According to the Commodity Market Analysis System of Shengyi Society, the domestic aggregated MDI market saw a gradual increase in November. From November 1st to 27th, the domestic market price of aggregated MDI increased from 14300 yuan/ton to 14533 yuan/ton, with a monthly price increase of 1.63% and a year-on-year price decrease of 19.93%.

In early November, the aggregated MDI market was consolidating and running, and the news side was relatively calm. Downstream entry into the market on demand creates a sluggish trading atmosphere. The shipment situation of traders is average, waiting for guidance from the message end, and operating cautiously.
In mid to late November, mainstream large factories have recently increased maintenance and tight supply expectations, leading to factory price increases. Shanghai factory aggregated MDI and implemented a price of 14600 yuan/ton for distribution channels, while fixed price customers implemented a price of 14800 yuan/ton. Traders’ confidence has increased, and prices have risen accordingly. There has been an increase in on-site inquiries, downstream purchases have been made on demand, and the transaction situation is average. At the end of the month, there was a slight decline in the market.
Supply side: Wanhua Ningbo will begin maintenance on November 15th, with an estimated maintenance period of about 55 days. BASF Chongqing plant and Covestro Shanghai plant both have maintenance plans for December. Huntsman’s 280000 ton/year MDI plant in the Netherlands unexpectedly shut down in late November and is expected to continue until around mid December.
On the cost side, the pure benzene market fluctuated at a low level in November. Overall supply remains loose; Downstream essential procurement is the main focus, with some loss making varieties reducing production to maintain prices, and overall demand support is limited. The aniline market remained strong and rose in November. On November 1st, the market price of aniline was 7995 yuan/ton, and on November 27th, the price was 8045 yuan/ton, an increase of 1.88% during the period.
On the demand side, the demand side is relatively stable, with downstream demand entering the market and purchasing on demand.
In the future forecast, the unexpected shutdown of Huntsman’s 280000 ton plant at the end of the month and the maintenance plan for Saudi Arabia’s 400000 ton inventory in January are expected to further tighten the supply side. It is expected that the aggregated MDI market will gain momentum in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of November 24, 2025, the reference price of n-butanol in Shandong Province, China is 5066 yuan/ton. Compared with November 1 (reference price of n-butanol is 5233 yuan/ton), the price has decreased by 167 yuan/ton, a decrease of 3.18%.

Poor fundamentals, Shandong n-butanol market continues to operate weakly in November
From the Commodity Market Analysis System of Shengyi Society, it can be seen that since November, the n-butanol market in Shandong Province, China has continued to decline, and the focus of n-butanol negotiations has been continuously decreasing. During the month, n-butanol factories and suppliers actively shipped goods to maintain low inventory, and market inquiries continued to hover at a low level. As of November 24th, the reference price for n-butanol in the domestic Shandong region is around 5050-5100 yuan/ton.
Analysis of Market Factors
On the supply side: This month, the overall supply of n-butanol in Shandong has been loose, with some factories and suppliers facing certain supply pressures. The market has a relaxed shipping pace, and the supply side has provided insufficient support for the n-butanol market.
On the demand side: In November, the downstream demand side of n-butanol provided overall support to the market. The overall production of n-butanol downstream has been reduced, and there is a lack of enthusiasm for purchasing raw materials. Downstream users mainly purchase at low prices, and inquiries and negotiations are cautious.
Market outlook
At present, the overall trading atmosphere of the n-butanol market in Shandong is relatively quiet, and the market lacks effective positive support. The mentality of industry players is average. The n-butanol data analyst from Shengyi Society predicts that in the short term, the n-butanol market in Shandong will mainly operate in a range, and specific changes in supply and demand information need to be closely monitored.

1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example. According to data monitoring by Business Society, the domestic titanium dioxide market has remained stable this week, with an average price of 13500 yuan/ton.
2、 Market analysis
The domestic titanium dioxide market is temporarily stable this week. At present, the demand for titanium dioxide is light, and downstream factories and traders have poor enthusiasm for purchasing, resulting in a relatively sluggish market trading atmosphere. Downstream markets are also observing the trend of next week’s exhibition, and overall, the titanium dioxide market is still relatively sluggish this week. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-13900 yuan/ton; The price of the titanium type is around 12000-12500 yuan/ton, and the actual transaction price is negotiable.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the titanium dioxide market is still relatively sluggish this week, with high inventory pressure on the market, high raw material costs, serious production inversion of enterprises, and a decrease in market operating rates. It is expected that titanium dioxide will operate weakly and steadily in the short term, and the actual transaction price will be negotiable.

According to the Commodity Market Analysis System of Shengyi Society, from November 10th to 14th (as of 15:00), the domestic methanol market in East China port quotations fell from 2058 yuan/ton to around 2034 yuan/ton, with a price drop of 1.17% during the cycle, a month on month drop of 10.16%, and a year-on-year drop of 17.82%. Under high import supply, port methanol inventory still accumulates, which continues to suppress the market, and the port methanol market mainly maintains a low-level oscillation operation.

As of the close on November 14th, the closing price of methanol futures on Zhengzhou Commodity Exchange has fallen. The main contract for methanol futures, 2601, opened at 2103 yuan/ton, with a highest price of 2107 yuan/ton and a lowest price of 2054 yuan/ton. It closed at 2055 yuan/ton in the closing session, a decrease of 52 yuan or 2.47% from the previous trading day’s settlement. The trading volume is 1169485, the position is 1516796, and the daily increase is 133965.
On the cost side, domestic coal production continues to shrink, heating demand is released ahead of schedule, and coal prices are expected to remain strong, with strong cost support. The cost of methanol is influenced by favorable factors.
On the demand side, supported by the demand for olefin external procurement, the weak terminal demand has not fundamentally improved, and the incremental demand on the demand side is limited. Most downstream products are affected by methanol prices, and the demand for methanol is biased towards negative factors.
On the supply side, it is currently estimated that the planned maintenance and reduction of methanol production facilities will decrease, while the number of recovery facilities will increase. Therefore, the overall market supply may increase. Negative factors affecting the methanol supply side.
In terms of external markets, as of the close on November 13th, CFR Southeast Asia methanol market closed at $321.5-322.5 per ton. The FOB US Gulf methanol market closed at 89.5-90.5 cents per gallon; The European FOB Rotterdam methanol market closed at 265.5-266.5 euros/ton.
In the future forecast, there will be significant market supply pressure, and port inventories will continue to accumulate. Although demand has slightly rebounded, the overall pattern of oversupply will strengthen, and the market will operate weakly. Business Society’s methanol analyst predicts that the domestic methanol spot market will continue to be weak.

According to the Commodity Market Analysis System of Shengyi Society, from November 3rd to 7th (as of 15:00), the domestic methanol market in East China port quotations fell from 2102 yuan/ton to around 2095 yuan/ton, with a price drop of 0.33% during the cycle, a month on month drop of 6.37%, and a year-on-year drop of 16.17%. The domestic methanol market continues to be weak, and the high inventory status of ports continues. Under high supply pressure, the methanol market in ports continues to decline. Mainland methanol continues to decline, the supply and demand pattern remains weak, the market has experienced a significant decline, and coupled with the continuous reversal of port supply, market sentiment has been significantly impacted.

As of the close on November 7th, the closing price of methanol futures on Zhengzhou Commodity Exchange has fallen. The main contract for methanol futures, 2601, opened at 2122 yuan/ton, with a highest price of 2132 yuan/ton and a lowest price of 2106 yuan/ton. It closed at 2112 yuan/ton at the end of the trading day, a decrease of 4 yuan or 0.19% compared to the settlement of the previous trading day. The trading volume is 915796, the position is 1390819, and the daily increase is 22489.
On the cost side, coal destocking is evident, while winter storage is replenished, and there is still room for price increases, which strengthens the support on the cost side. The cost of methanol is influenced by favorable factors.
On the demand side, supported by the demand for olefin extraction, the overall demand for traditional downstream industries is expected to rebound, but the increment on the demand side is limited. Most downstream products are affected by methanol prices, and the demand for methanol is biased towards negative factors.
On the supply side, the overall recovery exceeds the loss, resulting in an increase in capacity utilization. Negative factors affecting the methanol supply side.
In terms of external trading, as of the close on November 6th, CFR Southeast Asia methanol market closed at 322.5-323.5 US dollars per ton. The FOB US Gulf methanol market closed at 89.5-90.5 cents per gallon; The European FOB Rotterdam methanol market closed at 271.5-272.5 euros/ton.
In the future market forecast, high domestic supply, high port inventory, and downstream gas buying are expected to continue. Business Society’s methanol analysts predict that the domestic methanol spot market will be weak.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of soda ash slightly increased in October. At the beginning of the month, the average market price of light soda ash was 1182 yuan/ton, and at the end of the month, the average market price was around 1186 yuan/ton. The price increased by 4 yuan/ton during the month, an increase of 0.34%.
2、 Market analysis
According to the Commodity Analysis System of Shengyi Society, the soda ash market was in a consolidation and operation in October. On the supply side, the soda ash plant is operating at a high level, the market supply is sufficient, and there is significant pressure on enterprises to ship; On the demand side, the downstream has a wait-and-see attitude, and the glass inventory is slow, resulting in average actual consumption of soda ash. The fundamental situation continues to be strong in supply and weak in demand, and the market sentiment is bearish. However, due to the rise in coal prices and the pressure on soda ash costs, soda ash companies are mainly stabilizing prices this month.
As of October 31, 2025, the mainstream market price of light soda ash in East China is around 1100-1400 yuan/ton, which remains stable compared to the previous month; The mainstream price of light soda ash in Central China is around 1090-1200 yuan/ton, a decrease of 40-100 yuan compared to the previous period; The mainstream price of light soda ash in North China is around 1170-1270 yuan/ton, a decrease of 30 yuan/ton compared to the previous period.
On the demand side: According to the commodity analysis system of Shengyi Society, glass prices have significantly decreased this month, with the average glass market price dropping by 13.85 yuan/square meter from 15.60 yuan/square meter, resulting in an overall decline of 11.22%. The glass production line operates stably within the month, with little change in operating rate; The demand performance is sluggish, downstream procurement enthusiasm is not high, glass inventory continues to accumulate, enterprise shipments are not smooth, and the glass market is weak and declining.
Market forecast: Soda production capacity continues to grow, supply expectations are bearish, terminal market production is average, downstream demand is weak, and there is insufficient support for soda ash. There is significant pressure on enterprise shipments, and it is expected that soda ash prices will remain weak in November, depending on downstream follow-up.

According to the Commodity Market Analysis System of Shengyi Society, the xylene market will first decline and then rise in October 2025, with an overall downward trend. From October 1st to 31st, the domestic xylene market price fell from 5440 yuan/ton to 5330 yuan/ton, with a cumulative price drop of 2.02% during the period.

Early October: After the holiday, the domestic mixed xylene market fluctuated downward, and the demand for oil blending industry in Shandong region was weak. The ex factory prices of main refineries generally decreased slightly, and shipments were active. The inventory in the East China market is still low, but the market transaction situation is average. The prices of the main refineries in the South China region remained stable during the week, with a weak market performance and stable prices.
Late period: The mixed xylene market first fell and then rose, overall weakening. In the early stage, the demand for oil blending industry in Shandong region remained weak, and the ex factory prices of main refineries generally decreased slightly. The trend of the East China market is weak, and the quotes of the main refineries in the South China market first fell and then rose. At the end of the month, with the recovery of crude oil prices, the fundamentals of the xylene market have partially improved. The ex factory prices of main refineries in Shandong have generally increased slightly, and downstream purchasing intentions are still acceptable. Spot market prices have slightly rebounded.
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:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of October 31st, East China Company quoted 5300 yuan/ton, North China Company quoted 5050-5250 yuan/ton, South China Company quoted 5500-5550 yuan/ton, and Central China Company quoted 5050-5250 yuan/ton.
Demand side:

According to the Commodity Market Analysis System of Shengyi Society, as of October 31, 2025, the execution price of xylene by Sinopec Sales Company was 6700 yuan/ton, and this price was implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities operated stably and sold normally, with a price reduction of 100 yuan/ton compared to September 29. As of October 30th, the closing prices of the para xylene market in Asia were 792-794 US dollars/ton FOB Korea and 817-819 US dollars/ton CFR China, a decrease of 4 US dollars/ton from September 28th.
Market forecast: The crude oil market has slightly rebounded, boosting the mentality of the spot market. The supply side has not changed much recently, and its impact on the market is limited. The downstream market on the demand side has been mainly replenishing raw materials on demand recently, and spot market prices have slightly rebounded. Overall, the changes in supply and demand are limited, and it is expected that the xylene market will mainly fluctuate within a certain range.