The market for butadiene rubber in October was weak and declining. 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.
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. As of October 30th, the mainstream prices in Qilu, Daqing, Sichuan, and Yangtze Shunding in East China were reported at 11050-11300 yuan/ton.
The price of butadiene weakened significantly in October, dragging down the market for butadiene rubber on the cost side. According to the Commodity Market Analysis System of Shengyi Society, as of October 30th, the price of butadiene was 7516 yuan/ton, a decrease of 15.42% from 8886 yuan/ton at the beginning of the month.
In mid to late October, domestic companies such as Qilu Petrochemical, Sichuan Petrochemical, Yangtze Petrochemical, and Zhejiang Petrochemical successively shut down their Shunding units for maintenance, resulting in a significant decrease in Shunding rubber production; In addition, there are maintenance plans for the Shunding unit of Maoming Petrochemical and Zhenhua New Materials in November.
Demand side: In October, there was a slight increase in downstream semi steel tire production, which provided strong support for the demand in the butadiene rubber market. As of October 24th, the construction of semi steel tires by domestic tire companies has started at around 7.4%; The construction of all steel tires by tire companies in Shandong Province has slightly increased to around 6.60%.
Market forecast: From a fundamental perspective, analysts from Shengyi Society believe that the abundant supply of raw material butadiene is mainly due to weak market conditions, with slight fluctuations in downstream tire production. In November, some Shunding units still have plans to shut down for maintenance. Overall, it is expected that Shunding rubber will experience weak fluctuations in the later period.

Recently (10.20-10.29), the trichloromethane market in Shandong region has remained relatively stable. According to the Commodity Market Analysis System of Shengyi Society, as of October 29th, the price of trichloromethane water in Shandong Province was 1700 yuan/ton, unchanged from the previous period. The raw materials methanol and liquid chlorine still have some support. Downstream production remains at a low level, dragging down the market for trichloromethane. However, the expected production of methane chloride has decreased, and the overall trichloromethane market is in a weak equilibrium state due to the comprehensive impact.
Recently (10.20-10.29), the Jinling methane chloride unit was restarted, the Jiangsu Liwen methane chloride unit was shut down for maintenance, and there are maintenance plans for the Jiuhong methane chloride unit in the later stage. The market expects a slight decrease in supply pressure in the later stage.
Recently, the price of methanol has been declining and the price of liquid chlorine has been rising, which still provides support for the cost of trichloromethane. According to the Commodity Market Analysis System of Shengyi Society, as of October 29th, the spot price of methanol was 2212 yuan/ton, a decrease of 3.41% from 2290 yuan/ton on the 20th. As of October 29th, the acceptance price of liquid chlorine tank trucks in Shandong region is around 250 yuan/ton, which is about 50 yuan/ton higher than the previous period.
The demand for downstream refrigerant R22 continues to be weak, and the support for trichloromethane demand has weakened. In addition, the R22 quota will continue to decrease in 2025, which will have a negative impact on trichloromethane. In 2013, the baseline production quota for second-generation refrigerants in China was 426400 tons. After multiple pressure drops, it will be reduced to 163600 tons by 2025. Among them, the production quotas for R22, R142b, and R141b are 149100 tons, 0.34 tons, and 0.92 tons, respectively.
The methane chloride data analyst from Shengyi Society believes that the demand for trichloromethane is relatively weak; However, with cost and supply support expectations, it is expected that the trichloromethane market will mainly consolidate in a narrow range in the later period.

According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid in China has shown a trend of first stabilizing and then rising recently. As of October 28th, the benchmark price of 85% industrial grade formic acid in China was 2830 yuan/ton.
Premium replenishment drives short-term fluctuations
Last week (10.20-10.24), the product quotation remained stable at 2800 yuan/ton, and the market price remained rigid. However, this week, there has been a partial premium phenomenon, with some end buyers restocking at a price of 2830 yuan/ton. The stability of prices in the early stage is mainly supported by the balance between sufficient supply and weak demand. The slight increase in prices in the later stage is related to the concentrated procurement and stocking of goods before downstream price increases, which is a short-term market situation brought about by the release of phased demand.
Supply and demand pattern: sufficient and stable supply, with demand leading the market rhythm
Supply side: High load production supports sufficient inventory, and the formic acid supply side maintains a stable and abundant state, with inventory levels maintained at around 60%; Demand side: Overall performance is weak, with the release of essential purchases. Due to potential price increases in the market, downstream manufacturers are concentrating on purchasing, which has driven up prices slightly.
The formic acid data analyst from Shengyi Society believes that due to market rumors that a large enterprise in Liaocheng has a maintenance plan but has not yet determined the implementation time, downstream centralized procurement will occur in the short term. With the release of procurement demand, the market will return to the normal dominated by rigid demand. It is expected that formic acid prices will continue to operate steadily, and specific changes in market supply and demand, as well as manufacturer maintenance plans, need to be monitored.

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 from Shengyi Society, the domestic titanium dioxide market has remained stable this week, with an average price of 13860 yuan/ton.
2、 Market analysis
This week, the domestic titanium dioxide market has maintained stable operation. At present, the demand for titanium dioxide in the market is light, with average new inquiries and cautious actual orders. Some companies still focus on delivering orders in hand. The production cost of raw materials is high, and there is a game between upstream and downstream markets. The market situation is relatively stagnant, and many are waiting and watching. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 13200-14200 yuan/ton; The price of rutile type is around 12000-12500 yuan/ton, and the price of chlorination method is 13600-16500 yuan/ton. The actual transaction price is negotiable.
3、 Future forecast
The titanium dioxide analyst from Shengyi Society believes that the domestic titanium dioxide market is mainly consolidating weakly this week. There is not much inventory pressure, and there is a strong wait-and-see attitude in the market, resulting in cautious transactions. It is expected that titanium dioxide will operate steadily in the short term, and the actual transaction price will be negotiated one by one.

This week, the polyester bottle chip market showed a trend of first falling and then rising, with relatively small overall fluctuations. According to data from Shengyi Society, on October 24th, the average selling price of PET was 5755 yuan/ton.
Cost factor: At the beginning of the week, the price of polyester bottle chips fell due to the weakness of crude oil. Subsequently, geopolitical risks drove the rebound of oil prices, cost support rebounded, and provided certain support for the price of polyester bottle chips, causing their prices to stop falling and rebound.
Supply and demand relationship: The industry’s capacity utilization rate remained around 72.59% this week. Although mainstream factories continue to implement production reduction plans, there is still ample spot supply in the market. Meanwhile, overcapacity is a long-term pressure faced by the industry, continuously suppressing the rebound space of prices. The stability of the supply side and the abundance of spot goods in the market have to some extent suppressed price increases. In terms of demand, we are currently in the off-season of seasonal demand. The cooling weather has led to a narrow decline in demand for soft drinks and catering. According to data from Shengyi Society, the production of soft drinks from January to August 2025 decreased by 4.8% year-on-year. Downstream end users often adopt the strategy of “on-demand procurement” and lack enthusiasm for large-scale stocking, leading to a shift in the focus of market transactions.
Export situation: Due to the influence of upstream raw materials, the export quotation of polyester bottle chip factories has been raised, and the negotiation range for mainstream bottle chip factories in East China has been extended to $750-770/ton FOB Shanghai Port. However, according to Southwest Futures’ analysis, there is a slowing trend in the growth rate of bottle chip exports.
Market expectation: It is expected that the market will warm up and fluctuate next week. The cost side is expected to strengthen under the support of geographical factors, which will provide cost support for bottle chips. However, due to stable supply and abundant spot goods, as well as seasonal off-season demand, the upward space for bottle chip prices is limited, and it is expected to fluctuate within the range of 5600-5800 yuan/ton.