According to data from the SunSirs Commodity Market Analysis System, as of April 30, 2026, the benchmark price for n-butanol in the Shandong region stood at 7,666 RMB/ton. This represents a decrease of 900 RMB—or 10.51%—compared to the price recorded on April 1 (when the benchmark price was 8,566 RMB/ton).

Price Trend Review

In April, market prices for n-butanol in Shandong exhibited a trend of initial growth followed by a decline. At the beginning of the month, n-butanol prices rose rapidly, reaching a monthly high of 8,933 RMB/ton; however, due to insufficient market support, this peak proved short-lived. The price center of gravity for n-butanol subsequently shifted downward, eventually falling to a monthly low by the end of the month. As of April 30, reference market prices for n-butanol in the Shandong region stood in the range of approximately 7,600 to 7,800 RMB/ton.

Analysis of Key Influencing Factors

In April, the "surge and retreat" trajectory of n-butanol prices served as a direct reflection of a fundamental shift in the supply-demand landscape—specifically, a rapid transition from a tight equilibrium to a state of oversupply. The following section breaks down the impact of supply and demand factors across distinct phases:

Early April (Days 1–8): Tight Supply + Supported by Rigid Demand — Prices Surged

Supply Side: At the beginning of the month, the supply of n-butanol experienced a temporary contraction. Market inventories remained at low levels, as numerous domestic production facilities were either undergoing maintenance or operating at reduced capacity; consequently, the industry-wide operating rate was subdued, and the volume of spot goods circulating in the market was limited. Furthermore, with several major manufacturers bolstered by export orders—which further reduced the volume of goods available for domestic sale—factory inventories remained low, resulting in a strong inclination among producers to hold firm on pricing.

Demand Side: The market is anticipating a peak season; downstream sectors are replenishing inventories on price dips, leading to a phase of increased rigid demand. Downstream industries—such as coatings, adhesives, and acrylates—are anticipating a peak season during "Silver April." This expectation, coupled with prices sitting at low levels at the beginning of the month, has prompted downstream enterprises to engage in concentrated, opportunistic inventory replenishment, resulting in active market inquiries and transaction volumes.

Mid-to-Late April (9th–30th): Supply-Demand Imbalances Emerged

Supply Side: Normal butanol production units that had undergone maintenance have resumed operations, leading to a resurgence in overall market supply pressure. Units previously under maintenance have gradually restarted, driving a rapid recovery in industry operating rates and an increase in market product availability; consequently, the earlier tight supply landscape has begun to ease. Compounded by expectations regarding the commissioning of several new production units, market concerns regarding future supply growth have intensified.

Demand Side: The transient surge in demand has subsided, and the pace of downstream procurement has slowed. Following a brief spike in demand during the traditional "Golden March and Silver April" season, sectors such as plasticizers and coatings have seen a slowdown in their demand for raw materials. Large-scale inventory replenishment activities have diminished; moreover, in the wake of rising prices, downstream industries have begun to exhibit resistance toward high-priced raw materials.

Market Outlook

In April, the Shandong n-butanol market followed a general trajectory of initial gains followed by declines. Fundamentally, this market trend reflected a situation where the pace of supply recovery significantly outstripped that of demand resurgence. Downstream demand showed a general lack of incremental growth; consequently, purchases driven solely by immediate necessities proved insufficient to absorb the influx of new supply, pushing the market into a downward channel characterized by "strong supply and weak demand."

As May begins, market conditions are largely expected to undergo range-bound adjustments; close attention remains required to determine whether demand can achieve a steady and sustained recovery.

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