According to the Commodity Analysis System of Shengyi Society, since November, the price of hydrogen peroxide has been continuously declining, with prices dropping until early December. On November 1st, the average market price of hydrogen peroxide was 930 yuan/ton, and on December 20th, the average market price of hydrogen peroxide was 860 yuan/ton, a decrease of 16.85% in price.
Negative pressure suppresses hydrogen peroxide market, with a drop of over 16%
In early November, hydrogen peroxide supply was loose, terminal demand was sluggish, and negative factors dominated, resulting in a continuous decline in the hydrogen peroxide market. The average price of hydrogen peroxide in the Shandong region is 850-880 yuan/ton, with a price drop of 50 yuan/ton. The average price of hydrogen peroxide in the Anhui region is around 850 yuan/ton, with a price drop of 50 yuan/ton. As of November 15th, the average price of hydrogen peroxide in the domestic market has dropped to around 860 yuan/ton, an overall decrease of 100 yuan/ton from the beginning of the month.
In the second half of the year, due to the shutdown and maintenance of hydrogen peroxide manufacturers, supply became tight and manufacturers raised prices, resulting in a slight increase in the hydrogen peroxide market. Due to the sustained low demand from end-users, the hydrogen peroxide market experienced a pullback after rising, with prices returning to the 860 yuan/ton line.
Entering December, the demand for hydrogen peroxide remains weak, manufacturers are still under supply pressure, and there is a lack of confidence in raising prices. The hydrogen peroxide market continues to decline, with the average market price dropping to around 770 yuan/ton and a price drop of around 160 yuan/ton.
The hydrogen peroxide analyst from Shengyi Society believes that in mid December, the demand for terminal printing and papermaking industry will be sluggish, and the pressure on hydrogen peroxide supply will continue, resulting in a weak market in the future.

According to the Commodity Market Analysis System of Shengyi Society, the price of acetic acid continued to rise in November, with a price of 2550 yuan/ton as of November 30th, an increase of 130 yuan/ton compared to the price of 2420 yuan/ton at the beginning of the month, an increase of 5.37%.

The price of acetic acid rose strongly in November. During the month, some manufacturers stopped for maintenance, resulting in a decrease in acetic acid production rate and supply. At the same time, the inventory of enterprises decreased, and manufacturers had a strong mentality of raising prices. Downstream parties followed up as needed, and the pressure on factory sales was not significant. Under the dominance of the supply side market, the price trend of acetic acid continued to rise.
The raw material methanol market is operating weakly and fluctuating. As of November 30th, the average price in the domestic market was 2120 yuan/ton, a decrease of 1.62% compared to the beginning of the month price of 2155 yuan/ton. The inventory in the methanol port market remains high, and high supply is continuously suppressing prices. The supply and demand situation in the mainland market continues to be weak, with limited shipments from enterprises. The weak situation in the market has not yet improved, and the methanol market is fluctuating and consolidating.
Market forecast: Business analysts believe that the inventory of acetic acid enterprises will continue to decline, and the market atmosphere will remain optimistic. The supply pressure is not high, and the demand side will purchase according to demand. The market atmosphere will continue to rise, and it is expected that the acetic acid market will continue to operate strongly next month. Specific attention will be paid to downstream follow-up situations.

1、 Price trend

According to monitoring data from Business Society, the price of baking soda has been weak this month, with an average market price of 1220 yuan/ton at the beginning of the month and around 1203.75 yuan/ton at the end of the month, a price drop of 1.33% and a year-on-year decrease of 22.24%. On November 27th, the Business Society Baking Soda Index was 79.89, a decrease of 0.09 points from yesterday, setting a new historical low for the cycle, and a decrease of 66.13% from the highest point of 235.84 points on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is running weakly, and the company’s shipments are still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1080-1200 yuan/ton in Henan region and 1150-1250 yuan/ton in Shandong region. Due to downstream demand based procurement, it is expected that consolidation and operation will be the main focus in the later stage. Raw materials: According to monitoring data from Business Society, the price of soda ash remained weak in November. The average market price of light soda ash at the beginning of the month was 1186 yuan/ton, and the average market price at the end of the month was around 1224 yuan/ton, with a price increase of 2.4% and a decrease of 21.34% compared to the same period last year.
Business analysts believe that the price of baking soda has been weak in recent times, with the upstream raw material soda ash showing overall strong performance in November. However, downstream industries such as pharmaceuticals, textiles, and food have been purchasing on demand recently, with average demand enthusiasm and a supply-demand game. Overall, it is expected that baking soda prices will mainly fluctuate in the later period, depending on downstream market demand.

1、 Price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic PVC spot market continued the downward trend of the previous three months in November, with prices continuing to fluctuate and decline, and the decline continuing to slow down. As of November 28th, the average price of PVC in China was 4452 yuan/ton, with a monthly price drop of 2.3%.
2、 Market analysis
This month, the PVC spot market maintained a weak and volatile pattern. Under the influence of supply and demand pressure, prices continued to decline throughout the month. As the end of the month approached, the PVC market stabilized significantly and prices slightly rebounded, but the increase was very limited.
Overall, the PVC spot market was weak in November. Specifically, firstly, there is insufficient cost support due to the decline in upstream crude oil and ethylene, as well as the negative impact of the drop in carbide prices on carbide materials. The stacked futures market is difficult to break out of a clear market trend, and spot prices follow the market trend and fluctuate downwards. Furthermore, the pressure of supply and demand is evident, and social inventory remains at a medium to high level. On the supply and demand side, the operating rate of PVC manufacturers remains high, and production continues to increase. The market is still in a stage of oversupply. The market is continuously destocking, and currently there are signals of bottoming out and stabilizing. Downstream procurement is mainly based on spot prices, with low enthusiasm for inquiry based procurement and a sluggish market atmosphere. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of November 28th, the mainstream price range of PVC SG5 electrical aggregate in China is mostly around 4480-4530 yuan/ton.
In terms of upstream calcium carbide, since November, the price of calcium carbide has continued the downward trend in October, and the decline has slowed down significantly. According to data monitored by Business Society, the decline in calcium carbide in November was 0.55%. Due to the weakness in cost and the suppression of supply and demand, the PVC market has not improved.
3、 Future forecast
The PVC analyst from Shengyi Society believes that there will be little change in the supply and demand pattern of PVC in the short term, mainly due to the stable operating rate of manufacturers and the high inventory of enterprises and the market. The market is still in the destocking stage in the future, and considering that prices are gradually stabilizing and rising at the end of the month, there may be room for a rebound in the market in the future.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market will experience range bound fluctuations in November 2025. From November 1st to 30th, the domestic butadiene market price decreased from 7516.67 yuan/ton to 7050 yuan/ton, with a price drop of 6.21% during the period.
Early October: At the beginning of the month, the domestic butadiene market was weak and experienced a wide decline. As prices continued to fall, it attracted some downstream buyers to replenish their inventory at low prices, leading to an improvement in the trading atmosphere of the spot market and a slight rebound in spot market prices. However, due to weak downstream terminal demand and bearish supply performance, the overall butadiene market remained weak under the dual negative impact.
Late period: After entering late period, the butadiene market fluctuated in a range of first rising and then falling. In terms of supply, the overall supply has remained relatively loose in the near future. With the rise in prices, the enthusiasm for downstream market entry has significantly weakened. In addition, the recent weak trend of the synthetic rubber market has weakened the trend of the butadiene market.
Cost wise: According to the Commodity Market Analysis System of Shengyi Society, the butadiene market fluctuated in a range of first rising and then falling after entering the latter half of the year. In terms of supply, the overall supply has remained relatively loose in the near future. With the increase in prices, the enthusiasm for downstream market entry has significantly weakened. In addition, the recent trend of the synthetic rubber market has been weak, and the trend of the butadiene market has weakened. As of the 26th, the settlement price of the January WTI crude oil futures contract in the United States was $58.65 per barrel. The settlement price of Brent crude oil futures for February is $62.54 per barrel.
Supply side: As of November 27th, the listed price of butadiene for various sales companies of Sinopec is 7100 yuan/ton, a decrease of 800 yuan/ton compared to the same period last month.
Demand side: The domestic market for butadiene rubber in this cycle first rose and then fell, with an overall small increase. On the one hand, the price of raw material butadiene has risen slightly at a low level, and the cost support for butadiene rubber is relatively weak; Part of the pre maintenance equipment has restarted operation, and the production of butadiene rubber has slightly increased; The downstream tire production is basically stable, and there is a strong demand for support for butadiene rubber. The basic operation of butadiene rubber is weak. According to the Commodity Market Analysis System of Shengyi Society, as of November 24th, the market situation of Shunding rubber in the northwest region has slightly improved. At present, the mainstream prices for butadiene rubber in Sichuan, Dushanzi, and Lande are 10500-10700 yuan/ton.
Market forecast: The butadiene market has rebounded in the early stage, with market prices tentatively rising, and downstream market enthusiasm significantly declining. Currently, the trading situation in the spot market is average. Overall, the current supply of butadiene is relatively loose, downstream demand is weak, and the trend of the synthetic rubber market is weak, lacking favorable support. It is expected that the butadiene market will continue to be weak and volatile, with a focus on downstream procurement demand.

This week, the price of plasticizer DOP fluctuated and rose

According to the Commodity Market Analysis System of Shengyi Society, as of November 24th, the DOP price was 6967.50 yuan/ton, which rebounded and increased by 1.22% compared to the DOP price of 6883.34 yuan/ton on November 14th. The price of isooctanol has rebounded and risen, leading to an increase in DOP costs and prices; This week, the operating load of plasticizer DOP enterprises has slightly increased, with an operating rate of 65% and an increase in DOP production. DOP costs have risen, supply has increased, and plasticizer prices have fluctuated and risen this week.
This week, the price of raw material isooctanol fluctuated and rose
According to the Commodity Market Analysis System of Shengyi Society, as of November 24th, the price of isooctanol was 6250 yuan/ton, a fluctuating decrease of 4.17% compared to the price of 6000 yuan/ton on November 14th. Some enterprises have resumed production of isooctanol equipment, and the operating load of isooctanol enterprises has slightly increased. The operating rate of isooctanol is 80%, and the supply of isooctanol is sufficient; The price of propylene has fluctuated and risen, and the cost support of isooctanol has increased. This week, the supply of isooctanol is sufficient, and coupled with cost support, the price of isooctanol has increased. The cost of plasticizers is rising, and there is still upward pressure on DOP to increase support.
This week, the price of raw material phthalic anhydride fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of November 24th, the price of phthalic anhydride in neighboring countries was 5800 yuan/ton, a fluctuation of 1.58% compared to the price of 5893.33 yuan/ton on November 14th. Phthalic anhydride continues to decline, with prices fluctuating and falling. Phthalic anhydride prices are temporarily stable, costs are stabilizing, and the operating rate of phthalic anhydride enterprises is stabilizing. Phthalic anhydride supply is sufficient; The equipment operating load of downstream enterprises has increased, supported by the demand for phthalic anhydride. Cost stabilization supported by demand, phthalic anhydride prices fluctuated and fell this week, plasticizer costs decreased, and there is still downward pressure on plasticizer DOP this week.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol has risen, while the price of phthalic anhydride has fluctuated and fallen. The downward pressure on the cost of plasticizer DOP still exists, and the upward support is increasing; In terms of supply, the operating rate of plasticizer enterprises has slightly increased, the production of plasticizers has increased, and the supply of plasticizers is sufficient. In the future, with sufficient supply and rising costs, it is expected that the price of plasticizer DOP will fluctuate and rise.

This week, the domestic phenol market saw a narrow upward trend before weakening. Sinopec East China’s listed price is 6300 yuan/ton. According to data monitored by Shengyi Society, from the perspective of the East China market, the domestic phenol market price was 6295 yuan/ton on November 1st, and 6307 yuan/ton on November 21st, a decrease of 0.2%.
This week, the operating rate of Fuyu Petrochemical’s phenol ketone unit has gradually increased, and the first phase of Zhejiang Petrochemical’s unit has restarted and increased its load. On the supply side, the inventory at Jiangyin Port dropped to 9500 tons at the beginning of the week, and the replenishment of domestic cargo was not significant. In the first half of the week, the market was boosted by supply support, and on Tuesday, the main factories in Shandong region raised their listing prices. From the demand side, participation is limited, downstream offers are low, cautious pursuit of price increases, downstream demand for bisphenol A urgently needs to follow up, and other downstream changes are not significant. The market has weakened again due to sluggish demand.
Business Society predicts that the phenol market will experience narrow fluctuations next week. Currently, the cost of pure benzene is relatively strong, which may lead to a slight increase in phenol prices in the short term. As the supply and shipment pressure approaches the end of the month, there is little intention to offer discounts. However, considering the sluggish buyer market, it is difficult for the market to see a significant increase. It is expected that the phenol market will experience narrow fluctuations and adjustments next week.

This week (11.10-14), domestic liquid ammonia continued its upward trend from last week. According to the Commodity Market Analysis System of Shengyi Society, the weekly increase of liquid ammonia in Shandong region was 3.33%, indicating a strong upward trend. The main reason for the continued rise of domestic liquid ammonia is due to the background of environmental protection and production restrictions in the north, coupled with the favorable supply of equipment maintenance in some areas and the linkage factors of downstream demand improvement. At present, the mainstream price of liquid ammonia in Shandong region is between 2400-2600 yuan/ton.

In terms of supply, the supply-demand pattern continued to improve this week, with tight supply performance. Some provinces in the northern main production areas have implemented environmental protection production restrictions, resulting in a decrease in enterprise operating rates. In addition, some facilities are still under maintenance, leading to a decrease in supply. In addition, due to the influence of Hebei, Shanxi and other regions, prices in the northwest and Inner Mongolia have shown a linked upward trend, while the production of ammonia enterprises in the southwest has declined, and equipment has been operating at reduced loads, resulting in a slight rebound in prices. This week, manufacturers in Shandong region raised prices within the range of 100-200 yuan/ton, with varying degrees of price increases from the beginning of the week to the weekend. The market performance is in short supply.
On the demand side, there has been a slight improvement in downstream demand, with the operating rate of compound fertilizers continuing to improve, and the demand for urea remaining strong and demanding; Especially with the strong upward trend of downstream nitric acid, the operating rate of acid enterprises has increased, and the demand for liquid ammonia has significantly increased. Overall, in terms of agriculture, there has been a significant increase in demand for agricultural procurement, while industrial demand remains strong with a moderate upward trend. Downstream urea also continues to rebound, with a 0.46% increase in urea prices this week according to the Commodity Analysis System of Shengyi Society. Terminal delivery capacity has strengthened, and many purchases are made at low prices.
Market forecast:
Business analysts believe that the rise in liquid ammonia prices this week is mainly due to favorable conditions from the supply side. However, with the expectation of resuming work on northern maintenance facilities next week, the tight supply situation may ease in the later stage, and it is expected that the space for liquid ammonia prices to rise may be limited.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the price of pure benzene in the Shandong region fluctuated slightly this week. On Monday, the price of pure benzene was 5212 yuan/ton, and on Friday it was 5202 yuan/ton, with a price drop of 0.19% during the week.
2、 Market analysis
Pure benzene: This week, Sinopec’s refineries in East and South China have lowered the price of pure benzene by 150 yuan/ton, and implemented a price of 5300 yuan/ton. Today, the market price of pure benzene remained weak and stable. Shandong’s pure benzene refineries have had poor shipments for two consecutive days, and local refining companies have lowered their quotations. Overall, the consumption of pure benzene has shown weakness, and the trading atmosphere on the exchange is average.
Downstream aspects
3、 Future forecast
Crude oil futures: On November 6th, international crude oil futures closed down. The settlement price of the December WTI crude oil futures contract in the United States was $59.43 per barrel, a decrease of $0.17 or 0.3%. The settlement price of Brent crude oil futures for January was $63.38 per barrel, a decrease of $0.14 or 0.2%.
Foreign pure benzene: On November 6th, foreign pure benzene: FOB Korea fell 4 to 646 US dollars/ton, CFR China fell 3 to 664 US dollars/ton. FOB Rotterdam has increased by $1 to $675 per ton, while FOB US Gulf has increased by $1 to $246 per gallon.
Overall forecast: Short term pure benzene prices are expected to fluctuate slightly, with cautious trading. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.

According to the Commodity Market Analysis System of Shengyi Society, the price trend of acetic acid in October first stabilized and then fell. As of October 31, the price was 2420 yuan/ton, a decrease of 220 yuan/ton compared to the beginning of the month’s acetic acid price of 2640 yuan/ton, a decrease of 8.33%.
The price of acetic acid in October showed a weak downward trend. In the first half of the month, the price of acetic acid remained stable at a high level, and downstream restocking followed suit after the holiday. The utilization rate of supply side production capacity slightly decreased, and the market sentiment was optimistic. Acetic acid enterprises continued to operate with firm quotations; In the second half of the month, although the production of equipment has still decreased, downstream demand has weakened, and the sentiment of entering the market for goods is cautious. Market trading is poor, and enterprise inventory has accumulated. In order to maintain the price of acetic acid for shipment, it continues to decline.
The raw material methanol market is fluctuating and operating weakly. As of October 31st, the average price in the domestic market was 2155 yuan/ton, a decrease of 3.67% compared to the beginning of the month price of 2237 yuan/ton. The supply of methanol in the port market is high, with significant inventory pressure and overall weak fluctuations. The supply and demand situation in the mainland market is weak, with poor shipments from enterprises and a continued weak pattern within the market. The trend of the methanol market is first rising and then falling.
Market forecast: Business Society analysts believe that the recent acetic acid market atmosphere is bearish, with significant inventory pressure on enterprises. There will be fewer acetic acid maintenance facilities next month, and the supply will still be bullish. The overall demand side is weak, and there may be some increase in production in the later stage. The on-site supply is strong and demand is weak, and it is expected that the acetic acid market will be weak and consolidate operations in the later stage. Specific attention will be paid to downstream follow-up situations.