Recently (1.1-1.26), the market for styrene butadiene rubber has seen a significant increase. According to the Commodity Market Analysis System of Shengyi Society, as of January 26th, the price of styrene butadiene rubber in the East China market was 12883 yuan/ton, an increase of 11.30% from 11575 yuan/ton at the beginning of the month. The prices of raw materials butadiene and styrene have significantly increased, which greatly supports the cost of styrene butadiene rubber. Downstream tire production has slightly increased, providing support for the demand for styrene butadiene rubber; The production of styrene butadiene rubber has slightly increased, and the market trend has risen significantly driven by costs, but downstream inquiries are slightly cautious. As of January 26th, the mainstream market price of 1502 styrene butadiene rubber in Fushun, Jihua, Yangzi, and Qilu in East China is around 12750-13050 yuan/ton.
Recently (1.1-1.26), the prices of raw materials butadiene and styrene have significantly increased, supported by the strong cost of styrene butadiene rubber. According to the Commodity Market Analysis System of Shengyi Society, as of January 26th, the price of butadiene was 10733 yuan/ton, an increase of 28.80% from 8333 yuan/ton at the beginning of the month; As of January 26th, the price of styrene was 7754 yuan/ton, an increase of 14.70% from 6760 yuan/ton at the beginning of the month.
Recently (1.1-1.26), the construction of domestic styrene butadiene rubber plants has slightly increased to around 8.30%.
Supply and demand side: Since early January (1.1-1.26), downstream tire production has slightly increased, providing essential support for the styrene butadiene rubber market. As of January 26th, the construction of semi steel tires by domestic tire companies has increased from 6.7% at the beginning of the month to around 7.5%; The construction of all steel tires by tire enterprises in Shandong region has increased from 5.8% at the beginning of the month to about 6.3%.
Market forecast: From a fundamental perspective, analysts from Shengyi Society believe that the current cost support for styrene butadiene rubber is strong, and the overall supply and demand are weak. It is expected that the styrene butadiene rubber market will mainly fluctuate at a high level in the short term.

1、 Trend analysis
According to the monitoring of nickel prices by Shengyi Society, nickel prices have slightly increased this week. As of the weekend, the spot nickel price was 149416 yuan/ton, up 2.05% from the beginning of the week and up 18.96% year-on-year.
Nickel weekly fluctuation chart
According to the weekly rise and fall chart of Shengyi Society, nickel prices have fallen 4 times and risen 8 times in the past 12 weeks, with the recent high volatility of nickel prices being the main trend.
Nickel industry chain
Macroscopically, employment and inflation in the United States continue to slow down, but some areas have improved under the boost of the Federal Reserve’s interest rate cuts. There are still differences in the Federal Reserve’s future inflation targets for measuring employment, and it tends to be cautious in the short term.
On the supply side, the impact of production cuts is weakened, and refined nickel production is increasing. The overall market spot supply is relatively sufficient. In December, China’s refined nickel production was 31400 tons, an increase of 21.7% compared to the previous month.
In terms of demand, the overall downstream demand for electroplating is relatively stable, and it is difficult to see growth in the later stage; The demand for alloys still accounts for the majority, with better demand for alloys in military and shipping industries. The demand for stainless steel is generally low, and the clearance of social inventory is slow. The improvement of steel mill profits may increase supply pressure, and spot transactions are still cautious. In terms of nickel sulfate, downstream ternary production decreased slightly after the end of the peak season reserve period, and there were constraints on the production of new capacity in the medium term. Recently, prices have fallen.
In summary, benefiting from the increase in stainless steel production and the expected improvement in demand for new energy battery materials, coupled with potential disruptions in overseas supply, the risk appetite brought about by the rebound of the US stock market has further boosted prices. However, the pressure of high global explicit nickel inventories has not dissipated, restricting the rebound space, and nickel prices are showing a fluctuating upward trend. It is expected that nickel prices will continue to fluctuate strongly.

According to the Commodity Market Analysis System of Shengyi Society, on January 22, 2025, the reference ex factory price of cyclohexanone in Shandong Province, China was 6550 yuan/ton. Compared with January 13, the price increased by 250 yuan/ton, an increase of 3.97%; Compared with January 1st (cyclohexanone price reference 6387 yuan/ton), the price has increased by 163 yuan/ton, an increase of 3.15%.
In late January, the cyclohexanone market in Shandong steadily rose and operated
From the commodity market analysis system of Shengyi Society, it can be seen that in late January, the cyclohexanone market in Shandong Province saw a steady upward trend. The focus of cyclohexanone negotiations was continuously raised, with a cumulative increase of 200-300 yuan/ton in price, which remained stable after reaching the high point of the month. On January 22nd, the market price reference for cyclohexanone in Shandong was around 6550-6600 yuan/ton.
Analysis of Core Influencing Factors
In terms of cost: In late January, the pure benzene market for cyclohexanone raw materials continued to rise, gradually increasing the cost support for cyclohexanone. Driven by cost, cyclohexanone prices have been approaching high levels one after another.
In terms of demand: Recently, downstream demand for cyclohexanone has mostly been based on on-demand procurement, and the demand side has shown relatively stable performance. As the Spring Festival approaches, the overall market support from the downstream demand side is expected to improve.
Supply side: The supply side of cyclohexanone has tightened narrowly, and some cyclohexanone units in Shandong have entered the maintenance cycle. The pressure on spot supply is not high, and the supply side has given the market some upward momentum.
Market analysis in the future
At present, the overall trading atmosphere in the cyclohexanone market in Shandong is mild, and it is expected that there will be a certain demand for replenishment before the holiday. Coupled with cost support, the cyclohexanone data analyst of Shengyi Society predicts that the cyclohexanone price will remain fluctuating in the range of 6500-6600 yuan/ton in the short term, and the possibility of significant fluctuations is relatively small. More attention needs to be paid to changes in supply and demand news.

price trend
According to the bulk ranking data, the domestic PC market rose from a low level in mid January, and most spot prices of various brands increased. As of January 20th, the mixed benchmark price of Business Society PC was around 13133.33 yuan/ton, with a price level of -0.51% up or down from the beginning of the month.
Root cause analysis
On the supply side: Since January, the overall load of domestic PC aggregation enterprises has remained stable and slightly increased. In the early stage, multiple production lines of Zhejiang Petrochemical were rotated for maintenance, and now they are about to return. The overall average operating rate of the industry has recovered to over 81%, with a weekly average output of over 65000 tons. Due to the previous digestion of social inventory, the pressure on the aggregation plant production line has temporarily eased, and the on-site supply tends to be tight and balanced. Overall, the PC supply side has limited changes in its support for PC.
In terms of raw materials, the domestic bisphenol A market saw an upward trend in mid January. At the beginning of the month, supply contracted and demand margins improved. The current rise in phenol acetone prices is significant, with strengthened cost support. Under the combination of multiple favorable factors, market prices have steadily risen, and traders have a strong sentiment of supporting prices. The trading atmosphere in the market has significantly rebounded. Improved support for PC costs.
On the demand side: Although the improvement in profitability of terminal enterprises is limited, the load position of PC downstream factories is still not ideal. However, due to the concentration of contract orders entering delivery and local supply tightening, there is a temporary supply-demand balance in the market. The mentality of merchants has strengthened, and there has been an increase in bullish operations. But after the price increase, buyers are cautious in stocking up and have a weak willingness to build warehouses before the holiday. Overall, the demand side provides moderate support for PC spot prices.
Future forecast
In mid January, the domestic PC market rose at a low level. The overall trend of upstream bisphenol A remains positive, and the cost value can still provide support for PC. The load of domestic PC aggregation plants is stable with small fluctuations, and there is limited information on future maintenance. The atmosphere of on-site negotiations is high, and it is expected that there may be a possibility of consolidation in the PC market in the short term.

According to the Commodity Analysis System of Shengyi Society, the styrene market has shown a strong upward trend this week. The average price at the beginning of the week was 6964 yuan/ton, and the average price over the weekend was 7116 yuan/ton, with a 2.18% increase during the week.
News: On January 15th, international crude oil futures fell sharply. The settlement price of the March WTI crude oil futures contract in the United States was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price of Brent crude oil futures for March was $63.76 per barrel, a decrease of $2.76 or 4.1%.
Cost wise: The pure benzene market has significantly increased this week. The deterioration of the situation in the Middle East has driven up crude oil prices, coupled with the strong rise of downstream styrene, which has driven the demand for pure benzene and actively boosted the pure benzene market.
Supply and demand side: The resumption of styrene production this week fell short of expectations, and supply side support has strengthened. Recently, due to the increase in maintenance of overseas styrene plants, there has been a real increase in inquiries and actual transactions for China’s styrene exports, which has driven further destocking of port inventories and a significant improvement in the fundamentals of styrene. There is little change in downstream 3S operation, with seasonal fluctuations being the main factor,
Styrene external market: On January 15th, the closing price of styrene in the Asian region fell by $2.5/ton, with closing prices of $890-900/ton FOB Korea and $900-910/ton CFR China.
Market forecast: Recently, the price of styrene will strengthen, and downstream resistance to high priced raw materials will increase. There is a high possibility of weakness in the later stage of raw material pure benzene, and it is expected that the styrene market will consolidate at a high level in the short term.