According to the Commodity Market Analysis System of Shengyi Society, as of December 10th, the average market price of acetic acid was 2636.67 yuan/ton, an increase of 86.67 yuan/ton or 3.40% compared to the price of 2550.00 yuan/ton on December 1st. The domestic acetic acid market continued to rise in early December. In terms of supply, the restart of some maintenance equipment has been postponed, and new enterprise equipment maintenance has been added. The operating rate of acetic acid has decreased, the market spot supply has decreased, and the inventory of enterprises continues to decline. The atmosphere of rising prices in the market is strong, and downstream performance is stable. Follow up on market demand, strong support from market suppliers, and a strong upward trend in acetic acid prices.
In early December, the raw material methanol market experienced a weak downward trend. As of the 10th, the average price in the domestic market was 2080.00 yuan/ton, a decrease of 2.12% compared to the price of 2125.00 yuan/ton on December 1st. In December, the amount of methanol arriving at the port increased, and the supply in the port market was sufficient. The expected operating rate of methanol in mainland China is expected to be bullish, and there is significant pressure on spot supply. At the same time, downstream inventories are high, and the atmosphere for market entry and procurement is weak. Methanol companies have poor shipments, and the methanol market is operating weakly.
The downstream acetic anhydride market is relatively strong and rising. From December 1st to 10th, the average ex factory price of acetic anhydride was raised from 4012.50 yuan/ton to 4130.00 yuan/ton, an increase of 2.93%. Upstream acetic acid continues to rise, and the cost pressure of acetic anhydride increases. Downstream market purchases follow up on demand, and demand has rebounded. With cost support, the price of acetic anhydride is running relatively strong during the cycle.
In terms of future market forecast, the acetic acid analyst from Shengyi Society believes that the domestic acetic acid production rate is not high, enterprise inventory is low, and manufacturers have a clear bullish mentality. Downstream purchases follow up on demand, and the fundamental supply is relatively strong. It is expected that the acetic acid market will remain strong in the later stage, and attention will be paid to the market supply situation in the future.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 12833 yuan/ton, and the price of activated carbon at the end of the week was 12866/ton, with a price increase of 0.26%.
Domestic coconut shell activated carbon manufacturers’ prices have risen this week, with the ex factory price of coconut shell water purification activated carbon in East China ranging from 9500-13000 yuan/ton. Coconut shell activated carbon has strong demand in water treatment, air purification, sodium ion batteries and other fields. In addition, the extended shipping cycle, increased storage and environmental protection requirements have pushed up import costs, which is favorable for supporting price increases.
The main coconut producing countries in Southeast Asia have been affected by natural disasters, policy adjustments, and other factors, resulting in a shortage of coconut shell carbonization materials and a rise in coconut shell charcoal prices. The FOB price of coconut shell carbonization material in Indonesia is about 898-901 US dollars/ton, Sri Lanka is about 924-928 US dollars/ton, and India is about 958-980 US dollars/ton.
Prediction: Due to the tight supply of coconut shell activated carbon raw materials in China and the increasing demand, it is expected that the price of activated carbon will mainly fluctuate at a high level in the short term.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market was mainly consolidated at the end of the month. As of November 28th, the average market price of n-butane oxidation maleic anhydride remained at 5262.50 yuan/ton, which was stable compared to November 27th.
On the supply side, the market for maleic anhydride remained stable on the 28th, with no transactions in the Wanhua auction and a slight drop in bidding prices in East China. The main factories for maleic anhydride maintained stable prices; The downstream unsaturated resin of maleic anhydride has limited procurement of maleic anhydride, and the stocking atmosphere is generally average. As of November 28th, the solid anhydride market in Shandong Province operates around a factory price of 5000 yuan/ton, while the liquid anhydride market operates around a factory price of 4850 yuan/ton.
Downstream: Currently, the unsaturated resin market remains stable, with prices of styrene and maleic anhydride on the raw material side rising. However, the remaining raw materials are operating weakly, and cost support is still acceptable; Downstream procurement maintains essential demand and has limited support for unsaturated resin.
The analyst of Shengyi Society’s maleic anhydride products believes that currently, the main downstream unsaturated resin for maleic anhydride is in urgent need of procurement; The sales volume of liquid anhydride products in central and southern China is gradually increasing, and the supply of maleic anhydride may increase. It is expected that the maleic anhydride market will mainly consolidate in the near future.

The trend of domestic fluorite prices has declined in November. As of the end of the month, the average price of domestic fluorite was 3450 yuan/ton, a decrease of 2.47% from the beginning of the month at 3537.5 yuan/ton, and a year-on-year decrease of 6.12%.
Supply side: Normal mining operation, high fluorite inventory
The current situation of the game in the domestic fluorite industry still exists, and overall, the operating rate of enterprises has not changed much. Upstream mining is still tight, and backward mines will continue to be eliminated. In terms of new mines, mineral investigation work is still difficult. In addition, national departments need to reform fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased. However, the spot supply of fluorite in the market is normal, and social inventory continues to operate at a high level without obvious signs of depletion. The supply side maintains a stable production rhythm. In addition, there are few inquiries, and the shipment situation is poor. The fluorite market trend continues to decline.
Demand side: The price of hydrofluoric acid has risen, and the refrigerant market is still acceptable
In November, the domestic price of hydrofluoric acid slightly increased, and the mainstream price negotiated in various regions of China for hydrofluoric acid is 12000-12500 yuan/ton. The downstream hydrofluoric acid equipment is still in shutdown, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, while hydrofluoric acid enterprises are in a loss making state. Recently, hydrofluoric acid merchants have not been actively purchasing, and the fluorite market is in a fierce game between supply and demand, falling into a “price but no market” deadlock. In the absence of strong demand support, the price of fluorite market has rebounded.
The downstream refrigerant market in the terminal is still promising, and the terminal policies of the refrigerant industry are being strengthened. Demand is expected to achieve substantial improvement, and fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, but the industry’s inventory is transmitting in a positive and orderly manner, and upstream products are mainly purchased on demand. The trend of refrigerant market has increased, but caution is still held towards upstream procurement. Hydrofluoric acid enterprises are cautious in procurement, and the price of fluorite market is declining.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. In addition, the supply of fluorite in the north will become tighter in the later period. However, downstream hydrofluoric acid enterprises will mainly purchase on demand, and demand has not actually improved. The fierce game between supply and demand, overall, the fluorite market price is mainly volatile in the short term.

Aluminum prices rose by 0.78% in November
Aluminum prices first rose and then fell in November. According to the Commodity Market Analysis System of Shengyi Society, as of November 29, 2025, the average price of aluminum ingots in the East China market in China was 21460 yuan/ton, an increase of 0.78% from the market average price of 21293.33 yuan/ton on November 1; Compared to the market average price of 21933.33 yuan/ton on November 13th, it has decreased by 2.16%.
In November 2025, aluminum prices continued their upward trend from the end of October and repeatedly hit new highs for the year. Additionally, the price of raw material alumina fell from its high point, and the profit per ton of aluminum is currently in a relatively good position. The strengthening of aluminum prices in November was mainly driven by the concentrated release of macro bullish factors, continued supply side constraints, and a combination of factors such as low inventory levels. The specific reasons are as follows
1. Macro level bullish concentration release
The Federal Reserve’s interest rate cut has increased market risk appetite: at the end of October, the Federal Reserve lowered interest rates by 25 basis points as scheduled, and in November, Fed officials’ dovish speeches further raised expectations of interest rate cuts. This series of operations has eased global liquidity pressure, increased market risk appetite, and boosted traders’ stocking enthusiasm. Downstream enterprises have also taken advantage of price declines to reserve raw materials in advance, accelerating inventory turnover and creating a favorable market atmosphere for the rise in aluminum prices.
US China tariff negotiations alleviate export concerns: On October 30th, a consensus was reached in US China tariff negotiations to lower trade barriers for some aluminum products. Not only did the equivalent tariff of 24% be suspended, but China also suspended relevant export control measures simultaneously. This result alleviates market concerns about restricted exports of aluminum products, facilitates the release of orders by aluminum processing enterprises, and indirectly drives up aluminum prices.
Expected cost of easing and stabilizing the situation in the Middle East: The easing of the geopolitical situation in the Middle East has reduced the risk of significant fluctuations in energy prices. Electrolytic aluminum belongs to a high energy consuming industry, with energy costs accounting for a very high proportion of its production. Stable energy price expectations have made the cost expectations of the aluminum industry chain more clear, reducing market panic caused by cost fluctuations and providing indirect support for the stable rise of aluminum prices.
2. Prominent supply side constraints
Domestic production capacity has reached its peak and regional transportation has been hindered: the operating capacity of electrolytic aluminum in China has approached the policy red line of 45 million tons, with a capacity operating rate of over 96% and almost no net new capacity space. After the start of the northern heating season in November, the efficiency of aluminum ingot transportation from the main production areas in Northwest China decreased due to limited road transportation, resulting in a sharp decline in aluminum ingot arrivals in East China. The regional supply tension pattern became prominent, and even if a small amount of technological transformation capacity resumes production in Southwest China, it is difficult to offset the impact of continuous inventory depletion in East China and support the rise of aluminum prices.
Continuous overseas supply disruptions: The global supply elasticity of electrolytic aluminum is already insufficient, and there have been consecutive supply disruptions overseas around November. For example, the Icelandic aluminum plant reduced production due to equipment failure, and a certain aluminum plant in Australia faced the risk of shutdown due to high electricity costs. These events further tightened the global supply of electrolytic aluminum, providing strong support for the upward trend of international aluminum prices.
3. Amplify price elasticity at low inventory levels

The weakening of the inventory “reservoir” function has exacerbated the upward trend of aluminum prices. In November, LME aluminum inventory showed a continuous destocking trend of high opening and low decline, with a cumulative decrease of 19000 tons throughout the month, a decrease of about 3.4%; The social inventory of domestic electrolytic aluminum ingots also showed a trend of slight fluctuations at first, followed by continuous and steady destocking, with only a brief accumulation in the middle of the month, and the overall destocking direction remained unchanged. The continuous low inventory has greatly reduced the market’s ability to withstand supply fluctuations, and the upward elasticity of aluminum prices has been significantly amplified.
4. Provide long-term support for emerging field demands
Although the demand for aluminum showed a trend of differentiation in November, with a decrease in the operating rate of traditional fields such as building profiles, the demand for new energy has remained strong. By 2025, the global production of new energy vehicles is expected to exceed 25 million units, and the new installed capacity of photovoltaics is expected to reach 550GW. These two major fields have brought about a significant increase in demand for aluminum. At the same time, the trend of “aluminum replacing copper” continues to advance in the power sector, and stable demand has laid a solid foundation for the high operation of aluminum prices, providing underlying support for the November aluminum price rise.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China first rose and then fell in November. At the beginning of the month, the average price of TDI in the market was 13500 yuan/ton. On November 26th, the TDI price was 14066 yuan/ton, an increase of 4.2% during the month and 11.2% year-on-year.
The TDI market gradually strengthened in November, and starting from the beginning of the month, northern factories suspended 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. Subsequently, the TDI market became increasingly clear and the price increase increased. A large TDI distribution channel in the north has a fixed price of 14200 yuan/ton in the mid month, 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. At the end of the month, prices slightly decreased as prices rose to a high level and the market transaction speed slowed down. Traders loosened prices to stimulate sales.
Supply side: Fujian Wanhua 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 25th. Shanghai Covestro has a maintenance plan for November.
Cost wise: The toluene market saw a significant increase in November. Thanks to the recovery of the crude oil market, the atmosphere in the spot market has improved. The overall changes in supply and demand are limited, the supply is relatively stable, the market atmosphere is still acceptable, and factories have a strong mentality of raising prices. The demand side performance still leans towards rigid demand, with a focus on replenishing inventory as needed.
Market analysis shows that the TDI data analyst from Shengyi Society believes that the current TDI market atmosphere is relatively light, and the willingness of suppliers to raise prices is not reduced. Traders are cautious in entering the market, and under the supply-demand game, it is expected that the TDI market will fluctuate within a certain range in the short term.

This week, the domestic acrylic acid market as a whole showed a stable and weak operating trend dominated by supply and demand, lacking obvious directional driving. The most prominent feature of the market is the downward shift of the price center of gravity. As of November 26th, the benchmark price of acrylic acid in Shengyi Society is 6150.00 yuan/ton, which has fallen by about 5% compared to the high of 6500 yuan/ton in the early part of this month.
1. Supply side:
The stable operation of the market is mainly due to stable supply. The facilities of major manufacturers such as Wanhua Chemical and Shanghai Huayi have reported normal operation. Adequate supply ensures market supply and eliminates the expectation of price increases caused by shortages, resulting in a lack of upward momentum in the market.
2. Demand side:
In the absence of supply, downstream demand performance is relatively flat and has not formed an effective driving force. This has also led to a cautious operating mentality among market participants, with a focus on on-demand procurement and a weak willingness to hoard or chase after price increases. According to the data from Shengyi Society, the current price is also relatively low this year, reflecting this cautious market sentiment.
3. Cost side:
As of November 26th, the benchmark price of propylene in Shengyi Society was 6098.25 yuan/ton, an increase of 0.66% compared to the beginning of this month (6058.25 yuan/ton). Directly raising the production cost of acrylic acid has reduced the willingness of producers to sell at a lower price, as profits have already been compressed. The cost provides a solid ‘floor’ for the price of acrylic acid, preventing a significant decline.
Overall, it is expected that the acrylic acid market will continue to fluctuate narrowly and remain stable in the short term.
Limited upward space: Due to sufficient supply and no significant surge in demand, it is difficult for prices to gain strong upward momentum.
There is support for the downward trend: On the other hand, the current price is at a stage low, and the profit margin of production enterprises is compressed. Factors such as raw material costs will form a certain bottom support, limiting the space for further significant price declines.
In summary, the current acrylic acid market is a typical stable market with weak supply and demand. In the absence of significant news stimulation, this stalemate may continue for some time.

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.
Raw material side: The continuous rise in sulfuric acid prices this week has led to increased cost pressure for hydrofluoric acid enterprises. Although domestic fluorite prices have declined, they are still under high pressure. The fluorite purchased at high prices by enterprises in the early stage is slowly being digested, resulting in low industry operating rates and narrower profit margins. As of November 21st, the benchmark price of fluorite in Shengyi Society was 3462.50 yuan/ton, a decrease of 2.12% compared to the beginning of this month (3537.50 yuan/ton). It is expected that the market price of hydrogen fluoride will remain stable with a weak trend 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, while the market price of sulfuric acid will continue to rise. Overall, cost pressures still exist. In addition, downstream demand is weak due to the traditional off-season, with a focus on first-time purchases. 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, with slight fluctuations. More attention should be paid to changes in market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, since November, negative factors have remained, and the domestic adipic acid market has continued to weaken. On November 1st, the average market price of adipic acid was 6966 yuan/ton. On November 21st, the average market price of adipic acid in China was 6766 yuan/ton, a decrease of 2.87%.
The raw material market is suppressing, and the domestic adipic acid market is weakening
Since November, the market for cyclohexanone and pure benzene raw materials for adipic acid has been weak, with limited boosting effect. The demand for terminal rigidity has declined, the transaction volume in the adipic acid market has decreased, the factory price has fallen, and the adipic acid market has weakened. As of November 21st, the mainstream market price in Shandong is around 6800 yuan/ton, and the mainstream market price in Jiangsu is 6700 yuan/ton. The average price in the domestic market fell to 6700 yuan/ton, a decrease of 100 yuan/ton, with a decline of nearly 3%.
An analyst from Shengyi Society believes that at the end of November, the rigid demand in the terminal industry was sluggish, and the rise in raw material prices was weak. The market for adipic acid will continue to weaken in the future.

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.