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.

According to the Commodity Market Analysis System of Shengyi Society, as of October 31, 2025, the gold spot market price was 918.62 yuan/gram, an increase of 5.33% from the gold spot market price of 872.11 yuan/gram at the beginning of this month (October 1), and a decrease of 6.85% from the gold spot market price of 986.21 yuan/gram on October 21; The price of gold first rose and then fell within the month, reaching new highs in the early stages with a monthly increase of up to 13.08%. However, it began to decline at a high level in the later part of the month, and the overall price is still at a historical absolute high.
According to the Commodity Market Analysis System of Shengyi Society, the average price of silver market on October 31, 2025 was 11476 yuan/kg, an increase of 5.38% compared to the average price of 10890.33 yuan/kg at the beginning of this month (October 1), and a decrease of 5.89% compared to the average price of 12194 yuan/kg on October 17; During the month, the price of silver first rose and then fell, repeatedly reaching new highs, with a monthly increase of 11.98%. It began to decline from a high level in the later part of the month, and the overall price is still at a historical absolute high.
Since 2025, the price correlation between precious metals and Brent crude oil has shifted from a short-term weak positive correlation to a long-term significant negative correlation.
From the past year’s cycle, gold and silver have consistently maintained a strong positive correlation. The overall fluctuation of gold and silver prices shows a synchronous trend, and their ups and downs are basically synchronized during most of the time. For example, during the upward phase from late October 2024 to April 2025, as well as subsequent fluctuations and further upward movements, the trend directions of the two are basically consistent.
Reasons for the record high prices of precious metals in October
In October 2025, the prices of precious metals hit a new high, mainly due to the combined effects of expectations of interest rate cuts by the Federal Reserve, increased economic risks in the United States, global central banks increasing their holdings of gold, large-scale capital inflows, and institutional price forecasts. The specific reasons are as follows:
The expectation of a Fed interest rate cut has been strengthened: the market generally expects the Fed to cut interest rates by 25 basis points in October, and Powell has also stated that there are downward risks to the outlook for US employment and inflation, further consolidating loose expectations. The low interest rate environment has reduced the opportunity cost of holding precious metals, becoming a direct driver of short-term price surges.
The intensification of economic risks in the United States: The government shutdown crisis in the United States has led to the interruption of economic data release, which may also result in a weekly loss of up to $15 billion in output for the US economy. At the same time, the weak job market, coupled with trade frictions caused by tariff policies, has intensified market concerns about economic recession, and investors have flocked to safe haven assets such as gold.
Global central banks continue to increase their holdings of gold: In the first half of 2025, global central banks’ net purchases of gold reached 123 tons, an increase of 22 tons in June alone. The People’s Bank of China has increased its holdings for 9 consecutive months, and 73% of the surveyed central banks plan to increase their holdings in 2026. Global central banks have increased their holdings of gold for five consecutive years, diversifying foreign exchange reserve risks and providing long-term support for gold prices.

Large scale influx of funds into the precious metal market: The People’s Bank of China has increased its holdings of gold for 11 consecutive months, signaling the optimization of foreign exchange reserves. Global gold ETF net inflows hit a historic high in a single month, while silver ETF holdings surged by 95% year-on-year. Retail investors also accelerated their entry through futures, deposit funds, and other channels, driving up precious metal prices with a large influx of funds.
Institutional price increase forecast: Bank of America has raised its 2026 gold price target to $6000, while institutions such as Societe Generale and Goldman Sachs have also adjusted their target prices to the range of $4900-5000. The optimistic expectations of institutions have further strengthened market sentiment, prompting investors to buy precious metals and pushing prices to continuously reach new highs.
Shortage of silver supply: The consumption of silver in new energy, photovoltaics, new energy vehicles and other fields continues to grow, while the global silver supply has been in deficit for five consecutive years, and inventory continues to decline. The London silver market has experienced a rare “spot premium” phenomenon, and “one silver is hard to find” in the market, which has also driven the price of silver to rise sharply.
High volatility probability of precious metal prices in November
The short-term decline in precious metal prices is the result of the resonance of factors such as profit taking, geopolitical easing, liquidity pressure, and deteriorating position structure, which belongs to the stage adjustment after the previous rise. In the future, the precious metal market will experience short-term fluctuations, medium-term differentiation, and long-term improvement. In the long run, factors such as the continuous purchase of gold by global central banks to promote reserve diversification and the long-term challenges faced by the US dollar credit system still provide long-term support for gold prices. The main tone of the precious metal market has not changed yet, but without strong bullish support in the short term, the upward momentum is relatively insufficient. It is expected that the probability of high volatility in precious metal prices in November is high.

According to the Commodity Market Analysis System of Shengyi Society, the domestic price of polyester staple fiber first fell and then rose in October. As of October 30th, the average market price of polyester staple fiber (1.4D * 38mm) was 6356 yuan/ton, a decrease of 0.94% from the beginning of the month.
The market price of polyester staple fiber continues to decline after the holiday. The weak macro caused by the main tariff issue, as well as the continuous negative sentiment of weak cost and weak demand due to the commissioning of PTA new facilities, have led to a downward shift in the price center of polyester staple fiber. In the second half of the year, with the rebound of low oil prices, the overall sentiment of costs and commodities rebounded, and downstream procurement increased during the traditional peak season, which boosted the price of polyester staple fibers.
As of October 29th, the settlement price of the December WTI crude oil futures contract in the United States was $60.48 per barrel, and the settlement price of the December Brent crude oil futures contract was $64.92 per barrel. OPEC is highly likely to maintain increased production in December, and the supply side will continue to be loose. Without significant improvement on the demand side, the supply-demand pattern is imbalanced. There has been no new progress in the geopolitical situation, so the support given to oil prices is limited.
The domestic PTA market in October showed a trend of first falling and then rising. As of October 30th, the spot price of PTA in East China was 4552 yuan/ton, a decrease of 0.93% from the beginning of the month. The main factories in Northeast China have restarted their pre maintenance equipment, and the industry’s operating rate is currently around 78%. Next, the new PTA production capacity of 2.7 million tons in East China has been tested and discharged, and overall PTA production will continue to increase. In addition, if PTA companies actively reduce production under low processing fees, PTA may not accumulate inventory in November and December, which will push up the PTA market. But if the reduction in production is limited, it still cannot change the current pattern of sufficient supply.
With the rise in costs driving up the prices of yarn factories, but with limited demand follow-up, the prices have stabilized after the increase. After mid October, with the combination of cold weather and Double Eleven promotions, the demand for winter fabrics increased, and the end weaving orders improved. The enthusiasm of textile enterprises to replenish raw materials increased, and the inventory pressure of downstream yarn factories eased. Overall, the quality of “Silver Ten” is insufficient, and its seasonal strength is highly limited. Most of them focus on digesting raw materials and stocking up in the early stage, while purchasing to maintain essential needs.
Business analysts believe that in the short term, cost support and phased improvement in demand will boost the price of polyester staple fiber, and it is expected that the price of polyester staple fiber will show a strong and volatile pattern. But with the new PTA plant put into operation and the early maintenance equipment gradually restored, the cost support will weaken. In addition, the peak demand season is also coming to an end, which limits the upward space of polyester staple fiber prices. We still need to pay attention to price fluctuations on the cost side and terminal demand in the future.

Market situation:
The core feature of the pre acrylic acid market is the “low-level consolidation” caused by “average demand follow-up”. Data shows that as of October 29th, the benchmark price of acrylic acid in Shengyi Society was 6833.33 yuan/ton, an increase of 1.99% compared to the beginning of this month (6700.00 yuan/ton). This price level is in the mid to low range of the year, indicating that the market lacks upward momentum and the overall trading atmosphere is light.
Industry giants have lowered their acrylic acid quotations in North China to 6200 yuan/ton, and have cumulatively lowered them by 350 yuan/ton in the past two days. The proactive price reduction behavior of leading enterprises not only directly lowers the market center of gravity, but also conveys a clear bearish expectation to the market, exacerbating the sales pressure of other manufacturers and the pessimistic sentiment of the market.
Cost side:
The key bearish factors in the market come from upstream. The price of raw material propylene has declined. As of October 29th, the benchmark price of propylene in Shengyi Society was 6150.75 yuan/ton, a decrease of 6% compared to the beginning of this month (6543.25 yuan/ton). As the main cost component of acrylic acid, the weakening of its price has led to a collapse in the cost support of acrylic acid at the production end, opening up space for price decline.
Demand side:
Downstream procurement strategy shift: Under the market mentality of buying up instead of buying down, downstream users hold bearish expectations for future prices. Therefore, they generally adopt the “essential procurement” strategy, which only purchases the amount necessary to maintain current production, rather than hoarding a large amount of goods, which makes it difficult for the overall market transaction volume to increase.
Poor transmission of terminal demand: The main downstream areas of acrylic acid, such as butyl acrylate, may also experience weak terminal demand in their own industries, such as coatings, textiles, adhesives, etc. The downturn in the end consumer market will propagate upwards along the industrial chain, ultimately leading to a decline in demand for acrylic acid.
Continuous supply pressure: At the same time, the operating rate of major production enterprises’ equipment remains stable, and the market supply of goods is sufficient. In the absence of strong demand, stable supply becomes inventory pressure, forcing companies to engage in price competition in order to compete for limited orders.
Future prospects
Overall, without significant positive stimuli, the acrylic acid market is likely to continue its weak consolidation pattern in the short term.
Negative factors: The weakness of propylene on the cost side is difficult to reverse in the short term, while the weak trend of downstream demand is expected to continue, which will continue to suppress market prices.
Potential variables: It is necessary to closely monitor whether there are unexpected shutdowns and maintenance of large production facilities, or whether there are unexpected macro policies introduced to stimulate downstream industries. These factors may change the supply and demand structure in the short term, triggering market fluctuations.
In summary, the current acrylic acid market is in a typical cycle dominated by “weak demand”, with cost collapse and bearish sentiment exacerbating this process. The recovery of the market ultimately depends on substantial improvement in downstream consumer demand.