Black Masterbatch Price Expected to Rise: High-Temperature Coal Tar Price Increase!

1月20日，临涣焦化股份有限公司进行了2000吨高温煤焦油拍卖，起拍价格执行3750元/吨（现汇），这一价格远高于2025年同期的市场均价。

高温煤焦油是炭黑的核心原料，在炭黑生产成本中占比高达70% - 80%，甚至更高。基于这种紧密的原料关联，高温煤焦油的价格波动会沿着产业链逐步传导，形成了“煤焦油→炭黑→色母粒”的传导链条。

具体来说，高温煤焦油价格的变化会率先对炭黑产生影响，随后通过炭黑进一步传导至色母粒行业。

In the masterbatch industry, black masterbatch is particularly susceptible to fluctuations in high-temperature coal tar prices. Black masterbatch uses carbon black as its main coloring agent, and the coloring agent accounts for 30% - 50% of its cost structure. According to the cost transmission rule, when coal tar prices rise by 10%, carbon black costs will increase by approximately 7% - 8% accordingly, which in turn will further push up the production cost of black masterbatch by 2% - 4%.

Since the beginning of 2026, carbon black prices have increased by over 500 yuan. Now, with the significant rise in coal tar prices again, it is expected that carbon black prices will continue to climb due to cost transmission logic. Furthermore, with the peak season for agricultural film approaching in March, the dual factors of continuously increasing costs and robust market demand are likely to lead to a substantial price increase for black masterbatch.