According to the analysis of the Business Society’s market monitoring system, on November 13th, the reference market price for domestic silicon metal # 441 was 9730 yuan/ton. Compared with November 9th (reference market price for silicon metal 441 # was 9700 yuan/ton), the price has increased by 30 yuan/ton, an increase of 0.31%. On November 1st (the market price of silicon metal # 441 was 9680 yuan/ton), the price increased by 50 yuan/ton, a rise of 0.52%.
The metal silicon market has remained stable after a slight upward movement this week
From the commodity market analysis system of Shengyi Society, it can be seen that this week (11.10-11.13), the domestic spot market for silicon metal mainly operated steadily after a small rise, with some brands experiencing slight price increases. The overall market changes were within normal fluctuations. As of November 13th, the market price reference for metal silicon oxygen 553 # in East China is 9400-9600 yuan/ton, non oxygen 553 # is 9300-9400 yuan/ton, 521 # is 9600-9700 yuan/ton, 441 # is 9600-9800 yuan/ton, 421 # is 9700-9800 yuan/ton, and 421 # (for organic silicon) is 9800-10200 yuan/ton.
Fundamental situation
In terms of supply and demand: Currently, the overall supply situation in the market has improved compared to the beginning of the month, and there is also a certain mentality of price support among industry players. However, downstream demand for silicon metal is generally cautious, with limited acceptance of high prices, and overall supply and demand transmission is average.
In terms of inventory: Currently, the overall inventory of the metal silicon market has increased, and some silicon companies in the south still have a certain amount of inventory accumulation after the shutdown of production. Northern silicon companies have a weak willingness to sell at a discount, therefore, the overall supply inventory of the market has increased to a certain extent.
Market analysis in the future
At present, the overall trading atmosphere in the metal silicon market is average, and downstream demand is cautious in procurement. Inquiries are mostly kept at the low end. The metal silicon data analyst of Business Society predicts that the metal silicon market will mainly adjust and operate in a narrow range in the short term, and specific changes in supply and demand news need to be closely monitored.

According to the Commodity Market Analysis System of Shengyi Society, the market price of 85% concentrated formic acid in China has remained stable in recent times. As of November 10th, the benchmark price of formic acid Shengyi Society was 2830 yuan/ton, unchanged from last week.
Supply side: high stability, expected maintenance in the later stage
The formic acid supply side is operating at high load as a whole. The capacity utilization rate of production enterprises is almost saturated, maintaining full load production, overall supply capacity remains high, and market supply is sufficient. The main factories and manufacturers in Liaocheng area are planning to carry out equipment maintenance work soon. Although the current supply has not been affected, this maintenance plan may have a phased impact on the subsequent local supply, and continuous attention should be paid to the maintenance progress and actual impact scope.
Demand side: rigid dominance, stable shipment
The demand side is always dominated by rigid procurement. The procurement demand of downstream enterprises remains stable, with no significant fluctuations in shipment volume and stable inventory consumption. Despite the expectation of a subsequent period of concentrated procurement in the market, with demand possibly heating up in stages, as of November 10th, there has been no substantial increase in demand on the demand side and it is still operating steadily.
Export end: order contraction, export decline
The export market has performed poorly, with a continuous decrease in the number of newly signed orders compared to the previous period. The export volume has shown a downward trend, which has weakened its support for the overall market and become one of the factors affecting market sentiment.
According to the formic acid data analyst from Shengyi Society, the supply and demand pattern of the formic acid market will remain dynamically balanced in the short term, taking into account both the supply and demand sides and the performance of the export market. Despite the potential impact of maintenance by major factories in Liaocheng on the supply side, the overall supply is currently abundant, the demand side is rigid and stable, and the impact of export decline is relatively limited. Therefore, it is expected that the price of formic acid will continue to operate steadily in the short term.

1、 Price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market fluctuated within the range this week (11.3-7), and the price performance was weak. As of Friday, the average price of SG-5 PVC carbide method in China was 4490 yuan/ton, with a price drop of 0.88% during the week.
2、 Market analysis
This week, PVC showed weak consolidation, with most manufacturers maintaining stability and some making slight adjustments within 50 yuan/ton. Entering the weak range of the PVC market in November, the main reason is the lack of favorable fundamentals, the sustained weakness of crude oil prices, and the continuous fluctuation of prices at low levels, as well as the weakness of the futures market. The spot price of PVC is also unlikely to have a strong trend, with a slight downward shift in the overall range. From the perspective of supply and demand fundamentals, the spot PVC market has shown loose supply and demand, and most manufacturers are operating stably. The supply pressure has not changed much, dealers’ offers are generally weak, downstream demand performance is insufficient, downstream procurement is mainly based on spot prices, inquiry and procurement enthusiasm is not high, and the market atmosphere is sluggish. The hanging order price is relatively low. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of now, the quotation range for PVC SG5 electrical aggregate in China is mostly around 4550-4680 yuan/ton.
In terms of upstream calcium carbide, the performance of the calcium carbide market was sluggish this week, and the price did not continue the previous downward trend, but still hovered at the bottom. According to the commodity analysis system of Shengyi Society, the fluctuation range this week was 0. The price is still relatively low, with limited support for PVC.
3、 Future forecast
The PVC analyst from Shengyi Society believes that the sluggish performance of the PVC spot market is mainly due to insufficient downstream operating rates, average demand, and difficulty in improving the supply-demand pattern in the short term. It is expected that PVC prices will continue to maintain a range adjustment pattern next week.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on November 6th was 1036 yuan/ton, which is stable compared to the average market price of 1036 yuan/ton on November 1st.
2、 Market analysis
Supply and demand situation
This week, the domestic ammonium sulfate market prices have been mainly stable. The operating rate of ammonium sulfate enterprises remained stable this week, with no significant changes in the supply side. Downstream on-demand procurement, market trading atmosphere is flat. At present, the supply and demand of ammonium sulfate market are balanced. There is currently no positive news regarding exports, and the market is adopting a cautious and wait-and-see attitude.
market situation
As of November 6th, 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 1000-1040 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the market trend of ammonium sulfate has been stable recently. At present, although there are not many inquiries in the ammonium sulfate market, there is still support for demand. It is expected that the domestic ammonium sulfate market will stabilize and operate in the short term.

In October, the domestic phenol market continued to weaken overall. After the National Day holiday, market participation was limited, downstream procurement enthusiasm was poor, and traders’ shipments were not smooth. The market fell by 300 yuan/ton in three working days, and the market experienced a broad downward trend. In the latter half of the year, the market remained poor and once again bottomed out. According to data monitored by Business Society, from the perspective of the East China market, the domestic phenol market price on October 1st was 6820 yuan/ton, and on October 30th it was 6450 yuan/ton, a decrease of 5.43%. All major mainstream markets in China have experienced similar fluctuations.
The prices of dual raw materials are declining, and there is a lack of support on the cost side. From the perspective of the pure benzene market, the local refining transactions are good, the Shandong East China arbitrage window remains open, the import volume is increasing, the supply side is loose, and the market is bottoming out. It is expected that the production reduction of domestic facilities in November will boost the market.
The production in October was 478500 tons, an increase of 9% compared to the previous month; In October, there were 6 sets of maintenance equipment involved, with a total production capacity of 1.2 million tons.
Downstream terminal factories have poor purchasing interest, low intention to submit urgent orders, and insufficient follow-up on trading. From the perspective of the downstream bisphenol A market, the overall trend is declining, with little inventory pressure and a downward focus.
In the later stage, in terms of equipment, it is expected that the first phase of Zhejiang Petrochemical and the phenol ketone unit of Ningbo Taihua will be shut down for maintenance in the next phase. Fuyu Chemical will resume operation as planned, and the Saudi Arabian contract will arrive in Hong Kong around early November. The overall supply may show an expected decrease. On the demand side, the demand for phenolic resin is mainly due to rigid demand, and the expected increase is not significant.
Business Society predicts that traders will still face significant pressure and may continue to bottom out next month. However, considering the weak unilateral market, there may be another cyclical upward and volatile trend in the middle.