Entering the first quarter of 2026, with the resumption of work and production in downstream industries, stricter environmental policies, and continued cost support, the white carbon black market is showing a trend of "polarization and overall improvement". The price of precipitated white carbon black has steadily risen, while the price of gas-phase white carbon black remains stable at a high level. The supply and demand pattern of the industry continues to optimize, and the core demand side has shown outstanding performance. 1、 Price trend: The precipitation method is steadily rising, while the gas-phase method is consolidating at a high level. In the first quarter, the market price of white carbon black showed a distinct feature of "precipitation method rising, gas-phase method stable". The trends of the two categories are differentiated, and the core difference lies in the differences in supply and demand structure and application scenarios. 1. Precipitation method white carbon black (mainstream rubber grade): The cumulative increase exceeds 6%, steadily improving. As the mainstream category of white carbon black market (accounting for over 80%), the price of precipitation method white carbon black continued to rise moderately in the first quarter, with a stable trend, mainly due to the recovery of downstream tire industry demand. According to relevant data, the price of precipitated white carbon black in the first quarter gradually rose from about 5700 yuan/ton in early January to 6066.67 yuan/ton at the end of March, with a cumulative increase of about 6.4%, achieving a steady rise. From the perspective of regional spot prices (data at the end of March): ① Fujian region: 5000-5400 yuan/ton;
② Shandong region: 5100-5500 yuan/ton; The regional price difference is mainly affected by transportation costs and local production capacity, and is generally within a reasonable range, with a good market transaction atmosphere. 2. Gas phase white carbon black (high-end category): Stable at a high level and strong willingness to rise. Gas phase white carbon black is mainly used in fields such as silicone rubber and high-end coatings. The price remained stable at a high level in the first quarter and has basically remained flat since early February, without significant fluctuations. At the end of March, the mainstream quotations were as follows: ① Middle and low-end grades (with a specific surface area of 200): 15000-18000 yuan/ton ② High end grades: 22000-28000 yuan/ton. Currently, the market supply is tight, and enterprises have a strong willingness to rise. However, due to limited downstream high-end demand increment, transactions remain stable, and prices lack significant upward momentum, overall maintaining a high stable state. 2、 Supply and demand pattern: The demand recovery is dominant, and the supply side continues to optimize. In the first quarter, both the supply and demand sides of the white carbon black market showed positive performance, and the recovery of the demand side became the core driving force for the market's upward trend. The supply side is affected by environmental policies, and the industry concentration has further increased. 1. On the demand side, downstream main forces are making efforts to synchronize the recovery of demand in multiple fields. The core demand for white carbon black is concentrated in the fields of tires, silicone rubber, and rubber compounds. In the first quarter, demand in various fields showed varying degrees of recovery, especially in the tire industry, which performed outstandingly. ① Tire industry (accounting for over 60%): As the largest downstream application area of white carbon black, the core engine is making efforts. In the first quarter, the operating rate of the tire industry gradually rebounded, and the monthly stocking enthusiasm of enterprises is relatively high. Among them, the demand for new energy tires has shown strong performance, with a year-on-year increase of 15%. The purchasing price of high-end white carbon black by top tire companies has increased by 8% year-on-year, directly driving the demand for precipitated white carbon black to increase. White carbon black, as the core reinforcement material for green tires, can reduce tire rolling resistance and improve wet skid resistance. With the increasing penetration rate of new energy vehicles, its demand is expected to continue to be released. ② In the field of silicone rubber and rubber compound: significant recovery after the holiday. After the Spring Festival, downstream silicone rubber and rubber compound enterprises gradually resumed work, and the order volume steadily recovered. The consumption rate of precipitated white carbon black accelerated, and market inventory continued to decrease, further supporting price increases. ③ In other fields, the demand for coatings, plastics, and daily chemical products remains stable, and the demand for gas-phase white carbon black is basically stable, providing support for its high price. In the field of coatings, white carbon black can be used as a thickener and matting agent to enhance coating performance, and demand continues to grow steadily. 2. Supply side: Environmental protection production restrictions are becoming stricter, industry concentration is increasing. In the first quarter, domestic environmental inspections are becoming stricter, and some small and medium-sized white carbon black production capacity is restricted from operating due to environmental non-compliance. The supply side of the industry has tightened. At the same time, the operating rate of top enterprises remains stable, and with the advantage of compliant production capacity, their bargaining power is further enhanced, leading to a continuous increase in industry concentration. At present, the production capacity of white carbon black in China is mainly concentrated in regions such as Shandong and Fujian. The utilization rate of production capacity of top enterprises is maintained at a high level, which can effectively meet the downstream core demand. The overall market supply presents a "tight balance" trend. It is worth noting that the industry is gradually transitioning towards green production, with some companies using environmentally friendly raw materials such as rice husk ash and CO ₂ to produce white carbon black, promoting sustainable development of the industry. 3、 Cost driven: The rise in raw material prices has increased production costs. In the first quarter, the cost side of white carbon black continued to be under pressure, and the prices of major raw materials have increased to varying degrees, further supporting the rise in white carbon black prices and becoming an important auxiliary factor in the market. ① Sulfuric acid and sulfur: The overall price is relatively strong, with a slight increase. As the core raw material for the production of precipitated white carbon black, their price increase directly increases production costs. ② Soda ash: There has been a slight increase in some areas, which has provided some support for the cost of precipitated white carbon black. ③ Energy (coal/electricity): Prices have been steadily rising, especially with a slight increase in coal prices, which further raises the energy costs of producing white carbon black and increases the cost pressure on enterprises. 4、 Q1 Summary and Short term Outlook 1. Q1 Market Summary
Overall, the white carbon black market is operating well in the first quarter of 2026, showing a pattern of "stable growth through precipitation method and stable growth through gas-phase method". The core logic is that the rebound in demand from downstream industries such as tires drives up the price of precipitated white carbon black, while environmental restrictions and cost support further consolidate the upward trend; Gas phase white carbon black maintained a high consolidation due to tight supply and stable demand. 2. Short term (April/Q2) outlook: It is expected that the white carbon black market will continue to operate strongly in Q2, with a high probability of a slight price increase. The core focus is on three key points: ① Tire industry operating rate: If the sales of new energy vehicles continue to grow, the stocking demand of tire companies will be further released, driving the demand for precipitated white carbon black to increase; ② Raw material price trend: If the prices of sulfuric acid, sulfur and other raw materials continue to rise, it will further support the price of white carbon black; ③ Changes in environmental policies: If the intensity of environmental inspections continues to increase and small and medium-sized production capacity is restricted, supply will be further tightened, driving up prices. For industry practitioners, it is important to focus on changes in downstream demand and fluctuations in raw material prices, arrange procurement and stocking plans reasonably, and avoid market risks.