According to the Commodity Market Analysis System of Shengyi Society, from October 1st to 31st, the average price of domestic ethanol producers narrowly fell from 5560 yuan/ton to 5304 yuan/ton, with a price drop of 4.61% during the period and a year-on-year price drop of 4.85%.

In the first half of the month, the price of raw corn decreased significantly, and after the holiday, some areas saw an increase in plant construction. Downstream urgent needs were replenished, resulting in low transaction prices. The domestic ethanol market price fell significantly. In mid month, the ethanol market continued to be weak, with raw material corn prices continuing to rise and cost support improving. But the overall supply continues to increase, and downstream demand for replenishment is urgent, mainly consuming previous inventory. At the end of the month, the supply increased, factories maintained normal operation, downstream consumption was not high, transactions were limited, and prices fell again.
In terms of cost, corn prices continue to operate steadily with a moderate to strong trend. The morning delivery volume of Shandong deep processing enterprises remains low, and the pressure on the supply of tidal grain in the early stage has weakened. Each enterprise can flexibly adjust according to its own situation. Prices in the Henan region have also slightly increased. The prices of deep processing enterprises in Hebei have been reduced narrowly, while the prices at the grassroots level have remained stable. The cost of ethanol is influenced by bearish factors.
On the supply side, Hongzhan Plant 4 is operating at full capacity, Wanli Plant is operating at full capacity, COFCO Zhaodong Fuel Ethanol has resumed production, Jilin Fukang Plant 3 and 4 are operating at full capacity, and Guotou Jidong, Tieling, and Hailun Plants are operating normally. The early maintenance equipment has been gradually restored, but the ethanol supply side is affected by unfavorable factors.
On the demand side, from the perspective of demand, merchants are more active in shipping, while downstream companies are cautious and cautious, replenishing appropriately according to demand. The overall trading atmosphere is average. Negative factors affecting ethanol demand.
The future forecast shows that the production of enterprise equipment is stable, the demand is limited, and the price stability is weak. The ethanol analyst from Shengyi Society predicts that the short-term ethanol market will be weak and consolidating.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market will experience a broad downward trend in October 2025. From October 1st to 30th, the domestic butadiene market price decreased from 8886.67 yuan/ton to 7516.67 yuan/ton, with a price drop of 15.42% during the period.
Early October: After the holiday, the overall operation of the butadiene market was weak, and the ex factory prices of domestic main refineries were widely lowered. The overall performance of downstream demand was poor, and the trend of the synthetic rubber market was weak, with low market entry enthusiasm and weak purchasing intentions. The actual transaction performance of the market was poor, lacking demand support, and the overall operation of the butadiene market was weak.
Late period: Late period: After entering late period, the butadiene market first stabilized and then fell, with insufficient downstream demand in the initial stage. The enthusiasm for entering the synthetic rubber market was low, and the purchasing intention for raw material butadiene was weak. The actual transaction performance of the market was poor, and the spot market operated weakly, with a slight downward adjustment. At the end of the month, due to the dual impact of the restart of maintenance equipment and the production of new production capacity, the overall supply side was relatively loose, and the external market continued to decline. There were many negative factors in the market, which led to a wide decline in the butadiene market at the end of the month. As of the 30th, the mainstream delivery price in Shandong region is between 7520-7650 yuan/ton.
On the cost side: According to the Commodity Market Analysis System of Shengyi Society, the crude oil market first fell and then rose in this cycle. The crude oil market was affected by negative factors in the first ten days. On the one hand, OPEC+has launched a new round of production increase of 1.65 million barrels per day, but the market is still concerned about the long-term risk of oversupply, and the crude oil market continues to decline; On the other hand, the easing of the situation between Israel and Palestine, coupled with weakened demand from the United States, has dragged down global economic and demand expectations due to US tariffs. In addition, the increase in US crude oil inventories has led to the end of the peak oil season in the United States, and the global economic outlook and oil demand are not optimistic, resulting in a rapid decline in international oil prices. After entering the second half of the year, OPEC+has launched a new round of production increase of 1.65 million barrels per day. The market is still concerned about the long-term risk of oversupply. The situation between Palestine and Israel has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down global economic and demand expectations, leading to a rapid decline in international oil prices; However, in the later stage, with the continuation of sanctions policies against some oil producing countries by Europe and the United States, coupled with reduced concerns about negative pressure caused by US tariffs and trade disputes, the crude oil market trend has risen. As of the 29th, the settlement price of the December WTI crude oil futures contract in the United States was $60.48 per barrel. The settlement price of Brent crude oil futures for the December contract is $64.92 per barrel.
Supply side: As of October 30th, the listed price of butadiene for various sales companies of Sinopec is 7900 yuan/ton, a decrease of 1100 yuan/ton compared to the same period last month.

Demand side: Since October, some units have restarted and domestic butadiene production has rebounded. In addition, international crude oil has fluctuated and fallen, resulting in a significant decrease in raw material butadiene prices and a significant shift in the cost center of butadiene rubber; In addition, the start of production of butadiene rubber in October first increased and then decreased, and the pressure on the supply side gradually eased; Downstream tire production has steadily increased slightly, mainly supporting the demand for butadiene rubber. Under the comprehensive influence, the price of butadiene rubber weakened and decreased in October. According to the Commodity Market Analysis System of Shengyi Society, as of October 30th, the market price of butadiene rubber in East China was 11190 yuan/ton, a decrease of 4.11% from 11670 yuan/ton at the beginning of the month.
Market forecast: In terms of supply, with the start of equipment and the production of new capacity, the market expects that the situation of loose supply in the future will continue for a period of time, and the overall performance of the supply side is bearish. On the demand side, although the synthetic rubber futures market has slightly strengthened, the market’s purchasing mentality still leans towards rigid demand, with low enthusiasm for entering the market and weak purchasing intentions. The actual transaction performance in the market is poor, and the demand side is bearish. Overall, under the weak supply-demand pattern, it is expected that the butadiene market will continue to operate weakly in the near future, with a focus on downstream demand.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the average market price of light soda ash remained at 1186 yuan/ton from October 21 to 28, and the trend of soda ash prices continued to be stable.
2、 Market analysis
Recently, the soda ash market has remained stable. On the supply side, the fluctuation of soda ash equipment is not significant, and the utilization rate of production capacity remains high. Manufacturers negotiate shipment operations, while downstream parties remain weak. Market purchases are mainly based on demand, and the mentality of purchasing goods is cautious. The inventory of soda ash is high, and the overall market consumption is limited. The supply and demand game in the market leads to weak consolidation of soda ash prices.
On the demand side: According to the commodity analysis system of Shengyi Society, the glass market has recently experienced a wide decline, with an average market price of 13.85 yuan/square meter as of October 28th, a decrease of 5.33% compared to the price of 14.63 yuan/ton on October 21st. The glass market has not changed much in terms of production, with high total inventory on the supply side, weakened downstream demand, average market entry and purchase, limited social inventory consumption, and continued accumulation of enterprise inventory. The trend of glass prices continues to decline.
Future forecast: Currently, the trading in the domestic soda ash spot market is weak, and the expected supply in the later period is bullish. The pressure on soda ash companies to ship has increased, and the downstream glass market continues to be weak, providing weak support for soda ash. The market fundamentals are oversupplied, and it is expected that the soda ash market will operate weakly. Please pay specific attention to the market shipment situation.

According to the Commodity Market Analysis System of Shengyi Society, the market for toluene is expected to decline from October 20 to October 27, 2025. On October 20th, the benchmark price of toluene was 5200 yuan/ton, and on October 27th, the benchmark price of toluene was 5150 yuan/ton, a decrease of 0.96%. The domestic toluene market has fluctuated downward in this cycle. The ex factory prices of the main refineries in Shandong region have slightly decreased, while 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 decreased, and the enthusiasm for downstream market entry is weak. Overall, the toluene market has been stable, moderate, and weak this week.

Cost wise: According to the Commodity Market Analysis System of Shengyi Society, as of the 24th, the settlement price of the December WTI crude oil futures contract in the United States was $61.50 per barrel, and the settlement price of the December Brent crude oil futures contract was $65.94 per barrel. The crude oil price market in this cycle first fell and then rose. At the beginning of the cycle, OPEC+has launched a new round of production increase of 1.65 million barrels per day. The market is still concerned about the risk of long-term oversupply. The situation between Palestine and Israel has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down the global economy and demand expectations, leading to a rapid decline in the international oil price market; However, in the later stage, with the continuation of sanctions policies against some oil producing countries by Europe and the United States, coupled with reduced concerns about negative pressure caused by US tariffs and trade disputes, the crude oil market trend has risen.
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 October 27th, East China Company quoted 5150 yuan/ton, North China Company quoted 4950 yuan/ton, South China Company quoted 5400-5500 yuan/ton, and Central China Company quoted 5150 yuan/ton.
Demand side:
On October 27th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6650 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 October 24th, the closing prices of the xylene market in Asia were 789-791 US dollars/ton FOB Korea and 814-816 US dollars/ton CFR China.
Market forecast: The overall trend of the crude oil market is volatile in the near future, which provides insufficient guidance for the market. From the perspective of supply and demand, the overall market changes have been limited recently, with stable supply. The main refineries have slightly lowered their ex factory prices over the weekend, and the market atmosphere is relatively quiet. The recent performance of the demand side still leans towards rigid demand, with a focus on replenishing inventory as needed. Overall, the news on toluene has been bearish recently, and it is expected that the market trend will remain stable and weak in the short term.

This week, the domestic phenol market has been operating weakly. According to data monitored by Business Society, from the perspective of the East China market, the domestic phenol market price was 6516 yuan/ton on October 17th and 6550 yuan/ton on October 24th, an increase of 0.51%. Major mainstream markets across the country have made slight adjustments.

In terms of supply, the operating rate of phenol ketone enterprises is 75%. The listing price of Sinopec East China is 6600 yuan/ton, and the operating level of domestic phenol ketone plants is basically stable. The port inventory dropped to a low of 2000 tons within the week, with 29200 tons of phenol cargo recorded in East China in October and 10000 tons known to be in transit in November.
From a demand perspective, downstream rigid demand is the main factor. Considering the high monthly average price and stable prices on weekends, but the short working days this month have led to a high willingness of traders to ship, resulting in insufficient trading volume in the current market.
As of October 24th, the phenol offers in various mainstream markets across the country are as follows:
Region. Quotation on October 24th /Zhou’s ups and downs
East China region / 6550./ 10
Shandong region / 6550./ 25
Surrounding areas of Yanshan Mountain 0
South China region / 6600./ 0
In terms of equipment: Pay attention to the progress of Jilin Petrochemical’s new phenol ketone unit in the later stage. Shandong Fuyu Chemical plans to start a 30 day maintenance on September 28th, and Ningbo Taihua plans to start a 40 day maintenance in mid October.
Business Society predicts that the price of phenol will fluctuate narrowly next week, with little fluctuation in supply and a slight decrease in demand.

This week, the phthalic anhydride market fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of October 20th, the price of phthalic anhydride in neighboring countries was 6050 yuan/ton, a fluctuating decrease of 3.87% compared to the price of 6293.33 yuan/ton on October 1st, and a decrease of 2.68% compared to the price of 6216.67 yuan/ton on October 13th last Monday. This week, the price of ortho benzene fell, the price of industrial naphthalene fluctuated and fell, the cost support of phthalic anhydride decreased, the equipment load of phthalic anhydride slightly decreased, the operating rate of phthalic anhydride enterprises decreased, the supply of phthalic anhydride was sufficient, the downstream plasticizer market fluctuated and fell, the equipment operating load of plasticizer enterprises decreased, and the demand support for phthalic anhydride weakened. Due to the decrease in costs and weakened demand support, the price of phthalic anhydride fluctuated and fell this week.
This week, the cost of phthalic anhydride has decreased
On October 20th, Sinopec quoted 6100 yuan/ton for ortho benzene, a decrease of 300 yuan/ton or 4.69% from the price of 6400 yuan/ton on October 1st. The price of industrial naphthalene has fluctuated and fallen, the price of ortho benzene has fallen, the cost of phthalic anhydride has decreased, and the downward pressure on phthalic anhydride has increased. This week, the operating load of phthalic anhydride equipment has slightly decreased, the operating rate of phthalic anhydride enterprises has decreased, and the supply of phthalic anhydride is sufficient.
Demand side: Downstream production decreases, DOP prices fluctuate and fall
According to the Commodity Market Analysis System of Shengyi Society, as of October 20th, the DOP price was 7209.17 yuan/ton, a fluctuating decrease of 2.15% compared to the DOP price of 7367.50 yuan/ton on October 1st; Compared to October 13th, the DOP price of 7309.16 yuan/ton fluctuated and fell by 1.37%. This week, DOP prices fluctuated and fell, with DOP companies operating at less than 60% capacity and a slight decrease in operating rates. The weak demand for phthalic anhydride intensified, and the support for phthalic anhydride demand decreased, increasing the downward pressure on phthalic anhydride.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, the load of plasticizer enterprises has decreased, the production of plasticizers has decreased, and the support for phthalic anhydride demand has decreased; In terms of cost, the price of ortho xylene has fallen, the price of industrial naphthalene has fluctuated and fallen, and the cost of phthalic anhydride has decreased. In the future, the cost of phthalic anhydride will decrease, coupled with a decrease in demand support, and it is expected that the price of phthalic anhydride will fluctuate and fall.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of bromine has remained stable this week. The average market price from the beginning of the week to the end of the week was 27900 yuan/ton, an increase of 39.08% compared to the same period last year. On October 16th, the Business Society Bromine Index was 97.89, unchanged from yesterday, a decrease of 60.07% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 66.14% from the lowest point of 58.92 points on October 29th, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine has remained stable, with a reference price of 28000-29000 yuan/ton for spot bromine production in Shandong region. Due to weather and policy reasons, bromine enterprises 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 stable this week, with an average market price of 2667.67 yuan/ton at the beginning of the week and 2761 yuan/ton over the weekend. The price has increased by 3.5%, which is 88.98% higher than the same period last year. Downstream demand is generally average.
Prediction: Bromine prices are expected to remain stable in the near future, while upstream sulfur prices are expected to remain strong. Bromine prices are expected to remain stable this week, while downstream purchases are expected to be made on demand. Overall market activity is moderate. Downstream trading is average, and it is expected that bromine may continue to consolidate in the later period, depending on downstream market demand.

1、 Price trend

Taking the sulfuric acid method gold red stone type titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market remained stable with some growth in September. On September 1st, the average price of titanium dioxide was 13480 yuan/ton, and on September 30th, the average price of titanium dioxide was 13820 yuan/ton, with a price increase of 2.52%.
2、 Market analysis
The domestic titanium dioxide market remained stable with some growth in September. The raw materials such as titanium concentrate are still relatively strong, and manufacturers have a strong mentality of raising prices under cost pressure. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13200-14200 yuan/ton; The price of the titanium type is around 11700-12500 yuan/ton, and the actual transaction price is negotiable.
According to relevant media, on September 22, 2025, the Indian High Court revoked the government’s decision to impose anti-dumping duties on titanium dioxide imported from China. Meanwhile, due to the possibility of the General Administration for Trade Remedies (DGTR) reopening the investigation, its uncertainty still exists. But this is expected to have certain positive factors for the titanium dioxide market in the near future.
According to customs data, the export volume of titanium dioxide in August 2025 was approximately 138736 tons, an increase of 11.26% month on month and a decrease of 36.17% year-on-year. The cumulative export quantity from January to August was about 1190108 tons, a year-on-year decrease of 7.98%. In August, the export quantity of chlorinated titanium dioxide was 24985 tons, an increase of 1.86% compared to the previous month. The export quantity of sulfuric acid titanium dioxide was 113751 tons, an increase of 3.14% compared to the previous period.
According to customs data statistics, in August 2025, China imported 3431.18 tons of titanium dioxide, a year-on-year decrease of 46.63% and a month on month decrease of 53.04%. Among them, 1887.10 tons were imported by chlorination method and 1554.08 tons were imported by sulfuric acid method. The total import of titanium dioxide from January to August 2025 was 50500 tons, a year-on-year decrease of 20.16%. Among them, 19700 tons of sulfuric acid titanium dioxide were imported, a year-on-year increase of 0.30%; The import of chlorinated titanium dioxide was 30700 tons, a year-on-year decrease of 29.40%.
3、 Future forecast
Business Society’s titanium dioxide analyst believes that the domestic titanium dioxide market is stable with some growth this month. Several titanium dioxide companies have sent letters to raise the price of titanium dioxide, and the Indian court has cancelled the decision to impose anti-dumping duties on imported titanium dioxide from China, which is favorable for the recent titanium dioxide market. It is expected that the titanium dioxide market will remain stable and improve in the short term, with actual transaction prices subject to negotiation.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market will experience a volatile downward trend in September 2025. From September 1st to 29th, the domestic butadiene market price decreased from 9316.67 yuan/ton to 8900 yuan/ton, with a price drop of 4.47% during the period.
Early October: The supply and demand changes in this cycle are limited. Due to fluctuations in the downstream synthetic rubber futures market, the butadiene market first fell, then rose, and then fell back this week, maintaining an overall range oscillation trend.

Late period: The domestic butadiene market as a whole has been weak in this cycle, with poor performance on the demand side and a weak trend in the downstream synthetic rubber market. The enthusiasm for entering the market is low, and the purchasing intention is weak. The actual transaction performance in the market is poor, and there is a lack of demand support, resulting in a weak overall operation of the butadiene market. Near the end of the month, downstream pre holiday stocking is basically completed, and the supply of butadiene market is relatively loose, lacking demand boost, causing the butadiene market to decline again.
Cost wise: As of the 26th, the settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, and the settlement price of the October Brent crude oil futures contract was $67.22 per barrel. During this round of price adjustment cycle, crude oil prices were mainly volatile. On the one hand, OPEC+announced a cumulative increase in production of 2.3 million barrels per day by September, marking the organization’s exit from its plan to reduce production by over 2.2 million barrels per day one year ahead of schedule. This news is bearish for the oil market. On the other hand, the tense situation in Europe and the upcoming peace talks have led to a weakening of geopolitical supply risks, negative global macro data, and the expectation of the Federal Reserve’s interest rate cut in September, making it difficult for the crude oil market to have positive support.
Supply side: As of the 29th, the listed price of butadiene for various sales companies of Sinopec is 9000 yuan/ton, a decrease of 500 yuan/ton compared to the same period last month.
On the demand side, the September market for butadiene rubber was weak, fluctuating and declining. According to the commodity market analysis system of Shengyi Society, as of September 29th, the market price of butadiene rubber in East China was 11750 yuan/ton, a decrease of 3.69% from 12200 yuan/ton at the beginning of the month. On the one hand, the price of raw material butadiene has fluctuated and fallen, which has a negative impact on the cost of butadiene rubber; On the other hand, the production of butadiene rubber has slightly decreased, and the pressure on the supply side has eased; Downstream tire production fluctuated slightly, mainly supporting the demand for butadiene rubber. As of September 29th, the mainstream prices for Qilu, Daqing, Sichuan, and Yangtze Shunding in East China were 11650-12000 yuan/ton.
Market forecast: There is no significant increase in downstream demand in the near future, and overall market expectations are weak. With the intention of purchasing for essential needs, the spot market is generally weak. Pre holiday stocking is basically completed, and the market lacks positive factors to boost. Under the influence of weak demand, it is expected that the butadiene market will be weak and volatile in the short term, with a focus on post holiday procurement demand.

This week (9.22-28), domestic liquid ammonia prices continued to rise. According to the Commodity Market Analysis System of Shengyi Society, the weekly increase in liquid ammonia prices in Shandong region was 1.16%. The main reason is that in the context of stable downstream demand, the incremental production in some areas is slow, and the supply pressure has slightly eased. At present, the mainstream price of liquid ammonia in Shandong region is 2250-2400 yuan/ton.

From the supply side, the supply remained reasonably balanced this week. Previously, some units underwent maintenance, and production in Shandong, Henan, Northwest and other places slightly decreased. Some enterprises resumed work this week, but the overall increase was slow, and the market supply pressure was not significant. From the beginning of the week to the middle of the week, some companies have engaged in price adjustments. Large factories in Shandong generally adjust prices within the range of 100 yuan, and the market shows a basic balance between supply and demand. However, the supply volume slowly increases over the weekend, and there is a phenomenon of inventory accumulation in some companies. Some companies in Shandong have slightly decreased their quotations, with a range of less than 50 yuan. The enterprise still has expectations of resuming work in the later stage, and the supply may continue to increase in the later stage.
From the demand side, downstream demand has shown lukewarm performance, with the operating rate of compound fertilizers still at a low level. However, urea shipments have increased recently, and prices have slightly rebounded in the middle of the week. After the price rose, the market generally cooled down, and prices generally fell back to the beginning of the week near the weekend. The main reason is the lack of sustained demand in the later stage. According to the commodity analysis system, the weekly decline of urea was 1.44%. In addition, the domestic industrial demand is weak, and agricultural demand is mainly purchased on demand with sporadic restocking. The improvement in demand is not significant, and the market’s wait-and-see mentality still dominates.
Market forecast:
Analysts from Business Society believe that the continued upward trend of liquid ammonia this week is mainly due to the continued positive news from the supply side. Recently, there are expectations for the resumption of maintenance equipment storage and work. As the weekend approaches, some companies have shown pressure to release inventory, and ammonia prices have slightly fallen. Supply pressure may gradually increase in the later stage. In addition, there is not much positive news from the demand side, and there may still be room for downward adjustment in the ammonia market.