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.

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.