According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has been stable recently. As of November 24th, the benchmark price of 85% formic acid for industrial grade in China was 2910 yuan/ton, which was the same as the same period last week (November 17th), with a month on month increase of 3.93% and a year-on-year increase of 2.11%.

Supply side: temporarily stable operation, maintenance plan becomes a latent variable
The overall supply side remains stable, and the operating rate of production enterprises remains at a normal level. During this period, the market focus was on the dynamics of major factories in Liaocheng: after suspending quotations on November 16th, the factory resumed normal shipments on November 17th, and prices remained at the same level as last weekend. Although the shipment volume was average, it did not have a substantial impact on market supply.
The maintenance plan for the Liaocheng large factory, originally scheduled for mid month, has been postponed to late this month, and market reports indicate that another large factory has a maintenance plan in place later this month. If the maintenance plans of multiple large factories in the latter half of the year are successfully implemented, it may trigger a temporary supply contraction, which will become a key factor affecting the subsequent market supply pattern.
On the demand side: rigid demand dominates, and there is a significant lack of incremental power
The demand side shows a flat performance, with an overall characteristic of “rigid demand as the main factor and limited increment”. With the recent end of the procurement cycle, the purchasing enthusiasm of end users has declined, and they generally adopt an on-demand procurement strategy, resulting in a relatively light market trading atmosphere.
The formic acid data analyst from Shengyi Society believes that there are no significant positive or negative news releases from both the supply and demand sides of the market, and prices may continue to operate steadily. In the medium to long term, it is important to pay close attention to the implementation of the maintenance plan for large factories by the end of this month. If there is a temporary contraction in supply, it may disrupt the current balance, and specific market changes still need to be monitored.

According to the Commodity Analysis System of Shengyi Society, the styrene market has been fluctuating this week. The average price at the beginning of the week was 6720 yuan/ton, and the average price over the weekend was 6620 yuan/ton, with a decrease of 1.19% during the week.

News: On November 20th, international crude oil futures closed down. The settlement price of the January WTI crude oil futures contract in the United States was $59.00 per barrel, a decrease of $0.25 or 0.4%. The settlement price of Brent crude oil futures for February was $62.80 per barrel, a decrease of $0.20 or 0.3%.
Cost wise: The pure benzene market fluctuated at a low level this week. The rise in foreign markets has driven up domestic prices, but due to the weak fundamentals of pure benzene, they quickly fell back, and there are still many imports to ships in the future. The import expectation for November is high, and the pure benzene market is prone to decline but difficult to rise.
Supply and demand side: As of November 20th, the overall production of styrene was 342900 tons, with an operating rate of 68.95%. Sinochem Quanzhou’s 450000 tons/year production was shut down for maintenance due to unforeseen circumstances, resulting in an unplanned reduction in supply. The overseas demand on the demand side has slightly boosted, but the sustainability is limited. Domestic demand is in the off-season, and downstream 3S production remains at the original level, with limited demand pull.
Styrene external market: On November 20th, the closing price of styrene market in Asia increased by $5/ton, with closing prices of $800-805/ton FOB Korea and $810-815/ton CFR China.
Market forecast: The current styrene market profit recovery, some factory maintenance may be delayed, coupled with new device testing, the supply side decline gradually weakens, and it is expected that the styrene market will fluctuate and consolidate in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from November 10th to 14th, the price center of the domestic aggregated MDI market slightly shifted upward, with an average price of 14300 yuan/ton at the beginning of the week and 14466 yuan/ton at the end of the week. During the cycle, it increased by 1.17% and decreased by 21.38% year-on-year. The aggregated MDI market remained stable and pushed up during the week, with supply from mainstream manufacturers tightening. In addition, major manufacturers have maintenance plans in the near future, and traders are reluctant to sell at low prices, resulting in cautious operations and a slight increase in prices.

On the supply side, the 200000 ton/year MDI in Jinhu, South Korea will undergo maintenance in early September, with a duration of 20-30 days. It has now resumed operation. Wanhua Ningbo has a maintenance plan in November, and the rest of the equipment is running smoothly.
On the cost side, the recent pure benzene market has slightly improved, with insufficient downstream orders and continued losses. The enthusiasm for raw material procurement is still not high, but with the price of pure benzene reaching a new low, downstream companies have entered the market on dips, and the market has rebounded slightly. This week, the market has risen slightly. Recently, the aniline market has been consolidating after rising. On November 5th, the market price of aniline was 7525 yuan/ton, and on November 13th it was 7737 yuan/ton, with a 2.82% increase during the period,
On the demand side, downstream demand remains weak, and the market has not shown significant improvement. Under the weak fundamentals, the aggregated MDI market is difficult to pick up.
Future forecast: Currently, the willingness of suppliers in the aggregated MDI market to raise prices will not decrease, and downstream demand will enter the market. We will closely monitor market transactions and expect the aggregated MDI market to maintain stability and operate in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from November 3rd to 7th, the domestic ethanol price was 5248 yuan/ton, a month on month decrease of 5.61% and a year-on-year decrease of 5.76%. The domestic ethanol market continues to decline. The main influencing factors include: the regional trend of raw material corn prices, the strong prices in the main production areas, which provide certain support for costs; In the early stage, the main factories purchased a lot of trendy grains, but currently, multidimensional production is at full capacity, and the market supply is abundant; Downstream chemical enterprises tend to purchase on demand and tend to seek low-priced sources, resulting in insufficient support on the demand side.

On the cost side, the speed of grain outflow from Northeast China, the sustained impact of grain quality issues in North China, and the willingness of downstream enterprises to build warehouses jointly dominate the short-term regional price trend. Recently, Henan, Shandong and other places have started to consume Northeast grain sources. Due to the tightening of logistics and regional supply and demand, delivery prices have increased. The favorable factors for ethanol cost have weakened.
On the supply side, the Northeast region has shown outstanding performance, with an overall operating rate of 92.43%, significantly higher than the national level. Specifically, major large enterprises in Heilongjiang continue to operate at overload, while other factories in the region have also maintained full production capacity, jointly driving up the overall operating load in Northeast China. Several previously suspended enterprises have recently resumed production, and the supply of ethanol is affected by unfavorable factors.
On the demand side, downstream demand chemical industry takes ethyl acetate as an example. If the Anhui plant resumes production, the short-term operating rate will increase. Moreover, due to the current cost reduction and high production enthusiasm of factories with profits, the consumption of ethanol will increase. The demand for ethanol is influenced by favorable factors.
The future forecast shows that cost support will weaken, while supply will increase and demand will gradually recover. The ethanol analyst from Shengyi Society predicts that the short-term ethanol market will be mainly volatile.

The price of plasticizer DOP fluctuated sharply and fell in October

According to the Commodity Market Analysis System of Shengyi Society, as of October 31st, the DOP price was 7009.16 yuan/ton, a significant decrease from the DOP price of 7367.50 yuan/ton on October 1st, and the price fell to a new low since October 2020; DOP prices have been declining for four consecutive months, with a decrease of 4.86% in October, the largest monthly decline of the year.
According to the Commodity Market Analysis System of Shengyi Society, in October, the operating load of DOP enterprises was less than 60%, the operating rate decreased, DOP production decreased, and DOP supply decreased; The raw material isooctanol has dropped significantly, the price of phthalic anhydride has dropped significantly, the cost of DOP has decreased, and the downward pressure on DOP has increased; In October, the operating rate of DOP enterprises decreased, DOP production decreased, and DOP supply decreased; Downstream demand is difficult to improve, and DOP demand transactions are weak. Due to the decrease in costs and weak supply and demand, the price of plasticizers fluctuated and fell in October.
The price of raw material isooctanol fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of October 31st, the price of isooctanol was 5950 yuan/ton, which fluctuated and fell from the price of 6666.67 yuan/ton on October 1st, reaching the lowest price since May 2020. The price of isooctanol has been declining for four consecutive months, with a 10.75% drop in October, marking the largest decline of the year. The price of isooctanol has fallen, the cost of plasticizers has decreased, and the downward pressure on DOP has increased.
The price of raw material phthalic anhydride has fluctuated and fallen
According to the Commodity Market Analysis System of Shengyi Society, as of October 31st, the price of phthalic anhydride in neighboring countries was 5950 yuan/ton, which fluctuated and fell from the price of phthalic anhydride on October 1st at 6293.33 yuan/ton, hitting a new low in phthalic anhydride prices since March 2021. The price of phthalic anhydride has been declining for seven consecutive months, with a 5.46% drop in October, marking the largest monthly decline of the year. The price of phthalic anhydride has dropped significantly, the cost of plasticizers has decreased, and the downward pressure on plasticizer DOP has increased.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the prices of raw materials isooctanol and phthalic anhydride have dropped significantly, and both have hit new lows in recent years. The cost of plasticizer DOP has also dropped significantly, and the downward pressure on DOP has increased; In terms of supply, the operating rate of plasticizer enterprises slightly rebounded in late October, and the supply of plasticizers will increase in the future. Moreover, the price of plasticizer DOP is at a historical low, and the downward pressure and willingness of plasticizers are relatively low; In terms of demand, the quality of gold, silver, and silver is insufficient, and downstream demand remains weak. Overall, the downward space for plasticizer DOP is insufficient, and the upward support is weak. It is expected that the price of plasticizer DOP will consolidate at a low level in the future.

According to the Commodity Market Analysis System of Shengyi Society, from October 1st to 31st, the average price of domestic ethanol producers narrowly fell from 5560 yuan/ton to 5304 yuan/ton, with a price drop of 4.61% during the period and a year-on-year price drop of 4.85%.

In the first half of the month, the price of raw corn decreased significantly, and after the holiday, some areas saw an increase in plant construction. Downstream urgent needs were replenished, resulting in low transaction prices. The domestic ethanol market price fell significantly. In mid month, the ethanol market continued to be weak, with raw material corn prices continuing to rise and cost support improving. But the overall supply continues to increase, and downstream demand for replenishment is urgent, mainly consuming previous inventory. At the end of the month, the supply increased, factories maintained normal operation, downstream consumption was not high, transactions were limited, and prices fell again.
In terms of cost, corn prices continue to operate steadily with a moderate to strong trend. The morning delivery volume of Shandong deep processing enterprises remains low, and the pressure on the supply of tidal grain in the early stage has weakened. Each enterprise can flexibly adjust according to its own situation. Prices in the Henan region have also slightly increased. The prices of deep processing enterprises in Hebei have been reduced narrowly, while the prices at the grassroots level have remained stable. The cost of ethanol is influenced by bearish factors.
On the supply side, Hongzhan Plant 4 is operating at full capacity, Wanli Plant is operating at full capacity, COFCO Zhaodong Fuel Ethanol has resumed production, Jilin Fukang Plant 3 and 4 are operating at full capacity, and Guotou Jidong, Tieling, and Hailun Plants are operating normally. The early maintenance equipment has been gradually restored, but the ethanol supply side is affected by unfavorable factors.
On the demand side, from the perspective of demand, merchants are more active in shipping, while downstream companies are cautious and cautious, replenishing appropriately according to demand. The overall trading atmosphere is average. Negative factors affecting ethanol demand.
The future forecast shows that the production of enterprise equipment is stable, the demand is limited, and the price stability is weak. The ethanol analyst from Shengyi Society predicts that the short-term ethanol market will be weak and consolidating.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market will experience a broad downward trend in October 2025. From October 1st to 30th, the domestic butadiene market price decreased from 8886.67 yuan/ton to 7516.67 yuan/ton, with a price drop of 15.42% during the period.
Early October: After the holiday, the overall operation of the butadiene market was weak, and the ex factory prices of domestic main refineries were widely lowered. The overall performance of downstream demand was poor, and the trend of the synthetic rubber market was weak, with low market entry enthusiasm and weak purchasing intentions. The actual transaction performance of the market was poor, lacking demand support, and the overall operation of the butadiene market was weak.
Late period: Late period: After entering late period, the butadiene market first stabilized and then fell, with insufficient downstream demand in the initial stage. The enthusiasm for entering the synthetic rubber market was low, and the purchasing intention for raw material butadiene was weak. The actual transaction performance of the market was poor, and the spot market operated weakly, with a slight downward adjustment. At the end of the month, due to the dual impact of the restart of maintenance equipment and the production of new production capacity, the overall supply side was relatively loose, and the external market continued to decline. There were many negative factors in the market, which led to a wide decline in the butadiene market at the end of the month. As of the 30th, the mainstream delivery price in Shandong region is between 7520-7650 yuan/ton.
On the cost side: According to the Commodity Market Analysis System of Shengyi Society, the crude oil market first fell and then rose in this cycle. The crude oil market was affected by negative factors in the first ten days. On the one hand, OPEC+has launched a new round of production increase of 1.65 million barrels per day, but the market is still concerned about the long-term risk of oversupply, and the crude oil market continues to decline; On the other hand, the easing of the situation between Israel and Palestine, coupled with weakened demand from the United States, has dragged down global economic and demand expectations due to US tariffs. In addition, the increase in US crude oil inventories has led to the end of the peak oil season in the United States, and the global economic outlook and oil demand are not optimistic, resulting in a rapid decline in international oil prices. After entering the second half of the year, OPEC+has launched a new round of production increase of 1.65 million barrels per day. The market is still concerned about the long-term risk of oversupply. The situation between Palestine and Israel has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down global economic and demand expectations, leading to a rapid decline in international oil prices; However, in the later stage, with the continuation of sanctions policies against some oil producing countries by Europe and the United States, coupled with reduced concerns about negative pressure caused by US tariffs and trade disputes, the crude oil market trend has risen. As of the 29th, the settlement price of the December WTI crude oil futures contract in the United States was $60.48 per barrel. The settlement price of Brent crude oil futures for the December contract is $64.92 per barrel.
Supply side: As of October 30th, the listed price of butadiene for various sales companies of Sinopec is 7900 yuan/ton, a decrease of 1100 yuan/ton compared to the same period last month.

Demand side: Since October, some units have restarted and domestic butadiene production has rebounded. In addition, international crude oil has fluctuated and fallen, resulting in a significant decrease in raw material butadiene prices and a significant shift in the cost center of butadiene rubber; In addition, the start of production of butadiene rubber in October first increased and then decreased, and the pressure on the supply side gradually eased; Downstream tire production has steadily increased slightly, mainly supporting the demand for butadiene rubber. Under the comprehensive influence, the price of butadiene rubber weakened and decreased in October. According to the Commodity Market Analysis System of Shengyi Society, as of October 30th, the market price of butadiene rubber in East China was 11190 yuan/ton, a decrease of 4.11% from 11670 yuan/ton at the beginning of the month.
Market forecast: In terms of supply, with the start of equipment and the production of new capacity, the market expects that the situation of loose supply in the future will continue for a period of time, and the overall performance of the supply side is bearish. On the demand side, although the synthetic rubber futures market has slightly strengthened, the market’s purchasing mentality still leans towards rigid demand, with low enthusiasm for entering the market and weak purchasing intentions. The actual transaction performance in the market is poor, and the demand side is bearish. Overall, under the weak supply-demand pattern, it is expected that the butadiene market will continue to operate weakly in the near future, with a focus on downstream demand.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the average market price of light soda ash remained at 1186 yuan/ton from October 21 to 28, and the trend of soda ash prices continued to be stable.
2、 Market analysis
Recently, the soda ash market has remained stable. On the supply side, the fluctuation of soda ash equipment is not significant, and the utilization rate of production capacity remains high. Manufacturers negotiate shipment operations, while downstream parties remain weak. Market purchases are mainly based on demand, and the mentality of purchasing goods is cautious. The inventory of soda ash is high, and the overall market consumption is limited. The supply and demand game in the market leads to weak consolidation of soda ash prices.
On the demand side: According to the commodity analysis system of Shengyi Society, the glass market has recently experienced a wide decline, with an average market price of 13.85 yuan/square meter as of October 28th, a decrease of 5.33% compared to the price of 14.63 yuan/ton on October 21st. The glass market has not changed much in terms of production, with high total inventory on the supply side, weakened downstream demand, average market entry and purchase, limited social inventory consumption, and continued accumulation of enterprise inventory. The trend of glass prices continues to decline.
Future forecast: Currently, the trading in the domestic soda ash spot market is weak, and the expected supply in the later period is bullish. The pressure on soda ash companies to ship has increased, and the downstream glass market continues to be weak, providing weak support for soda ash. The market fundamentals are oversupplied, and it is expected that the soda ash market will operate weakly. Please pay specific attention to the market shipment situation.

According to the Commodity Market Analysis System of Shengyi Society, the market for toluene is expected to decline from October 20 to October 27, 2025. On October 20th, the benchmark price of toluene was 5200 yuan/ton, and on October 27th, the benchmark price of toluene was 5150 yuan/ton, a decrease of 0.96%. The domestic toluene market has fluctuated downward in this cycle. The ex factory prices of the main refineries in Shandong region have slightly decreased, while the overall demand for downstream chemical and oil blending industries remains stable, with procurement leaning towards rigid needs. The prices in the East and South China markets have slightly decreased, and the enthusiasm for downstream market entry is weak. Overall, the toluene market has been stable, moderate, and weak this week.

Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of the 24th, the settlement price of the December WTI crude oil futures contract in the United States was $61.50 per barrel, and the settlement price of the December Brent crude oil futures contract was $65.94 per barrel. The crude oil price market in this cycle first fell and then rose. At the beginning of the cycle, OPEC+has launched a new round of production increase of 1.65 million barrels per day. The market is still concerned about the risk of long-term oversupply. The situation between Palestine and Israel has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down the global economy and demand expectations, leading to a rapid decline in the international oil price market; However, in the later stage, with the continuation of sanctions policies against some oil producing countries by Europe and the United States, coupled with reduced concerns about negative pressure caused by US tariffs and trade disputes, the crude oil market trend has risen.
Supply side:
Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of October 27th, East China Company quoted 5150 yuan/ton, North China Company quoted 4950 yuan/ton, South China Company quoted 5400-5500 yuan/ton, and Central China Company quoted 5150 yuan/ton.
Demand side:
On October 27th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6650 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. As of October 24th, the closing prices of the xylene market in Asia were 789-791 US dollars/ton FOB Korea and 814-816 US dollars/ton CFR China.
Market forecast: The overall trend of the crude oil market is volatile in the near future, which provides insufficient guidance for the market. From the perspective of supply and demand, the overall market changes have been limited recently, with stable supply. The main refineries have slightly lowered their ex factory prices over the weekend, and the market atmosphere is relatively quiet. The recent performance of the demand side still leans towards rigid demand, with a focus on replenishing inventory as needed. Overall, the news on toluene has been bearish recently, and it is expected that the market trend will remain stable and weak in the short term.

This week, the domestic phenol market has been operating weakly. According to data monitored by Business Society, from the perspective of the East China market, the domestic phenol market price was 6516 yuan/ton on October 17th and 6550 yuan/ton on October 24th, an increase of 0.51%. Major mainstream markets across the country have made slight adjustments.

In terms of supply, the operating rate of phenol ketone enterprises is 75%. The listing price of Sinopec East China is 6600 yuan/ton, and the operating level of domestic phenol ketone plants is basically stable. The port inventory dropped to a low of 2000 tons within the week, with 29200 tons of phenol cargo recorded in East China in October and 10000 tons known to be in transit in November.
From a demand perspective, downstream rigid demand is the main factor. Considering the high monthly average price and stable prices on weekends, but the short working days this month have led to a high willingness of traders to ship, resulting in insufficient trading volume in the current market.
As of October 24th, the phenol offers in various mainstream markets across the country are as follows:
Region. Quotation on October 24th /Zhou’s ups and downs
East China region / 6550./ 10
Shandong region / 6550./ 25
Surrounding areas of Yanshan Mountain 0
South China region / 6600./ 0
In terms of equipment: Pay attention to the progress of Jilin Petrochemical’s new phenol ketone unit in the later stage. Shandong Fuyu Chemical plans to start a 30 day maintenance on September 28th, and Ningbo Taihua plans to start a 40 day maintenance in mid October.
Business Society predicts that the price of phenol will fluctuate narrowly next week, with little fluctuation in supply and a slight decrease in demand.