According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated upward from November 3 to November 10, 2025. On November 3rd, the benchmark price of toluene was 5150 yuan/ton, and on November 10th, the benchmark price of toluene was 5240 yuan/ton, an increase of 1.75%. The domestic toluene market has fluctuated and risen in this cycle. The ex factory prices of the main refineries in Shandong region have generally increased, and the overall demand for downstream chemical and oil blending industries remains stable, with procurement leaning towards rigid needs. The prices in the East and South China markets have slightly increased, and the market negotiation atmosphere is still good. Overall, the toluene market has been operating steadily with a moderate to strong trend this week.
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 toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of November 10th, East China Company quoted 5300 yuan/ton, North China Company quoted 5100 yuan/ton, South China Company quoted 5300-5400 yuan/ton, and Central China Company quoted 5300 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 recent slight rebound in the crude oil market will drive an improvement in the atmosphere of the spot market. From the perspective of supply and demand, the overall market changes have been limited in recent times, with supply being relatively stable. The main refineries have generally raised their ex factory prices, and the overall market atmosphere is still acceptable. Factories have a strong willingness to support prices. The recent performance of the demand side still leans towards rigid demand, with a focus on replenishing inventory as needed. Overall, the recent performance of the toluene market has been stable, moderate, and strong. It is expected to maintain a stable, moderate, and strong trend in the short term, driven by the rise in crude oil prices.

According to the Commodity Market Analysis System of Shengyi Society, from November 3rd to 7th, the domestic BDO price was adjusted to 7442 yuan/ton, with a month on month decrease of 0.31% and a year-on-year decrease of 15.83%. There are still issues such as device restart and load reduction, but the capacity utilization rate is still relatively low. The stable market mentality of suppliers continues, and downstream industries are losing money. Maintaining contract follow-up and weak willingness to purchase spot goods. Supply and demand negotiation game, narrow consolidation of domestic BDO market.
In terms of supply and equipment, the industry’s capacity utilization rate remains at a low level of 50%, supporting the stable market mentality of suppliers. The supply side of BDO is expected to be affected by favorable factors.
On the cost side, raw material calcium carbide: With the increase in furnace opening, the supply has significantly increased, accelerating the downward trend of domestic calcium carbide prices. Raw material methanol: The domestic methanol market is mainly sorted out. As of 10:00 am on November 7th, the reference price for domestic methanol in Taicang is 2097 yuan/ton. The prices of raw materials such as calcium carbide and methanol are relatively weak, and the cost of BDO is affected by negative factors.
On the demand side, downstream industries have seen a slight decline in PBT production, while other facilities are operating steadily with no significant changes in demand. However, some downstream companies such as PTMEG, GBL, NMP, PU pulp, etc. have experienced a downturn in market conditions due to their own supply and demand factors, resulting in a further compression of profit margins. Therefore, under cost pressure, downstream industries are following up on contract orders, with weak willingness to purchase spot goods and resistance to high prices, which suppresses the trend of raw materials. The demand side of BDO is affected by bearish factors.
Future forecast: With the restart of some devices, the supply will increase significantly, exacerbating the wait-and-see mentality in the market. The production of downstream industries such as PTMEG and PBT has increased, leading to an increase in raw material digestion. However, many downstream industries are facing cost pressures, and there is strong bargaining sentiment when entering the market. Both the supply and demand sides are increasing, and the supply-demand game is continuing. Business analysts at BDO expect that the domestic BDO market will remain stagnant and consolidate.

This week, the price of epoxy propane in the domestic market has increased. According to the monitoring system of Shengyi Society, as of November 6th, the benchmark price of Shengyi Society’s epoxy propane was 7900 yuan/ton, an increase of 2.6% compared to November 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 November 6th, the benchmark price of propylene in Shengyi Society was 5970.75 yuan/ton, a decrease of 1.44% compared to the beginning of this month (6058.25 yuan/ton).
Supply side: Fluctuations in the supply side have affected the temporary supply tension of epoxy propane. Recently, due to the short-term negative load reduction and suspension of shipments by Bohai Chemical, as well as the fact that the supply of goods in the Lianyungang region has been mostly delayed until mid to late this year, the actual available supply of goods is less than the theoretical quantity, which offsets the market growth performance and causes a short-term tight situation. The tight supply situation has led to an increase in the price of epichlorohydrin.
Demand side: Downstream demand side is forced to follow up on the purchase of epoxy propane, with a strong sense of caution. The performance of new orders is weak, and some companies have experienced an inverted market, which has suppressed their purchasing ability. Overall, the demand side support for epoxy propane market is limited. It is expected that the epoxy propane market will stagnate and stabilize in the later stage.
Market forecast:
Business Society’s epoxy propane analyst believes that the decline in the focus of the propylene market on the raw material side has weak support for epoxy propane, limited downstream demand support, and forced procurement to follow suit. There is a strong cautious wait-and-see sentiment. It is expected that the epoxy propane market will stagnate and stabilize in the later stage, and more attention should be paid to changes in raw material prices and market supply and demand.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has slightly declined recently. As of November 4th, the average market price of n-butane oxidation maleic anhydride remained at 5325 yuan/ton, a decrease of 0.93% from 5375 yuan/ton on October 27th.
Supply side: Recently, the market for maleic anhydride has fallen, with no transactions in the Yantai auction and incomplete transactions in the East China auction. In addition, the price drop has limited support for the maleic anhydride market, and the prices of major maleic anhydride factories have also fallen; At present, there are resuming production facilities in the production area of maleic anhydride in Shandong, and there are plans to sell new facilities in Fujian. The market supply has increased, which has limited support for the maleic anhydride market. As of November 4th, the factory price of solid anhydride in the maleic anhydride market in Shandong is around 4900 yuan/ton, while the factory price of liquid anhydride is around 4650 yuan/ton.
Upstream: Recently, the n-butane market has continued to rise, supporting the maleic anhydride market. As of November 4th, the price in Shandong was around 4420 yuan/ton.
Downstream: Recently, the prices of unsaturated resin raw materials have fallen, providing limited support for the resin market, which has fallen to an annual low.
Business Society’s maleic anhydride product analyst believes that there are currently resuming production facilities in the maleic anhydride production area of Shandong, and there are plans to sell new facilities in Fujian. The market supply has increased, and market operations are cautious; In addition, the weak consolidation of the downstream unsaturated resin market, which is the main force of maleic anhydride, has limited support for the maleic anhydride market. It is expected that the maleic anhydride market may decline in the near future.

According to the Commodity Market Analysis System of Shengyi Society, from October 1st to 31st (as of 15:00), the average price of methanol in East China ports in the domestic market first increased from 2237 yuan/ton and then fell to 2215 yuan/ton, with a price decline of 3.69% during the period, a maximum amplitude of 7.27%, and a year-on-year decline of 13.28%.
The port methanol market is affected by high supply pressure and overall shows a weak fluctuation trend. By the end of the month, the unloading of foreign ships still fell short of expectations, but the pick-up volume significantly weakened, inventory accumulated narrowly, and the market had a high circulating volume with low downstream purchasing willingness, causing prices to weaken again. The methanol market in mainland China shows a trend of first rising and then falling, with weak supply and demand restricting the willingness to hold goods, and the overall weak situation has not fundamentally changed.
As of the close on October 31st, the closing price of methanol futures on Zhengzhou Commodity Exchange has fallen. The main contract for methanol futures, 2601, opened at 2202 yuan/ton, with a highest price of 2219 yuan/ton and a lowest price of 2172 yuan/ton. It closed at 2180 yuan/ton in the closing session, a decrease of 53 yuan or 2.37% from the previous trading day’s settlement. The trading volume is 826939, the position is 1350958, and the daily increase is 29995.
On the cost side, with the phased improvement of supply and demand structure, the increase in coal prices has put stronger pressure on methanol costs, and the profit of coal to methanol production has been rapidly squeezed. The cost of methanol is influenced by favorable factors.
On the demand side, there is significant pressure on the demand side, with significant price drops in downstream secondary and tertiary markets in recent times, leading to severe profit losses for most industries and significant constraints on the enthusiasm and actual demand for methanol procurement. The expected reduction in demand in November will be mainly reflected in the MTO industry, which is the core downstream consumer sector of methanol. The impact of its demand contraction on the market is particularly critical. Most downstream products are affected by methanol prices, and the demand for methanol is biased towards negative factors.
On the supply side, the overall loss of equipment is greater than the recovery, resulting in a decrease in capacity utilization. The supply of methanol is affected by favorable factors.
In terms of external markets, as of the close on October 30th, CFR Southeast Asia methanol market closed at $323.5-324.5 per ton. The FOB US Gulf methanol market closed at 88.5-89.5 cents per gallon; The European FOB Rotterdam methanol market closed at 266.5-267.5 euros/ton.
Future forecast: Some methanol maintenance projects will gradually resume, and domestic supply will remain sufficient; Coastal destocking still requires close monitoring of supply side fluctuations. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate weakly.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of October 31st, the price of 0 # zinc was 22266 yuan/ton, an increase of 0.32% compared to the zinc price of 22196 yuan/ton on October 27th.
This week’s market analysis
The zinc price is showing a strong trend of oscillation, supported by the reduction of overseas inventory and crowding out, while domestic demand is relatively weak.
Raw material end
Currently, domestic production remains at a high level, while the supporting role of raw material costs is becoming increasingly evident. Entering October, the production schedule remains at a high level, with the operating rate of smelters approaching 93.7% and the capacity utilization rate reaching saturation. In this context, the price of domestically produced TC has dropped to 3400 yuan/metal ton, while the price of imported TC has remained stable at 119 US dollars/dry ton. Although smelting profits have been somewhat squeezed due to the increase in raw material costs, the overall profit level is still relatively high.
Supply and demand side
In the current domestic economic environment, the overall consumer market is showing a weak trend, with insufficient growth momentum in domestic demand. Although exports have entered a window period, terminal demand is still weak, and market activity needs to be improved. After the holiday, the market mainly focuses on digesting the accumulated inventory in the early stage, and the pace of industry operation is gradually recovering. In this context, the profit window for zinc ingot exports has timely opened, bringing positive signals to the domestic zinc ingot market, which is expected to effectively alleviate the pressure of oversupply of domestic zinc ingots and promote market supply-demand balance.
Inventory end
The inventory of domestic zinc ingots has decreased.
comprehensive analysis
Recently, the zinc market has shown a short-term strong trend, which is supported by various factors. From the perspective of supply and demand, the current market is in a tight equilibrium state, with limited growth on the supply side and a certain degree of resilience on the demand side, making it difficult to effectively alleviate the supply-demand relationship in the short term. At the same time, the price difference between domestic and foreign zinc is gradually narrowing, which means that the competitiveness of domestic zinc prices in the international market has been enhanced, further stimulating the demand in the domestic market. In addition, the situation of tight inventory is also prominent, and low inventory provides strong support for zinc prices. Taking into account these factors, the zinc market has shown significant structural support in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 7240 yuan/ton on October 1st and 7106 yuan/ton on October 30th, a decrease of 1.84%. LDPE (2426H) had an average price of 9596 yuan/ton on October 1st and 9350 yuan/ton on October 30th, a decrease of 2.57%. The average price of HDPE (2426H) on October 1st was 7912 yuan/ton, and on October 30th it was 7650 yuan/ton, a decrease of 3.32%.
The performance of polyethylene in October was not good, and in the latter half of the year, linear products rebounded slightly due to macroeconomic favorable factors. After the National Day holiday, polyethylene inventory has accumulated, coupled with an increase in imported resources arriving at the port and the imminent production of new domestic capacity, resulting in significant pressure on the supply side. In October, agricultural film was in the peak demand season, with an increase in production rate compared to the previous period. However, some factories slowed down their follow-up orders in the later stage, resulting in lower demand compared to the same period in previous years. Downstream orders mainly maintained the need to replenish inventory, which limited support for the polyethylene spot market. Producers and traders are actively lowering prices to reduce inventory, leading to a weakening of the polyethylene market.
The supply and demand fundamentals of polyethylene are still weak, and it is expected that polyethylene will mainly operate weakly, but the downward space is limited.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the aniline market remained strong and rose in October. On October 1st, the market price of aniline was 7750 yuan/ton, and on October 28th, the price was 7995 yuan/ton, an increase of 3.06% during the period and a decrease of 14.95% compared to the same period last year.
2、 Analysis and Review
The aniline market in October was mainly boosted by favorable supply side conditions. After the National Day holiday, mainstream factories began to reduce load and carry out maintenance production. Equipment maintenance in the main production area has led to supply contraction and increased prices from suppliers. Subsequently, the maintenance equipment was restarted one after another, and the favorable support from the supply side weakened. Downstream demand remains high as raw materials continue to weaken. Under the influence of multiple factors, the aniline market is in a state of stagnation and consolidation.
Pure benzene: Crude oil weakens, downstream of pure benzene continues to suffer losses, low enthusiasm for raw material procurement, and cautious market sentiment. Combined with weak downstream growth and insufficient new orders from end-users, the pure benzene market continued to decline in October.
3、 Future expectations
At present, the cost of the aniline market is weak, coupled with weak demand. Once the supply side benefits are exhausted, it is expected that the possibility of the aniline market weakening in the short term will increase.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has slightly declined recently. As of October 27th, the average market price of n-butane oxidation maleic anhydride remained at 5375 yuan/ton, a decrease of 1.38% from 5450 yuan/ton on October 20th.
Supply side: Recently, the overall market for maleic anhydride has fallen, with previous auctions in Yantai not being successful, which has limited support for the maleic anhydride market and led to a price correction for the main maleic anhydride factories; Recently, the auction price of Wanhua has slightly increased, and the maleic anhydride market has rebounded slightly; The downstream unsaturated resin of maleic anhydride has limited procurement and poor stocking atmosphere. As of October 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 4800 yuan/ton.
Upstream: The overall price of n-butane has fallen this week, and as of October 27th, the price in Shandong is around 4230 yuan/ton.
Downstream: Currently, the unsaturated resin market remains stable, with some factories experiencing a slight increase in operating load. Downstream transactions are average, with a focus on maintaining basic demand.
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; There is no significant increase in the supply of maleic anhydride, and the main production area of Shandong has followed suit with the increase in bidding prices in Yantai. It is expected that the maleic anhydride market will rise slightly in the near future.

The center of gravity of ethylene glycol prices shifted downwards in October, and there are signs of stabilization this week
This week, the price of ethylene glycol first fell and then rose, showing signs of stabilizing and stopping the decline. According to data from Shengyi Society, as of October 24th, the average price of domestic oil to ethylene glycol was 4276.67 yuan/ton, a decrease of 2.47% 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 generally strong, and the basis transactions have increased significantly this week; As of October 24th, the actual trading range of this week’s contract basis is+95 to+107, an increase of 20-35 compared to last week.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3830-4030 yuan/ton.
In terms of external ethylene glycol, as of October 24th, recent ship cargo negotiations have resulted in transactions around $488-491 per ton.
The main reasons for the recent stabilization and stabilization of ethylene glycol prices are:
1. News of East China’s major factories switching production in November
There are new variables on the supply side, and market rumors suggest that a large factory in East China plans to shut down and switch production in November. The market is gradually digesting the supply of Yulong Petrochemical, and the pressure on domestic supply expectations has eased.
2. Inventory data declines
On October 23, 2025, the total inventory of ethylene glycol in the main ports of East China was 483000 tons, a decrease of 30000 tons compared to the total inventory of ethylene glycol in the main ports of East China on October 20, which was 513000 tons. The weekly cargo arrival volume has decreased, breaking the expectation of continuous inventory accumulation.
3. International crude oil prices have risen significantly
On October 23, 2025, international crude oil futures saw a significant increase. The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by $3.29, closing at $61.79 per barrel, an increase of 5.62%; The London Brent crude oil futures price for December delivery rose by $3.40 to close at $65.99 per barrel, an increase of 5.43%. The significant increase in raw material prices has affected investors’ expectations for the ethylene glycol market.
The probability of ethylene glycol prices starting weak and then strong in October is high
The overall inventory of ethylene glycol ports is still relatively low, and there is currently little pressure on spot supply. The recent price decline is mainly due to strong domestic supply expectations, more overseas imports to ports, weak downstream terminal hoarding willingness, strong inventory data, and weak market expectations for early trading fundamentals. At present, the price has fallen significantly and there are signs of stabilization in the near future. We will wait and see the strength of the bullish support in the future. Ethylene glycol is expected to bottom out and rebound in the short term. There is a high probability that the price of ethylene glycol will first weaken and then strengthen in October.