According to the Commodity Market Analysis System of Shengyishe, as of November 29th, the average price of melamine enterprises was 7325.00 yuan/ton, an increase of 2.09% compared to the price on November 1st.

The market price of melamine rose first and then fell in November. At the beginning of the month, there was significant cost support, with sufficient pre received orders from enterprises, supporting some companies to raise prices. With the restart of some maintenance equipment, the supply side has increased, but downstream markets have insufficient purchasing power. Inquiries and purchases mainly need to follow up, and the melamine market is operating weakly. In mid month, the price of raw material urea fluctuated at a high level, with average cost support. The utilization rate of melamine production capacity was high, and enterprises mainly executed advance orders. Downstream demand follow-up was average, and market negotiations focused on stability. In the second half of the year, cost support was limited, market supply was sufficient, domestic downstream demand was weak, export order support was still acceptable, and enterprises mainly shipped early orders in an orderly manner. The market atmosphere was flat, and the melamine market was stable but weak.

According to the commodity market analysis system of Business Society, the reference price of urea on November 28th was 2586.67, an increase of 2.24% compared to November 1st (2530.00).

Melamine analysts from Business Society believe that the current cost support is average, the industry is operating at a high level, and downstream demand is not following up enough. It is expected that the melamine market will operate weakly in the short term, and more attention should be paid to market news guidance.

According to the Commodity Market Analysis System of Shengyishe, as of November 28th, the average price of industrial grade lithium hydroxide in China was 176600.00 yuan/ton, a decrease of 12.57% compared to November 1st.

The domestic industrial grade lithium hydroxide market was weak in November. The upstream lithium carbonate price continued to decline within the month, and the upstream spodumene concentrate market operated weakly. The cost faced with weakened support from the lithium hydroxide market, coupled with poor demand performance, the market transactions were mainly long-term orders, and the atmosphere for bulk cargo transactions was weak. The downstream demand for high nickel materials was weak, and the enthusiasm for inquiry procurement was not high. The cautious and urgent need to follow up was the main trend. The trading atmosphere in the lithium hydroxide market was flat, and the market was sluggish.

Upstream lithium carbonate: According to the commodity market analysis system of Business Society, on November 27th, the reference price for lithium carbonate industrial grade was 134400.00, a decrease of 15.58% compared to November 1st (159200.00). The lithium carbonate market fell in November, which provided insufficient support for the lithium hydroxide market.

According to analysts from Shengyishe Lithium Hydroxide, the current market fundamentals are weak and the trading atmosphere is light. It is expected that the domestic lithium hydroxide market may continue its weak consolidation operation in the short term, and more attention should be paid to market news guidance.

According to monitoring data from Business Society, as of November 27, 2023, the reference market price of domestically produced industrial grade propylene glycol was 8033 yuan/ton. Compared with November 1 (reference price of propylene glycol is 8100 yuan/ton), the price decreased by 67 yuan/ton, a decrease of 0.82%. Compared with October 1 (reference price of propylene glycol is 8466 yuan/ton), the price decreased by 333 yuan/ton, a decrease of 5.12%.

From the monitoring data chart of Business Society, it can be seen that the overall domestic propylene glycol market has been slightly declining since November. In the early stages, the propylene glycol market was generally weak and stable, with little overall market volatility. Under the dual pressure of insufficient downstream demand for propylene glycol and high costs, the overall performance of the propylene glycol market was in a dilemma of rising and falling, and the market remained stable until mid month. In the second half of the year, downstream demand for propylene glycol continued to perform mediocrely, with poor support from the demand side. The pace of propylene glycol shipments was relatively slow, and under the supply-demand game, some propylene glycol suppliers offered slightly higher prices, with a narrow reduction of about 100 yuan/ton in propylene glycol prices. As of November 27th, the domestic propylene glycol market price is based on around 8000-8100 yuan/ton.

Market analysis of propylene glycol

At present, the trading atmosphere of propylene glycol on the market is light, and downstream demand is generally boosted. The supply side is relatively stable, but the cost side still puts some pressure on propylene glycol. Therefore, the propylene glycol data analyst from Business Society believes that in the short term, the domestic propylene glycol market will have limited significant fluctuations, and the market will mostly be stable with small adjustments. More attention should be paid to changes in cost and supply and demand news.

This week (11.20-11.24), the domestic dimethyl ether market maintained stable operation. According to the commodity market analysis system of Business Society, the average price of dimethyl ether in the Henan market on November 20th was 3650 yuan/ton, and on November 24th it was 3650 yuan/ton. There was no increase or decrease during the cycle, and it decreased by 21% compared to the same period last year.

As of November 24th, the mainstream prices of dimethyl ether in various regions of China are as follows:

Region/ Mainstream prices

Shandong region/ 3850 yuan/ton

Hebei region/ 3800 yuan/ton

Henan region/ 3650 yuan/ton

This week, the domestic dimethyl ether market remained stable overall, with mainstream prices in the Henan market around 3650 yuan/ton. The raw material methanol price remained stable this week, with weak support for dimethyl ether. On site supply remains stable, upstream inventory pressure is gradually increasing, downstream market entry enthusiasm is not high, rigid demand is the main focus, market mentality is weak, and production and sales are weak.

According to the Commodity Market Analysis System of Business Society, the price of raw material methanol fluctuated downward this week, rising from 2450 yuan/ton at the beginning of the week to 2402/ton at the end of the week, a decrease of 1.89%. The cost support for dimethyl ether is weak.

Overall, there are no favorable factors supporting the current dimethyl ether market. On the contrary, under the cover of negative factors, it is expected that the dimethyl ether market will maintain a weak consolidation operation in the short term.

According to the Commodity Market Analysis System of the Business Society, the price trend of domestic ammonium nitrate market has declined this week. As of the weekend, the market price of ammonium nitrate was 3840 yuan/ton, a decrease of 1.50% compared to the price of 4000 yuan/ton at the beginning of the week, and a year-on-year decrease of 0.25%.

This week, the price trend of domestic ammonium nitrate market has declined, and the operation of domestic ammonium nitrate manufacturers’ devices has been stable. Recently, the supply of goods on site has been normal, but the downstream procurement situation has been average. High prices have been hindered, and the price trend of ammonium nitrate market has slightly declined. Recently, the demand for downstream nitro compound fertilizers has been average, and the procurement of domestic downstream civilian explosive industries is normal. Domestic ammonium nitrate manufacturers are operating normally, and the price of ammonium nitrate has slightly decreased recently. As of now, the mainstream negotiation prices in Shaanxi region are 4900-5000 yuan/ton, Shandong region is 3800-4000 yuan/ton, and Hebei region is 3900-4000 yuan/ton.

The price of concentrated nitric acid in China has slightly increased this week, with an average price of 2083.33 yuan/ton as of the weekend, an increase of 1.63% compared to the price of 2050 yuan/ton at the beginning of the week. Mainstream enterprises in East China offer prices ranging from 2100 to 2200 yuan/ton, while those in the North and Central China offer prices ranging from 2000 to 2100 yuan/ton. At present, there is not much change in the supply side of the concentrated nitric acid market, and the cost trend has increased. The supply of the concentrated nitric acid market is normal, and the market mainly relies on orders. The market transaction situation is average, and industry insiders are mostly wait-and-see. The price trend of nitric acid on the market has increased, and the decline in the market price of ammonium nitrate is limited due to increased costs.

The price trend of upstream liquid ammonia has increased this week. As of the weekend, the price of liquid ammonia was 4333.33 yuan/ton, an increase of 3.17% compared to the price of 4200 yuan/ton at the beginning of the week. The recent rise in the domestic liquid ammonia market is mainly due to short-term malfunctions in the manufacturer’s equipment, partial suspension of sales, and delayed supply. Large factories in Shandong and surrounding Hebei have generally raised prices, and dealers’ offers have followed suit. Downstream urea spot prices have been strongly affected by futures, showing strong performance, coupled with tight supply conditions and production restrictions in the Shanxi region. From a terminal perspective, agricultural demand follows up in a timely manner, while industrial demand is mainly supported by immediate demand. Currently, the mainstream quotation in Shandong region is between 4300-4350 yuan/ton. The rise in upstream liquid ammonia prices has a certain cost support for the ammonium nitrate market, and there is little change in the market price of ammonium nitrate.

Recently, the downstream civilian explosive industry has gradually entered a peak season, and the demand for nitro compound fertilizer is still good. In addition, there is an upward trend in upstream nitric acid prices, and the price of liquid ammonia is rising. There are many positive factors, and ammonium nitrate analysts from Business Society believe that the market price trend of ammonium nitrate is mainly stable.

During the week, the domestic acetone market was the main player, and as of Friday, the East China market had negotiated a price of 6950 yuan/ton. According to the Commodity Market Analysis System of the Business Society, the average price of acetone in the national market was 6732 yuan/ton on November 13th, and on November 17th, the market was at 7012 yuan/ton, up 4.12%.

The acetone offers in major mainstream markets across the country on November 17th are as follows:

Region/ Price on November 17th/ Weekly increase

East China region/ 6950./400

Shandong region/ 6850/200

Yanshan region/ 6850/200

South China region/ 7450./300

Port inventory has slightly decreased. On the 13th, the inventory of acetone at Jiangyin Port was 13000 tons, a decrease of 7500 tons compared to the 6th. The shortage of spot resources in the market has boosted the mentality of imported traders. At the end of this month, Wanhua Chemical Plant plans to shut down and wash the tower at the end of this month. In the face of tight spot resources, traders’ quotations are firm and pushing up, and terminal purchases are entering the market.

The factory has raised the listing price in a centralized manner. In the middle of the week, the phenol and ketone factory increased by 200 yuan/ton, and the market continued to rise after the factory bottomed out. On the 16th, Sinopec East China acetone increased its listing price by 200 yuan/ton to execute 6700 yuan/ton, while Sinopec North China acetone increased its listing price by 200 yuan/ton to execute 6800 yuan/ton. The profits of phenolic ketone enterprises have also increased, with an average operating rate of around 70%.

From a downstream perspective, MIBK has continued to decline. As of now, the market has negotiated at 13100-13200 yuan/ton, and there is still room for negotiation on actual orders. The weekly decline reached 4.12%, indicating poor trading on the market. Downstream bisphenol A showed a weak downward trend, with the main drop in on-site auctions during the week, with the negotiated price in East China dropping to 9600-9700 yuan/ton. Downstream MMA factories have shut down and reduced their load, resulting in a sharp decrease in overall demand for acetone.

The supply of goods from the port has gradually arrived, but the overall port inventory has not improved much. Domestic resources are shipped according to plan, and the spot resources of traders are limited. There is still a strong sentiment in the market. However, considering that the trading volume may shrink after downstream restocking for a period of time, it is expected that the acetone market in East China will strengthen and slightly increase, with limited room for growth. The mainstream negotiation is between 6950 and 7100 yuan/ton.

Price trend chart of sodium pyrosulfite in China

According to the Commodity Market Analysis System of Business Society, the price of domestic sodium metabisulfite has slightly rebounded this week. The average price of industrial grade sodium metabisulfite at the beginning of the week is 2216.67 yuan/ton, and the average price at the weekend is 2266.67 yuan/ton, with a weekly increase of 2.26%.

Supported by the rebound in raw material prices, some enterprises have raised the factory price of sodium metabisulfite this week, driving the domestic industrial grade sodium metabisulfite market price to rebound to the range of 2100-2400 yuan/ton, with most prices concentrated around 2200-2300 yuan/ton. The inventory of enterprises continues to be low, and the overall supply of sodium metabisulfite market is tight. Enterprises mainly complete orders from old customers. (The above prices refer to external quotations from mainstream domestic enterprises, and some enterprises that have not been quoted are temporarily excluded from their scope. The prices are for reference only and are not related to the manufacturer’s final pricing. For more information, please contact each manufacturer for consultation.).

As of November 17th, domestic soda ash prices have bottomed out and rebounded, with an overall decline of 12.6% during the month. Sulfur prices have continued to rise, with an increase of 8.48% during the month. The rebound in raw material costs will provide some support for the future market price of sodium metabisulfite.

Future Market Forecast

Analysts from the Business Society believe that the cost of raw materials has stopped falling and rebounded, and downstream trading entities have increased their willingness to stock up. With the support of costs and demand, there is still some room for a rebound in the domestic market price of sodium metabisulfite in the short term.

Since November, the market for butadiene rubber has been weak and declining. According to the Commodity Market Analysis System of the Business Society, as of November 12th, the market price of butadiene rubber in East China was 12430 yuan/ton, a decrease of 3.31% compared to 12860 yuan/ton at the beginning of the month.

The price of raw material butadiene has slightly increased, and there is still support for the cost of cis-1,4-polybutadiene rubber. However, downstream tire factories have slightly decreased compared to the end of October, and demand for cis-1,4-polybutadiene rubber is weak. In addition, some maintenance equipment has been restarted in the early stage, resulting in a slight increase in the supply of cis-1,4-polybutadiene rubber. The factory price of cis-1,4-polybutadiene rubber has gradually decreased, and the cis-1,4-polybutadiene rubber market is weak and declining. As of November 12th, PetroChina Northeast Sales Company’s Daqing Shunding Northeast Warehouse has raised its price by 12100 yuan/ton. The domestic market quotation range for two barrels of oil butadiene rubber is around 12200 to 12600 yuan/ton, and the quotation for private enterprise butadiene rubber is between 11800 to 12100 yuan/ton.

Yangzi Petrochemical has resumed normal operation, and Jinzhou Petrochemical is gradually restarting. Recently, the overall construction of the domestic butadiene rubber industry has slightly improved.

Since November, the price of butadiene has slightly increased, and the cost of butadiene rubber still has support. According to the Commodity Market Analysis System of Business Society, as of November 12th, the price of butadiene was at 9546 yuan/ton, an increase of 0.32% from the 9516 yuan/ton at the beginning of the month.

Since November, the natural rubber market has fluctuated in a narrow range, with a slight impact on cis-1,4-polybutadiene rubber. According to the Commodity Market Analysis System of Business Society, as of November 12th, the price was at 12960 yuan/ton, an increase of 0.78% from the beginning of the month at 12860 yuan/ton, and the low point during the cycle was at 12840 yuan/ton.

Demand side: Since November, the construction of all steel tires has slightly declined, with cautious procurement of new orders and flat market transactions. The demand for rubber support is stable and weak. It is understood that as of early November 2023, the operating load of all steel tires for rubber tire enterprises in Shandong region is 6.3%; The operating load of semi steel tires for domestic rubber tire enterprises is 7.3%.

Future Market Forecast: Business Society analysts believe that high raw material prices will support the cost of butadiene rubber in the short term. Although downstream construction has slightly decreased, there is still a strong demand for rubber support. butadiene rubber construction has slightly increased, and natural rubber prices are at a stage high. It is expected that the spot market of butadiene rubber will narrow in the short term, and if the cost side drops significantly in the future, there will still be downward space for butadiene rubber.

According to the Commodity Market Analysis System of Business Society, the recent price range of toluene has been narrow from 11.1 to 11.12. On November 12th, the benchmark price of toluene was 6890 yuan/ton, while on November 1st, the benchmark price was 6900 yuan/ton, a decrease of 0.14%. During the cycle, the low point was 6860 yuan/ton, and the high point was 6970 yuan/ton.

Since November, international crude oil prices have continued to decline, and toluene cost support has weakened

Since November, the overall international crude oil price has declined, weakening the cost support for toluene. As of November 10th, the WTI12 contract closed at $75.31 per barrel, with a settlement of 77.17 yuan per barrel; The Brent 01 contract closed at $81.58 per barrel and settled at $81.43 per barrel.

Domestic mixed blending demand is gradually entering the off-season, and toluene demand support is weakening

Since the fourth quarter, the domestic mixed blending market has entered a low season, and downstream inquiries have been light. The demand for toluene mixed blending continues to weaken. As of November 10th, the gasoline production of Shandong Independent Refinery decreased by 96600 tons compared to mid October, while diesel production decreased by 181000 tons.

PX starts to stabilize toluene and obtain necessary support

The domestic supply of xylene is relatively normal, with a domestic PX operating rate of over 70%. However, there has been little change in spot supply during the maintenance of some xylene units. Recently, the trend of international crude oil prices has declined, and PX external prices have been affected by this. As of the 9th, the closing prices in Asia were 967-969 yuan/ton FOB South Korea and 992-994 dollars/ton CFR China. Recently, the operating rate of PX devices in Asia has been mainly fluctuating. Overall, the operating rate of xylene devices in the Asian region is around 70%. The supply of PX goods in the Asian region has not changed much, and the domestic xylene market price trend is temporarily stable.

External market prices lower, toluene port inventory slightly increased on a weekly basis

On the one hand, since the fourth quarter, the demand for mixed blending in North America has continued to decline, the Asia US interest rate gap has severely shrunk, and the price of toluene in Asia has decreased. As of November 10th, the CFR China LC90 day toluene price was between 839-841 US dollars/ton; On the other hand, the increase in domestic refining and separation, as well as the export of toluene, coupled with the continued increase in toluene port inventory, has increased the pressure on the supply side of toluene. As of November 9th, the inventory of toluene in East China was 18000 tons, while the inventory of toluene in South China was 11000 tons. Overall, there was a significant decrease from the high point of 51000 tons in late October and a slight increase from 26000 tons in early November.

Future Market Forecast: Currently, international crude oil prices have stabilized at low levels in the near future, and the cost of toluene is at a low level; The demand for downstream mixing of toluene and other industries continues to weaken, coupled with limited overall supply changes in the short term, it is expected that the toluene market will continue to narrow in the short term.

Price trend chart of sodium pyrosulfite in China

According to the Commodity Market Analysis System of Business Society, the price of domestic sodium metabisulfite continued to be weak this week. The average price of industrial grade sodium metabisulfite at the beginning of the week was 2233.33 yuan/ton, and the average price at the weekend was 2216.67 yuan/ton, with a decrease of 0.75% during the week.

Entering November, the prices of upstream raw materials continued to decline, and under the low cost system, the domestic industrial grade sodium metabisulfite market price fell again this week, overall falling to the range of 2100-2300 yuan/ton. The inventory of enterprises is relatively sufficient, and the overall supply of sodium metabisulfite market is stable. Enterprises mainly complete orders from old customers. (The above prices refer to external quotations from mainstream domestic enterprises, and some enterprises that have not been quoted are temporarily excluded from their scope. The prices are for reference only and are not related to the manufacturer’s final pricing. For more information, please contact each manufacturer for consultation.).

As of November 10th, domestic soda ash prices have continued to decline, falling by 16.26% during the month, while sulfur prices have slightly rebounded, rising by 2.83% during the month. Overall, the overall cost of raw materials has once again declined, and the continued decline in costs will further suppress the market price of sodium metabisulfite in the future.

Future Market Forecast

Analysts from Business Society believe that raw material costs are fluctuating and declining, and the domestic market price of sodium metabisulfite will continue to be under pressure in the short term.