According to the Commodity Market Analysis System of Shengyi Society, the toluene market experienced a volatile decline in October 2025. From October 1st to 31st, the domestic toluene market price fell from 5330 yuan/ton to 5150 yuan/ton, with a price drop of 3.38% during the period.

Early October: After the holiday, the domestic toluene market fluctuated and declined. The ex factory prices of the main refineries in Shandong have been partially lowered, and they are actively shipping. The downstream chemical and oil blending industries have stable demand, and procurement is more focused on essential needs. The prices in the East China market have fallen, and the enthusiasm for downstream market entry is relatively weak. The South China market is affected by the weakening of crude oil, resulting in a weak and volatile trend.
Late period: The domestic toluene market has fluctuated in this cycle, with an overall downward trend. The ex factory prices of the main refineries in Shandong region have slightly decreased, and downstream purchases are more in line with demand. 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 is operating steadily but weakly.
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 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 31st, East China Company quoted 5150 yuan/ton, North China Company quoted 5000-5050 yuan/ton, South China Company quoted 5400-5500 yuan/ton, and Central China Company quoted 5150 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 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 market for anhydrous hydrogen fluoride has declined. According to the analysis system of Shengyi Society, as of October 30th, the benchmark price of hydrofluoric acid in Shengyi Society was 12533.33 yuan/ton, a decrease of -1.05% from the beginning of the month.
On the raw material side, the price trend of domestic fluorite has declined, and the support on the cost side has weakened. As of October 30th, the benchmark price of fluorite in Shengyi Society was 3550.00 yuan/ton, a decrease of 1.66% compared to the beginning of this month (3610.00 yuan/ton). The decline in fluorite prices has weakened the strong cost support for hydrofluoric acid, leading to a slight decline in the hydrofluoric acid market.
Demand side: Downstream demand side encounters traditional off-season, weak demand, insufficient overall consumption capacity, and mainly relies on on-demand procurement. Maintain a wait-and-see attitude and have low purchasing enthusiasm. Overall, the demand side has weak support for hydrogen fluoride, and it is expected that the hydrogen fluoride market will mainly operate weakly and steadily in the later stage.
Market forecast: The price of raw material fluorite will decrease, and cost support will weaken. In addition, downstream demand will be weak due to the traditional off-season, and rigid demand will be the main focus. Overall, downstream consumption capacity is insufficient. It is expected that the anhydrous hydrogen fluoride market will mainly operate weakly and steadily in the later stage. More attention should be paid to changes in market supply and demand.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of October 27th, the average quotation price of domestic high-quality DMF enterprises was 4000 yuan/ton, with a slight decline compared to the same period last week. Currently, the focus of negotiations is stable but weak, and the focus of negotiations is relatively low.
2、 Cause analysis
Market wise: The mainstream delivery price for scattered water in East China is 3880-4030 yuan/ton in Jiangsu and 4000-4100 yuan/ton in Zhejiang; Some manufacturers in Shandong have quoted prices ranging from 3400 to 3600 yuan/ton. In the fourth quarter, the DMF market continued to hover at a low level, and the contradiction of oversupply persisted. Downstream demand was not fully released, and many operators held a wait-and-see attitude.
Supply and demand relationship: Currently, the domestic DMF production capacity is in a state of overcapacity, downstream demand is weak, and the phenomenon of “not thriving during peak seasons” continues to exist. Exports have also declined. Although there is demand for high-quality DMF in the electronics sector, the consumption base is relatively low, making it difficult to drive overall market demand.
3、 Future forecast
DMF analysts from Shengyi Society believe that under the background of overcapacity, the behavior of controlling production and raising prices has become normalized, and the fluctuation range of prices is limited. It is expected that the stable DMF price will operate weakly.

This week (10.20-24), the domestic price of liquid ammonia showed weak growth and did not continue the upward trend of last week. According to the commodity market analysis system of Shengyi Society, the weekly rise and fall of liquid ammonia in Shandong region was 0. The main reason is the stable downstream demand, which has led to increased production in some areas and eased supply pressure. At present, the mainstream price of liquid ammonia in Shandong region is between 2150-2250 yuan/ton.
From the supply side, the supply remained reasonably balanced this week. Previously, some units underwent maintenance, and production in Shandong, Henan, Northwest and other places slightly decreased. Some enterprises resumed work this week, and the market slowly increased, easing the pressure on market supply. From the beginning of the week to the weekend, most companies do not adjust their prices, and the market shows a basic balance between supply and demand.
From the demand side, downstream demand has shown lukewarm performance, with the operating rate of compound fertilizers still at a low level, especially in the northern region. Due to the impact of important conferences and transportation restrictions, demand has been frustrated. However, due to the recent increase in shipments of urea and the excessive maintenance of equipment, the price slightly rebounded in the middle of the week. However, due to weak demand, the sustained demand in the later period was insufficient. According to the commodity analysis system, the weekly increase in urea was 1.27%. 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 liquid ammonia may remain stagnant in the short term, with little change in equipment and a relatively abundant supply pattern. In addition, there are not many favorable factors on the demand side, limited replenishment of agricultural demand, on-demand procurement in the market, and industrial rigid demand as the main focus. There are currently no bright spots in the market, and the ammonia market may maintain an adjustment pattern.

This week, the price of plasticizer DOP fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of October 20th, the DOP price was 7209.17 yuan/ton, a fluctuating decrease of 2.15% compared to the DOP price of 7367.50 yuan/ton on October 1st; Compared to October 13th, the DOP price of 7309.16 yuan/ton fluctuated and fell by 1.37%. This week, DOP prices have fluctuated and fallen, with DOP companies operating at less than 60% capacity, resulting in a decrease in operating rates, a decrease in DOP production, and a reduction in DOP supply; The raw material isooctanol has fluctuated and fallen, the price of phthalic anhydride has weakened and fallen, the cost of DOP has decreased, and the downward pressure on DOP has increased; Downstream demand is difficult to improve, and DOP demand transactions are weak. Cost reduction and weak supply and demand have led to a fluctuating decline in plasticizer prices this week.
This week, the price of raw material isooctanol fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of October 20th, the price of isooctanol was 6283.33 yuan/ton, a fluctuating decrease of 4.07% compared to the price of 6550 yuan/ton on October 13th last Monday; Compared to October 1st, the price of isooctanol fluctuated and fell by 5.75% to 6666.67 yuan/ton. Partial maintenance of isooctanol equipment in some enterprises resulted in a slight decrease in the operating load of isooctanol facilities and a decrease in isooctanol supply; The price of propylene has fallen, and the cost of isooctanol has decreased; This week, the supply of isooctanol has decreased, coupled with a decrease in costs, causing the price of isooctanol to fluctuate and fall. The cost of plasticizers is fluctuating and falling, and the downward pressure on DOP is increasing.
This week, the price of raw material phthalic anhydride fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of October 20th, the price of phthalic anhydride in neighboring countries was 6050 yuan/ton, a fluctuating decrease of 3.87% compared to the price of 6293.33 yuan/ton on October 1st, and a decrease of 2.68% compared to the price of 6216.67 yuan/ton on October 13th last Monday. This week, the price of ortho benzene fell, the price of industrial naphthalene fluctuated and fell, the cost support of phthalic anhydride decreased, the equipment operating load of downstream enterprises decreased, and the demand support for phthalic anhydride weakened. Due to the decrease in costs and weakened demand support, the price of phthalic anhydride fluctuated and fell this week. The cost of plasticizers has decreased, and the downward pressure on plasticizer DOP has increased this week.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol has fluctuated and fallen, the price of phthalic anhydride has fluctuated and fallen, and the pressure on the cost of plasticizer DOP has increased; On the supply side, the operating rate of plasticizer enterprises has slightly decreased, the production of plasticizers has decreased, and the supply of plasticizers has decreased; In terms of demand, the overall economy is sluggish, coupled with anti competitive competition and the elimination of outdated production capacity, resulting in weak downstream demand. In the future, with weak supply and demand coupled with cost reduction, it is expected that the price of plasticizer DOP will fluctuate and fall.

Since October, the asphalt market has experienced a significant decline. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong region was 3583 yuan/ton on October 1st, and as of the 17th, the ex factory price in Shandong region was 3370 yuan/ton, a decrease of 5.95%.

Since September, there has been ample supply, and the overall operating level of asphalt production facilities in China remains at a relatively high level. Most local refineries maintain a high level of production enthusiasm, resulting in increased supply pressure in the near future. In terms of production, as of the 17th, domestic asphalt production reached 624000 tons. It is expected that the planned production schedule for asphalt in October will remain high, with a total domestic asphalt production of 2.682 million tons in October.
In terms of demand, some regions in China have concentrated rainfall and typhoon weather, which has hindered terminal demand. In Shandong, due to increased supply and suppressed demand caused by rainfall, inventory accumulation is more obvious. In Northeast China, due to the narrowing of construction windows and traders’ price reductions and promotions, the price advantage of social inventory resources has become apparent. Coupled with the support of rush work demand, the process of destocking has accelerated.
From a cost perspective, crude oil has remained stable since September, but has shown a clear downward trend in October, mainly due to the relatively pessimistic macroeconomic outlook. In the fourth quarter, consumption remains relatively weak, and overall, there is a lack of momentum for the subsequent upward trend of crude oil, resulting in a weak operating trend.
From the perspective of Shengyi Society, the recent operation logic of the asphalt market closely follows that of crude oil, but considering the expectation of incremental demand in the near future, the asphalt market is in a stable stage after a downward trend.

1、 Price trend
According to data monitored by Shengyi Society, as of September 29th, the average price of domestic industrial grade high-quality cyclohexane was 7200 yuan/ton, a decrease of 1.37% compared to the same period last month. Currently, the downstream demand for cyclohexane market is insufficient, and the upstream cost side lacks support. Operators are cautious and watching.

2、 Market analysis
Market wise: In September 2025, the cyclohexane market price showed a stable to weak trend. According to data from Shengyi Society, the benchmark price on September 29th was 7200 yuan/ton, a decrease of 1.37% from the beginning of the month (7300 yuan/ton), and a weekly decline of 0.92%. The price fluctuation range is concentrated in the range of 7200-7266.67 yuan/ton, which is at the annual low level.
In terms of supply and demand: On the supply side, the equipment is operating normally, with sufficient spot supply, but overall market shipments are slow and inventory pressure is high. On the demand side, downstream rigid demand procurement is the main focus, and the cyclohexanone market is operating weakly, further suppressing demand for cyclohexane. The cyclohexanone market is operating narrowly, and downstream rigid demand procurement is the main focus, with weak purchasing willingness.
Upstream: The price of pure benzene in the upstream is stable with a moderate to strong trend, but there is limited support for the cost of cyclohexane, insufficient cost support, and insufficient driving force for cyclohexane price increase.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market may remain stable and maintain its current trend. Inventory pressure and weak demand may suppress price rebound.

According to the Commodity Market Analysis System of Shengyi Society, from September 1st to 29th (as of 10:00), the average price of methanol in East China ports in the domestic market first increased from 2253 yuan/ton and then fell to 2260 yuan/ton, with a price increase of 0.30% and a year-on-year decrease of 10.26% during the period.
The domestic methanol market as a whole is showing a fluctuating and weak trend, and the performance of ports and the mainland market is showing phased differentiation. The import volume at the port remains high, and inventory pressure has not been substantially alleviated. The mainland market, on the other hand, is affected by supply and demand as well as cost factors, resulting in fluctuations. The continuous pressure on the supply side has led to the accumulation of inventory by enterprises, and the impact of pre holiday inventory and low-priced port sources has caused downstream only on-demand procurement, leading to a further decline in the market.

As of the close on September 28th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract for methanol futures, 2601, opened at 2360 yuan/ton, with a highest price of 2367 yuan/ton and a lowest price of 2347 yuan/ton. It closed at 2364 yuan/ton in the closing session, up 12 yuan/ton or 0.51% from the previous trading day’s settlement. The trading volume is 170414 lots, the open position is 877555, and the daily increase position is -7577.
On the cost side, since early September, coal prices have gradually rebounded after weak consolidation at a low level. In addition to the disturbance of anti involution policies, there is good support for non electricity demand growth and downstream stocking before the Double Festival. The cost of methanol is influenced by favorable factors.
On the demand side, glacial acetic acid: The starting price of the northwest factory of glacial acetic acid has been raised by 40 yuan/ton, and the company’s shipments are smooth. Formaldehyde: The formaldehyde market is fluctuating. Dimethyl ether: The dimethyl ether market is running smoothly. Most downstream products are affected by methanol prices, and the impact on methanol demand is mixed.
On the supply side, the overall recovery exceeds the loss, resulting in an increase in capacity utilization. The supply of methanol is affected by favorable factors.
In terms of external markets, as of the close of September 25th, the CFR Southeast Asian methanol market closed at a price of 325.5-326.5 US dollars per ton. The FOB US Gulf methanol market closed at 100-101 cents per gallon; The closing price of the European FOB Rotterdam methanol market is 280.5-281.5 euros per ton.
According to future predictions, after the National Day holiday, the market will enter a critical stage of upstream companies destocking and downstream companies restocking simultaneously. In addition, external variables such as freight fluctuations and intensified competition in regional supply flow will cause market fluctuations to become more frequent. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

According to the commodity analysis system of Shengyi Society, the styrene market has slightly declined this week, with an average price of 7184 yuan/ton at the beginning of the week and 7120 yuan/ton over the weekend, a decrease of 0.89% during the week.

News: On September 25th, international crude oil futures almost closed flat. The settlement price of the November WTI crude oil futures contract in the United States was $64.98 per barrel, down $0.01. The settlement price of Brent crude oil futures for December was $68.58 per barrel, an increase of $0.12.
On the cost side, the pure benzene market continues to decline, with prices fluctuating around 6000 yuan/ton. The decline in spot prices in East China has narrowed, and low-priced transactions in Shandong are good. The weekly production has slightly decreased, the processing gap has fluctuated at a low level, port inventory has decreased, the fundamentals are still acceptable, spot prices are firm, and the basis has rebounded. However, high import volume expectations and poor downstream product profits have dragged down the market, resulting in weak expectations.
Supply and demand side: This week, the market has sufficient supply of goods, and port inventory has risen. Downstream stocking is nearing completion, cautious entry into the market, traders are watching closely, and transactions are weak
Styrene external market: On September 18th, the closing price of the styrene market in Asia remained stable, with a closing price of $835-845/ton FOB Korea and $845-855/ton CFR China.
Market forecast: In the future, there may be limited fluctuations in crude oil and raw materials, and downstream demand for styrene is lower than expected. With weak fundamentals, it is expected that the styrene market will consolidate and operate in the short term.

This week, the price of plasticizer DOP fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of September 22, the DOP price was 7450.84 yuan/ton, a fluctuating decrease of 0.78% compared to the DOP price of 7509.16 yuan/ton on September 15. DOP prices have fluctuated and fallen, leading to high levels of consolidation in the operating load of DOP enterprises and an increase in DOP supply; The raw material isooctanol fluctuated and fell, the price of phthalic anhydride fluctuated and fell, the cost of DOP decreased, and the downward pressure on DOP weakened; Downstream demand is unlikely to improve, with mediocre intentions for DOP procurement inquiries and weak DOP demand transactions. The cost has decreased, and the price of plasticizers has fluctuated and fallen.
This week, the price of raw material isooctanol fluctuated and fell
According to the Commodity Market Analysis System of Shengyi Society, as of September 22, the price of isooctanol was 6983.33 yuan/ton, a fluctuating decrease of 0.95% compared to the price of 7050 yuan/ton on September 14. This week, the isooctanol enterprise equipment remained stable at a high level, and the operating rate of isooctanol equipment remained stable at 96%. The production capacity of isooctanol increased, and the supply of isooctanol increased; This week, the price of isooctanol fluctuated and fell, the cost of plasticizers decreased, and the downward pressure on DOP increased.
This week, the price of raw material phthalic anhydride remained weak and consolidated
According to the Commodity Market Analysis System of Shengyi Society, as of September 22, the quoted price of phthalic anhydride was 6293.33 yuan/ton, a slight decrease of 0.11% from the price of 6300 yuan/ton on September 15. The price of phthalic anhydride is temporarily stable, the price of industrial naphthalene is fluctuating and stabilizing, and the cost support of phthalic anhydride still exists. This week, the load of phthalic anhydride equipment has fallen, the operating rate of phthalic anhydride enterprises has decreased, the supply of phthalic anhydride has decreased, the price of phthalic anhydride has fallen, and the cost of plasticizers has decreased. The downward pressure on the price of plasticizer DOP has increased this week.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol has fluctuated and fallen, while the price of phthalic anhydride has remained weak and consolidated. The downward pressure on the cost of plasticizer DOP still exists; In terms of supply, the operating rate of plasticizer enterprises is stabilizing at a high level, the production of plasticizers is increasing, and the supply of plasticizers is sufficient; In terms of demand, the overall economy is sluggish, coupled with anti competitive competition and the elimination of outdated production capacity, resulting in weak downstream demand. In the future, with strong supply and weak demand coupled with weakened cost support, it is expected that the price of plasticizer DOP will fluctuate and fall.