1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of November 12th, the average quotation price of domestic high-quality DMF enterprises is 4000 yuan/ton. Currently, the DMF market is mainly operating weakly, with insufficient driving force for price increases. The market supply is sufficient, with downstream essential procurement as the main focus, limited number of new customers, and mainly contract customers.
2、 Cause analysis
Market wise: Currently, the DMF market is facing a situation of oversupply. Since November, DMF prices have mainly fluctuated in a narrow range. Demand has recovered slowly, with prices remaining at around 4000 yuan/ton. Overall market demand is weak, production capacity continues to be released, and manufacturers have generally reduced production to alleviate pressure.
Supply and demand relationship: Upstream methanol prices continue to decline, with prices operating in a narrow range. Methanol production capacity continues to expand, port inventory accumulates, downstream demand is insufficient, consumption is slow, and there is a risk of declining operating rates. Currently, the overall market sentiment is weak, and there is insufficient motivation for price increases.
3、 Future forecast
DMF analysts from Shengyi Society believe that in the short term, the DMF market is operating steadily with small fluctuations, and the market price increase is insufficient.

1、 Price trend
According to data monitored by Shengyi Society, as of November 11th, the average price of domestic industrial grade high-quality cyclohexane was 7000 yuan/ton. This week, the price of cyclohexane remained stable, with insufficient upward momentum.
2、 Market analysis
In terms of market: This week, the focus of negotiations in the cyclohexane market remained stable, with prices fluctuating slightly and overall market price fluctuations being relatively small. As the main production area, Shandong Province currently has a loose supply of cyclohexane in the market, with high brand competition pressure and downstream essential procurement as the main source. The driving force for price increases is insufficient.
Upstream pure benzene: The fluctuation range of upstream pure benzene prices is limited, and the support for the cyclohexane market is average. On November 10th, pure benzene prices fluctuated strongly, downstream demand was weak, and the overall market was mainly under pressure.
In terms of demand: The downstream demand for cyclohexane is not ideal, and the demand for caprolactam market is flat. The main demand is for essential purchases, and the willingness to purchase is not strong. The cyclohexane market maintains growth in traditional fields, while emerging fields bring growth points.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market will mainly experience narrow consolidation, and prices will maintain their current trend.

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.