According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the month was 12833 yuan/ton, and at the end of the month, the price of activated carbon was 12766/ton, a decrease of 0.52%.

Domestic activated carbon manufacturers’ quotations have been weak this month. The ex factory price of coconut shell water purification activated carbon (iodine value 1000) is between 11000-13500 yuan/ton, the mainstream ex factory price including tax is about 9500 yuan/ton for iodine value 800, and 9800-10200 yuan/ton for iodine value 900. The market demand is off-season, and enterprises determine production based on sales, with stable raw material arrival at the port.
At present, the factory inventory is generally 30-40%, and orders are scheduled from January to February; Downstream industries such as water purification and food have stable demand, with no centralized procurement trend, limiting the increase in price. The high price of coconut shell activated carbon limits the enthusiasm for transactions. According to customs data statistics, the export volume of activated carbon from China in November was 33800 tons, an increase of 36% year-on-year and 24% month on month.
Prediction: Domestic coconut shell activated carbon transactions fell short of expectations, with limited downward space supported by costs. It is expected that activated carbon prices will mainly fluctuate in the short term.

In December 2025, the domestic bisphenol A market will change its previous sluggish trend and open up an upward channel to stop the decline. Under the multiple favorable factors of supply contraction, marginal improvement in demand, and strengthened cost support, market prices have steadily risen from the low point at the beginning of the month, and traders have a strong sentiment of price support, resulting in a significant rebound in market trading atmosphere. As of December 25th, the benchmark price of bisphenol A in Shengyi Society was reported at 7604.00 yuan/ton, an increase of 426 yuan/ton from 7178.00 yuan/ton on December 1st, with a cumulative increase of 5.93%. The stage rebound trend is clear.

Supply side contraction: device maintenance reduces load, market supply sharply decreases
The substantial contraction of the supply side is the core driving force behind the upward trend of the bisphenol A market. In December, several major domestic manufacturers of bisphenol A entered a state of maintenance or reduced load operation, resulting in a significant decline in industry operating rates and a decrease of about 15% in actual market supply compared to normal levels.
At the same time, the overall inventory of the industry is at a low level, further exacerbating the tight supply situation. The main enterprises are all in a low inventory state. The combination of supply contraction and low inventory has provided a solid foundation for the upward trend of market prices.
Improvement on the demand side: downstream production has rebounded, and rigid replenishment orders have been released
The two core downstream industries of bisphenol A, polycarbonate (PC) and epoxy resin, showed a synchronous recovery trend in early December. On the one hand, there is a rush demand in the terminal field at the end of the year, with an increase in orders from industries such as electronics and composite materials, driving upstream raw material procurement demand; On the other hand, in the early stage, the overall inventory of the industrial chain was reduced to a relatively low level. PC and epoxy resin production enterprises generally adopted a low inventory strategy. With the increase of production load, raw material reserves were rapidly consumed, resulting in varying degrees of raw material shortages, forcing enterprises to increase their efforts to replenish orders.
From the perspective of Business Society, the domestic bisphenol A market is likely to maintain a strong consolidation trend in the short term. On the supply side, the current low inventory pattern in the industry is difficult to change in the short term, and the maintenance and load reduction status of major enterprises will continue. The tight supply situation in the market cannot be substantially alleviated; On the demand side, although the downstream demand for supplementary orders has been partially released, there is still support for year-end rush orders, and essential procurement will maintain a certain scale; On the cost side, the raw material phenol and acetone markets are expected to operate steadily, and cost support is still present. Supported by multiple factors, the market price is expected to remain at a high level of around 7600 yuan/ton in the short term, and traders’ bullish sentiment is difficult to change.
In the medium term, there is a risk of market correction. On the one hand, after the downstream replenishment cycle ends, if terminal consumption fails to keep up, the demand support will weaken, and downstream enterprises’ resistance to high priced raw materials may intensify, putting pressure on the market to reduce inventory; On the other hand, with the restart of maintenance facilities such as Shandong Fuyu Petrochemical in January 2026, market supply will gradually recover, and the supply-demand mismatch pattern is expected to improve. In addition, attention should be paid to the macroeconomic environment and the recovery of terminal industries. If terminal demand continues to be weak, the upward trend of the bisphenol A market is difficult to sustain, and prices may experience a temporary correction.

Phthalic anhydride market rebounds and rises
According to the Commodity Market Analysis System of Shengyi Society, as of December 25th, the price of phthalic anhydride from neighboring countries was 5633.33 yuan/ton, which rebounded and increased by 1.81% compared to the price of phthalic anhydride of 5533.33 yuan/ton on December 22nd. This week, phthalic anhydride has rebounded and stopped falling. The price of raw material ortho benzene has temporarily stabilized, costs have stabilized, the operating rate of phthalic anhydride enterprises has increased, and the supply of phthalic anhydride is sufficient; The operating load of downstream DOP enterprises has slightly increased, and the demand for phthalic anhydride has increased. Cost support has increased, coupled with increased demand support, reducing the downward pressure on phthalic anhydride.
The cost of phthalic anhydride has decreased, and the supply has increased
On December 25th, Sinopec quoted 5700 yuan/ton for ortho benzene, with ortho benzene prices temporarily stable and phthalic anhydride costs stabilizing. This week, the operating load of phthalic anhydride equipment has increased to 75%, resulting in an increase in production and sufficient supply of phthalic anhydride. Supply has increased, but there is still downward pressure on phthalic anhydride.
Demand side: DOP prices have fluctuated and risen this week
According to the commodity market analysis system, as of December 25th, the DOP price was 7217.50 yuan/ton, a fluctuating increase of 0.81% compared to the DOP price of 7159.16 yuan/ton on December 21st. This week, the operating load of plasticizer DOP enterprises has slightly increased, with the operating rate rising to 65%. DOP production has increased, and the demand for phthalic anhydride has increased. The downward pressure on phthalic anhydride has weakened, and the upward support has increased.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, the DOP equipment load of plasticizer enterprises has increased, the production of plasticizers has increased, and the support for phthalic anhydride demand has increased. Overall, the cost of phthalic anhydride is stabilizing, the production of phthalic anhydride is increasing, and the supply and demand support are increasing. The profit losses of phthalic anhydride manufacturers are increasing, and they have a strong willingness to raise prices. The low-priced supply of phthalic anhydride in the market is decreasing, and the market speculation atmosphere is strengthening. It is expected that the price of phthalic anhydride will rebound and rise in the future.

The focus of the domestic acetone market continues to decline, hitting a new low for the year once again. According to monitoring data from Shengyi Society, the national acetone market reported an average daily price of 4227 yuan/ton from December 1st to 4087 yuan/ton on December 19th, a decrease of 3.31%. The negotiated price for acetone in the East China market is 4050 yuan/ton, a decrease of 1800 yuan/ton, or 30.34%, compared to 5867 yuan/ton in the same period of 2024. Currently, holders are affected by inventory pressure and weak mentality, and their offers are gradually loosening. The sluggish purchasing willingness of end-users has led to a concentration of actual transactions in the low price range, and sporadic traders are offering discounts to further lower the market focus.

Supply and demand pattern: A balance is formed between domestic production reduction and import supplementation, and inventory pressure still exists.
1. Supply side: Domestic production shrinks but import hedging: The operating rate of domestic phenol ketone plants is less than 80%, which is relatively low compared to previous periods. Although the domestic supply of goods has decreased year-on-year, the import volume of acetone in East China in December reached 50000 tons, of which 26000 tons have already arrived and 24000 tons are in transit. The port inventory is stable at 24000 tons, effectively filling the domestic reduction gap, and there is no substantial shortage of overall supply. two Demand side: Strong demand is the main focus, with insufficient willingness to replenish: downstream industries such as bisphenol A, isopropanol, MMA (methyl methacrylate), MIBK (methyl isobutyl ketone), etc. purchase mainly for strong demand, and there are limited proactive restocking players. The MIBK market has intensified its supply-demand contradiction, with prices dropping by 300 yuan/ton compared to November. Downstream demand for raw material acetone is strong; Although there is a demand for replenishment in the bisphenol A industry in December, the procurement of acetone is only maintained at an on-demand level, making it difficult to form an effective driving force. .
The prices of raw materials pure benzene and propylene continue to weaken
Since 2025, the price of pure benzene has fallen by more than 25% year-on-year, and the price of propylene fell below 6000 yuan/ton at the end of October, hitting a new low for the year, resulting in a significant weakening of the cost support for phenol ketone production. The “weak support” on the cost side makes production enterprises lack the motivation to raise prices, and may instead alleviate the pressure of losses by lowering prices and shipping.
Holders lack confidence in the future market: on the one hand, they are concerned about the further increase in inventory after the concentration of imported goods in transit arrives at the port, and on the other hand, they predict that downstream demand will be difficult to recover in the short term, so they tend to “fast in, fast out” to reduce risks; Terminal factories, based on the mentality of “buying up, not buying down”, postpone their procurement plans and wait for signals of price stabilization, forming a negative cycle of “price decline demand wait-and-see inventory accumulation further decline”.

Business Society predicts that the spot price of acetone in East China will remain fluctuating within the range of 4050-4100 yuan/ton, with a high probability of showing a “narrow range fluctuation and slight decrease in center of gravity” trend. One is the increase in supply side pressure: the operating rate of domestic phenol ketone plants is expected to slightly increase, coupled with the concentration of 20000 tons of imported cargo on the way to the port, the port inventory may increase from 24000 tons to 28000 to 30000 tons, further highlighting the loose supply pattern. Secondly, it is difficult to improve the demand side: the operating rate of the bisphenol A industry is expected to slightly decrease, while the operating rates of the MMA and MIBK industries remain stable. The solvent industry purchases on demand, and the overall demand side lacks incremental growth, making it difficult to cope with supply pressure. Thirdly, the cost side support is limited: the raw material pure benzene and propylene markets are expected to fluctuate narrowly, and the phenol ketone industry is still in a loss making state. The cost side is difficult to effectively support acetone prices, and the downward resistance to prices mainly comes from the reluctance of traders to sell at the current low level.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the aniline market experienced a weak decline this week. On December 8th, the market price of aniline was 7812 yuan/ton, and on December 12th, the price was 7675 yuan/ton, a decrease of 1.76% during the period and a decrease of 19.12% compared to the same period last year.
2、 Analysis and Review
The aniline market has shown a significant decline this week. During the week, the company’s goods were not smooth, and the supply was loose. The price of aniline quickly fell, with a drop of 200 yuan/ton on the same day, and the mainstream price of aniline fell to 7700 yuan/ton. The market trading volume is average, and the price continues to decrease by 100 yuan/ton. The price has fallen to its position, with increased trading volume, and the aniline market has slightly increased by 50 yuan/ton. Sales pressure is released, and prices have stopped falling and rebounded.
Cost wise: The pure benzene market fluctuated at a low level this week. The port continues to accumulate inventory, and downstream construction has slightly increased, but the impact on styrene is limited. Without significant fluctuations in oil prices. It is expected that the pure benzene market will maintain consolidation and operation in the short term.
3、 Future expectations
The current trading in the aniline market is stable, with relatively low inventory pressure. It is expected that the aniline market will consolidate and operate in the short term, and close attention will be paid to changes in raw materials and supply and demand in the future.

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 5408.34 yuan/ton, and the average price over the weekend was 5183.33 yuan/ton, with a price reduction of 4.16%.
This week, the market price of isopropanol has experienced a wide decline. The price of raw material acetone has fallen, and there is a lack of confidence in the isopropanol market within the market. The trading atmosphere is not good, and holders are offering discounts to sell. On site inquiries are cold, downstream demand is weak, and trading volume is limited. As of now, most of the isopropanol market prices in Shandong are around 5100-5200 yuan/ton; The majority of prices in the isopropanol market in Jiangsu region are around 5200-5300 yuan/ton.
Future forecast
The isopropanol analyst from the Chemical Branch of Shengyi Society believes that the isopropanol market price has fallen this week, downstream demand is flat, and on-site inquiries are quiet, so it is advisable to wait and see. It is expected that the short-term market will mainly consolidate weakly, and more attention will be paid to the trading trends of large companies.

In November, the domestic epoxy propane market first rose and then fell. According to the monitoring system of Shengyi Society, as of November 28th, the benchmark price of Shengyi Society’s epoxy propane was 7933.33 yuan/ton, an increase of 3.03% compared to November 1st.

Price influencing factors:
Raw material side: In November, the market price of raw material propylene first rose and then fell, while the price of liquid chlorine fluctuated slightly. The rise in raw material prices in the first half of the month provided strong support for epoxy propane, and prices continued to rise. As the end of the month approached, companies attempted to reduce profits by shipping at low prices, resulting in a downward trend in epoxy propane market prices. According to the monitoring system of Shengyi Society, as of November 28th, the benchmark price of propylene in Shengyi Society was 6193.25 yuan/ton, an increase of 2.23% compared to the beginning of this month (6058.25 yuan/ton).
Supply side: In the first half of the month, Wanhua and Xinyue reduced their epoxy propane load, and Wanhua imported epoxy propane, further increasing the tight supply situation in the market. The tight supply situation has led to an increase in the price of epichlorohydrin. In the second half of the month, due to the completion of refinery maintenance, the load of Shandong Jinling and other units increased, easing the tight supply of epoxy propane in China.
On the demand side: In the first half of the month, there was a concentration of newly added and restarted downstream facilities, coupled with some downstream enterprises’ centralized procurement and follow-up, resulting in a slightly tight market inventory and an upward trend in the price of epoxy propane. However, in the second half of the month, the number of new orders for polyether polyols decreased, export orders were not supported enough, the market trading atmosphere was cold, and on-demand procurement was the main trend, resulting in a decline in the market price of epoxy propane.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that currently, the market price of propylene on the raw material side has declined, providing weak support for epoxy propane. The downstream new order volume is insufficient, and the demand for epoxy propane has weakened, mainly due to rigid demand procurement. In addition, the tight supply situation in the market has eased, and enterprises have a strong willingness to sell at low prices in order to reduce profits. It is expected that the epoxy propane market will mainly operate weakly and steadily in the later stage, and more attention should be paid to changes in raw material prices and market supply and demand.

In November, the domestic phenol market experienced more declines than gains. According to data monitored by Business Society, the domestic phenol market has entered a rapid downward trend since early October, with a cumulative decline of nearly 10% over the past two months. The decline narrowed in November, with overall fluctuations occurring, with a monthly decline of 2.94%. The listing price of Sinopec’s East China factory is 6300 yuan/ton, and the market price in the East China region is 6163 yuan/ton.

In early November, due to a slightly tight supply situation, the overall average price was relatively high, and traders had limited willingness to offer discounts. After some factories raised prices in the second half of the month, traders reported high prices, but the driving force of terminal purchasing sentiment was limited. The upward trend briefly maintained before disappearing, and the market once again entered a situation of continuing to explore the bottom.
At the beginning of the month, the inventory of phenol at Jiangyin Port dropped to a historical low of 1300 tons. Later, with the gradual arrival of imported and domestic trade ships to replenish, the inventory level at the port increased to 10000 tons, and the overall spot circulation volume was not significantly affected.
In November, 8 sets of phenol ketone plants in China underwent maintenance, involving a total production capacity of 2 million tons per year. The monthly production of phenol in China was 460000 tons, a decrease of 0.9% year-on-year and 4.2% month on month.
On the demand side, the past two months have been dominated by rigid demand, with no significant improvement in demand and insufficient trading.
Business Society predicts that the phenol market will continue to operate weakly in December. On the supply side, it is expected that Zhejiang Petrochemical Phase II and Ningbo Taihua units will restart at the beginning of the month. The supply side is concerned about the arrival time of imported goods and domestic trade ships. From the demand side, the overall fluctuation is not significant, with a slight increase in bisphenol A, but it is mostly closely followed by phenol and other downstream products such as phenolic resins to maintain demand. In the current lack of positive stimulus, the phenol market is expected to hit a new low for the year in December.

1、 Price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market was mainly adjusted within the range this week (11.24-28), and the price did not change much compared to last week. The market price slightly increased during the week, with a growth rate of 0.48%. As of Friday, the average price of SG-5 PVC carbide method in China is 4452 yuan/ton.
2、 Market analysis
The ex factory price of PVC manufacturers has not changed much this week, with some minor adjustments controlled within 50 yuan/ton. The main reason is that the fundamentals have not improved significantly, and crude oil prices have shown weak performance. The PVC futures market is operating within a range, with slightly stronger fluctuations. This week, the spot market also maintained a range fluctuation trend, with prices mainly stabilizing and slightly rebounding. From the perspective of supply and demand fundamentals, the spot PVC market has shown loose supply and demand, and most manufacturers are operating stably. There is not much pressure on supply and demand, and dealer offers are generally weak. Downstream demand performance is insufficient, and downstream procurement is mainly based on spot prices. The enthusiasm for inquiry procurement is not high, and the market atmosphere is sluggish. Overall, it is still mainly based on basic needs. As of now, the quotation range for PVC SG5 electric aggregate in China is mostly around 4480-4520 yuan/ton.
In terms of upstream calcium carbide, as we enter November, the price of calcium carbide continues to decline. This week, the calcium carbide market still shows weakness, and prices continue to decline. According to the Commodity Analysis System of Shengyi Society, the decline this week was 0.79%. The weak prices of upstream raw materials have brought certain negative effects to PVC.
3、 Future forecast
The PVC analyst from Shengyi Society believes that in terms of cost, upstream calcium carbide continues to be weak, and there is no signal of a rebound in the market, which will continue to suppress PVC prices in the later stage. From the perspective of supply and demand, the PVC spot market has stopped falling but the rebound is weak, mainly due to insufficient downstream operating rates and average demand. The supply-demand pattern is difficult to change in the short term, and it is expected that PVC prices will continue to maintain a range adjustment pattern next week.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of November 27th, the reference average price of domestic urea market is 1652 yuan/ton, which is 2.80% higher than the reference average price of 1607 yuan/ton on November 1st.
2、 Market analysis
supply and demand situation
The domestic urea market prices have fluctuated and risen this month. This month, the urea futures market has strengthened, and the spot market has followed the trend of the futures market. The dual positive effects of exports and a new round of label printing have increased market optimism. The daily production of urea remains high, and supply pressure still exists. In terms of demand, after the phosphorus composite conference, the demand for fertilizer winter storage began to advance, downstream raw material procurement demand increased, and the market trading atmosphere improved.
market situation
As of November 27th, the urea market prices in Shandong are around 1600-1650 yuan/ton, Hebei is around 1620-1660 yuan/ton, Henan is around 1610-1650 yuan/ton, and Liaoning is around 1680-1720 yuan/ton.
According to the weekly K-bar chart from September 1, 2024 to November 17, 2025, it can be seen that the domestic urea cycle is characterized by ups and downs. In November, domestic urea prices rose significantly, with the largest increase being 1.57% in the week of November 3rd.
3、 Future forecast
Business Society’s urea analyst believes that the urea market has experienced slight fluctuations in recent days. At present, downstream demand for replenishment is urgent, industrial and agricultural demand is stable, and market trading is still acceptable. The inventory of urea market is still at a high level, and the market mentality is cautious. It is expected that the domestic urea market will experience a narrow range of price consolidation and operation in the short term.