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.

According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has been stable recently. As of November 24th, the benchmark price of 85% formic acid for industrial grade in China was 2910 yuan/ton, which was the same as the same period last week (November 17th), with a month on month increase of 3.93% and a year-on-year increase of 2.11%.

Supply side: temporarily stable operation, maintenance plan becomes a latent variable
The overall supply side remains stable, and the operating rate of production enterprises remains at a normal level. During this period, the market focus was on the dynamics of major factories in Liaocheng: after suspending quotations on November 16th, the factory resumed normal shipments on November 17th, and prices remained at the same level as last weekend. Although the shipment volume was average, it did not have a substantial impact on market supply.
The maintenance plan for the Liaocheng large factory, originally scheduled for mid month, has been postponed to late this month, and market reports indicate that another large factory has a maintenance plan in place later this month. If the maintenance plans of multiple large factories in the latter half of the year are successfully implemented, it may trigger a temporary supply contraction, which will become a key factor affecting the subsequent market supply pattern.
On the demand side: rigid demand dominates, and there is a significant lack of incremental power
The demand side shows a flat performance, with an overall characteristic of “rigid demand as the main factor and limited increment”. With the recent end of the procurement cycle, the purchasing enthusiasm of end users has declined, and they generally adopt an on-demand procurement strategy, resulting in a relatively light market trading atmosphere.
The formic acid data analyst from Shengyi Society believes that there are no significant positive or negative news releases from both the supply and demand sides of the market, and prices may continue to operate steadily. In the medium to long term, it is important to pay close attention to the implementation of the maintenance plan for large factories by the end of this month. If there is a temporary contraction in supply, it may disrupt the current balance, and specific market changes still need to be monitored.

According to the Commodity Analysis System of Shengyi Society, the styrene market has been fluctuating this week. The average price at the beginning of the week was 6720 yuan/ton, and the average price over the weekend was 6620 yuan/ton, with a decrease of 1.19% during the week.

News: On November 20th, international crude oil futures closed down. The settlement price of the January WTI crude oil futures contract in the United States was $59.00 per barrel, a decrease of $0.25 or 0.4%. The settlement price of Brent crude oil futures for February was $62.80 per barrel, a decrease of $0.20 or 0.3%.
Cost wise: The pure benzene market fluctuated at a low level this week. The rise in foreign markets has driven up domestic prices, but due to the weak fundamentals of pure benzene, they quickly fell back, and there are still many imports to ships in the future. The import expectation for November is high, and the pure benzene market is prone to decline but difficult to rise.
Supply and demand side: As of November 20th, the overall production of styrene was 342900 tons, with an operating rate of 68.95%. Sinochem Quanzhou’s 450000 tons/year production was shut down for maintenance due to unforeseen circumstances, resulting in an unplanned reduction in supply. The overseas demand on the demand side has slightly boosted, but the sustainability is limited. Domestic demand is in the off-season, and downstream 3S production remains at the original level, with limited demand pull.
Styrene external market: On November 20th, the closing price of styrene market in Asia increased by $5/ton, with closing prices of $800-805/ton FOB Korea and $810-815/ton CFR China.
Market forecast: The current styrene market profit recovery, some factory maintenance may be delayed, coupled with new device testing, the supply side decline gradually weakens, and it is expected that the styrene market will fluctuate and consolidate in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from November 10th to 14th, the price center of the domestic aggregated MDI market slightly shifted upward, with an average price of 14300 yuan/ton at the beginning of the week and 14466 yuan/ton at the end of the week. During the cycle, it increased by 1.17% and decreased by 21.38% year-on-year. The aggregated MDI market remained stable and pushed up during the week, with supply from mainstream manufacturers tightening. In addition, major manufacturers have maintenance plans in the near future, and traders are reluctant to sell at low prices, resulting in cautious operations and a slight increase in prices.

On the supply side, the 200000 ton/year MDI in Jinhu, South Korea will undergo maintenance in early September, with a duration of 20-30 days. It has now resumed operation. Wanhua Ningbo has a maintenance plan in November, and the rest of the equipment is running smoothly.
On the cost side, the recent pure benzene market has slightly improved, with insufficient downstream orders and continued losses. The enthusiasm for raw material procurement is still not high, but with the price of pure benzene reaching a new low, downstream companies have entered the market on dips, and the market has rebounded slightly. This week, the market has risen slightly. Recently, the aniline market has been consolidating after rising. On November 5th, the market price of aniline was 7525 yuan/ton, and on November 13th it was 7737 yuan/ton, with a 2.82% increase during the period,
On the demand side, downstream demand remains weak, and the market has not shown significant improvement. Under the weak fundamentals, the aggregated MDI market is difficult to pick up.
Future forecast: Currently, the willingness of suppliers in the aggregated MDI market to raise prices will not decrease, and downstream demand will enter the market. We will closely monitor market transactions and expect the aggregated MDI market to maintain stability and operate in the short term.