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.

This week, the phthalic anhydride market fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of November 14th, the price of phthalic anhydride in neighboring countries was 5893.33 yuan/ton, a fluctuating decrease of 0.56% compared to the price of phthalic anhydride on November 7th at 5926.67 yuan/ton. Phthalic anhydride continues to decline, with prices fluctuating downwards and neighboring benzene prices fluctuating downwards. Costs have decreased, and the operating rate of phthalic anhydride enterprises has slightly increased, indicating sufficient supply of phthalic anhydride; 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 this week.
Cost reduction of phthalic anhydride
On November 14th, Sinopec quoted 5800 yuan/ton for ortho benzene, a decrease of 300 yuan/ton or 4.92% from the 6100 yuan/ton price on November 1st; Compared to November 7th, the price of ortho benzene decreased by 100 yuan/ton, or 1.69%, from 5900 yuan/ton. 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 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 2.03% 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, DOP production has increased, and the demand for phthalic anhydride still remains supported, reducing the downward pressure on phthalic anhydride.
Market outlook
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.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market has risen this week. From November 3 to November 10, 2025, the mixed xylene market will increase from 5330 yuan/ton to 5470 yuan/ton, an increase of 2.63%. During this cycle, the mixed xylene market has fluctuated upwards, with main refineries in Shandong province raising their prices and downstream oil and chemical industries replenishing their inventories as needed. Purchasing enthusiasm is still acceptable. The East and South China markets saw a slight increase, with prices for major refineries in the region generally rising.

Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of November 7th, the settlement price of the December WTI crude oil futures contract in the United States was $59.75 per barrel. The settlement price of Brent crude oil futures for January contract is $63.63 per barrel. During this round of price adjustment cycle, the crude oil price market first rose and then fell. At the beginning of the cycle, China and the United States held trade negotiations, and market risk appetite, coupled with the tense situation in South America, once supported the rise of crude oil prices; However, in the later stage of OPEC+’s new round of production increase, the market is still concerned about the long-term risk of oversupply, and the regional situation has eased. In addition, the weakening of US demand and US tariff issues have dragged down global economic and demand expectations, leading to a 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 10th, East China Company quoted 5300 yuan/ton, North China Company quoted 5100-5250 yuan/ton, South China Company quoted 5400-5450 yuan/ton, and Central China Company quoted 5250-5400 yuan/ton.
Demand side:
On November 10th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6700 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 7th, the closing prices of the para xylene market in Asia were 798-800 US dollars/ton FOB Korea and 823-825 US dollars/ton CFR China.
Market forecast: The mixed xylene market is expected to operate strongly in the near future, with strong willingness from main refineries to raise prices and overall upward pricing. Downstream entry enthusiasm is still acceptable, and there is some purchasing demand in the chemical and blending fields. With the strengthening of the crude oil market, the sentiment in the spot market continues to heat up, and negotiations in the spot market are still acceptable. It is expected that the market will continue to operate steadily, moderately, and strongly in the short term.

The domestic fluorite price trend has slightly declined this week. As of the weekend, the average domestic fluorite price was 3512.5 yuan/ton, a decrease of 0.71% from the beginning of the week price of 3537.5 yuan/ton and a year-on-year decrease of 1.58%.

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. 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, 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, 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 has not changed much. However, there are few inquiries and poor shipment situation. 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 causing a slight decline in the fluorite market.
Demand side: The price of hydrofluoric acid is declining, and the refrigerant market is average
This week, the domestic price of hydrofluoric acid has declined, and the mainstream price for hydrofluoric acid in various regions of China is negotiated at 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, but the industry’s inventory is transmitting in a positive and orderly manner, 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 mainly purchase on demand, and demand has not actually improved. The fierce game between supply and demand, overall, the fluorite market price trend will slightly decline in the short term.

This week, the domestic epoxy propane market is mainly consolidating and operating. According to the monitoring system of Shengyi Society, as of October 31st, the benchmark price of Shengyi Society’s epoxy propane was 7700 yuan/ton, a decrease of -0.86% compared to October 1st.

Price influencing factors:
Raw material side: The focus of the propylene raw material market is declining, which weakens the support for the epoxy propane market. As of October 31st, the benchmark price of propylene in Shengyi Society was 6095.75 yuan/ton, a decrease of 6.84% compared to the beginning of this month (6543.25 yuan/ton).
Supply side: The Lihua Yi device on the supply side has resumed feeding and restarted, and the spot circulation volume is expected to increase. The market supply is temporarily stable. Recently, epoxy propane has been in the stage of consolidation operation.
On the demand side: Downstream polyether enterprises are holding onto rigid procurement in multiple dimensions, with a strong wait-and-see attitude. The demand side has limited support for the epoxy propane market.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the decline in the propylene market center on the raw material side has weak support for epoxy propane, weak downstream demand, and a strong wait-and-see attitude towards rigid demand procurement. In addition, the restart of the Lihua Yi plant has increased market supply, and it is expected that the epoxy propane market will mainly consolidate and operate in the later stage. More attention should be paid to changes in raw material prices and market supply and demand.