The phthalic anhydride market fluctuated and fell in November
According to the Commodity Market Analysis System of Shengyi Society, as of November 30th, the price of phthalic anhydride in neighboring countries was 5766.67 yuan/ton, a fluctuating decrease of 3.08% compared to the price of phthalic anhydride on November 1st at 5950 yuan/ton. In November, phthalic anhydride continued to decline, with prices fluctuating and falling. The price of raw material ortho benzene also dropped, resulting in a decrease in costs. The operating rate of phthalic anhydride enterprises slowly increased, and the supply of phthalic anhydride was sufficient; The operating load of downstream DOP enterprises has slightly increased, and the demand for phthalic anhydride still remains supported. The decrease in costs and the increase in production have increased the downward pressure on phthalic anhydride, and the price of phthalic anhydride fluctuated and fell in November.
The cost of phthalic anhydride has decreased, and the supply has increased
On November 30th, Sinopec quoted 5800 yuan/ton for ortho benzene, a decrease of 300 yuan/ton or 4.92% from the 6100 yuan/ton price on November 1st. The price of ortho benzene has fallen, and the cost of phthalic anhydride has decreased. In addition, the operating load of phthalic anhydride equipment increased to 70% in November, resulting in an increase in phthalic anhydride supply. Supply increases while costs decrease, and there is still downward pressure on phthalic anhydride.
Demand side: DOP prices fell first and then rose in November
According to the Commodity Market Analysis System of Shengyi Society, as of November 30th, the DOP price was 7009.16 yuan/ton, which first fell and then rose compared to the DOP price of 7009.16 yuan/ton on November 1st, and increased by 2.31% compared to the DOP price of 6950.83 yuan/ton on November 17th. In mid to late November, the cost of DOP increased, and the price of DOP stopped falling and rose. In November, the operating load of plasticizer DOP enterprises slightly increased, and DOP production increased. The demand for phthalic anhydride still remained supported, and the downward pressure on phthalic anhydride weakened.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of demand, the increase in DOP equipment load of plasticizer enterprises, the increase in plasticizer production, and the increased support for phthalic anhydride demand; In terms of cost, the price of ortho xylene has decreased, the price of raw materials has decreased, and the cost of phthalic anhydride has decreased. In the future, the cost of phthalic anhydride will decrease, and the increase in production and supply of phthalic anhydride will continue to support demand. It is expected that the price of phthalic anhydride will weakly decline in the future.

1、 Price trend

According to monitoring data from Business Society, caustic soda prices showed a downward trend in November. At the beginning of the month, the average price of caustic soda in Shandong region was 838 yuan/ton, and at the end of the month, the price of caustic soda in Shandong region was 780 yuan/ton, an increase of 6.92% and a decrease of 23.6% compared to the same period last year. On November 27th, the Business Social Chemical Index was 765 points, unchanged from yesterday, a decrease of 45.36% from the highest point of 1400 points during the cycle (October 23, 2021), and an increase of 27.93% 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 survey data from Shengyi Society, the price of caustic soda has been showing a downward trend in November. The price of caustic soda in Shandong region is around 710-810 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, with a mainstream market price of 840-930 yuan/ton in 32% ion-exchange membrane alkali. The price of caustic soda in Inner Mongolia region is stable, with a mainstream market price of 2250-2350 yuan/ton (converted to 100%) in 32% ion-exchange membrane alkali. At the beginning of this month, the supply of caustic soda was loose and the production started at a high level, but downstream demand for caustic soda was average, resulting in a decline in caustic soda prices. As of the end of the month, there is sufficient supply, and downstream alumina has shown moderate enthusiasm for entering the market recently. The market is still in a stalemate, and more caustic soda is purchased on demand. It is expected that the alumina market will experience weak fluctuations in the later period. In addition, data shows that the cumulative export volume from January to October 2025 was 2944386.820 tons, a year-on-year increase of 41.93%. The cumulative import volume from January to October 2025 was 338.803 tons, a year-on-year increase of 94.57%.
Business analysts believe that the caustic soda prices in November have been weak in recent times, and downstream buyers in China have been purchasing on demand. The comprehensive supply-demand game predicts that caustic soda will maintain a stable operating market in the later stage, depending on downstream market demand.

Zinc price in November

According to the Commodity Market Analysis System of Shengyi Society, as of November 28th, the zinc price was 22356 yuan/ton, an increase of 0.40% compared to the zinc price of 22558 yuan/ton on November 1st.
In the early stage of November, zinc prices were affected by tight supply, cost support, and export expectations, resulting in an overall shift in focus. However, in the later stage, the upward space was limited by weak demand and high inventory pressure.
In terms of raw materials
In November, mines in northern China entered a seasonal period of reduced production, with a month on month decrease in zinc ore output; Due to the extremely low Shanghai London exchange rate, the losses of imported mines have expanded, and the growth space of import volume is limited. The overall supply of zinc ore is tightening, and processing fees are accelerating their decline, providing support for zinc prices on the cost side.
Supply and demand side
On the supply side, some smelters voluntarily reduced production in November due to raw material shortages and profit compression. It is expected that refined zinc production will slightly decrease compared to the previous month, but the release of new production capacity still provides some support for supply, and the overall supply pressure will be marginally relieved.
On the demand side, downstream industries such as galvanizing, die-casting zinc alloys, and zinc oxide have entered the off-season, and the operating rate is expected to weaken month on month. Terminal consumption is weak, and demand in the infrastructure and real estate sectors continues to be sluggish, which has limited effect on driving zinc prices. The marginal recovery of consumption in Europe and America, coupled with the resilience of demand in areas such as automobiles and photovoltaics, has resulted in weak overall demand growth, making it difficult to provide strong support for zinc prices.
Future forecast
In November, the social inventory of zinc ingots in China remained high, but the export window for zinc ingots continued to open, with some zinc ingots flowing overseas or LME warehouses, which to some extent eased the pressure on domestic inventory. It is expected that the zinc price will exhibit a strong range oscillation pattern.

1、 Price trend
The commodity market analysis system of Shengyi Society shows that the price of bromine has increased this week. The average market price at the beginning of the week was 30800 yuan/ton, and the average market price over the weekend was 32800 yuan/ton, with a price increase of 2.5% and a 46.43% increase compared to the same period last year. On November 26, the Business Society Bromine Index was 115.09, unchanged from yesterday, a decrease of 53.06% from the highest point of 245.18 points (2021-10-27) during the cycle, and an increase of 95.33% from the lowest point of 58.92 points on October 29, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine in Shandong region remained firm. The reference ex factory price for spot goods is 32500-33000 yuan/ton, and the current mainstream transaction price is 32500 yuan/ton. At present, the overall operating rate of the industry is insufficient, and the demand in downstream industries is average, continuing with the procurement of essential needs. Due to weather and policy reasons, domestic bromine enterprises still have tight inventory and insufficient industry operating rates, but downstream enterprises have average purchasing enthusiasm. In terms of raw materials, domestic sulfur prices have remained strong this week, with an average market price of 3804.33 yuan/ton at the beginning of the week and 3837.67 yuan/ton over the weekend. The price has increased by 0.88%, which is 133.39% higher than the same period last year. Downstream demand is still acceptable.
Prediction: Bromine prices are expected to remain stable in the near future, while upstream sulfur prices are expected to remain strong. Bromine supply is tight in the near future, but downstream buyers tend to purchase on demand, leading to resistance to price increases. The overall supply-demand game predicts that bromine prices may continue to operate steadily in the later period, depending on downstream market demand.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the reference average price of 85% industrial grade phosphoric acid in China was 6880 yuan/ton on November 26th, and 6640 yuan/ton on November 1st. This month, the price of 85% industrial grade phosphoric acid in China has increased by 3.61%.
2、 Market analysis
market conditions
This month, the domestic phosphoric acid market prices have shown a strong upward trend. This month, the trend of raw material yellow phosphorus is upward, with favorable cost support, and the phosphoric acid market is following the upward trend of raw materials. The optimistic attitude of the phosphate market has increased, and market trading has remained stable. As of November 26th, the factory price of 85% industrial phosphoric acid in Hubei region is around 6700-7000 yuan/ton, in Sichuan region it is around 6700-7000 yuan/ton, and in Yunnan region it is around 6700-6900 yuan/ton.
Raw material market
Raw material yellow phosphorus market. The yellow phosphorus market has been operating strongly this month, with a slight decline and adjustment in the middle of the month before rising again. The low-priced supply of yellow phosphorus in the market is difficult to find, and manufacturers have raised their prices steadily, mainly due to reluctance to sell, resulting in an increase in market transaction prices. The short-term yellow phosphorus market is optimistic and improving.
3、 Future forecast
The phosphoric acid analyst from Shengyi Society believes that the recent trend of the phosphoric acid market has been upward. The price of raw material yellow phosphorus has risen, and cost support has increased. At present, the trading atmosphere in the phosphoric acid market is improving, and downstream inquiries are increasing. It is expected that the domestic phosphoric acid market will operate steadily with a moderate upward trend in the short term.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on November 21 was 1063 yuan/ton, an increase of 0.31% compared to the average market price of 1060 yuan/ton on November 17.
2、 Market analysis
supply and demand situation
The price of ammonium sulfate in the domestic market has slightly increased this week. This week, the operating rate of coking grade ammonium sulfate remained stable, while the operating rate of domestic grade ammonium sulfate decreased. The market supply decreased, and domestic manufacturers mainly raised prices. The enthusiasm for downstream procurement is not high, and many adopt a wait-and-see attitude. The transaction volume of ammonium sulfate market is limited, and terminal demand needs to be improved.
market situation
As of November 21st, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 940 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1040-1070 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the market trend of ammonium sulfate has slightly increased in recent days. At present, the demand for ammonium sulfate in the market is stable, and downstream demand for replenishment is urgent. It is expected that the short-term domestic ammonium sulfate market will mainly experience a narrow adjustment in price.

The domestic fluorite price trend has declined this week, with an average price of 3462.5 yuan/ton as of the weekend, a decrease of 0.89% from the early week price of 3493.75 yuan/ton and a year-on-year decrease of 5.78%.
Supply side: Fluorite spot normal inventory high

The current situation of the game in the domestic fluorite industry still exists, and overall, the operating rate of enterprises has not changed much. Upstream mining is still tight, and backward mines will continue to be eliminated. In terms of new mines, mineral investigation work is still difficult. In addition, national departments need to reform fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased. However, the spot supply of fluorite in the market is normal, and social inventory continues to operate at a high level without obvious signs of depletion. The supply side maintains a stable production rhythm. In addition, there are few inquiries, and the shipment situation is poor. The fluorite market trend continues to decline.
Demand side: Low price of hydrofluoric acid, average refrigerant market
This week, the domestic price of hydrofluoric acid remained low, and the mainstream price of hydrofluoric acid in various regions of China was negotiated at 11700-12200 yuan/ton. The downstream hydrofluoric acid equipment is still in shutdown, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. Recently, hydrofluoric acid merchants have not been actively purchasing, and the fluorite market is in a fierce game between supply and demand, falling into a “price but no market” deadlock, in the absence of strong demand support. The price of fluorite market continues to decline.
The downstream refrigerant market in the terminal is still promising, and the terminal policies of the refrigerant industry are being strengthened. Demand is expected to achieve substantial improvement, and fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, and although there has been no follow-up transaction in the circulation market, enterprises are actively controlling quantity and raising prices by sealing off inventory. The trend of refrigerant market has increased, but caution is still held towards upstream procurement, and the price of fluorite market has slightly decreased.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. In addition, the supply of fluorite in the north will become tighter in the later period. However, downstream hydrofluoric acid enterprises will mainly purchase on demand, and demand has not actually improved. The fierce game between supply and demand, overall, the fluorite market price is mainly volatile in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the price of lithium carbonate in China has skyrocketed recently, reaching a new high for the year. As of November 20th, the benchmark price of battery grade lithium carbonate trading company was 95266 yuan/ton, up 11.16% during the week and 26.99% during the month. The benchmark price for domestic industrial grade lithium carbonate trading companies is 93433 yuan/ton, with a weekly increase of 11.32% and a monthly increase of 27.7%.

Ganfeng Lithium Industry Optimistic Forecast, Business Society Price Seek Price Increase Key Reminder
On the 16th, at the 10th International Summit on Power Battery Applications, Li Liangbin predicted that the demand for lithium carbonate would increase by 30% by 2026, reaching 1.9 million tons. At the same time, the supply capacity should increase by about 250000 tons after evaluation, and the supply and demand should be basically balanced. There is room for lithium carbonate prices to rise. If the demand growth rate exceeds 30% or even reaches 40% next year, the supply cannot be balanced in the short term, and the price may exceed 150000 yuan/ton or even 200000 yuan/ton.
The following day (17th), Price Seek from Shengyi Society emphasized that a score of+2 may lead to a surge in prices due to the large prediction range and high risk of supply-demand imbalance. On the same day, lithium carbonate futures hit the limit up, while spot prices rose sharply, with a daily increase of 4.16%.
Price increases are not groundless, strong demand provides solid support
According to data from the Ministry, from January to October, the production and sales of new energy vehicles in China reached 13.015 million and 12.943 million respectively, an increase of 33.1% and 32.7% year-on-year. During the same period, the cumulative installed capacity of power batteries in China was 578 GWh, an increase of 42.4% year-on-year. In terms of energy storage batteries, due to global policy fluctuations, technological iterations, and other factors, there has even been a phenomenon of “one chip difficult to find” in the industry. From January to October, the newly installed capacity of new energy storage in China reached 94.81 GWh, a year-on-year increase of 46.31%; Chinese companies have added 267GWh of energy storage overseas orders, a year-on-year increase of 145.6%, far exceeding last year’s total.
The rise in raw material prices has driven the stock market to hit the limit up one after another
The data analyst of Shengyi Society believes that in the short term, the demand for lithium carbonate will increase, and market sentiment will support the rise in lithium carbonate prices. In the long term, price increases may stimulate production and resumption, and the supply side will face pressure. Specific changes in market supply and demand still need to be monitored.

According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has been strengthening recently. As of around November 17th, the benchmark price of 85% industrial grade formic acid in China was 2910 yuan/ton, an increase of 2.83% compared to the same period last week (around November 10th), a month on month increase of 3.93%, and a year-on-year increase of 4.86%.
Core factor for price increase: maintenance plan transmitted from dual production areas
A leading production enterprise in Liaocheng is about to launch a 30 day maintenance plan, and another major manufacturer in Feicheng will implement equipment maintenance at the end of this month. The dual production area maintenance will lead to a phased contraction of market supply. The market sentiment has been dominated by three expected adjustments, from “upcoming maintenance” to “synchronous maintenance in dual production areas”, and then to “delayed maintenance until later this month”. Although the current supply remains abundant, the expectation of maintenance has provided substantial support for prices.
Downstream enterprises have always maintained a rigid procurement rhythm, with stable inventory consumption and no significant increase or contraction in demand. The main application industries such as pharmaceuticals, rubber, and leather purchase on demand, with limited acceptance of price increases, which to some extent suppresses significant price fluctuations.
The formic acid data analyst from Shengyi Society believes that in the short term, the formic acid market price may continue to remain at a high level of around 2910 yuan/ton. If the maintenance is launched as scheduled in the latter half of the year, it may further exacerbate the expectation of tight supply. Specific attention still needs to be paid to the dynamics of the factory area.

The domestic fluorite price trend has slightly declined this week. As of the weekend, the average domestic fluorite price was 3493.75 yuan/ton, a decrease of 0.53% from the beginning of the week price of 3512.5 yuan/ton and a year-on-year decrease of 4.77%.

Supply side: Fluorite spot normal inventory high
The current situation of the game in the domestic fluorite industry still exists, and overall, the operating rate of enterprises has not changed much. Upstream mining is still tight, and backward mines will continue to be eliminated. In terms of new mines, mineral investigation work is still difficult. In addition, national departments need to reform fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased. However, the spot supply of fluorite in the market is normal, and social inventory continues to operate at a high level without obvious signs of depletion. The supply side maintains a stable production rhythm. In addition, there are few inquiries, and the shipment situation is poor. The fluorite market trend continues to decline.
Demand side: Low price of hydrofluoric acid, average refrigerant market
This week, the domestic price of hydrofluoric acid remained low, and the mainstream price of hydrofluoric acid in various regions of China was negotiated at 11700-12200 yuan/ton. The downstream hydrofluoric acid equipment is still in shutdown, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. Recently, hydrofluoric acid merchants have not been actively purchasing, and the fluorite market is in a fierce game between supply and demand, falling into a “price but no market” deadlock, in the absence of strong demand support. The price of fluorite market continues to decline.
The downstream refrigerant market in the terminal is still promising, and the terminal policies of the refrigerant industry are being strengthened. Demand is expected to achieve substantial improvement, and fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, and although there has been no follow-up transaction in the circulation market, enterprises are actively controlling quantity and raising prices by sealing off inventory. The trend of refrigerant market has increased, but caution is still held towards upstream procurement, and the price of fluorite market has slightly decreased.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. In addition, the supply of fluorite in the north will become tighter in the later period. However, downstream hydrofluoric acid enterprises mainly purchase on demand, and demand has not actually improved. The fierce game between supply and demand, overall, the fluorite market price trend will slightly decline in the short term.