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China makes more dye every year and earns less doing it. Between 2021 and 2025 national dye output rose from 856,000 t to 983,000 t (3.5% CAGR), yet industry output value fell from RMB 69.9 bn to RMB 57.1 bn (-4.9% CAGR) and total profit halved, from RMB 9.5 bn to RMB 5.0 bn (-14.9% CAGR). The Chinese trade's own verdict on the 14th Five-Year period: "more output, no more revenue, no more profit.

*A week after our 2 September edition, the electrolyte chain is still the only part of the battery-materials board moving up and it moved again on 8 September. DMC jumped 6.35% in a single session to

RMB 6,700/t, with EMC, DEC and EC all higher. Everything cobalt-linked went the other way: the cobalt salts fell 2–3%, ternary precursors 1.2–1.6%, and every LCO grade about 1.5%. Lithium, LFP,

anode graphite and formulated electrolyte were unchanged.*

Carbon black prices were flat week-on-week (4 → 8 Sept) across all six tracked regions and four grades, holding at elevated levels: N220 RMB 9,700–10,400/MT, N330/N660 RMB 8,700–9,200/MT, N550 RMB 9,100–9,600/MT.