1、 Price trend
According to the commodity analysis system of Shengyi Society, the average market price of light soda ash on November 17th was 1224 yuan/ton, an increase of 0.82% compared to the price of 1214 yuan/ton on November 10th, indicating an upward trend in soda ash prices.
2、 Market analysis
Recently, the soda ash market has been strong and upward. Due to slow downstream consumption and average market transactions, some companies on the supply side have reduced their equipment, resulting in a decrease in total soda ash inventory. Some companies currently do not have inventory pressure, and their prices have slightly increased. At the same time, the price of coal on the raw material side has risen, and the cost of soda ash has increased. The mentality of factories is strong, but demand has not improved. The overall market is still dominated by strong supply and weak demand, and soda ash prices fluctuate narrowly.
On the demand side: According to the commodity analysis system of Shengyi Society, the glass market has been weak and declining recently. As of November 17th, the average market price was 13.83 yuan/square meter, a decrease of 1.78% compared to the price of 14.08 yuan/ton on November 10th. The operating rate of the glass market has slightly decreased, downstream demand performance is average, the market procurement atmosphere is sluggish, enterprise shipments are not smooth, glass inventory has accumulated, and the mentality of industry players is weak, resulting in a decline in glass prices.
Future forecast: Currently, domestic soda ash futures are experiencing strong fluctuations, with significant pressure on spot costs. Soda ash companies have a clear intention to rise, and downstream glass market conditions are average, with limited consumption of soda ash. There is still a supply-demand imbalance in the market, and it is expected that the soda ash market will be mainly narrow and strong. Specific attention should be paid to market shipments.

This week, the price of isooctanol fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of November 14th, the price of isooctanol was 6000 yuan/ton, a fluctuating decrease of 0.55% compared to the price of 6033.33 yuan/ton on November 7th. Partial maintenance of isooctanol equipment in some enterprises has resulted in a slight decrease in the operating load of isooctanol facilities. The operating rate of isooctanol is less than 70%, and the supply of isooctanol has decreased; The price of propylene is fluctuating and stabilizing, while the cost of isooctanol is stabilizing; This week, the supply of isooctanol has decreased, and there is still downward pressure to support the rise of isooctanol. The price of isooctanol has fluctuated and fallen.
The cost of raw material propylene has decreased
According to the Commodity Market Analysis System of Shengyi Society, as of November 14th, the price of propylene was 5960.75 yuan/ton, a decrease of 1.61% compared to the price of 6058.25 yuan/ton on November 1st; Compared to November 7th, the price of propylene fluctuated and rose by 1.19% to 5890.75 yuan/ton. This week, propylene prices fluctuated and rose, raw material prices increased, and the cost of isooctanol increased, reducing the downward pressure on isooctanol prices.
Downstream plasticizer DOP prices fluctuate and fall
According to the Commodity Market Analysis System of Shengyi Society, as of November 14th, the DOP price was 6883.34 yuan/ton, a fluctuating decrease of 0.24% compared to the DOP price of 7025.83 yuan/ton on November 7th. This week, the operating load of plasticizer DOP enterprises has slightly increased, with an operating rate of 65%. DOP production has increased, and the demand for isooctanol still exists, with increased support from the rise in isooctanol prices.
Future expectations
According to the data analyst of Business Society’s octanol product, in terms of cost, propylene prices have rebounded and stopped falling, raw material prices have slightly increased, and the downward pressure of isooctanol has weakened. On the supply side, the operating rate of isooctanol enterprises has decreased, and the supply of isooctanol has also decreased; In terms of demand, DOP enterprises have seen a slight increase in production, with an increase in DOP output and continued support from demand for isooctanol. In the future, the cost of isooctanol is stabilizing, coupled with a decrease in supply and an increase in demand, the downward pressure on isooctanol is weakening and the upward support still exists. It is expected that the price of isooctanol will fluctuate and stabilize in the future.

The phthalic anhydride market fluctuated and fell in November

According to the Commodity Market Analysis System of Shengyi Society, as of November 7th, the price of phthalic anhydride in neighboring countries was 5926.67 yuan/ton, which fluctuated and fell by 0.39% compared to the price of phthalic anhydride at 5950 yuan/ton on November 1st. Phthalic anhydride continues its downward trend, with slight fluctuations in phthalic anhydride prices and neighboring benzene prices in November, resulting in a decrease in costs. Phthalic anhydride enterprises have stable operating rates and sufficient supply; The operating load of downstream DOP enterprises has slightly increased, and the demand for phthalic anhydride still remains supported. Supported by the demand for cost reduction, the price of phthalic anhydride fluctuated and fell in November.
The cost of phthalic anhydride decreased in November
On November 7th, Sinopec quoted 5900 yuan/ton for ortho benzene, a decrease of 200 yuan/ton or 3.28% from the price of 6100 yuan/ton on November 1st. The price of ortho benzene has fallen, and the cost of phthalic anhydride has decreased. The operating load of phthalic anhydride equipment has slightly increased, and the supply of phthalic anhydride is sufficient. The cost has decreased, and the pressure for phthalic anhydride to decline has increased.
Demand side: DOP prices fluctuate and rise
According to the Commodity Market Analysis System of Shengyi Society, as of November 7th, the DOP price was 7025.83 yuan/ton, a fluctuating increase of 0.24% compared to the DOP price of 7009.16 yuan/ton on November 1st. In November, the operating load of plasticizer DOP enterprises slightly increased, DOP production increased, and the demand for phthalic anhydride remained supported, reducing the downward pressure on phthalic anhydride.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, the DOP equipment load of plasticizer enterprises has slightly increased, the production of plasticizers has increased, and the demand support for phthalic anhydride still exists; In terms of cost, the price of ortho xylene has decreased, the price of raw materials has decreased, and the cost of phthalic anhydride has decreased. In the future, the demand support for the decrease in cost of phthalic anhydride still exists, and the price of phthalic anhydride fluctuates and falls.

The center of gravity of ethylene glycol prices shifted downwards in October

The price of ethylene glycol continued to fall in October, and the price center shifted downwards. According to data from Shengyi Society, as of October 31st, the average price of domestic oil to ethylene glycol was 4220.83 yuan/ton, a decrease of 3.74% from the average price of 4385 yuan/ton on October 1st.
In terms of port ethylene glycol, the basis of port ethylene glycol spot contracts (starting from 500 tons) is affected by the delivery factors of the Yangtze River International Warehouse, and market trading sentiment has weakened. However, some companies have a strong willingness to hold spot goods, and the basis shows a pattern of near strong and far weak. The basis trading range for this week’s contract is from+84 to+88; As of the closing, the contract basis price for next week is+75 to+77, and the contract basis price for November is+72 to+74.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3770-3880 yuan/ton.
In terms of external ethylene glycol, as of October 31st, recent ship cargo negotiations have resulted in transactions around $487-489 per ton.
The main reasons for the decline in ethylene glycol in October are:
The decline in ethylene glycol prices in October 2025 is the result of multiple factors, including increased supply, weak demand, and macroeconomic environment, as follows:
Supply side
Continuous expansion of domestic production capacity: By 2025, the total production capacity of ethylene glycol in China will exceed 28 million tons. The rapid growth of domestic production capacity has led to a significant increase in supply, intensified market competition, and gradually revealed the pressure of oversupply, which has had a downward driving effect on prices.
High operating rate of equipment: The operating rate of domestic ethylene glycol equipment is relatively high. In October, the total domestic load increased to 77%, of which the load of synthesis gas production reached 81.89%, indicating sufficient market supply.
Increased import volume: It is expected to import 650000 tons in October, and the concentration of overseas sources at the port has further increased the supply pressure on the domestic market.
In terms of demand
The demand growth in the downstream polyester industry has fallen short of expectations: The main downstream industry for ethylene glycol is the polyester industry, and although there have been equipment restarts in the polyester industry, the overall demand growth is limited. The weaving end orders are relatively weak, and inventory of long and short fibers has accumulated, resulting in weak demand for ethylene glycol procurement in polyester factories.
Weak willingness to hoard goods at the terminal: Downstream terminal enterprises are more cautious about market expectations and have a weak willingness to hoard goods, making it difficult for market demand to be effectively released and unable to form strong support for prices.
In terms of macroeconomic and market sentiment, there is uncertainty in the US China trade negotiations, which has caused market panic and affected investors’ confidence in the commodity market. As a result, crude oil prices have weakened, putting overall pressure on the energy and chemical sectors, and ethylene glycol prices have also been dragged down.
In terms of cost: The continuous decline in crude oil prices has significantly narrowed the loss margin of integrated production of ethylene glycol from naphtha, weakened the role of cost support, and put downward pressure on ethylene glycol prices.
Outlook for Ethylene Glycol Market in November
The expected increase in production capacity brings supply pressure, while the maintenance capacity of the equipment is limited, resulting in overall high supply pressure; The polyester industry currently has a high operating rate and is approaching the end of the peak season. As downstream terminal weaving demand is expected to weaken, there is a weak expectation for future demand.

The overall inventory of ethylene glycol ports is still relatively low, and the price has fallen significantly with signs of stabilization in the near future. We will wait and see the strength of the bullish support in the future. The ethylene glycol market is expected to bottom out and recover in November, and there is a high probability that the price of ethylene glycol will first weaken and then strengthen.

According to the Commodity Market Analysis System of Shengyi Society, after the decline in the domestic PP market in October, the prices of various brand products are basically at a five-year low. As of October 31st, the benchmark price for PP wire drawing offered by Shengyi Society was 6723.33 yuan/ton, a decrease of -2.84% compared to the price level at the beginning of October.
price trend
In terms of raw materials:
In the early stage of this period, the situation in the Middle East eased, and OPEC+launched a new round of production increase of 1.65 million barrels per day. In addition, the weakening of US demand and trade barriers dragged down global demand expectations, and market concerns about long-term oversupply led to a decline in international oil prices. In the second half of the month, the geopolitical situation in the Middle East heated up, US crude oil inventories decreased, and the international oil price market quickly recovered. In the early stage, the propylene sector rapidly declined due to the decline in crude oil prices and insufficient trading. Recently, there has been no improvement in the market, and prices have remained low. Industry players are mainly observing and waiting. After the double festival, the supply of propane tightened, and the market rebounded, dragged down by the decline in external markets and sluggish consumption, causing prices to gradually fall. Overall, the prices of various PP raw materials are difficult to support the cost.
Supply side:
The operating rate of domestic PP enterprises remained stable and fluctuated slightly in October, with a narrow range overall. As of the end of the month, the overall load level of the domestic industry was 77%, which is comparable to the operating rate in early October. The current weekly average total production is close to 780000 tons. During the trial production of 400000 tons/year equipment at Guangxi Petrochemical in the middle of the month, there was a mix of industry shutdowns and troubleshooting at the end of the month. On site supply remains abundant, with inventory levels accumulating at a high level of over 920000 tons. In addition, the fourth line of Zhejiang Petrochemical was restarted in early November, and the trend of relaxation in the future market is basically clear. Overall, the PP supply side still lacks sufficient support for spot prices.
In terms of demand:
October falls within the traditional peak season for polypropylene. Although the materials used in fields such as plastic weaving and agriculture have improved to some extent at the end of last month, this year’s “Silver Ten” is still being counterfeited by PP prices. The positive news of improved market trading atmosphere has been smoothed out by many negative factors, coupled with the previous announcement of the Federal Reserve’s interest rate cut and the subsequent drag of US trade barriers on end products going global, which has constrained the load on downstream enterprises. Lack of demand and accumulation of inventory. On the other hand, the Fourth Plenary Session of the Communist Party of China set goals for the economic direction, and the China US talks reached a certain consensus. Boosted by it, the supply-demand margin has slightly improved. In the future, Double Eleven will boost e-commerce consumption, and there may be an increase in new orders in the film material field. However, overall, the demand side has poor momentum, making it difficult to support PP spot prices.
Future forecast
After the domestic PP market price fell in October, it sorted out. From a fundamental perspective, the upstream raw material market has seen more ups and fewer downs, indicating poor overall support for PP. The industry load remains stable at a high level, and the expectation of loose supply remains unchanged. The improvement in consumption is limited, and the market lacks positive guidance. It is expected that the PP market will continue to adjust.

According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell in October, with an average price of 7120 yuan/ton at the beginning of the month and 6752 yuan/ton at the end of the month, a decrease of 5.17% during the month. The fundamentals of the styrene market were weak in October, with new facilities being put into operation and fluctuations coexisting, overall supply being loose, and port inventories remaining high. The price of raw material pure benzene followed the weak trend of crude oil and fell weakly, with limited rebound. The operating rate of downstream EPS and PS industries has slightly rebounded, providing some support, but there has been no significant increase in orders in the terminal home appliance and other fields. Market follow-up is limited, and procurement enthusiasm is not high. Overall, rigid demand is dominant.
On October 29th, international crude oil futures closed higher. The settlement price of the December WTI crude oil futures contract in the United States was $60.48 per barrel, an increase of $0.33 or 0.5%. The settlement price of Brent crude oil futures for December was $64.92 per barrel, an increase of $0.52 or 0.8%.
On the cost side, the pure benzene market experienced a volatile decline in October, with high levels of supply and port inventories, coupled with a rebound in domestic plant operating loads, resulting in sustained supply pressure. On the demand side, downstream suppliers such as styrene and caprolactam have weak purchasing intentions for raw material pure benzene, making it difficult to effectively boost the price of pure benzene. Under the combined effect of macro risks and loose fundamentals, crude oil prices have shifted downwards, further dragging down pure benzene.
Styrene external market: On October 29th, the closing price of styrene market in Asia increased by $5/ton, with a closing price of $785-795/ton FOB Korea and $795-805/ton CFR China.
Market forecast: The current price of styrene has fallen to a certain level, downstream profits have slightly increased, and the operating load has slightly increased, but the increase in styrene is limited. In the short term, the supply and demand of styrene remain weak, and the macro environment is unlikely to improve significantly. It is expected that the styrene market will be prone to decline but difficult to rise in the short term.

The price of boric acid has been weakly stable recently. According to the Commodity Market Analysis System of Shengyi Society, as of October 28th, the average price of boric acid in the domestic market was 8000 yuan/ton. At present, the quotation range of domestic boric acid traders is between 7700-8200 yuan/ton (the actual transaction price of different brands, specifications, and products is mainly negotiated), and the mainstream price is between 7800-8100 yuan/ton according to the shipment volume.

In terms of overseas import sources, the current external quotation for import sources is concentrated at 8100-9400 yuan/ton (the actual transaction price of different brands, specifications, and products is mainly negotiated). According to the Commodity Market Analysis System of Shengyi Society, the average market price of imported boric acid is 8908.33 yuan/ton, which is 4.5% higher than the market average price of 7624 yuan/ton in early October
The price of boric acid has rebounded from a low level in April 2025 and is currently operating in a high volatility range. If there is no special news, it is expected to mainly fluctuate sideways in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market has fluctuated downward this cycle. From October 20 to October 27, 2025, the price of butadiene was reduced from 8440 yuan/ton to 8233.33 yuan/ton, a decrease of 2.45%. The overall weak operation of the domestic butadiene market in this cycle, coupled with low enthusiasm for downstream synthetic rubber market entry and weak purchasing intentions for raw material butadiene, resulted in poor actual transaction performance and a lack of demand support. As a result, the overall weak operation of the butadiene market in this cycle.

Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of the 24th, the settlement price of the December WTI crude oil futures contract in the United States was $61.50 per barrel, and the settlement price of the December Brent crude oil futures contract was $65.94 per barrel. The crude oil price market in this cycle first fell and then rose. At the beginning of the cycle, OPEC+has launched a new round of production increase of 1.65 million barrels per day. The market is still concerned about the risk of long-term 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 the global economy and demand expectations, leading to a rapid decline in the international oil price market; 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.
Supply side: The listed price of butadiene for various sales companies of Sinopec is 8400 yuan/ton.
Demand side: According to the commodity market analysis system of Shengyi Society, the market for butadiene rubber in the northwest region has slightly increased. Recently, the futures price of Shunding rubber has fluctuated narrowly, and downstream inquiries have been flat. Merchants have slightly increased their offers by around 50 yuan/ton, but the actual trading situation in the market is not good, with downstream inquiries mainly being small orders. As of October 24th, the mainstream prices for butadiene rubber in Sichuan, Dushanzi, and Lande are 11150~11300 yuan/ton.
Market forecast: In the near future, some domestic facilities will restart, and the overall supply side will be relatively loose. Although the downstream synthetic rubber market has slightly strengthened, there is currently no significant increase in actual downstream demand, and market expectations remain weak overall. With the intention of purchasing for essential needs, the spot market is generally weak, and the market lacks favorable factors to boost it. Under the influence of weak demand, it is expected that the butadiene market will mainly experience weak fluctuations in the short term, with a focus on downstream procurement demand.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has remained stable this week. The average market price from the beginning of the week to the end of the week was 848 yuan/ton, a year-on-year decrease of 18.54%. On October 23, the Business Social Chemical Index was 755 points, up 1 point from yesterday, down 46.07% from the highest point of 1400 points during the cycle (2021-10-23), and up 26.25% from the lowest point of 598 points on April 8, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda has remained stable this week. The price of caustic soda in Shandong region is around 770-890 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 890-1000 yuan/ton. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 2700-2800 yuan/ton (converted to 100%). From the perspective of the Shandong region, there is not much pressure on supply and demand, and there is no significant fluctuation in the supply of enterprises. Downstream alumina prices have recently fallen, causing pessimistic sentiment among distributors. Some companies are under significant operational pressure and are purchasing caustic soda as needed.
Business Society analysts believe that in the near future, the price of caustic soda has been fluctuating. Domestic downstream buyers have been purchasing on demand, and there is not much pressure on caustic soda companies’ supply and demand. The overall supply-demand game predicts that caustic soda will maintain a stable operating market in the later stage, depending on downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, the formic acid market has been operating steadily recently. As of October 20th, the benchmark price of 85% industrial grade formic acid in China was 2800 yuan/ton, which was unchanged from last week (October 13th), a month on month decrease of 9.68%, and a year-on-year increase of 0.9%.

At present, the market is in a state of weak supply-demand balance
From the supply side perspective: Currently, domestic production facilities are operating at high loads, with leading enterprises adopting low inventory strategies. Due to the pressure of external raw material procurement and high inventory pressure, other enterprises have maintained an overall inventory of 60-70% in the industry. Upstream methanol is affected by high coal prices and rising natural gas costs, with limited downward space, which provides certain cost support for formic acid.
From the demand side perspective, the overall downstream demand for formic acid is weak, with more on-demand procurement and a wait-and-see attitude from intermediaries. The market trading atmosphere is light, and the shipment volume continues to be low.
There are key variables in the market
Market news shows that a large formic acid production enterprise in Liaocheng may start equipment maintenance in the near future, but the plan has not yet been officially confirmed. If the maintenance is implemented as scheduled and on a large scale with a long cycle, it may lead to a tightening of local supply, which will support market sentiment and prices. Historical data shows that the market was briefly optimistic in early September due to the expected maintenance, but the subsequent plan was not executed as scheduled, resulting in a price reduction of 120 yuan/ton. Therefore, the progress of this maintenance is related to the price trend of formic acid.
The formic acid data analyst from Shengyi Society believes that formic acid is expected to maintain its current market trend in the short term, and specific attention needs to be paid to whether major manufacturers’ maintenance plans can be implemented.