行业巨头自发停产提价！三氯蔗糖价格较底部上涨7.5万元／吨

Core Viewpoint - The leading domestic company in sucralose, Jinhui Industrial, announced a price increase for sucralose effective August 7, 2025, due to rising operational costs and the need to stabilize market prices after a period of low pricing and intense competition [2][4]. Price Adjustment Details - Jinhui Industrial's new pricing is set at 175 RMB/kg for 25 kg bulk packaging and 177 RMB/kg for 10 kg small packaging, reflecting a significant increase from previous low points [2][3]. - Other companies, including New Qian'an, Kehong Bio, and Kangbao Biochemical, also issued price adjustment notices around the same time, indicating a coordinated effort to stabilize prices in the market [3][4]. Market Conditions and Reasons for Price Increase - The price increase is attributed to several factors, including disordered competition in the industry, rising raw material costs, and a decline in downstream demand for sucralose products [4][6]. - Jinhui Industrial noted that the demand for bulk chemicals has been weak since the second quarter of 2025, impacting their sales of food additives [4][6]. Historical Price Trends - In 2024, the price of sucralose fell to 100,000 RMB/ton, leading to industry-wide losses, with an average gross loss of 16% [5][6]. - Following a series of price increases throughout 2024, the price reached 250,000 RMB/ton by January 2025, indicating a recovery from previous lows [5][6]. Industry Dynamics - The sucralose industry has seen significant capacity expansion from 12,800 tons in 2019 to 34,800 tons in 2024, driven by high demand and profitability from 2016 to 2022 [6][7]. - Analysts predict further price increases due to reduced market supply from production cuts, which have been implemented to stabilize prices [7][8]. Future Outlook - The demand for low-sugar and no-sugar products, such as Coca-Cola's no-sugar variant, is expected to support the growth of sucralose and stabilize its pricing [7][8]. - Historical data suggests that sucralose prices could have upward potential, as seen in previous peaks reaching 480,000 RMB/ton [7][8].