1、 Price trend
According to data monitored by Shengyi Society, as of October 30th, the average price of domestic industrial grade high-quality cyclohexane was 7000 yuan/ton, with a weak performance compared to the same period last month and a narrow decline of 2.78% compared to the same period last month.
2、 Market analysis
Market wise: In October, the focus of cyclohexane market negotiations was narrow and weak, resulting in a slight decline in prices. Some companies stopped production due to equipment reasons and temporarily did not provide quotes. The overall market lacks upward momentum, and downstream demand purchases according to demand. Export volume has decreased, mainly to South Korea, Vietnam, and other places. The market sentiment is generally cautious and wait-and-see.
Upstream pure benzene: In October, the market price of pure benzene showed a continuous downward trend, mainly affected by weak supply and demand, lower crude oil prices, and weak downstream demand. Sinopec’s listed price was lowered: the pure benzene price of Sinopec’s East and South China refineries was executed at 7150 yuan/ton on October 29th, a decrease of 900 yuan/ton compared to the previous month; The prices of refineries in northern regions such as Qilu and Qingdao have been simultaneously lowered to 7050 yuan/ton, resulting in a decrease in cost side prices and a lack of support for cyclohexane.
On the demand side, the demand for cyclohexane in traditional industries such as synthetic fibers, coatings, and resins continues to grow, while emerging fields are expanding. The rise of industries such as new energy vehicles, environmentally friendly coatings, and high-performance materials further drives the demand for high-performance chemical raw materials (including cyclohexane). The global economic recovery and accelerated industrialization process have driven a significant increase in the demand for industrial cyclohexane.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market will mainly experience narrow consolidation with stable prices. With the expansion of downstream application areas and the rapid development of emerging industries, the demand for cyclohexane is expected to maintain stable growth.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market continued to weaken in October, mainly oscillating and falling. On October 1st, the average price of adipic acid in the domestic market was 7383 yuan/ton. On October 27th, the average price of adipic acid in the domestic market was 6966 yuan/ton, a decrease of 3.24% in price.

Negative pressure on adipic acid market continues to bottom out in October
Since the National Day holiday, the prices of cyclohexanone and pure benzene raw materials for adipic acid have been weak and declining. The demand for terminal rigidity is sluggish, and the transaction volume in the adipic acid market is average. Manufacturers have lowered their ex factory prices one after another, and the adipic acid market continues to decline. As of October 14th, the price has fallen to 7033 yuan/ton, with a price drop of nearly 3%. The combination of negative factors has led to a continuous bottoming out of the adipic acid market.
In mid month, the supply of adipic acid remained loose, with limited support from raw materials, and the adipic acid market continued to decline. The mainstream market price in Shandong is around 7000 yuan/ton, while the mainstream market price in Jiangsu is 6800 yuan/ton. The average price in the domestic market has dropped to 7000 yuan/ton, a decrease of 200 yuan/ton, and the decline is approaching 3%.
At the end of the month, supply pressure continued, and the raw material market declined. The adipic acid market continued to operate weakly, and the downward trend slowed down slightly. The domestic market quotation for adipic acid continues to be around 6900 yuan/ton, with a decline of over 3%.
An analyst from Shengyi Society believes that as we enter November and end demand increases, the market for adipic acid may stop falling and rise in the future.

According to the Commodity Market Analysis System of Shengyi Society, from October 20th to 24th, the domestic aggregated MDI market first fell and then rose, with a slight overall decline. The average price at the beginning of the week was 14333 yuan/ton, and the average price at the end of the week was 14300 yuan/ton, a decrease of 0.23% during the cycle and a year-on-year decrease of 21.79%. The performance of the MDI aggregation market during the week was average, with mainstream manufacturers lowering prices and traders adjusting their quotes accordingly. Subsequently, the maintenance plan of major factories was announced, and the prices of traders tentatively increased, leading to an increase in inquiries and a slight improvement in the trading atmosphere.

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. Ningbo has a maintenance plan in November, and the rest of the equipment is running smoothly.
On the cost side, the main port of pure benzene in East China maintains a pace of destocking, and the market sentiment is weak. Combined with weak downstream growth and intensified losses, coupled with insufficient new orders at the terminal, secondary downstream inventory remains high and difficult to reduce, resulting in significant resistance to price transmission. The pure benzene market continues to weaken and decline.
On the demand side, the downstream market is not prosperous during the peak season, and the market situation has not improved significantly. With weak fundamentals, the aggregated MDI market is difficult to pick up.
Future forecast: After a slight increase, the aggregated MDI market will return to a consolidation state, with weak demand and insufficient support from the news side. In the short term, the aggregated MDI market will maintain a weak trend

According to the commodity analysis system of Shengyi Society, since the National Day holiday, the market for hydrogen peroxide has heated up and prices have continued to rise. On October 1st, the average market price of hydrogen peroxide was 753 yuan/ton, and on October 20th, the average market price of hydrogen peroxide was 903 yuan/ton, with a price increase of 19.91%.

The supply of hydrogen peroxide is tight and the market continues to rise
During the National Day holiday, domestic hydrogen peroxide manufacturers conducted centralized maintenance, resulting in tight supply. The demand for terminal caprolactam and papermaking industries increased, and the hydrogen peroxide market continued to rise, with a rise of more than half a month and an increase of nearly 20%. The average price of hydrogen peroxide in the market has risen to around 900 yuan/ton. After mid October, the hydrogen peroxide market rose and gradually stabilized, continuing to operate at a high level with minimal market fluctuations.
The hydrogen peroxide analyst from Shengyi Society believes that by the end of October, the demand in the terminal printing and papermaking industry will support the tight supply of hydrogen peroxide, and the market will continue to operate at a high level in the future.

After the holiday, the domestic price of liquid ammonia mainly stopped rising and fell. According to the commodity market analysis system of Shengyi Society, the price of liquid ammonia in Shandong Province fell by 0.45% this week (10.13-17). The main reason is the stable amount of ammonia and the impact of rainy weather in the north, which has led to a continuous delay in agricultural demand and weak procurement from downstream factories. At present, the mainstream price of liquid ammonia in Shandong region is between 2180-2250 yuan/ton.

In terms of supply, the supply has remained reasonably balanced this week, with no decrease in liquid ammonia production in Shandong and Hebei regions, and an increase in ammonia conversion by some enterprises in Henan region. However, there are short-term maintenance of facilities in the northwest, Inner Mongolia, and Ningxia regions, resulting in reduced production and overall tight supply, with slight regional differentiation. From the beginning of the week to the middle of the week, some enterprises in Shandong region have made downward adjustments, but the magnitude is not significant. The price adjustment range of large factories in Shandong region is generally between 50-100 yuan, and the market shows a basic balance between supply and demand. However, enterprises still have expectations of resuming work in the later stage, and the supply may continue to increase in the later stage.
From the demand side, downstream demand has shown lukewarm performance, with compound fertilizer operating rates still at a low level and phosphorus fertilizer prices continuing to decline, resulting in relatively weak demand. Recently, the shipment volume of urea has been stable, and the price has slightly rebounded within the week. However, the price has not continued to rise near the weekend. According to the commodity analysis system, the weekly increase of urea is 0.64%. In addition, the domestic industrial demand is weak, and agricultural demand is mainly purchased on demand with sporadic restocking. The improvement in demand is not significant, and the market’s wait-and-see mentality still dominates.
Market forecast:
Business analysts believe that the supply and demand pressure in the liquid ammonia market is expected to continue next week. Although there may be a slight decline in production in some areas in the short term, it is difficult to establish an upward trend. The main reason is that agricultural demand has not shown any improvement at present. In addition, next week’s meeting may have a negative impact on transportation, and the ammonia market may not improve. The upward space is very limited.

According to the Commodity Market Analysis System of Shengyi Society, the overall TDI market in East China was weak and continued to decline in September. At the beginning of the month, the average TDI market price was 14700 yuan/ton. On September 29th, the TDI price was 13800 yuan/ton, a decrease of 6.12% during the month and a year-on-year increase of 5.75%.

The TDI market is not prosperous during the peak season in September, and it is difficult to change the weakness. At the beginning of the month, on-site trading was relatively quiet, and the supply of goods was relatively stable. Mainly driven by downstream demand, enter the market at low prices. Intermediary quotes follow the market trend, and the market lacks positive news to boost it. Under the guidance of buyers, the focus of TDI transactions continues to decline. In the middle of the month, there were frequent positive news from suppliers, with large northern factories offering a 20% discount on supply, resulting in tight supply. The guidance price for major factories in Shanghai has been raised to 14200 yuan/ton due to tight inventory. The news has boosted the confidence of industry players, and intermediary quotes have been raised. Downstream demand is dominant, with low enthusiasm for entering the market, accompanied by price increases, resulting in sluggish transactions. The market stabilized until the end of the month.
Supply side: The Yantai Wanhua TDI plant will be shut down for maintenance starting from August 19th, with an expected maintenance period of about 40 days.
Cost wise: The toluene market will experience a volatile decline in September 2025. From September 1st to 26th, the domestic toluene market price fell from 5420 yuan/ton to 5370 yuan/ton, with a price drop of 0.92% during the period. The downstream chemical and oil blending industry has a relatively stable demand, and procurement tends to be more rigid. The market trend is relatively stable, and the enthusiasm for downstream market entry is weak. The market lacks clear information guidance and there is little market volatility.
Market analysis shows that the TDI data analyst from Shengyi Society believes that the current decline in the TDI market is slowing down. As the end of the month approaches, close attention should be paid to the settlement prices of major companies. In the short term, the fundamentals are weak, and it is expected that the TDI market will experience narrow fluctuations in the short term.