According to the Commodity Market Analysis System of Shengyi Society, the overall TDI market in China was weak in November, with a gradual decline. At the beginning of the month, the average TDI market price was 12950 yuan/ton, and on November 29th, the TDI price was 12650 yuan/ton, a decrease of 2.32% during the month and a year-on-year decrease of 24.7%.

The performance of the domestic TDI market in November was average, continuing to be weak, and the focus of transactions shifted downwards. Except for a few devices that experienced short-term shutdowns and unstable operation during the month, the overall operation of other devices was stable, with limited supply side benefits. Downstream demand has not improved, with rigid demand as the main factor and insufficient purchasing power. Under the game of supply and demand, the focus of TDI transactions continues to shift downwards.

The upstream toluene market fluctuated and fell. As of November 28th, the domestic average price of toluene was around 5723 yuan/ton, a decrease of 2.35% from the price of 5860 yuan/ton on November 1st. The supply and demand of toluene in the month are weak, and the demand in the chemical industry in Shandong is still acceptable. The purchasing enthusiasm of other industries is not high, and the overall downstream demand is biased towards rigid demand. The inventory in southern China is high, and refineries are actively shipping. At the end of the month, the futures market strengthened, boosting the mentality of the toluene market. Recently, there have been fewer goods arriving at the port, and the price of toluene has rebounded slightly.

Market analysis shows that the TDI data analyst from Shengyi Society believes that there is a strong willingness to raise prices in the upstream market, and the low-end prices of TDI are tightening. The atmosphere in the market is relatively quiet, and the factory settlement price at the end of the month is about to be released. We are waiting for the news to land and expect the TDI market to consolidate and operate in the short term.