1、 Price trend
According to data monitored by Business Society, as of November 25th, the average price of industrial grade high-quality cyclohexane in China was 7000 yuan/ton. Currently, the cyclohexane market is mainly stable, and the focus of market negotiations is stable. The overall market supply and demand are balanced.
2、 Market analysis
Market wise: Currently, the focus of negotiations in the cyclohexane market is stable, with insufficient downstream demand and slow consumption. Downstream purchases are mainly based on demand, and the willingness to purchase is weak. The market situation of oversupply is obvious and difficult to alleviate, and the overall market is under pressure. In the short term, prices will maintain their current trend.
Upstream pure benzene: The cost side support for upstream pure benzene is insufficient, and the pure benzene market is mainly stable. The market shipments are slow, inventory is high, and there is insufficient driving force for price increases. The operating rate of downstream product styrene has decreased, and demand is insufficient.
In terms of demand, the downstream demand market for cyclohexane is not optimistic, with slow overall market shipments and insufficient upward momentum. The downstream market lacks demand in industries such as synthetic fibers and coatings, and traditional procurement is cautious. Demand in new fields is slowly being released.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that the cyclohexane market is expected to maintain its current trend in the short term, with cautious downstream operations and a strong wait-and-see attitude.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of November 21st, the reference average price of the domestic urea market was 1655 yuan/ton, which is an increase of 1.53% compared to the reference average price of 1630 yuan/ton on November 17th.
2、 Market analysis
market situation
This week, the domestic urea market prices have been rising. This week, the urea futures market rose, driving up the spot market. As of November 21st, the urea market prices in Shandong are around 1600-1660 yuan/ton, Hebei is around 1590-1650 yuan/ton, Henan is around 1580-1660 yuan/ton, Hubei is around 1590-1640 yuan/ton, and Liaoning is around 1690-1730 yuan/ton.
supply and demand situation
This week, the domestic urea market has sufficient supply and increased demand. In terms of supply, the current daily production of urea is sufficient, the operating rate of enterprises is high, and inventory pressure is still present. In terms of demand, the urea winter storage market has begun to advance, and the operating rate of downstream compound fertilizer enterprises has increased, resulting in an increase in urea demand.
3、 Future forecast
The urea analyst from Shengyi Society believes that the recent trend of the domestic urea market has been dominated. At present, the demand for urea in industry and agriculture has improved, the market trading atmosphere has increased, and the winter storage market continues to advance. It is expected that domestic urea prices will continue to rise in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 12700 yuan/ton, and the price of activated carbon at the end of the week was 12766/ton, with a price increase of 0.52%.
Domestic coconut shell activated carbon manufacturers’ prices have risen this week, with the ex factory price of coconut shell water purification activated carbon in East China ranging from 9500-13000 yuan/ton. Coconut shell activated carbon has strong demand in water treatment, air purification, sodium ion batteries, and other fields. In addition, the extended shipping cycle, increased storage and environmental protection requirements have pushed up import costs, which is favorable for supporting price increases.
The price of coconut shell carbonization material in Indonesia in September was $1019/ton, and in India it was $958/ton, both up more than 80% compared to the same period in 2024. The main coconut producing countries in Southeast Asia have been affected by natural disasters, policy adjustments, and other factors, resulting in a shortage of coconut shell carbonization materials and a rise in coconut shell charcoal prices. ‌‌
Prediction: The demand for coconut shell activated carbon in the domestic market is strong, and it is expected that the price of activated carbon will mainly fluctuate at a high level in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market fluctuated and fell in mid November, with prices of various brand products falling more and rising less. As of November 20th, the benchmark price for PP wire drawing offered by Shengyi Society was 6446.67 yuan/ton, a decrease of -4.11% compared to the price level at the beginning of November.
price trend
In terms of raw materials:
The crude oil market has been affected by both long and short factors this week. On the one hand, OPEC+oil producing countries have increased production in a new round, and the market is still concerned about the long-term risk of oversupply; On the other hand, geopolitical factors have led to a decrease in Russian supply, coupled with the easing of US tariff issues, which has brought positive news to the international crude oil market. The long and short positions within the range are pulling, and oil prices are fluctuating. The previous inventory of propylene has been digested, but recently the supply of goods has tightened, and the company’s sales are not under pressure, so the shipment is controlled. As a result, the spot price of propylene continues to rise. The external market for propane remains strong, with port cargo leading the increase and prices rising. Overall, the prices of various PP raw materials still provide sufficient cost support.
Supply side:
In mid November, there was a mutual occurrence of restart and maintenance of domestic PP enterprises. As of the time of writing, the overall load level of the domestic industry is around 79%, with little difference compared to the first ten days. The current weekly average total production is over 800000 tons, and the inventory position is stuck at 900000 tons. The on-site supply remains abundant. Overall, the supply side’s support for spot prices has flattened.
In terms of demand:
The results of the China US talks at the beginning of the month did not meet market expectations, which did not strongly boost the mentality of industry players. In addition to the global macroeconomic fatigue, external markets are affected by the Federal Reserve’s interest rate cuts and trade protectionism, dragging end products overseas and constraining downstream enterprise loads. In mid November, although it continued the previous pattern of light buying, the rigid demand of terminal factories had a bottoming effect on prices. However, overall, due to the large supply base of the industry, the momentum of essential demand is difficult to support the spot price of PP. The driving force of Double 11 e-commerce festival consumption within the interval has limited improvement in market trading atmosphere, and the positive factors have been smoothed out by many negative factors, maintaining weak and stable support on the demand side.
Market outlook
In mid November, the domestic PP market prices fluctuated and fell. Fundamentally speaking, the upstream raw material market is fluctuating, and the overall support for PP is still acceptable. The improvement in consumption is limited, and the industry load remains high and flat. Under the large base production capacity, the loose supply pattern remains unchanged, and there is a lack of motivation to further digest inventory. It is expected that the PP market may enter a stalemate adjustment market

This week, the domestic acrylic acid market has shown a typical pattern of “upward pressure, downward support”, with overall prices remaining stable, but the internal supply-demand game is very intense. This’ stability ‘is not a prosperity brought about by strong demand, but a relatively fragile balance formed between the cost line and the demand ceiling. As of November 19th, the benchmark price of acrylic acid in Shengyi Society was 6166.67 yuan/ton, unchanged from last week.
1. Cost side:
The price of the main raw material propylene has recently seen a slight increase, which directly drives up the production cost of acrylic acid. In this situation, the profit margin of manufacturers is compressed, and their willingness to sell at a lower price is extremely low. The strong price of propylene has built a solid bottom for the acrylic acid market, effectively reducing the potential for significant price drops. As of November 19th, the benchmark price of propylene in Shengyi Society was 6038.25 yuan/ton, a decrease of 0.33% compared to the beginning of this month (6058.25 yuan/ton).
2. Supply side:
The overall operating rate of the industry remains at a moderate level (about 75%). Although some equipment maintenance was completed and production resumed in the early stage, the overall supply pressure was not affected.
This controllable supply situation has given manufacturers some confidence in raising prices. They tend to maintain stable quotes and even tentatively push up slightly, which is an important foundation for the market to remain stable.
3. Demand side:
Despite having bottom support, the market lacks the drive to break through upwards, and the core bottleneck lies in the demand side. Downstream industries (such as adhesives, coatings, etc.) generally adopt a cautious attitude, with a procurement model mainly based on “on-demand procurement” and no large-scale hoarding behavior.
With the decrease in temperature in northern regions, construction sites have decreased, further weakening the demand for acrylic esters related to building materials. Weak demand cannot provide any effective impetus for price increases.
Both buyers and sellers are adopting a wait-and-see attitude towards the future market. The demand side does not believe that prices will rise sharply, so they are not in a hurry to chase after them; The supplier also knows that demand is limited, and a significant price increase will suppress shipments.
This mentality leads to a flat overall trading atmosphere in the market, making it difficult to form a unilateral upward trend.
In summary, the current acrylic acid market is in a stage of intense competition between “cost driven” and “demand reality”. The cost side (propylene price increase) is like an invisible hand, supporting the market from below. The demand side (weak consumption) is like a ceiling, suppressing the upward space of prices. The result is that market prices are locked in a narrow range, forming a situation of “stable operation”. It is expected that this volatile consolidation pattern will continue in the short term. The future direction of the market needs to focus on the changing trend of upstream propylene prices and whether there are any unexpected recovery signals in downstream demand.