Market Overview: (12.16-12.23)
According to the monitoring of the commodity market analysis system of Shengyi Society, as of December 23, the average price of dichloromethane dispersed water in Shandong Province was reported at 1710 yuan/ton, a decrease of 4.47% during the week. The year-on-year decline reached 39.25%, and the pattern of market supply-demand imbalance continued to suppress the market, causing it to oscillate weakly in the historical low range.
Supply side: High operating rate is the main source of pressure
Industry maintains high load: The high operating rate of the domestic methane chloride industry is the core factor suppressing the market. Although there are sporadic devices to reduce load, the impact on the overall supply pattern is limited.
The strategy is mainly focused on shipping: Enterprises generally face inventory pressure and often adopt a concession shipping strategy to alleviate the pressure.
Demand side: Weak domestic demand, relying on export diversion
The support for the main downstream refrigerant R32 is limited: its operating rate is still acceptable, about 80% of it is running, but due to its multiple upstream raw materials, the actual purchase volume of purchased dichloromethane is limited. Low demand in other fields: stable but small total demand in areas such as medicine and electronics; The traditional solvent field is squeezed by both economic prosperity and low-priced alternatives. The purchasing mentality is extremely cautious: downstream companies generally adopt the strategy of “purchasing on demand and replenishing inventory in small quantities at low prices”, and the market lacks speculation and stocking demand.
The import and export of dichloromethane show extreme differentiation: this phenomenon confirms the weakness of domestic demand. Imports: Only 17.3 tons in November, a decrease of 15.81% compared to the previous month, which can be ignored, indicating that there is no import demand in the domestic market. Export: In November, it reached 23386.69 tons, an increase of 24.07% compared to the previous month, becoming a key channel for digesting domestic overcapacity. But this is a passive choice under market weakness, providing only bottom support and difficult to drive market reversal.
On the cost side, raw material prices fluctuate, and the profit margin of enterprises is compressed
Liquid chlorine: The increase in downstream maintenance has led to a decrease in demand and a drop in prices.
Methanol: Due to port destocking and reduced import expectations, prices have rebounded. As of December 23rd, the benchmark price of methanol in Shengyi Society was 2140 yuan/ton, an increase of 1.78% during the period.
Although the main raw material liquid chlorine has declined, the profit margin of production enterprises has been significantly squeezed due to the weak price of dichloromethane.
Future outlook:
Short term bearish factors dominate, and it is expected that the market will maintain a weak operation, with prices possibly continuing to fluctuate and bottom out in the historical low range. Attention should be paid to whether there are substantial adjustments and inventory changes on the supply side. Before there is a clear reduction in production, it is difficult for the market to form a trend of upward momentum.

Recently, the price of acetic anhydride has been fluctuating
According to the Commodity Market Analysis System of Shengyi Society, as of December 21st, the price of acetic anhydride was 4162.50 yuan/ton, which was the same as the price of acetic anhydride on December 15th at 4162.50 yuan/ton. This week, the price of acetic acid first rose and then fell, with stable support for the cost of acetic anhydride. The maintenance equipment for acetic anhydride on the supply side has not yet been restored, and the market operating rate is not high. At the beginning of the week, the quotation continued to rise, while downstream demand fluctuated narrowly. Some acetic anhydride manufacturers had average shipments, and the price of acetic anhydride decreased slightly in the later period.
The acetic acid market remains strong and stable
According to the Business Society Acetic Acid Commodity Market Analysis System, the price of acetic acid remained at 2660 yuan/ton from December 15th to 21st. The recovery of acetic acid maintenance equipment is slow, the market supply is relatively strong, the inventory pressure of manufacturers is not high, the quotation is firm and stable, the downstream demand is stable, the market trading atmosphere is still acceptable, and the high price of acetic acid still provides positive support for acetic anhydride.
Future prospects
The acetic acid analyst from Shengyi Society believes that the price of raw material acetic acid is strong, the market mentality of acetic anhydride is good, the pressure on the supply side of acetic anhydride is not high, and the manufacturer’s quotation is mainly stable. The downstream production is stable, and the basic support of acetic anhydride is good. It is expected that the acetic anhydride market will operate steadily in the later stage, and specific attention will be paid to changes in the upstream market.

The domestic fluorite prices have remained stable this week, with an average price of 3368.75 yuan/ton as of the weekend, unchanged from the early week price of 3368.75 yuan/ton, a year-on-year decrease of 8.43%.

Supply side: Fluorite spot normal inventory high
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is still tense, 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, production activities will slow down before the end of the year and the mentality of “buying up and not buying down”. The scale of periodic replenishment has shrunk. Recently, downstream procurement has not been active, and fluorite shipments have been poor. The fluorite market trend is mainly.
Demand side: Hydrofluoric acid price stable, refrigerant market average
This week, the domestic price trend of hydrofluoric acid is temporarily stable, and the mainstream price of hydrofluoric acid discussed in various regions of China is 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 market price of fluorite remains low.
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 refrigerant market still has support, but we still hold a cautious attitude towards upstream procurement, and the price trend of fluorite market is temporarily stable.
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. However, the high inventory of fluorite spot goods, 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 is mainly fluctuating at a low level in the short term.

The domestic fluorite price trend has declined this week, with an average price of 3368.75 yuan/ton as of the weekend, a decrease of 0.55% from the early week price of 3387.5 yuan/ton and a year-on-year decrease of 8.43%.
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 tense, 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 in the fluorite field 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, production activities will slow down before the end of the year and the mentality of “buying up and not buying down”. The phased replenishment scale has shrunk, and the fluorite shipment situation is not good. The fluorite market trend continues to decline.
Demand side: Hydrofluoric acid price stable, refrigerant market average
This week, the domestic price trend of hydrofluoric acid is temporarily stable, and the mainstream price of hydrofluoric acid discussed in various regions of China is 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 refrigerant market still has support, but a cautious attitude towards upstream procurement is still held, 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. However, the high inventory of fluorite spot goods, 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 is mainly fluctuating at a low level in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the formic acid market has been operating steadily recently. As of December 5th, the benchmark price of formic acid in Shengyi Society was 2910 yuan/ton, which was higher than the same period last week (November 28th), month on month and year-on-year.
There is a significant contraction on the supply side

Part of the equipment in a large production enterprise in Liaocheng is currently under maintenance, and it is expected to maintain the market for one month. At the same time, a major manufacturer in Feicheng has implemented production reduction measures, resulting in an overall decrease in market supply.
High inventory levels combined with weak demand
The current market inventory is at a medium to high level, and the shipment volume has relatively decreased compared to the previous period. The demand side is characterized by “rigid demand dominance and limited increment”. End users generally adopt an on-demand procurement strategy, and the overall market demand performance is flat, lacking significant growth momentum.
The formic acid data analyst of Shengyi Society believes that the domestic formic acid market price will remain stable in early December. Although the supply side has shrunk due to the impact of enterprise maintenance and production reduction, sufficient industry inventory has become an important support for price stability, maintaining a balance between supply and demand. In the short term, if there are no significant changes in supply side maintenance and production reduction, and inventory levels remain at the current level, it is expected that the domestic formic acid market price will continue to operate steadily.

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.