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.

The domestic fluorite prices have slightly declined this week, with an average price of 3650 yuan/ton as of the weekend, a decrease of 0.61% from the early week price of 3672.5 yuan/ton, and a year-on-year increase of 5.42%.
Supply side: Low level fluorite in stock is normal for mining operations

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, the national department needs 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, and the shortage of raw materials has limited the operating rate of fluorite enterprises. The operating rate of some mines in the south is relatively low, and the supply of fluorite enterprises in the field is tight, leading to obvious intentions of holders to raise prices. As the temperature in the north drops, the winter shutdown period for mines and beneficiation plants in the northern region is approaching, further tightening market supply and maintaining a high level of fluorite market.
Demand side: The price of hydrofluoric acid is temporarily stable, and the refrigerant market is average
This week, the domestic price of hydrofluoric acid has remained stable, with mainstream prices ranging from 12200-12700 yuan/ton in various regions of China. 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, and 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 weakened and rebounded.
The downstream refrigerant market continues to rise, and the refrigerant industry is strengthening its terminal policies. 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 purchasing at high prices is relatively slow, but the good inventory of the industry is orderly transmitted, and upstream products are mainly purchased on demand. The trend of refrigerant market has increased, but caution is still held towards upstream procurement, and the price of fluorite market has slightly decreased.
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.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of soda ash continued to decline in September. The average market price of light soda ash at the beginning of the month was 1210 yuan/ton, and the average market price at the end of the month was around 1182 yuan/ton. The overall price decreased by 28 yuan/ton during the month, a decrease of 2.31%.
2、 Market analysis
According to the Commodity Analysis System of Shengyi Society, the soda ash market experienced a weak downward trend in September. On the supply side, the utilization rate of soda ash production capacity continues to rise, and market inventory continues to accumulate; In terms of demand, downstream traditional peak season orders have increased, but there has been little change in the production of the glass market, which has limited actual consumption of soda ash. The soda ash market has a general destocking, with strong supply and weak demand, and insufficient upward momentum for enterprises. As a result, soda ash prices have been weakly adjusted during the month.
As of September 29, 2025, the mainstream market price of light soda ash in East China is around 1100-1400 yuan/ton, a decrease of 10 yuan/ton compared to the previous month; The mainstream price of light soda ash in Central China is around 1130-1300 yuan/ton, which remains stable compared to the previous period; The mainstream price of light soda ash in North China is around 1200-1270 yuan/ton, a decrease of 30 yuan/ton compared to the previous period.
On the demand side: According to the commodity analysis system of Shengyi Society, glass prices have shown a strong upward trend this month, with the average glass market price rising from 13.88 yuan/square meter to 15.43 yuan/square meter, an overall increase of 11.17%. The glass production line started smoothly within the month, with little overall change in supply; The demand for downstream peak season has increased, with smooth shipments from enterprises and obvious glass destocking. In the first half of the year, glass prices fluctuated strongly. On the 24th, the glass industry held a symposium, and market news boosted glass prices, with manufacturers’ inventory remaining stable and the glass market operating strongly.
Market forecast: In the near future, the operating rate of soda ash will remain high, and inventory pressure on enterprises still exists. Although the downstream trend is strong, most of the purchases in the market are based on demand, and the demand support is insufficient. There is a significant oversupply in the market. It is expected that the soda ash price will weaken and consolidate in October, depending on the follow-up situation in the downstream.