According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market fluctuated and fell at the end of November, with prices of various brand products falling more and rising less. As of November 26th, the benchmark price for PP wire drawing offered by Shengyi Society was 6363.33 yuan/ton, a decrease of -5.35% compared to the price level at the beginning of November.
price trend
In terms of raw materials:
Entering the end of the month, international crude oil is affected by OPEC+’s new round of production increases and the easing of regional tensions, causing concerns among industry players about long-term oversupply. On the other hand, the weakening of US demand and the impact of US tariffs on global economic and demand expectations have led to a decline in international oil prices. In the early stage of propylene inventory digestion, the supply of goods has tightened, and the company’s sales are not under pressure, with controlled shipments. Affected by this, 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 raw materials for PP have fluctuated, providing moderate support for PP costs.
Supply side:
At the end of November, domestic PP enterprises experienced a mutual restart and maintenance. As of the time of writing, the overall load level of the domestic industry is around 77.5%, with little difference compared to the mid month. The current weekly average total production is close to 810000 tons, and the inventory position is around 870000 tons. Previously, there were restarts of Zhenhai Refining and Chemical Third Line, Jingbo Petrochemical Second Line, and Luoyang Petrochemical Second Line. Later, there were some equipment failures and maintenance at Shanghai SECCO, as well as short shutdowns at Dushanzi Old Second Line. The loss of production capacity was basically offset, and the on-site supply remained abundant. Overall, the supply side’s support for spot prices has flattened.
In terms of demand:
The early Double 11 e-commerce festival had limited impact on improving the market trading atmosphere by stimulating consumption in packaging, home appliances, and other areas. The current PP terminal enterprise finished product market is generally hot, and the digestion of raw materials is slow, resulting in a low willingness to build raw material warehouses. Combined with the fact that the results of the China US talks at the beginning of the month did not meet market expectations, it did not provide a strong boost to the mentality of industry players. At the same time, the impact of the Federal Reserve’s interest rate cuts and trade protectionism is still present, dragging down the export of end products, and the load position of downstream enterprises is not ideal. At the end of November, following the previous light trading pattern, the industry’s supply base was large and did not match the weak demand of terminal factories, making it difficult for market momentum to support PP spot prices.
Future forecast
At the end of 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 average. The industry load remains stable at a high level, with limited improvement in consumption. 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 will continue to adjust.

Recently (11.20-11.26), the domestic EVA market has been operating weakly. According to the Commodity Market Analysis System of Shengyi Society, as of November 26th, the benchmark price of EVA in China was 10400 yuan/ton, which was the same as the price on November 20th. The demand for downstream photovoltaics and foam production is relatively weak; Domestic EVA equipment production has slightly decreased, but supply pressure still exists; The price of raw material vinyl acetate is weakly declining, and the market lacks favorable support to consolidate the weak EVA market.
Recently (11.20-11.26), EVA production has slightly decreased to around 8.30%, indicating that supply pressure in the EVA market still exists. During the cycle, the price of raw material ethylene remained stable, while the price of vinyl acetate slightly decreased, and the cost faced weakened support from EVA. As of November 25th, the domestic price of ethylene in Sinopec East China was 6200 yuan/ton, which remained stable compared to the price on November 20th; As of November 25th, the price of vinyl acetate in the East China market was 5500 yuan/ton, a decrease of 2.65% from 5650 yuan/ton on the 20th.
Recently (11.20-11.26), there has been a lack of significant positive support for the demand in the EVA market, with slow follow-up of downstream photovoltaic and foam terminal orders and slow digestion of spot goods. In addition, new production capacity on the supply side is about to be put into operation, and the supply of goods is expected to increase. Some manufacturers’ prices continue to decline, and the EVA market is running weakly.
Future forecast: Overall, the cost support for EVA will weaken, and the demand for downstream photovoltaic and foam industries will weaken. In addition, there are plans for new equipment to be put into production in the later stage of EVA, and the overall fundamentals of EVA are weak. It is expected that the weak consolidation of EVA spot market will be the main trend in the later stage.

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.