Since mid October, the domestic sulfuric acid market has entered a period of rapid growth. According to monitoring data from Business Society, since October 20th, the sulfuric acid market has increased by over 50%, and in November it has increased by 28.7%. The average price in the East China market is 98% at 967 yuan/ton, with factory prices in Jiangsu and Zhejiang reaching 1200 yuan/ton, and quotes in Shandong also around 850 yuan/ton. Overall, it is the result of the resonance of multidimensional factors such as cost, supply, and market sentiment, and there is significant differentiation in different process routes and regional markets.

From the supply side, the maintenance of domestic sulfuric acid plants in November involved an annual processing capacity of about 21.38 million tons, with intensive maintenance in core production areas in Central and East China. Major acid companies in Shandong, Liaoning, and other regions also stopped for maintenance, resulting in a significant contraction in regional supply.
From a cost perspective, the sharp rise in sulfur prices has become the core driving force, with cost inversion forcing price increases. Sulfur is the core raw material for sulfuric acid production (about 0.33 tons of sulfur are consumed to produce 1 ton of sulfuric acid). In November, domestic sulfur prices saw a significant increase, with the price of imported bulk pellets along the Yangtze River rising by more than 10% within the month, and an increase of up to 120% compared to the beginning of the year. The global sulfur supply pattern has undergone drastic changes, the Russia-Ukraine conflict has imposed an export ban, Kazakhstan’s export volume has declined, and the international supply gap has expanded; Combined with the strengthening of pricing power in the Middle East and panic buying by countries such as Indonesia/India, domestic port inventory has dropped to 2.2 million tons (below a reasonable level). Under cost transmission, it directly drives up the price of sulfuric acid passively; At the same time, the price of pyrite is synchronously high, further strengthening the cost support of mineral acid.
From the demand side, coastal factories have abundant export orders, and some sulfuric acid resources are flowing into the international market, further squeezing domestic supply. Under the tight balance of supply and demand, acid companies generally have low inventory levels and even adopt a “limited shipment” strategy, providing confidence for price increases. Phosphate fertilizer is the largest downstream of sulfuric acid. Although the operating rate of monoammonium phosphate/diammonium phosphate is only 50% -55%, enterprises maintain essential procurement during the winter storage cycle, and some phosphate fertilizer enterprises use sulfuric acid to replace high priced sulfur, driving the demand for smelting acid.
Regional price differentiation: The factory price of 98% smelting acid in Central China has risen to 940-1000 yuan/ton (a monthly increase of over 13%), while the ex factory price of 98% ore acid in Shandong is 900-940 yuan/ton (a monthly increase of over 12%). However, due to the concentration of smelting acid production capacity in Northwest and Southwest China, the increase is slightly lower than that in core production areas.
In the future, sulfur prices remain at a high level and equipment maintenance is still ongoing. The price of sulfuric acid may remain stable and slightly strong, but downstream resistance is increasing and policies may regulate sulfur prices. The subsequent increase is likely to slow down; In the medium to long term, attention should be paid to the pace of capacity release after the recovery of international sulfur supply and the completion of acid enterprise maintenance.

According to the Commodity Market Analysis System of Shengyi Society, the domestic 1 # lead ingot market saw a slight increase in November 2025, with an average price of 16780 yuan/ton at the beginning of the month and 16850 yuan/ton at the end of the month, representing a monthly increase of 0.42%.

On November 30th, the Business Society Lead Index was 103.80, unchanged from yesterday, a decrease of 22.54% from the highest point of 134.01 points (2016-11-29) during the cycle, and an increase of 39.09% from the lowest point of 74.63 points on March 19th, 2015. (Note: The cycle refers to the period from September 1, 2011 to present)
K-bar chart of commodity prices, using the concept of price trend K-line, in the form of a bar chart, reflects the weekly or monthly price changes. Investors can make buying and selling investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-pillar represents the range of rise and fall.
At the beginning of November, lead prices continued to fluctuate weakly in October, with range fluctuations. Affected by the recovery of macro sentiment and the rebound of downstream procurement in the middle of the month, lead prices rebounded slightly, with spot prices reaching a maximum of 17500 yuan/ton. In the latter half of the year, lead prices came under pressure again, falling for a while due to factors such as increased supply and weak demand, and then stabilizing.
supply side
In the field of primary lead, the maintenance work of smelters in central and northern China has been successively completed, and the production has shown an increasing trend compared to the previous period. However, the current supply of lead concentrate is in a tight situation, and processing fees continue to operate at low levels, which to some extent restricts the release space of production.
In terms of recycled lead, production capacity is gradually recovering, but the supply of waste batteries is relatively tight. In addition, the combined impact of environmental policies has limited the growth of recycled lead production.
Demand side
The market demand for lead-acid batteries presents differentiated characteristics: the order volume in the energy storage battery field maintains steady growth; The demand for matching car starting batteries also remains stable; However, the replacement market for electric bicycle batteries has shown weakness. In addition, high lead prices have had a restraining effect on downstream purchasing intentions. In terms of exports, due to the impact of overseas tariff adjustments and anti-dumping measures, the export volume of lead-acid batteries continues to decline, with limited support for lead prices.
Inventory end
The explicit inventory of global lead ingots has shown a slight decrease, while the social inventory in China has increased. However, the overall inventory level is still at a relatively low level compared to the same period in recent years, which provides some bottom support for prices.
Prediction of future trends
The lead price is likely to maintain a range oscillation trend. Due to the increase in supply, weak demand performance, and uncertainty in the macro environment, lead prices still face certain downward pressure. However, with current inventory at a low level and cost support, the decline in lead prices will be limited to some extent.

The price of ethylene glycol decreased in November
The price of ethylene glycol has been falling continuously in November, and the price center has shifted downwards. Recently, the price has started to stop falling. According to data from Shengyi Society, as of November 27th, the average price of domestic oil to ethylene glycol was 4056.67 yuan/ton, a decrease of 3.89% from the average price of 4220.83 yuan/ton on November 1st.
In terms of port ethylene glycol, the basis of spot contracts for port ethylene glycol (starting from 500 tons) has weakened significantly recently due to weak market trading sentiment and low willingness of traders to hoard goods. As of November 27th, the daily basis trading range for this week’s contract is+8 to+12; As of the closing, the contract basis price for next week is+9 to+11. The contract basis price for December is+16 to+18, and the contract basis price for January is+28 to+31.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3770-3880 yuan/ton.
In terms of external ethylene glycol, as of November 26th, the recent negotiations and transactions for ship to land prices have been around $460-464 per ton.
The main reasons for the decline in ethylene glycol in November are:
The price of ethylene glycol fell in November, mainly due to the expected release of new domestic production capacity and the accumulation of port inventory due to the rebound of imports; The increase in market trading supply and decrease in demand expectations, coupled with the concentration of port arrivals, have accelerated the decline in the market data.
The main reasons for the recent halt in the decline of ethylene glycol are:
In terms of imports, Iran has expectations of weakened winter supply. On November 24th, there were market rumors that two sets of ethylene glycol plants with a total annual output of 3.3 million tons in Iran would shut down, and another four sets with a total annual output of 7.25 million tons of ethylene glycol plants have plans to shut down, expected in late November or early December.
In terms of domestic supply, the weekly production of ethylene glycol has decreased compared to the previous period, the synthesis gas method has increased its negative load reduction, the integration has slightly reduced its negative load, and there is a maintenance plan for the ethylene method unit in the later stage. In the near future, the expected maintenance of existing coal based facilities has increased, and the price of ethylene glycol is expected to stabilize and stop falling.

According to the Commodity Market Analysis System of Shengyi Society, the price of ethyl acetate on November 26th was 5370.00 yuan/ton, an increase of 0.31% compared to yesterday’s price. On November 26th, the ethyl acetate index of Shengyi Society was 73.06, up 0.23 points from yesterday, down 50.73% from the highest point of 148.30 points during the cycle (September 27, 2021), and up 23.06% from the lowest point of 59.37 points on September 7, 2016. (Note: The cycle refers to the period from September 1, 2011 to present)

The domestic ethyl acetate plant operates stably, with a relatively high overall opening rate and slow downstream consumption. It mainly enters the market on demand. Ethyl acetate manufacturers are negotiating shipments, and the raw material acetic acid market continues to rise. There is a strong intention for ethyl acetate to rise. Driven by costs, the ethyl acetate market has been adjusted upwards.
Looking at the future, the ethyl acetate plant is operating steadily, with high inventory pressure on the supply side and limited downstream purchases. The market is mainly adopting a wait-and-see attitude, while the upstream acetic acid market is strong, providing support for the ethyl acetate mentality. It is expected that the short-term ethyl acetate market will narrow down, and specific attention will be paid to the raw material market and downstream follow-up situation in the future.

This week, the domestic epoxy propane market prices have risen. According to the monitoring system of Shengyi Society, as of November 21st, the benchmark price of Shengyi Society’s epoxy propane was 8466.67 yuan/ton, an increase of 9.96% compared to November 1st.

Price influencing factors:
Raw material side: The price of raw material propylene has increased this week. Strong cost support has led to a shift in the center of gravity of epoxy propane. According to the market analysis system of Shengyi Society, as of November 21st, the benchmark price of propylene in Shengyi Society was 6098.25 yuan/ton, an increase of 0.66% 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, Wanhua and Xinyue’s epoxy propane have reduced their negative load, and Wanhua has outsourced 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.
Demand side: The downstream demand side has a decent demand for purchasing epoxy propane, with high purchasing enthusiasm and smooth shipment of epoxy propane. It is expected that the epoxy propane market will mainly operate steadily with a moderate to strong trend in the later stage.
Market forecast:
Business Society’s epoxy propane analyst believes that the raw material side propylene market price support is strong, downstream demand side has high purchasing enthusiasm, and epoxy propane shipments are smooth. At present, some epoxy propane enterprises are operating at a reduced load, resulting in tight market supply. It is expected that the epoxy propane market will remain stable and strong in the short term, and more attention should be paid to changes in raw material prices and market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, from November 17th to 21st, the domestic BDO price remained at 7442 yuan/ton, with a month on month decrease of 0.31% and a year-on-year decrease of 15.42%. The domestic BDO market is mainly wait-and-see, and with the settlement cycle approaching, many businesses are waiting for the new moon policy, resulting in a light trading atmosphere for actual orders. The fluctuations on both the supply and demand sides are limited, the negotiation game continues, and the overall market is deadlocked.

In terms of supply and equipment, some devices experience narrow fluctuations, while others operate relatively stably. The market supply of goods has slightly decreased compared to the previous period, but it is still relatively abundant, and the supply side support is currently average. The favorable factors for BDO supply have weakened.
On the cost side, raw material calcium carbide: production enterprises have smooth shipments, strong cost support, and a strong willingness to raise prices for calcium carbide. Raw material methanol: The domestic methanol market is weak and consolidating. As of 10:00 am on November 21, the reference price for domestic methanol in Taicang is 1995 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, except for the decline in production in the PBT industry, there has been no significant change in the load of other industries downstream, and the overall downstream digestion of raw materials has decreased. The demand side of BDO is affected by bearish factors.
In the future forecast, the supply side will experience a slight increase in supply volume due to the slight increase in negative operation of some devices. Downstream industry demand has slightly decreased, with multi-dimensional contract orders being followed up, and spot purchases being light and negotiated. Business analyst BDO predicts that the domestic BDO market has limited volatility.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda is weak this week. The average market price at the beginning of the week was 836 yuan/ton, and the average market price over the weekend was 832 yuan/ton, a decrease of 0.48% and a year-on-year decrease of 18.51%. On November 13th, the Business Social Chemical Index was 759 points, an increase of 1 point from yesterday, a decrease of 45.79% from the highest point of 1400 points during the cycle (October 23, 2021), and an increase of 26.92% from the lowest point of 598 points on April 8, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda has been running weakly this week. The price of caustic soda in Shandong region is around 750-860 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 850-970 yuan/ton. The price of caustic soda in Inner Mongolia region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 2450-2600 yuan/ton (converted to 100%). From the perspective of the Shandong region, there hasn’t been much change in supply and demand, with loose supply and weakened prices. Downstream alumina prices have been deadlocked recently, and distributors have a pessimistic sentiment. Some companies are under significant operational pressure and are purchasing caustic soda on demand.
Business Society analysts believe that in recent times, the price of caustic soda has been weak in the operating market. Domestic downstream buyers have been purchasing according to demand, and caustic soda companies have loose supply. The comprehensive supply-demand game predicts that caustic soda will maintain a stable operating market in the later stage, depending on downstream market demand.

1、 Price trend

Taking the sulfuric acid method for producing pyrite type titanium dioxide, which has a large volume of goods in the domestic market, as an example. According to data monitoring by Business Society, the domestic titanium dioxide market prices have decreased this week. The average price of titanium dioxide in the domestic market was 13860 yuan/ton at the beginning of the week and 13500 yuan/ton over the weekend, with a price reduction of 2.6%.
2、 Market analysis
This week, the focus of the domestic titanium dioxide market has shifted downwards. At present, the demand for titanium dioxide in the market is light, with average new inquiries and low enthusiasm for downstream procurement. Actual orders are cautious, and overall demand is weak. The production cost of raw materials is high, but effective support on site is difficult to find. The titanium dioxide market is operating at a high rate, and there is pressure on the market to accept orders, so many are waiting and watching. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 12900-13900 yuan/ton; The price of the titanium type is around 12000-12500 yuan/ton, and the actual transaction price is negotiable.
3、 Future forecast
Business Society’s titanium dioxide analyst believes that the focus of the domestic titanium dioxide market will shift downwards this week. There is significant inventory pressure on the market, and there is a strong wait-and-see sentiment, resulting in cautious transactions. It is expected that titanium dioxide will operate weakly and steadily in the short term, and the actual transaction price will be negotiable.

In October, the domestic epoxy propane market first rose and then consolidated. According to the monitoring system of Shengyi Society, as of October 31st, the benchmark price of Shengyi Society’s epoxy propane was 7700 yuan/ton, a decrease of -0.86% compared to October 1st.

Price influencing factors:
On the raw material side: In October, the market price of propylene raw material declined slightly, but the significant rebound in liquid chlorine prices increased the cost of the chlorohydrin process, putting greater pressure on production enterprises to incur losses and weakening their willingness to supply at low prices, resulting in an increase in the market price of epoxy propane in the first half of the month. According to the monitoring system of Shengyi Society, as of October 31st, the benchmark price of propylene in Shengyi Society was 6095.75 yuan/ton, a decrease of 6.84% compared to the beginning of this month (6543.25 yuan/ton).
Supply side: In the first half of the month, major factories such as Lihua Yi underwent equipment maintenance, resulting in a decrease in spot circulation and a reduction in market supply, leading to a significant increase in the market price of epoxy propane. In the second half of the month, due to the reduction of refinery maintenance and the gradual resumption of production by previous maintenance companies, the domestic supply of epichlorohydrin has increased. The market price of epichlorohydrin has declined in the second half of the month.
Demand side: The downstream demand side showed weak performance in October, and polyether enterprises held onto rigid demand procurement in multiple dimensions, with a strong wait-and-see sentiment. The demand side has limited support for the epoxy propane market. The demand follow-up in the first half of the month was relatively concentrated, but the order volume decreased in the second half, and the trading atmosphere was relatively cold. Overall, the demand side’s support for epoxy propane has weakened, and it is expected that the epoxy propane market will consolidate and operate in the later stage.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the market price of propylene on the raw material side has declined, providing weak support for epoxy propane. Downstream demand is weak, and rigid demand is the main focus, with a strong wait-and-see attitude. In addition, the restart of the Lihua Yi plant has increased market supply, and it is expected that the epoxy propane market will mainly consolidate and operate in the later stage. More attention should be paid to changes in raw material prices and market supply and demand.

In October, the domestic ABS market was weak and spread, and most spot prices of various grades were lowered. According to the Commodity Market Analysis System of Shengyi Society, as of October 31st, the average price of ABS sample products was 9145 yuan/ton, with a price level increase or decrease of -7.16% compared to early October.

Fundamental analysis
Supply level: During October, the overall operating rate of the domestic ABS industry remained stable with small fluctuations. Shandong Haijiang, which was originally scheduled to restart at the end of September, has been postponed to start driving on early October 5th. Since then, except for Haijiang, which has reduced its load to 60% again in late September, no other maintenance tasks for aggregation plants have been announced. The industry load level has been slightly raised to around 73%. The average weekly output remains stable at over 140000 tons. On the other hand, the news of Huajin Chemical restarting the front line and Zhejiang Petrochemical’s production increase plan have both pushed up supply expectations. The on-site supply remains abundant, and the inventory position of the aggregation enterprise is close to 260000 tons, holding firm at a high level. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the supply side’s support for ABS spot prices continues to be weak.
Cost factor: The overall weakness of the ABS upstream three materials market in October has a negative impact on the ABS cost side. Among them, the overall supply of acrylonitrile is loose and the reduction in burden is rare, while the overall demand remains weak and rigid. Buying and purchasing are mainly done as needed, and manufacturers continue to lower prices, resulting in a gradual decline in acrylonitrile. The changes in the future supply side are the direct factors that determine whether the market can truly bottom out, and it is recommended to closely monitor them.
The domestic butadiene market experienced a broad decline in October. After the holiday, the overall operation of the butadiene market was weak, and the ex factory prices of domestic main refineries were generally significantly reduced. The overall performance of downstream demand side is poor, the trend of synthetic rubber market is weak, the enthusiasm for entering the market is low, and the purchasing intention is weak. By the end of the month, under the dual impact of the restart of maintenance equipment and the production of new production capacity, the degree of supply looseness has once again increased, and the external market continues to decline. There are many negative factors in the market, and it is expected that the butadiene market will continue to operate weakly in the near future, with a focus on downstream demand.
The styrene market fluctuated and fell in October, with both new plant production and fluctuations within the range. Overall supply was loose, and port inventories remained high. The price of raw material pure benzene followed the weak trend of crude oil and fell weakly, with limited rebound. The operating rate of downstream industries has slightly rebounded, providing some support, but there has been no significant increase in orders for terminal home appliances and other fields. Market follow-up is limited, and procurement enthusiasm is not high, with overall rigid demand as the main factor. At the end of the month, styrene has fallen to a low level. In the short term, the supply and demand of styrene remain weak, and the styrene market may still be prone to decline but difficult to rise in the future.
On the demand side: In the medium to long term, the downstream factories of ABS have had average loads. In October, the aggregation plant experienced a double period of inventory accumulation, resulting in increased shipping pressure. On the other hand, due to the weakened profitability of terminal enterprises and the drag of US trade barriers, the consumption of the main downstream electrical appliance shell industry is still in a dormant state, and there is no increase in production scheduling. The cautious atmosphere in the external market remains unchanged, and the industry’s export situation is poor. The overall stocking logic still maintains the urgent need for replenishment, and the flow rate of goods is slow. The inventory position of merchants is also high, and under the increasing pressure of on-site sales, enterprises and merchants continue to offer discounts and take orders. Overall, there has been no improvement in the demand side’s support for the ABS market.

Future forecast
The domestic ABS market continued to decline in October. The production load of the aggregation plant has been increased, but there has been no increase in consumer demand. Analysts from Shengyi Society believe that the long-term drag on spot prices of ABS due to supply and demand contradictions makes it difficult for the market momentum to improve. However, in October, all three upstream indicators fell, and the fundamentals of the future market are unlikely to show positive results. Many industry players have a bearish mentality. It is expected that there will still be downward pressure on ABS in the short term.