According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 12500 yuan/ton, and the price of activated carbon at the end of the week was 12533/ton, with a price increase of 0.27%.

Most domestic manufacturers have stable quotes for activated carbon this week, with some rising. The ex factory price of activated carbon for coconut shell water purification in East China is between 9000-13000 yuan/ton, with tight supply and strong demand supporting the price increase of coconut shell activated carbon. Industry insiders are mostly optimistic about the future market.
Internationally, Southeast Asia, as the main source of coconut shells worldwide, will face multiple natural disasters in 2024. Thailand will experience a reduction in coconut production due to drought and pest infestations, while some production areas in Indonesia will be affected by abnormal rainfall at the end of the rainy season, resulting in a decrease in coconut shell collection efficiency. In the short term, the import price of coconut shell charcoal will continue to operate at a high level.
Prediction: The combination of favorable factors supports the rise in activated carbon prices, and it is expected that the price of activated carbon will mainly fluctuate and strengthen in the short term.

1、 Price trend

According to data monitored by Business Society, as of June 9th, the average price of industrial grade high-quality cyclohexane in China was 7450 yuan/ton. Currently, the cyclohexane market is mainly stable, with transaction prices remaining at around 7500 yuan/ton. Downstream demand is average, and shipments are slow, with contract customers placing orders for shipments.
2、 Market analysis
On the demand side: Downstream demand is average, the purchasing atmosphere is quiet, there are prices but no market, inventory pressure is high, factories mainly supply old customers, and the number of new customer orders is limited.
3、 Future forecast
An analyst from Shengyi Society believes that the cyclohexane market is expected to maintain stable operation in the short term, with limited price fluctuations.

According to the Commodity Market Analysis System of Shengyi Society, the aggregated MDI market remained stable on the 6th. Currently, the mainstream price for Shanghai goods is 15900-16000 yuan/ton, while the mainstream price for domestic sources (PM200) is 16200-16400 yuan/ton. Wanhua started maintenance on June 5th, and the Shanghai BASF and Huntsman units are restarting. The factory has a strong willingness to raise prices, but there is no significant increase in demand. Downstream market entry is cautious, and there is a strong wait-and-see atmosphere. Intermediaries mainly focus on fast in and fast out, and the current market supply and demand are relatively stable. It is expected that the aggregated MDI market will consolidate and operate in the short term.

The asphalt market first suppressed and then rose in May. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong Province was 3647 yuan/ton on May 1st, and as of May 30th, the ex factory price in Shandong Province was 3627 yuan/ton.

During the May Day holiday, crude oil prices plummeted, making it difficult for the cost side to support. The market experienced a significant decline in the first half of the year, and the asphalt market fell from a high level due to market competition and shipments. And there is insufficient improvement on the consumer side, especially with the increase in rainy weather, which will limit project construction and terminal demand.
In the latter half of the year, the supply of asphalt in Shandong region was slightly tight, with strong demand and smooth shipments. In addition, the inventory of manufacturers was low, and bidding was raised. The price of asphalt futures market rose, and the overall trend was significantly stronger than that of crude oil. With the continuous rise of the asphalt market, mainstream brand prices have reached a high level, and at the end of the month, the price of Jingbo # 70 trade factory was 3630 yuan/ton.
From the perspective of Shengyi Society, the current asphalt fundamentals have certain support, and the demand side is expected to continue to release in June. From the cost side, there may be fluctuations in operation, and the supply side may be slightly tight during the peak demand season. We can pay attention to the starting prices of major manufacturers each time. The asphalt market may show a strong operating trend in June.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market fluctuated downward this week. From May 23rd to 30th, the domestic butadiene market price fell from 10733.33 yuan/ton to 9800 yuan/ton, with a price drop of 8.7% during the cycle. The overall weakness of the domestic butadiene market and the downstream synthetic rubber futures market in this cycle have dragged down the atmosphere of the spot market. Although there were some equipment repairs this week, the supply has slightly declined. However, the pressure on the demand side has had a greater impact on the market, and the trading situation in the spot market is not good, ultimately dragging down the overall market price.

Cost wise: In May, international oil prices first fell and then rose, with an overall upward trend. As of the 26th, the US WTI crude oil market was closed, and the settlement price of the main Brent crude oil futures contract was $64.74 per barrel. On the one hand, the Middle East region has once again become tense, and this news is positive for the international oil market, with crude oil prices rising; On the other hand, the United States has increased its oil restrictions on a certain country, and the easing of tariffs between China and the United States has led to an increase in international oil prices.
Supply side: The listed price of butadiene for various sales companies of Sinopec is 9800 yuan/ton, which will be lowered by 700 yuan/ton this week.
Demand side: According to the Commodity Market Analysis System of Shengyi Society, the recent (5.20-5.27) styrene butadiene rubber market has slightly weakened. According to the Commodity Market Analysis System of Shengyi Society, as of May 27th, the price of styrene butadiene rubber in the East China market was 12366 yuan/ton, a decrease of 3.51% from 12816 yuan/ton on the 20th. The prices of raw materials butadiene and styrene have declined, and the cost support for styrene butadiene rubber has significantly weakened. Downstream tire production is stable, providing strong support for the demand for styrene butadiene rubber; The start of production of styrene butadiene rubber has risen, and the supply pressure has slightly increased. As of the 27th, the mainstream market price of 1502 styrene butadiene rubber in Fushun, Jihua, Yangzi, and Qilu in East China is around 12250-12500 yuan/ton.
Market forecast: Some domestic butadiene units are still under maintenance in the near future, and there is still some support in the supply side. However, downstream terminal procurement demand has always been weak, and with the continuous weakening of the synthetic rubber futures market, downstream entry enthusiasm is significantly low, lacking demand support. Under the atmosphere of supply and demand game, it is expected that the butadiene market will maintain a range oscillation trend in the short term.

Aluminum prices rebound in May

Aluminum prices rebounded in May. According to the Commodity Market Analysis System of Shengyi Society, as of May 30, 2025, the average price of aluminum ingots in the East China market in China was 20303.33 yuan/ton, an increase of 1.15% from the market average price of 20073.33 yuan/ton on May 1.
Aluminum ingot fundamentals
1. Raw material end: alumina
Domestically, alumina production increased by 8.7% year-on-year from January to April 2025, but decreased by 11.3% month on month in April. Last week, the total operating capacity decreased by 2.9 million tons compared to the previous week, and the operating rate was lowered to 77.02%. However, with the recovery of profits, some of the suspended production capacity has plans to resume production.
In terms of demand, the overall demand for domestic alumina is stable. Although May has entered the traditional off-season for aluminum consumption, the operating rate of electrolytic aluminum enterprises remains high due to high profits, which supports the demand for alumina. The marginal weakening of export demand led to a year-on-year increase of 101.6% in China’s alumina exports in April, but the import and export window has remained closed for the past two months.
Cost wise: The price of bauxite has fallen, processing fees have increased, caustic soda prices have also weakened, and the production cost of alumina has decreased. As of May 22nd, the average full cost of the alumina industry in May was 2850 yuan/ton, a decrease of 230 yuan/ton from April. The industry profit turned from negative to positive, with an average profit of 106 yuan/ton.
In terms of price: Since May, the domestic spot price of alumina has continued to rise. As of May 29th, the spot price of alumina reached 3294.4 yuan/ton, an increase of 14.43% compared to the previous month.
2. Aluminum ingot supply end:
The fundamentals of aluminum ingot supply in May showed characteristics such as limited growth in operating capacity, increased production expectations, maintaining a certain scale of imports, and continuous inventory depletion. In May, the domestic electrolytic aluminum production capacity increased slightly, mainly due to the resumption of production by some enterprises in Guizhou and Sichuan. Roughly speaking, the domestic electrolytic aluminum production capacity was restored to around 40.92 million tons in May, and the output is expected to increase by 1% year-on-year to around 3.47 million tons. From January to April, domestic electrolytic aluminum maintained a net import status, with net imports of aluminum ingots approaching around 100000 tons in April. The weak demand for overseas aluminum continues, and it is expected that domestic primary aluminum will continue to maintain a certain net import scale in the future.
3. Mainstream social inventory:
Continuous inventory depletion: As of May 26th, the mainstream inventory of aluminum ingots in China was 534000 tons, far lower than the 643000 tons in mid May and the 774000 tons at the end of April, indicating a continuous depletion trend. On the one hand, the decrease in inventory is due to the demand for replenishment from downstream enterprises, and on the other hand, the tight transportation capacity in Xinjiang region has led to poor aluminum ingot shipping, resulting in a decrease in the amount of goods received and stored.
4. Aluminum ingot demand side:

The demand for aluminum ingots in May showed overall support but structural differentiation, with good performance in the new energy sector and export demand, while demand in traditional sectors was relatively weak.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market will first rise and then fall in May 2025, with a slight increase. From May 1st to 28th, the domestic toluene market price rose from 5390 yuan/ton to 5470 yuan/ton, with a price increase of 1.48% during the period.

First half of the month: After the May Day holiday, the crude oil market first fell and then rose, with overall fluctuations and an upward trend, driving the atmosphere of the toluene market. Recently, market fluctuations have mainly been affected by market atmosphere, with weak impact from the supply side. After the holiday, the demand for oil in the Shandong region is still good, and downstream purchases are entering the market. Refinery inventories in Shandong are generally running at a low level, and the ex factory prices of main refineries are generally increasing. The market sentiment in the East China region is still weak, and market trading is slightly sluggish. Overall, the toluene market has experienced a decline followed by an increase this cycle, largely following the fluctuations in crude oil prices.
In the second half of the month, the toluene market remained stable after a volatile downward trend. The sales situation in Shandong region is still acceptable, and the enthusiasm of the oil blending industry to enter the market is still acceptable. The overall demand is relatively rigid. The market atmosphere in East and South China is relatively quiet.
Cost wise: In May, international oil prices first fell and then rose, with an overall upward trend. As of the 26th, the US WTI crude oil market was closed, and the settlement price of the main Brent crude oil futures contract was $64.74 per barrel. On the one hand, the Middle East region has once again become tense, and this news is positive for the international oil market, with crude oil prices rising; On the other hand, the United States has increased its oil restrictions on a certain country, and the easing of tariffs between China and the United States has led to an increase in international oil prices.
Supply side: Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of May 28th, East China Company quoted 5400 yuan/ton, North China Company quoted 5500 yuan/ton, South China Company quoted 5350-5450 yuan/ton, and Central China Company quoted 5500 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, as of May 29, 2025, the price of xylene sold by Sinopec Sales Company has temporarily stabilized, with a current price of 6850 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, with a price reduction of 50 yuan/ton compared to April 27. As of May 28th, the closing prices of the xylene market in Asia were $811-813/ton FOB Korea and $836-838/ton CFR China, an increase of $92/ton from April 24th.
Market forecast: The crude oil market has shown significant fluctuations recently, while the toluene market has been greatly affected. There has been little change in supply and demand in the near future, and downstream demand is mainly driven by rigid demand. Under the influence of crude oil fluctuations, the toluene market is expected to experience mainly range based fluctuations in the near future, with specific attention paid to the trend of crude oil.

According to the Commodity Market Analysis System of Shengyi Society, as of May 28, 2025, the reference price of n-butanol in Shandong Province, China is 6366 yuan/ton. Compared with May 1 (reference price of n-butanol is 6266 yuan/ton), the price has increased by 100 yuan/ton, an increase of 1.60%.

From the monitoring system of Shengyi Society, it can be seen that in May (5.01-5.28), the overall n-butanol market in Shandong Province, China, showed a trend of first falling and then rising. In early May, the n-butanol market in Shandong Province experienced a downward trend, with the center of gravity of the n-butanol market continuously declining. On May 10th, the n-butanol price in Shandong Province fell to the lowest point of the month, with a reference price of 6066 yuan/ton, a 3.19% drop in the first half of the month.
In mid to late May, the overall n-butanol market in Shandong region experienced a recovery trend, with the center of gravity of the n-butanol market fluctuating upwards. n-butanol factories gradually increased their n-butanol shipment prices, with a cumulative increase of about 300-450 yuan/ton. As of May 28th, the market price of n-butanol in Shandong Province, China is estimated to be around 6300-6400 yuan/ton, with a 4.95% increase in the second half of the year.
Analysis of Market Factors
In terms of supply and demand: In early May, the downstream stocking performance of n-butanol after the holiday was poor, putting pressure on the supply side of n-butanol. The market supply and demand transmission was slow, and the positive support for the n-butanol market was insufficient, leading to a downward trend in the market. In mid to late May, some n-butanol plants in Shandong region have not yet restarted, resulting in low inventory levels and tight spot supply. The pressure on factory shipments is relatively small, and the supply side provides support for the n-butanol market. Coupled with the gradual reduction of downstream raw material reserves, downstream users have increased their enthusiasm for raw material procurement, and demand transmission has improved. The demand side also provides some support for the rise of n-butanol market.
Market analysis in the future
At present, the trading atmosphere of n-butanol in the market is mild, and the mentality of industry players is positive. The supply and demand transmission of n-butanol is good. The n-butanol data analyst of Shengyi Society predicts that in the short term, the n-butanol market in Shandong Province, China will mainly operate in a stable and slightly strong manner, and specific changes in supply and demand information need to be paid more attention to.

According to the commodity analysis system of Shengyi Society, since May, the hydrogen peroxide market has mainly fluctuated in a narrow range, with a relatively strong market. On May 1st, the average market price of hydrogen peroxide was 693 yuan/ton, and on May 27th, the average market price of hydrogen peroxide was 696 yuan/ton, with a price increase of 0.48%.

Relieve supply and demand pressure, hydrogen peroxide market remains strong in May
After the May Day holiday, the demand for terminal printing and papermaking industries increased, and some hydrogen peroxide manufacturers continued to shut down for maintenance, resulting in a decrease in supply pressure. The price of hydrogen peroxide slightly increased, and the average price in the domestic market rose to around 700 yuan/ton, with a price increase of about 50 yuan/ton. The hydrogen peroxide market is heating up, with increased market transactions and mainly fluctuating upward trends.
After mid month, the hydrogen peroxide market continued to rise slightly, with increased market transactions and an overall upward trend. As of May 19th, the average market price of hydrogen peroxide was 703 yuan/ton, an increase of 1.44% from the beginning of the month.
At the end of the month, after the hydrogen peroxide market rose, it gradually experienced a correction, and the price returned to below 700 yuan. As of May 27th, the average market price of hydrogen peroxide was 696 yuan/ton, a decrease of 0.95%.
The hydrogen peroxide analyst from the business agency believes that after the Loong Boat Festival, the rigid demand for hydrogen peroxide has increased, and the market is expected to continue to rise.

1、 Price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol has fallen this week. At the beginning of the week, the average price of isopropanol in China was 6750 yuan/ton, and over the weekend it was 6708 yuan/ton, with a price reduction of 0.62%.
The market price of isopropanol has fallen this week. The isopropanol market is sluggish, with weak demand and low purchasing enthusiasm, resulting in a decrease in factory ex factory quotations. The price of raw material acetone has fallen, and there is insufficient cost support. As of now, most of the isopropanol market prices in Shandong are around 6600-6900 yuan/ton; The majority of isopropanol market prices in Jiangsu region are around 6700-6900 yuan/ton.
In terms of raw material acetone, the domestic acetone market price has fallen. At the beginning of the week, the average price of acetone in China was 5805 yuan/ton, and the average price over the weekend was 5692.5 yuan/ton, with a price increase of 1.94%. The overall trading atmosphere was average, with petrochemical manufacturers lowering their listing prices during the week. Business Society predicts that the acetone market will consolidate and operate next week.
In terms of propylene, the domestic propylene market has slightly increased. At the beginning of the week, the market was at 6645.75 yuan/ton, and the average price over the weekend was 6665.75 yuan/ton, with a price increase of 0.3%. At present, the manufacturer’s outbound situation is slowing down, and downstream customers are choosing to purchase at a lower price. It is expected that the market will weaken and consolidate in the short term.
3、 Future forecast
The isopropanol analyst from the Chemical Branch of Shengyi Society believes that the decline in acetone market prices has led to a downward trend in the isopropanol market, resulting in a lack of overall market confidence and poor purchasing enthusiasm in downstream markets. Therefore, caution is the main focus. It is expected that the isopropanol market will experience weak consolidation in the short term, and more attention will be paid to changes in the raw material market.