices. Additionally, September saw a shortage of isononyl alcohol, leading to a significant drop in DINP production and tight spot supply. The price spread between DINP and DOP widened to a maximum of RMB 300/ton.
Sharp Drop in September DINP Output Leads to Tight Supply
| Figure 3: Quarterly DINP Production Change (2025–2026, tons) | Figure 4: DINP Export Volume Changes (tons) |
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| Source: Chempricehub | Source: China Customs |
DINP production remained high in July and August, exceeding 40,000 tons monthly. Plants operated by Litian, Jiuhong, and Xiangfeng contributed significantly to this output, ensuring relatively ample supply. Export orders also performed well, with cumulative exports estimated to exceed 30,000 tons. However, in September, maintenance shutdowns at isononyl alcohol plants in South China, combined with tight o-xylene supply, led to increased reductions or halts in DINP production. Facilities operated by Weilianda, Heshunchang, and Liancheng experienced stoppages during various periods, causing monthly output to plunge below 30,000 tons. Spot supply became temporarily tight. Nevertheless, thanks to the high production baseline in July and August, total Q3 output reached 115,500 tons, up 5.87% QoQ. Due to the addition of new capacity data, the average utilization rate declined to around 60%.
Limited Supply Growth Awaiting Demand Stimulus
On the supply side, imports of isononyl alcohol have decreased. Assuming stable domestic production of isononyl alcohol, growth in DINP output will be limited, with monthly production unlikely to reach the 40,000-ton mark. Consequently, market supply in Q4 is expected to tighten slightly. On the consumption side, existing export orders remain, averaging over 9,000 tons per month, awaiting a boost from increased domestic demand in November and December. Regarding related products, o-xylene supply is expected to recover. As production of ortho-PA increases, its price trend may rise initially before falling back, moderately alleviating cost pressures. Overall, current supply-demand dynamics remain relatively stable. Future fluctuations in crude oil and isooctanol prices will continue to influence buyer sentiment and cost structures, keeping prices at high levels in the short term.
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