The domestic fluorite price trend has declined this week, with an average price of 3387.5 yuan/ton as of the weekend, a decrease of 1.81% from the early week price of 3450 yuan/ton and a year-on-year decrease of 7.92%.
Supply side: Fluorite spot normal inventory high

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 tense, 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 in the fluorite field 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, production activities will slow down before the end of the year and the mentality of “buying up and not buying down”. The phased replenishment scale has shrunk, and the fluorite shipment situation is not good. The fluorite market trend continues to decline.
Demand side: Hydrofluoric acid price stable, refrigerant market average
This week, the domestic price trend of hydrofluoric acid is temporarily stable, and the mainstream price of hydrofluoric acid discussed in various regions of China is 11700-12200 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, 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 continues to decline.
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, and although there has been no follow-up transaction in the circulation market, enterprises are actively controlling quantity and raising prices by sealing off inventory. 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. However, the high inventory of fluorite spot goods, downstream hydrofluoric acid enterprises mainly purchase on demand, and demand has not actually improved. The fierce game between supply and demand, overall, the fluorite market price is mainly fluctuating at a low level in the short term.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke continued to decline at the end of the month. As of November 28th, the price of locally refined petroleum coke in the Shandong market was 2323.25 yuan/ton, a decrease of 0.32% from 2330.75 yuan/ton on November 27th.

On the 28th, the petroleum coke market declined, with average shipments from refineries and a slight decrease in petroleum coke prices. Downstream purchasing sentiment increased, providing limited support for the petroleum coke market and resulting in poor refinery transactions. On the 28th, the import of petroleum coke was mainly based on preliminary orders, with limited new orders signed and a slight decrease in prices.
On the 28th, the market for medium and high sulfur calcined coke fell, mainly due to the downward adjustment of upstream petroleum coke prices. Downstream procurement remained cautious, and calcined coke enterprises were cautious in their quotations.
Market forecast: Currently, the transaction volume of petroleum coke in the local refining industry is average, and the enthusiasm for downstream procurement is poor, maintaining the demand for essential petroleum coke. It is expected that petroleum coke will be weakly consolidated in the near future.

1、 Price trend

According to data monitored by Shengyi Society, as of November 28th, the average price of domestic industrial grade high-quality cyclohexane was 6900 yuan/ton. In November, the cyclohexane market mainly operated in a narrow and weak range, with a slight decline of 1.43% in price. The mainstream market negotiations remained stable, with a balance between supply and demand. Insufficient downstream demand resulted in a lack of upward momentum for prices.
2、 Market analysis
In terms of the market, the focus of cyclohexane market negotiations in November was narrow and weak, with insufficient downstream demand. The overall market negotiations were at a low level, with slow inventory consumption and weak willingness to hoard goods. Demand based procurement was the main focus, and industry players were cautious with a strong wait-and-see atmosphere.
Upstream pure benzene: In November, the upstream pure benzene market remained stable with limited price fluctuations, with a negotiated price of about 7400 yuan/ton. However, due to high port inventories and loose supply, there was insufficient driving force for price increases, resulting in high inventory levels and weak international crude oil prices. The cost side of pure benzene lacked strong support.
In terms of demand, traditional industries such as synthetic fibers and coatings have weak demand, cautious procurement, and slow consumption. Emerging fields such as new energy materials and environmentally friendly plasticizers (such as DEHCH) are gradually releasing demand, but the growth rate is slow. .
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market will mainly experience narrow consolidation. Currently, the supply and demand of the cyclohexane market are balanced, and prices will maintain their current trend.

Aluminum prices rose by 0.78% in November

Aluminum prices first rose and then fell in November, with an overall upward trend for the month. According to the Commodity Market Analysis System of Shengyi Society, as of November 30, 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 refreshed their annual highs, achieving a continuous four month upward trend with an overall positive trend.
Aluminum prices may continue to fluctuate strongly in December
The aluminum price in December still has multiple supports for strong operation, including rigid constraints on the supply side, low inventory levels, and sustained favorable macro environment and demand from emerging fields. The specific reasons are as follows:
1. The rigidity of the supply side is difficult to break without incremental space and the cost is supported
The production capacity ceiling continues to suppress supply: the operating capacity of electrolytic aluminum in China has reached 44.06 million tons, approaching the policy red line of 45 million tons. The utilization rate of production capacity is at a high level, and most of the new production capacity is for replacement projects. For example, the replacement capacity of 210000 tons of Yarlung Electric in Xinjiang will not be put into operation until the end of 2026, and there will be no new production capacity supplementation in December. Overseas, old electrolytic cells in Europe and America are frequently reduced in production due to high electricity prices, and new projects in countries such as India and Indonesia are slow to progress due to power supply constraints. Global supply elasticity has almost disappeared, making it impossible to meet potential demand growth.
2. Upstream raw material and energy costs support the bottom
There is uncertainty in the supply of bauxite, and Guinea has entered the election cycle. As a supplier of 29% of the world’s bauxite, the supply risk has increased, pushing up the expected cost of bauxite. During the northern heating season, the electricity cost of electrolytic aluminum enterprises in Shanxi, Henan and other places increased by 80-120 yuan/ton month on month, and some enterprises also lowered their production load. The rise in energy costs further raised the marginal production cost of aluminum, forming a bottom support for aluminum prices.
3. The low inventory pattern remains unchanged, and spot support is strong
The social inventory of domestic aluminum ingots has been below 600000 tons for a long time, only 60% of the same period in history. Although there was a slight increase in inventory in November, it is still at a low level in the same period of the past three years. And the increase in the proportion of aluminum to water has led to a decrease in the amount of ingots produced, resulting in a continuous tightening of the available supply of aluminum ingots in the market. Overseas LME registered warehouse receipts once fell below 300000 tons, hitting a new low since 2000. In this low inventory state, the spot premium structure has been strengthened, and the inventory “reservoir” regulation function has weakened. Once there is a small increase in demand, it will drive aluminum prices up, providing a foundation for the strong aluminum prices in December.
4. Strong demand in emerging fields on the demand side to hedge against weakness in traditional industries

Although the traditional construction industry has been affected by winter construction and industry prosperity, with the aluminum profile construction rate dropping to 52.6% and weak demand performance, the strong demand in emerging fields such as new energy is sufficient to form a hedge. In terms of new energy vehicles, the global production of new energy vehicles is expected to exceed 25 million units by 2025, with a single vehicle using 50-80kg more aluminum than fuel vehicles, which will continue to drive the growth of aluminum alloy die-casting orders; The installed capacity in the photovoltaic field from January to October reached 280GW, and the demand for aluminum for photovoltaic brackets increased by 45% year-on-year. In December, the photovoltaic industry chain is still in a rush period, and demand will not significantly decline. In addition, the amount of aluminum used in emerging scenarios such as liquid cooled panels in data centers and lightweight alloys for drones is also increasing, which together support aluminum prices.
5. The macro environment is favorable, and the continuation of financial attributes helps to strengthen prices
The positive effects of the Federal Reserve’s interest rate cut at the end of October and the reduction of some aluminum product trade barriers between China and the United States are still being released. The market’s expectation of another interest rate cut by the Federal Reserve in December is heating up. If it is implemented, it will further alleviate global liquidity pressure, and a large amount of funds are likely to continue flowing into the commodity market, strengthening the financial attributes of aluminum prices. After the reduction of trade barriers between China and the United States, the export orders of domestic aluminum processing enterprises are expected to continue to be released in December, easing the previous order pressure and enhancing market confidence in the aluminum industry, promoting the maintenance of a strong trend in aluminum prices.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has continued to rise this week. As of November 27th, the average market price of n-butane oxidation maleic anhydride remained at 5262.50 yuan/ton, an increase of 1.94% from 5162.50 yuan/ton on November 23rd.

In terms of supply, the market for maleic anhydride has continued to rise this week, with Wanhua’s auction prices continuing to rise, supporting the maleic anhydride market. The prices of major maleic anhydride factories have continued to follow suit, and coupled with the planned shutdown of facilities in Jiangsu, the domestic maleic anhydride market has been boosted, resulting in a sustained increase in the maleic anhydride market; The downstream unsaturated resin of maleic anhydride has limited procurement of maleic anhydride, and the stocking atmosphere is generally average. As of November 27th, 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 is mainly consolidating weakly, 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.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market continued to weaken in November, with a continuous decline. On November 1st, the average price of adipic acid in the domestic market was 6966 yuan/ton. On November 26th, the average price of adipic acid in the domestic market was 6733 yuan/ton, a decrease of 3.35% in price.

Negative sentiment still persists in November, as the adipic acid market continues to fluctuate and decline
At the beginning of the month and the beginning of November, the market for cyclohexanone, a raw material for adipic acid, and pure benzene raw materials was weak. The demand for terminal rigidity is poor, and the transaction volume in the adipic acid market is average. The ex factory price of manufacturers has fallen, and the adipic acid market continues to weaken. As of November 10th, the mainstream market price in Shandong is around 6866 yuan/ton, and the mainstream market price in Jiangsu is 6700 yuan/ton. The average price in the domestic market has dropped to 6900 yuan/ton, a decrease of 100 yuan/ton.
In mid month, the market for cyclohexanone and pure benzene raw materials for adipic acid continued to weaken. The demand for terminal rigidity is sluggish, and the market for adipic acid is flat, with manufacturers mainly lowering their ex factory prices. As of November 20th, the mainstream market price in Shandong is around 6766 yuan/ton, and the mainstream market price in Jiangsu is 6700 yuan/ton. The average price in the domestic market has fallen to around 6800 yuan/ton, a decrease of over 1%.
At the end of the month, the market boost for cyclohexanone and pure benzene raw materials for adipic acid was limited. The demand for terminal rigidity has declined, and the transaction volume of adipic acid market has decreased. The ex factory prices of manufacturers continue to decline, and the adipic acid market has gradually bottomed out. As of November 26th, 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 has dropped to 6733 yuan/ton, with a price drop of 50 yuan/ton, slowing down the downward trend.
An analyst from Shengyi Society believes that as we enter December, terminal demand remains sluggish, and the market for adipic acid is expected to have weak upward momentum in the future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of November 22, the average quotation price of domestic high-quality DMF enterprises is 4000 yuan/ton. Currently, the DMF market has overcapacity, insufficient downstream demand, and the overall market price is mainly stable and weak. The upstream cost support is insufficient, and the price increase space is limited.
2、 Cause analysis
Market wise: Currently, the demand for DMF in the market is weak, with insufficient support from the upstream cost side, insufficient demand from the downstream polyurethane and textile industries, slow shipments, overall market inventory running at a high level, insufficient industry demand, and declining export volume.
Supply and demand relationship: The upstream methanol market in November showed a state of high inventory and high supply, with decreasing demand and declining prices. The supply side remained at a high level, leading to a significant oversupply situation and difficulty in price increases.
3、 Future forecast
DMF analysts from Shengyi Society believe that there is insufficient driving force for DMF price increases, and in the short term, the current trend will be maintained, with stable price operation being the main focus.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of bromine has increased this week. The average market price at the beginning of the week was 30800 yuan/ton, and the average market price over the weekend was 31500 yuan/ton, with a price increase of 2.27% and a year-on-year increase of 40.62%. On November 20th, the Business Society Bromine Index was 110.53, unchanged from yesterday, a decrease of 54.92% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 87.59% from the lowest point of 58.92 points on October 29, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine in Shandong region remained firm. The ex factory price of spot goods refers to 31000-32000 yuan/ton, and the current mainstream transaction price is 31500 yuan/ton. At present, the overall operating rate of the industry is insufficient, and the demand in downstream industries is average, continuing with the procurement of essential needs. Due to weather and policy reasons, domestic bromine enterprises still have tight inventory and insufficient industry operating rates, but downstream enterprises have average purchasing enthusiasm. In terms of raw materials, domestic sulfur prices have remained strong this week, with an average market price of 3674.33 yuan/ton at the beginning of the week and 3734.33 yuan/ton over the weekend. The price has increased by 1.63%, which is 128.96% higher than the same period last year. Downstream demand is still acceptable.
Prediction: Bromine prices are expected to remain strong in the near future, while upstream sulfur prices are expected to remain strong. Bromine supply is tight in the near future, but downstream buyers tend to purchase on demand, which may lead to resistance to bromine price increases. Overall, it is predicted that bromine prices may continue to remain strong in the later period, depending on downstream market demand.

Market Overview: (11.8-11.20)
According to the monitoring of the commodity market analysis system of Shengyi Society, as of November 20th, the average price of dichloromethane dispersed water in Shandong Province was 1717 yuan/ton, a decrease of 10.08% during the period. Compared to the same period last year, the price has dropped significantly by 44.64%. The brief upward trend in the first half of this month did not continue, and the market returned to the downward channel under the dual negative pressure of supply pressure recovery and cost support collapse.
Supply side: Supply rebound becomes the main cause of price decline
The centralized recovery of devices undergoing early maintenance or load reduction is the core factor that led to the downward pressure on prices during this cycle. The overall operating rate of the domestic methane chloride industry has rebounded to a high of nearly 80%, and the market supply of goods has significantly increased. As a result, inventory pressure continues to accumulate in enterprises. In order to seize limited orders and alleviate inventory pressure, manufacturers have adopted price reduction and promotion strategies, leading to intensified market price competition and a continuous shift in focus.
Demand side: Weak domestic demand is the fundamental constraint, and maintaining stable exports is difficult to reverse the decline
In terms of domestic demand, downstream industries such as refrigerants, pharmaceuticals, and pesticides have shown lackluster performance, with procurement mainly focused on small orders for essential needs and a lack of intention for large-scale stocking. The strong sentiment of “buying up, not buying down” in the market further suppresses trading activity.
In terms of external demand, the export volume of dichloromethane in China in October 2025 was 18850.28 tons, a slight increase of 0.11% compared to the previous month, and remained stable overall. The import volume was only 20.54 tons, a decrease of 63.67% compared to the previous period. Although the export market has performed steadily, its scale is limited compared to the huge domestic supply, making it difficult to digest the surge in domestic production and reverse the negative situation caused by weak domestic demand.
Cost side: Support collapse, exacerbating market bearish sentiment
Methanol: As the main raw material, methanol port inventory remains high, and supply continues to be under pressure. Coupled with the futures market hitting a new low, it seriously suppresses market confidence. As of November 20th, the benchmark price of methanol in Shengyi Society was 1999 yuan/ton, a decrease of 3.29% during the period. The continuous decline in raw material costs has weakened the bottom line of dichloromethane prices from below, and the cost support effect has significantly weakened.
Liquid chlorine: Recently, the liquid chlorine market in Shandong has risen first and then fallen, and downstream procurement enthusiasm is not high, resulting in slightly greater pressure on chlor alkali companies to ship. The price of liquid chlorine fluctuates frequently and is generally weak, making it difficult to form effective cost transmission for dichloromethane.
Outlook for the future: The loose supply and demand pattern is difficult to change, and it is expected that short-term weak fluctuations will be the main trend
Overall, negative factors dominate the current dichloromethane market. On the supply side, a high opening rate indicates that the supply of goods will remain abundant; On the demand side, the situation of weak domestic demand is difficult to see significant improvement in the short term; On the cost side, the decline of methanol, the main raw material, is likely to continue and cannot provide effective support. It is expected that the dichloromethane market will maintain a weak and volatile pattern by the end of November.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has risen this week. From November 10 to November 17, 2025, the mixed xylene market will increase from 5470 yuan/ton to 5520 yuan/ton, an increase of 0.91%. During this cycle, the mixed xylene market has fluctuated upwards, with major refineries in Shandong region generally raising their prices. Downstream oil and chemical industries are replenishing their inventories as needed. The prices in both the East and South China markets have slightly increased.
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 xylene enterprise is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of November 17th, 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 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: Recently, the crude oil market has slightly rebounded, the mixed xylene market has been operating strongly, and the main refineries have a strong willingness to raise prices. From the perspective of supply and demand, there has been little change in the market recently, and the overall market atmosphere is still acceptable. 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. Driven by the rise in crude oil prices, it is expected to maintain a stable to strong trend in the short term.