1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example. According to data monitoring by Business Society, the domestic titanium dioxide market has shifted upwards this week. At the beginning of the week, the average price of titanium dioxide in the domestic market was 13500 yuan/ton, and the average price over the weekend was 13640 yuan/ton, with a price increase of 1.04%.
2、 Market analysis
This week, the domestic titanium dioxide market has shifted its focus upwards. At present, titanium dioxide companies are under significant cost pressure, and their quotations have been gradually raised. However, the performance of demand terminals is poor, with rigid demand being the main factor. New orders signed are not as expected, and there is a wait-and-see attitude in the market. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-14300 yuan/ton; The price of the titanium type is around 12000-12500 yuan/ton, and the actual transaction price is negotiable.

According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has shown a stable trend recently. As of December 2nd, the benchmark price of 85% formic acid in Shengyi Society’s domestic market was 2910 yuan/ton, which was the same as the same period last week (November 25th), with a month on month increase of 2.83% and a year-on-year decrease of 0.51%.

Stable factors
The market inventory is at a median level, and the supply and demand relationship is relatively balanced. There has been no serious shortage or backlog of inventory that has led to significant price fluctuations.
The overall shipment pace of most enterprises is stable, although there are slight changes in shipment volume on some dates, it has not fundamentally impacted the overall market supply and demand pattern.
In the short term, there is a lack of obvious upward or downward driving factors, the market mentality is relatively stable, and the willingness of enterprises to quote is stable.
Fluctuating factors
A factory in Liaocheng has started a one month parking wheel inspection on December 1st, and a factory in Feicheng is expected to undergo maintenance in December. Dual factory maintenance will to some extent reduce market supply. If demand remains stable or increases during the maintenance period, it may lead to an imbalance between market supply and demand, thereby driving up prices. However, at the same time, the market inventory showed a continuous accumulation trend at the end of November. If the inventory accumulation speed accelerates, it may exert some pressure on prices and offset the supply reduction caused by some maintenance.
The formic acid data analyst of Shengyi Society believes that although a factory in Liaocheng has started maintenance, the impact of the initial maintenance on market supply has not yet been fully manifested, and the current inventory is at a median level, which can to some extent buffer the pressure of reduced supply. However, as the maintenance continues, the market supply will gradually decrease. If inventory does not continue to accumulate or demand rebounds in the future, there is a possibility of price increases. Specific market changes still need to be monitored.

According to the Commodity Market Analysis System of Shengyi Society, the xylene market will first rise and then fall in November 2025, with an overall upward trend. From November 1st to 28th, the domestic xylene market price increased from 5330 yuan/ton to 5470 yuan/ton, with a cumulative price increase of 2.63% during the period.
Early October: The domestic mixed xylene market showed a clear upward trend of oscillation: Shandong, as a core production area, was the first major refinery to raise prices, forming a market benchmark; The downstream oil and chemical industries have orderly replenished their inventory according to actual production needs, and their procurement enthusiasm has remained at a decent level, providing solid support for price increases. The markets in East and South China have risen synchronously, and the prices of major refineries in the region have generally increased slightly.

In the latter half of the year, the market rhythm switched to a range oscillation mode of “first rising and then falling”, and long and short factors tended to balance: downstream oil and chemical industries continued to adopt the on-demand replenishment strategy, and there was no large-scale increase or decrease in positions; Although there is still a slight increase in quotations in the East and South China markets, the overall upward trend has slowed down, and the market has entered a stage of adjustment.
Cost wise: International crude oil prices have shown a slight downward trend in this cycle, with multiple negative factors suppressing the core: OPEC+has launched a new round of production increase, and market concerns about long-term oversupply continue to ferment; The regional situation has eased, and the support of geopolitical risks for oil prices has weakened; At the same time, the demand for crude oil in the United States has declined, and its tariff issues have further dragged down the global economic trend and expectations of crude oil demand. Under the resonance of multiple pressures, international oil prices have slightly declined. As of the 26th, the settlement price of the January WTI crude oil futures contract in the United States was $58.65 per barrel. The settlement price of Brent crude oil futures for February is $62.54 per barrel.
Supply side:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of November 28th, East China Company quoted 5500 yuan/ton, North China Company quoted 5250-5350 yuan/ton, South China Company quoted 5550-5600 yuan/ton, and Central China Company quoted 5250-5450 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, as of November 28th, the domestic market price of xylene has temporarily stabilized. The execution price of Sinopec Sales Company has increased by 50 yuan/ton compared to the previous period, and is now reported at 6850 yuan/ton. The four major regions of East China, North China, Central China, and South China will uniformly implement this price; The main facilities of Yangzi Petrochemical and Zhenhai Petrochemical are operating stably, and the sales of products are normal. The current price has risen by 150 yuan/ton compared to October 31st, and the overall domestic market is showing a stable upward trend.
In terms of international markets: As of November 27th, the closing price range for xylene in the Asian region is between $801-803/ton (FOB Korea) and $826-828/ton (CFR China), a decrease of $9/ton from October 30th. The performance in the international market is slightly weaker than that in the domestic market.

Market forecast: The domestic mixed xylene market is expected to operate steadily in the near future, with a balance formed by the interplay of long and short factors. On the one hand, the international crude oil market is expected to weaken slightly, which will suppress the optimistic sentiment in the spot market to some extent; On the other hand, the fundamental changes in supply and demand are limited, and the overall negotiation atmosphere in the market remains at a decent level, especially with the good shipment situation of refineries in Shandong region, which provides key support for the market mentality. Overall, the current market is performing steadily under the dual effects of “crude oil drag” and “regional shipment support”, and it is expected that the mixed xylene market will continue to maintain a narrow range of fluctuations in the short term.

The nitrile rubber market weakened and declined in November. According to the Commodity Market Analysis System of Shengyi Society, as of November 28th, the price was 15400 yuan/ton, a decrease of 5.67% from 16325 yuan/ton at the beginning of the month.

In November, the cost support for nitrile rubber was weak, and the increase in nitrile rubber production increased the pressure on the market supply side; In addition, there has been little change in the production of downstream rubber hoses and insulation foam industries, which provides essential support for the nitrile rubber market. In addition, the increase in nitrile rubber production in November and the abundant supply have led to a weak and downward trend in the nitrile rubber market in November. As of November 28th, the offer price for Nandi Nitrile 1052 in East China is between 16400 and 16600 yuan/ton; Lanhua Nitrile 3305E offers 15100~15200 yuan/ton; Russia offers 2665 yuan/ton for 15000-15200 yuan/ton.
In November, the domestic nitrile rubber plant started construction and increased, and the Zhenjiang Nandi nitrile plant has recently restarted; As of November 28th, the overall production of nitrile rubber in China is around 9.6%.
In November, the price of raw material butadiene weakened and decreased, while the price of acrylonitrile slightly increased, resulting in weak cost support for nitrile rubber. According to the Commodity Market Analysis System of Shengyi Society, as of November 28th, the price of butadiene was 7016 yuan/ton, a decrease of 6.65% from 7516 yuan/ton at the beginning of the month; As of November 28th, the price of acrylonitrile was 7866 yuan/ton, an increase of 0.85% from 7800 yuan/ton at the beginning of the month.
In November, the downstream production of nitrile rubber hoses in China remained stable at around 6.0%, while the production of rubber insulation and foaming increased slightly from 5.4% at the beginning of the month to around 5.8%. The demand faced the urgent need for nitrile rubber support.
Market forecast: Business Society’s nitrile analyst believes that the cost support for nitrile rubber is currently weak; Downstream production is still at a low level, which requires strong support for nitrile rubber; The supply of nitrile rubber has increased compared to the previous period, and it is expected that the nitrile rubber market will fluctuate and consolidate in the later period.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke has significantly declined this week. As of November 27th, the price of locally refined petroleum coke in the Shandong market was 2330.75 yuan/ton, a decrease of 11.74% from 2640.75 yuan/ton on November 23rd.

This week, the international crude oil market fluctuated and declined, with OPEC+increasing production in a new round. The market is still concerned about the risk of long-term oversupply, and the regional situation has eased. In addition, the weakening of US demand and the impact of US tariffs on global economic and demand expectations have led to a slight decline in the international oil price market.
This week, the petroleum coke market has declined, and refinery shipments have been hindered. Refineries have lowered the price of petroleum coke one after another. In addition, some refineries have adjusted their indicators, and the coke price has changed significantly with the indicators; The wait-and-see sentiment in downstream procurement has increased, providing limited support for the petroleum coke market and resulting in poor refinery transactions. This week, the import of petroleum coke was mainly based on preliminary orders, with limited new order signings and a slight price drop.
This week, the market for high sulfur calcined coke has fallen, mainly due to the downward adjustment of upstream petroleum coke prices. Downstream procurement is mostly in a wait-and-see attitude, and calcined coke enterprises are cautious in their quotations.
Market forecast: Currently, the transaction volume of petroleum coke in the local refining industry is poor, and the downstream carbon market demand still exists. However, they are cautious in receiving goods, and some refineries adjust prices according to indicators. It is expected that petroleum coke will be weakly consolidated in the near future.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has risen this week. From November 17 to November 24, 2025, the mixed xylene market will increase from 5520 yuan/ton to 5530 yuan/ton, an increase of 0.18%. During this cycle, the mixed xylene market saw a slight upward trend, with downstream oil blending and chemical industries replenishing their inventories as needed. The prices in both the East and South China markets have slightly increased.

On the cost side: According to the Commodity Market Analysis System of Shengyi Society, as of November 21, the settlement price of the January WTI crude oil futures contract in the United States was $58.06 per barrel. The settlement price of Brent crude oil futures for February is $61.94 per barrel. During this cycle, OPEC+has increased production in a new round, and the market is still concerned about the risk of long-term oversupply. The regional situation has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down global economic and demand expectations, resulting in a slight decline in international oil prices.
Supply side:
Sinopec’s xylene enterprise is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of November 24th, East China Company quoted 5500 yuan/ton, North China Company quoted 5200-5350 yuan/ton, South China Company quoted 5700-5750 yuan/ton, and Central China Company quoted 5250-5400 yuan/ton.
Demand side:
On November 24th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price being 6800 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical, and other facilities are operating stably with normal sales, unchanged from November 17th. As of November 21st, the closing prices of the para xylene market in Asia were $791-793/ton FOB Korea and $816-818/ton CFR China, a decrease of $15/ton from November 14th.
Market forecast: Recently, the crude oil market has slightly weakened, dragging down the atmosphere of the spot market. From the perspective of supply and demand, there has been little change in the market recently, and the overall market atmosphere is still good. The shipment situation of refineries in Shandong is good, which supports the market mentality. Overall, the recent performance of the mixed xylene market has been relatively stable, and it is expected to maintain a narrow range of fluctuations in the short term.

This week (11.17-21), domestic liquid ammonia prices mainly stopped rising and fell back. According to the Commodity Market Analysis System of Shengyi Society, the weekly decline of liquid ammonia in Shandong region was 0.67%. The main reason is that environmental restrictions on production in some northern provinces are gradually being lifted, and some facilities have resumed operation, leading to an increase in supply. At present, the mainstream price of liquid ammonia in Shandong region is between 2400-2580 yuan/ton.

In terms of supply, the supply has maintained a stable and increasing trend this week. Environmental protection production restrictions in northern regions have ended, and ammonia companies are gradually resuming production. In addition, the production of liquid ammonia in Shandong, Hebei, and Henan regions has not decreased, and prices have stopped rising and slightly decreased. Prices in the northwest, Inner Mongolia, and Ningxia regions have significantly declined, while prices in the southwest region have slightly increased, with slight regional differentiation. From the beginning of the week to the middle of the week, some enterprises in Shandong region have made downward adjustments, but the magnitude is not significant. The price adjustment range of large factories in Shandong region is generally within 100 yuan, and the market shows a basic balance between supply and demand. However, enterprises still have expectations of resuming work in the later stage, and the supply may continue to increase in the later stage.
From the demand side, downstream demand has shown lukewarm performance, with the operating rate of compound fertilizers remaining low and the phosphate fertilizer market weak, resulting in relatively weak demand. But urea shipments have increased recently, and prices have rebounded within the week. According to the commodity analysis system, the weekly increase in urea prices was 1.53%. On the one hand, the reserves in Northeast China have increased, leading to an increase in demand. On the other hand, with the upcoming printing of labels, there is a growing demand in the market. Overall, domestic industrial demand is weak, while agricultural demand is mainly driven by on-demand procurement and sporadic restocking. The improvement in demand is not significant, and the market’s wait-and-see attitude still dominates.
Market forecast:
Business analysts believe that the supply and demand pressure in the liquid ammonia market is expected to be moderate next week, and the market may enter a period of oscillation. On the one hand, in the short term, the supply in some areas will remain stable, and the continued rise will be suppressed. On the other hand, there is currently no improvement in agricultural demand, and industrial demand remains weak. Therefore, it is expected that liquid ammonia will continue to struggle to rise, and adjustments will be the main focus in the later period.

According to the Commodity Market Analysis System of Shengyi Society, from November 10th to 14th, the domestic ethanol price was adjusted to 5268 yuan/ton, with a month on month decrease of 4.20% and a year-on-year decrease of 4.55%. Domestic ethanol prices remain weak and stable, with average transactions and a high negative market sentiment.

On the cost side, corn prices have slightly increased, and the main factories are mainly digesting low-priced grains from the early stage. The favorable factors for ethanol cost have weakened.
On the supply side, the Northeast region has shown outstanding performance, with an overall operating rate of 92.43%, significantly higher than the national level. Specifically, major large enterprises in Heilongjiang continue to operate at overload, while other factories in the region have also maintained full production capacity, jointly driving up the overall operating load in Northeast China. Several previously suspended enterprises have recently resumed production, and the supply of ethanol is affected by unfavorable factors.
On the demand side, downstream demand for chemical products such as ethyl acetate will increase in the short term, and due to the current cost reduction and high production enthusiasm of factories with profits, the consumption of ethanol will increase. The demand for ethanol is influenced by favorable factors.
Market forecast shows stable plant operation, limited demand, and weak price stability.. The ethanol analyst from Shengyi Society predicts that the short-term ethanol market will mainly be weak.

price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol has slightly decreased this week. At the beginning of the week, the average price of isopropanol in China was 5683.33 yuan/ton, and the average price over the weekend was 5638.33 yuan/ton, with a price reduction of 0.79%.
The market price of isopropanol has slightly decreased this week. At present, the trading atmosphere on the exchange is not good, and the downstream purchasing atmosphere is weak, with the focus of transactions moving towards the low-end. The overall market is dominated by cautious negotiations, with average actual transaction performance. As of now, most of the isopropanol market prices in Shandong are around 5600-5700 yuan/ton; The majority of prices in the isopropanol market in Jiangsu are around 5550-5800 yuan/ton.
Future forecast
The isopropanol analyst from the Chemical Branch of Shengyi Society believes that the isopropanol market price has slightly declined this week, with actual orders being the main demand and the focus of transactions tending towards the low-end. It is expected that the short-term market will mainly consolidate weakly, and more attention will be paid to the trading trends of large companies.

The cost support of epoxy resin has weakened, and downstream demand has decreased with the cold weather, especially in the wind power sector. The supply of epoxy resin has become loose, and traders generally have a bearish attitude towards the future market. New offers from epoxy resin manufacturers are mainly decreasing with the cost value. The raw material bisphenol A market has also been affected by the industrial chain, and the market has been declining. Given that bisphenol A is at a low price and has a significant loss, the decline is limited. There is no obvious support from the downstream demand side of ECH, and the market continues to be in a downward channel.

Business Society expects that epoxy resin will mainly operate at a low level, and will continue to pay attention to downstream demand and cost fluctuations.