According to the Commodity Market Analysis System of Shengyi Society, as of November 20, 2025, the reference price of n-butanol in Shandong Province, China is 5066 yuan/ton. Compared with November 16 (reference price of n-butanol is 5150 yuan/ton), the price has decreased by 67 yuan/ton, a decrease of 1.27%.
Insufficient support, Shandong n-butanol’s center of gravity continues to sink this week
From the commodity market analysis system of Shengyi Society, it can be seen that this week, the focus of the n-butanol market in Shandong Province, China, continues to shift downwards. During the week, some factories in Shandong continued to lower the shipment price of n-butanol by around 50-100 yuan/ton. The overall focus of n-butanol negotiations is moving towards a lower level. As of November 20th, the n-butanol market price in Shandong is expected to be around 5050-5100 yuan/ton.
Analysis of Market Factors
On the demand side: This week, the overall demand for n-butanol downstream has performed poorly, with a decrease in downstream production and a corresponding decline in the purchase of raw material n-butanol. Downstream buyers tend to buy at low prices, with a strong wait-and-see atmosphere and cautious overall operations. The demand side provides insufficient market support for n-butanol.
On the supply side: Currently, the overall supply of n-butanol is relatively loose, with the supply side maintaining active shipments, and the support provided by the supply side for n-butanol is also showing signs of loosening.
Market outlook
At present, the trading atmosphere in Shandong’s n-butanol market is relatively weak. Recently, the upward trend of propylene market on the raw material side has brought certain cost pressure to n-butanol. The n-butanol data analyst of Shengyi Society predicts that in the short term, the n-butanol market in Shandong will mainly operate in a narrow range, and specific changes in supply and demand information need to be closely monitored.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated upward from November 10 to November 17, 2025. On November 10th, the benchmark price of toluene was 5240 yuan/ton, and on November 17th, the benchmark price of toluene was 5330 yuan/ton, an increase of 1.72%. The domestic toluene market has fluctuated and risen in this cycle. The rise in crude oil prices has led to an improvement in the mentality of the spot market. The ex factory prices of main refineries have generally increased, and downstream chemical and blending industries have made on-demand purchases. The prices in the East and South China markets have slightly increased, and the market negotiation atmosphere is still good. Overall, the toluene market has been operating steadily with a moderate to strong trend this week.
Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of November 14th, the settlement price of the December WTI crude oil futures contract in the United States was $60.09 per barrel. The settlement price of Brent crude oil futures for January contract is $64.39 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 November 17th, East China Company quoted 5400 yuan/ton, North China Company quoted 5250-5350 yuan/ton, South China Company quoted 5400-5500 yuan/ton, and Central China Company quoted 5450 yuan/ton.
Demand side:
On November 17th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6800 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. As of November 14th, the closing prices of the para xylene market in Asia were $806-808/ton FOB Korea and $831-833/ton CFR China.
Market forecast: The recent slight rebound in the crude oil market will drive an improvement in the atmosphere of the spot market. From the perspective of supply and demand, there has been little change in the market recently. The main refineries have generally raised their ex factory prices, and the overall market atmosphere is still good. The factories have a strong mentality of raising prices. The demand side is still biased towards rigid demand, and inventory needs to be replenished as needed. Overall, the recent performance of the toluene market has been stable, moderate, and strong. It is expected to maintain a stable, moderate, and strong trend in the short term, driven by the rise in crude oil prices.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China continued to rise this week. As of November 14th, the average market price in East China was 14233 yuan/ton, and on November 10th, the average price was 13866 yuan/ton, with a weekly increase of 2.64% and a year-on-year increase of 10.77%.
This week, the TDI market has become increasingly clear, with an increase in gains. During the week, a large TDI distribution channel in the north had a fixed price of 14200 yuan/ton in the middle of the week, with a 20% discount for supply; The TDI price of a large factory in Shanghai has been raised to 14400 yuan/ton, with limited supply; Shanghai C factory TDI orders are strong, inventory is tight, and orders are closed. Mainstream large factories continue to offer discounts and price increases, leading to tightening supply expectations. Intermediaries are following the trend and selling at low prices, leading to a strong upward trend in the TDI market.
Supply side: Fujian TDI plant operates with reduced load. The 150000 ton/year TDI plant of Hanhua in South Korea was shut down for maintenance on November 3rd and is expected to resume operation around November 20th. Shanghai Covestro has a maintenance plan for November.
Cost wise: The toluene market has seen a slight increase. The crude oil market has slightly rebounded, driving an improvement in the atmosphere of the spot market. The overall market atmosphere is still acceptable, with factories showing a strong willingness to raise prices. Downstream suppliers are replenishing their inventory as needed, and the toluene market is showing a stable but strong trend due to the rise in crude oil prices.
In terms of future market analysis, the TDI data analyst from Shengyi Society believes that the current TDI market has a strong mentality of price support from suppliers, traders are converging at low prices, and the speed of source filling is slowing down. It is expected that the TDI market will operate strongly in the short term and closely monitor changes in supply and demand in the future.

The price of anhydrous hydrogen fluoride in the domestic market has remained stable this week. According to the analysis system of Shengyi Society, as of November 13th, the benchmark price of hydrofluoric acid in Shengyi Society was 12533.33 yuan/ton, a decrease of -1.05% from the end of last month.
On the raw material side, domestic fluorite prices have declined this week, and the cost support for hydrogen fluoride has weakened. As of November 13th, the benchmark price of fluorite in Shengyi Society was 3500.00 yuan/ton, a decrease of 1.06% compared to the beginning of this month (3537.50 yuan/ton). The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has increased. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. However, the downstream market demand for fluorite is weak, mainly consuming its own inventory, and the enthusiasm for purchasing fluorite has weakened, resulting in a downward trend in fluorite prices. Overall, the price of raw fluorite has decreased, which has weak support for the cost of hydrofluoric acid. It is expected that the market price of hydrogen fluoride will remain stable and weak in the later stage.
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.

The domestic phenol market gradually stabilized after a significant decline in November. 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 6415 yuan/ton on November 1st and 6292 yuan/ton on November 10th, a decrease of 1.91%.
Since November, phenol has continued to decline. In terms of supply, the shipment volume of phenol in East China is 17000 tons, and the overall operating rate of domestic enterprises is 75%. On the demand side, downstream demand for bisphenol A is expected to increase, while other downstream changes are not significant. From a cost perspective, the overall fluctuation is not significant.
On the 10th, Hengli Petrochemical’s 650000 tons/year unit was temporarily shut down for maintenance, and traders may have a bullish sentiment, resulting in a slight increase in prices. Transactions are yet to be seen.
As of November 10th, the phenol offers in mainstream markets across the country are as follows:
Region. Quotation on November 10th /Rise and fall from November 1st to 10th
East China region / 6250./ -70
Shandong region / 6300./ -100
Surrounding areas of Yanshan Mountain / 6300./ -100
South China region / 6320./ -180
Business Society expects that the supply side will tighten in the short term, and the cost side will increase. The overall fluctuation of the domestic phenol market is not significant, and we will pay attention to the actual negotiation situation.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China has slightly increased this week. As of November 7th, the average market price in East China was 13666 yuan/ton, and on November 3rd it was 13566 yuan/ton, with a weekly increase of 0.74% and a year-on-year increase of 5.53%.
This week, the TDI market stopped falling and rose. During the week, the northern factory suspended accepting orders due to tight supply; The price of major factories in Shanghai has been raised to 14200 yuan/ton. The frequent news of tightening on the supply side supports the mentality of industry players. The intermediary’s low price has increased, and the focus of price transactions has shifted upward. Downstream consumers hold a resistance to prices and buy on demand, with limited growth in trading volume.
Supply side: Fujian TDI plant operates with reduced load. The 150000 ton/year TDI plant of Hanhua in South Korea was shut down for maintenance on November 3rd and is expected to resume operation around November 20th. Shanghai Covestro has a maintenance plan for November.
Cost wise: The toluene market is experiencing a strong upward trend. The toluene market offers high prices, but low prices are difficult to find. The main production areas have pushed up prices, and the prices of related aromatic products have also risen synchronously, forming further favorable conditions. After experiencing a wave of upward trend, digest and organize the operation.
Market analysis shows that the TDI data analyst from Shengyi Society believes that the current TDI market has a strong mentality of price support among suppliers, with traders converging at low prices and average market transactions. It is expected that the TDI market will operate strongly in the short term and closely monitor changes in supply and demand in the future.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke has continued to rise recently. As of November 3, the price of locally refined petroleum coke in the Shandong market was 2845.75 yuan/ton, an increase of 1.88% from 2793.25 yuan/ton on October 27.
Recently, international crude oil prices have risen slightly. Due to the decline in commercial crude oil inventories in the United States and the positive signals released by the results of economic and trade negotiations between China and the United States, the United States may take action against Venezuela and increase supply risks, leading to an increase in international oil prices.
Recently, the market for refining petroleum coke has continued to rise, with active shipments from refineries. The price of petroleum coke has fluctuated in recent times. Recently, some refineries have adjusted their indicators, and coke prices have shown significant changes with the indicators; Downstream procurement is active, supporting the petroleum coke market, and refinery shipments are still acceptable. Recently, the inventory of petroleum coke in ports has continued to decline, and some imported petroleum coke sources are tight. Traders have suspended quotations, and sponge coke prices have risen, resulting in good market trading.
Recently, the market for medium sulfur calcined coke has risen, and the price of raw petroleum coke continues to rise. The cost of calcined coke is under significant pressure, and downstream procurement is cautious.
Future forecast: Currently, the shipment of refined petroleum coke is good, and the inventory of petroleum coke in ports continues to decline; In addition, the benchmark price for pre baked anode procurement increased in November, and downstream carbon enterprises and negative electrode material markets actively stocked up, which is favorable for the petroleum coke market. It is expected that the petroleum coke market will continue to rise in the near future.

In October, the asphalt market experienced a wide decline, with a small number of projects in Shandong terminal rushing to complete, mainly consuming low-priced resources and urgently needing to obtain goods. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong Province was 3583 yuan/ton on October 1st, and as of October 31st, the ex factory price in Shandong Province was 3223 yuan/ton, a decrease of 10.05%.
The cost side had an impact on the asphalt market situation in the first half of the year. Crude oil continued to decline after the holiday, with a drop of 11% on the 22nd. It stopped falling and rose in the second half of the year, but the market briefly retreated due to demand and contracts continued to decline. On the supply side, since September, there has been ample supply, and the overall operating level of asphalt production facilities in China remains at a medium high level. Most local refineries maintain a high level of production enthusiasm, resulting in increased supply pressure in the near future. The mid week asphalt production was about 550000 tons, a slight decrease of 11000 tons compared to the previous week and an increase of 140000 tons year-on-year.
In terms of demand, as the weather improves in Shandong, projects are gradually coming to an end, mainly relying on low-priced goods. Nationwide, as temperatures drop in the northwest region, projects are coming to an end and demand is hindered. In the northeast region, due to the narrowing of construction windows and traders’ price reductions and promotions, the price advantage of social storage resources is becoming apparent, coupled with the support of rush work demand, and the process of destocking is accelerating.
From the perspective of Shengyi Society, the recent release of November delivery contracts in Shandong region has led to a bottoming out of prices. With the decrease in temperature, the demand in the north has decreased, and the demand in the south has been supported by the urgent need. In the short term, we will pay attention to the impact of crude oil on the asphalt market.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of October 31st, the price of lead 1 # was 17256 yuan/ton, a slight decrease of 0.43% from the lead price of 17330 yuan/ton on October 27th.
This week’s market analysis
In terms of futures, the Shanghai lead market is currently showing a fierce game between long and short positions in the short term. From a technical analysis perspective, the Shanghai lead price has successfully broken through the key pressure level of 17400 yuan/ton. If it can firmly stand above this price level in the future, it is expected to further challenge the 17500 yuan/ton mark.
supply side
Recently, the resumption of production in refineries has continued to show a slow trend, which has led to a certain degree of improvement in the tight supply situation in the market, but the overall relief is extremely limited.
demand side
Against the backdrop of sustained high lead prices, some battery companies currently have high inventory levels due to sufficient procurement in the early stages. At the same time, these enterprises are concerned about the future trend of lead prices, fearing the risk of a downward trend in lead prices, which could lead to adverse effects such as inventory depreciation. Based on these considerations, these battery companies have recently formulated plans to suspend production for 3-5 days to avoid potential market risks.
comprehensive analysis
The progress of resuming production in refineries is relatively slow. However, in the high lead price market environment, some large battery companies have chosen to concentrate production shutdowns to cope with the pressure. At the same time, the price difference between spot prices and futures prices remains high, and merchants holding goods choose to deliver, which to some extent alleviates the liquidity risk in recent months. Under the market pattern of increasing supply and decreasing demand, the temporary supply-demand mismatch in the lead market is expected to improve, and lead prices are expected to make a slight adjustment at a high level in the short term.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of baking soda is 1220 yuan/ton, a decrease of 22.88% compared to the same period last year. On October 29th, the Business Society Baking Soda Index was 80.97, unchanged from yesterday and hitting a historic low for the cycle, a decrease of 65.67% from the highest point of 235.84 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 1200-1300 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. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash has been consolidating this week. The current market average price is 1186 yuan/ton, a decrease of 25.13% compared to the same period last year, and downstream purchases are mostly made on demand.
Business Society analysts believe that the price of baking soda has been temporarily stable in recent times, while the upstream raw material soda ash has been consolidating in recent times. Downstream areas of baking soda, such as pharmaceuticals, textiles, and food, have been purchasing on demand, and the demand enthusiasm is still acceptable. Overall, it is expected that the price of baking soda will mainly consolidate in the later stage, depending on downstream market demand.