According to the Commodity Market Analysis System of Shengyi Society, lithium carbonate has recently ended its volatile market and rebounded. On October 21st, the benchmark price of battery grade lithium carbonate in Shengyi Society was 75016 yuan/ton, an increase of 2.74% compared to the same period last week (October 14th), a month on month increase of 2.93%, and a year-on-year decrease of 7.84%. The benchmark price of industrial grade lithium carbonate trading company is 73166 yuan/ton, an increase of 2.81% compared to the same period last week (October 14th), a month on month increase of 2.69%, and a year-on-year decrease of 7.15%.
Boosting sentiment in futures market
Last week (October 13-1017), the warehouse receipts for lithium carbonate futures decreased from 42669 lots to 30686 lots, resulting in a destocking of 12000 tons of lithium carbonate, reflecting strong demand in the current market and insufficient downstream stocking.
Explosive demand: dual wheel drive of new energy and energy storage
New energy vehicle demand exceeds expectations: According to data from the China Association of Automobile Manufacturers, wholesale sales of new energy passenger vehicles reached 1.5 million units in September, a year-on-year increase of 22%, and single month sales reached a historic high. The strong demand from end-users is directly transmitted to the upstream industry chain. The delivery cycle of orders from leading battery companies such as CATL and BYD has been extended to 45 days, and the production rate in September remains above 95%. The production of positive electrode material factories continues to rise month on month, forcing the concentrated release of demand for lithium carbonate procurement.
The demand for energy storage has exploded: According to the production scheduling data of domestic battery companies in October, the total output of power, energy storage, and consumer batteries reached 186GWh, an increase of 22.4% compared to the previous month. Among them, the proportion of energy storage battery cell production was as high as 40.3%, and the production lines of top enterprises were operating at full capacity. At the domestic policy level, the “Special Action Plan for the Large scale Construction of New Energy Storage (2025-2027)” specifies that the installed capacity will exceed 100 million kilowatts in the next three years, further opening up the consumption space of lithium resources.
Continuously reducing inventory to solidify the price foundation
As of early October, the total inventory of lithium carbonate in China decreased by 2023 tons to 134802 tons month on month, providing solid support for spot prices due to the continuous destocking trend.
The data analyst of Shengyi Society believes that lithium carbonate is currently in a short-term strong oscillation under tight balance, but the total inventory of 130000 tons still suppresses the increase, making it difficult to quickly break through the previous high point. It is expected that the price will continue to fluctuate, and specific market changes still need to be monitored.

Last week (October 13-19, 2025), the execution of orders was the main focus, and the trend of the adhesive short fiber market remained stable. The fluctuation of the raw material main material dissolution slurry market was not significant, and the performance on the cost side was average, with limited support on the cost side; The overall inventory level in the market is not high, and there is no obvious inventory pressure at the moment. Supply side support still exists, and downstream cotton yarn factories mainly consume inventory, following up on demand. The overall trading atmosphere in the market is stable, and the prices of viscose staple fiber market are weak and consolidating, continuing the stable trend.
According to the Commodity Market Analysis System of Shengyi Society, last week (October 13-19, 2025), the market price of viscose staple fiber was weakly stable. As of October 19, the average market price of viscose staple fiber was 13120 yuan/ton, which was the same as the previous price.
In terms of cost: Last week (October 13-19, 2025), there was little change in the market price of raw material dissolving pulp, with a weak and stagnant situation. The cost side performance was average and limited support. As of now, the price of domestic dissolving pulp is around 6700 yuan/ton, the price of external broad-leaved pulp is around 800 US dollars/ton, and the price of coniferous pulp is around 870 US dollars/ton. The market prices of auxiliary materials such as liquid alkali and sulfuric acid remain stable but fluctuate slightly, with average cost support.
Low inventory level
The industry supply remains stable, and the current daily operating rate in the market remains at around 75%. The inventory levels of various adhesive short fiber manufacturers are not high, and downstream yarn enterprises pick up goods according to demand. The overall inventory of the adhesive short fiber market has decreased, and the supply fluctuation in the industry is not significant. Some manufacturers have low inventory, and the support from the supply side is limited.
Downstream on-demand pickup
The operating rate of downstream cotton yarn market equipment has slightly increased, and price fluctuations are not significant. As of October 19th, the price of ring spun R30S in Jiangsu region is around 17200 yuan/ton, and the price of ring spun R40S is around 18300 yuan/ton. The market is in a traditional off-season of demand, and downstream cotton yarn market transactions are not ideal. Only a few models of vortex spun cotton yarn have slightly better export orders. Cotton mills mainly consume raw material inventory and replenish urgently needed goods, with no significant improvement in demand.
Market forecast
On the raw material side, the main material dissolution slurry market and the auxiliary material sulfuric acid market are generally stable, while the liquid alkali market may experience a narrow decline. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will decline in the short term, and the cost support will be insufficient.
Supply and demand side: The operating rate of the adhesive short fiber market equipment may not fluctuate significantly, and some manufacturers have low inventory levels. Therefore, it is expected that the supply side support of the adhesive short fiber market will be strong in the short term; The demand in the terminal market has increased, with on-demand procurement being the main focus. It is expected that the driving force of the adhesive short fiber market from the demand side will be limited in the short term.
Overall, the main raw material dissolution slurry market may be weak and stagnant, with sufficient overall supply. Downstream yarn factories mainly sign orders and purchase on demand. Under the interweaving of on-site news, adhesive short fiber manufacturers may maintain their previous quotations. Therefore, Business Society analysts predict that the domestic adhesive short fiber market will remain stable with small movements in the short term, and the price is expected to be around 13000-13200 yuan/ton for acceptance.

According to the analysis of the Business Society’s market monitoring system, on October 17th, the reference price for the domestic market of silicon metal # 441 was 9680 yuan/ton, and on October 12th (the market price of silicon metal # 441 was 9700 yuan/ton), the price decreased by 20 yuan/ton, a decrease of 0.21%.
This week, some brands in the domestic silicon metal market have been declining
From the commodity market analysis system of Shengyi Society, it can be seen that this week, the domestic silicon metal market as a whole showed a narrow downward trend, and the market prices of some grades of silicon metal in some regions were narrowly lowered, with an overall decrease of around 50-100 yuan/ton. As of October 17th, the market price of metal silicon # 441 in Huangpu Port area is reference to 9600-9800 yuan/ton, with a decrease of 50 yuan/ton during the week. The market price of metal silicon # 441 in Tianjin Port area is reference to 9400-9700 yuan/ton, with a decrease of 50 yuan/ton during the week. The market price of metal silicon # 553 in East China area is reference to around 9300-9400 yuan/ton, with a decrease of 50 yuan/ton during the week. The market price of oxygen 553 # in Xinjiang area is reference to around 8600-8900 yuan/ton, with a decrease of 100 yuan/ton during the week.
Analysis of Market Factors
On the supply side: Currently, the supply and demand game in the silicon metal market is more evident, and the supply and demand game stimulates narrow fluctuations in market prices. In terms of supply, currently, the operating rate of the silicon industry in Xinjiang continues to increase, and the overall operating rate in Xinjiang is expected to climb to a high point this year. The operating rates in the northwest and Yunnan regions remain stable, while silicon companies in Sichuan have started to reduce production slightly. The operating rate in Sichuan has decreased narrowly, and the overall market supply has continued to increase.
On the demand side: Currently, the demand for metallic silicon is showing some weakness, with an increase in downstream organic silicon plant maintenance and a decline in overall production. The demand for industrial silicon raw materials will be loosened, and although the overall production of polycrystalline silicon will continue to rise narrowly, the purchasing mentality for raw materials is cautious. The downstream aluminum alloy industry has stable production and demand. But with a slight increase in overall inventory in the market, the overall support provided by demand is limited.
Market analysis in the future
At present, the supply and demand transmission of metal silicon is relatively slow, and the regional differentiation characteristics of the metal silicon market are more obvious. The southwest region is gradually reducing production, while the northwest region continues to increase production. The overall supply pressure and demand drag game in the market continue. The metal silicon data analyst of Business Society predicts that in the short term, the domestic metal silicon market will mainly adjust and operate within a narrow range, and specific changes in supply and demand news need to be paid more attention to.

price trend
According to the bulk ranking data from Shengyi Society, the domestic PC market in China experienced a stagflation and correction in October. The spot prices of some brands have fallen. As of October 16th, the mixed benchmark price of Business Society PC is around 14483.33 yuan/ton, with a price increase or decrease of+0.12% compared to early October.
Root cause analysis
On the supply side: In the first half of October, domestic PC aggregation enterprises had a large and stable load with small fluctuations. As of the time of writing, the industry’s operating rate is about 81%, with an average weekly output of around 68000 tons, with limited changes compared to the beginning of the month. However, many companies in the future will have centralized release of maintenance arrangements. In terms of inventory, there is a high-level stalemate, and the pattern of abundant PC supply remains unchanged. The positive news of early maintenance has basically been exhausted, and the market is waiting for the implementation of maintenance arrangements for many aggregation plants. Overall, the weak reality and strong expectations on the PC supply side provide moderate support for PC.
In terms of raw materials, it can be seen from the above chart that the bisphenol A market significantly declined in the first half of October. Upstream phenol and acetone both suffered heavy setbacks, which has a significant impact on the bisphenol A market. In addition, the continuous weakness of bisphenol A consumption has led to a rapid decline in spot prices due to multiple factors. The current market atmosphere remains bleak, with many businesses offering discounts and taking orders, making it difficult for the market to have a chance to stop falling. It is expected that bisphenol A will continue to seek a balance point downwards in the future, while its support effect on the cost of PC will weaken.
On the demand side: October is still in the traditional peak season for PC, but the downstream factory load of the “Golden Ten” this year is not ideal, and the inventory remains at a weak level of rigid demand. Pre holiday warehouse building is not obvious, and post holiday inventory digestion is slow. Although there were maintenance signals that stimulated the early rise of spot prices, as the positive news gradually dissipated, market trading activity declined. Merchants tend to focus on selling goods to recoup funds, leading to a concentration of profit taking and price stagnation and decline. In addition, the industry’s market momentum has been weak for a long time, social inventory is high, and on-site sources of goods are abundant. Although there are collective price increases from aggregation factories, terminal enterprises are resistant to high priced sources of goods. After the demand for filling vacancies in the first half of the month was met, the speed of market supply circulation slowed down again. Overall, the demand side provides average support for PC spot prices.
Future forecast
In October, the domestic PC market in China experienced stagflation and fell back. The upstream bisphenol A market is still in a downward trend, and the cost value of PC support has collapsed. Domestic PC aggregation plants have large and stable loads with small fluctuations, and maintenance in the future is relatively concentrated. The spot price of PC has risen to a high level in the early stage, and the current market trading situation is not good. It is expected that the PC market will be hindered from rising in the short term and enter a consolidation market.

Recently (10.1-10.14), the domestic EVA market has slightly declined. According to the Commodity Market Analysis System of Shengyi Society, as of October 14th, the benchmark price of EVA in China was 11366 yuan/ton, a decrease of 0.29% from 11403 yuan/ton at the beginning of the month. On the one hand, downstream demand for EVA weakened after the holiday; On the other hand, the increase in domestic EVA plant production has led to increased supply pressure. Although the price of raw material vinyl acetate has risen, the overall EVA market has weakened due to the comprehensive impact.
Recently (10.1-10.14), EVA production has risen to around 9.3%, leading to increased supply pressure in the EVA market. During the cycle, the price of raw material ethylene decreased while the price of vinyl acetate increased, and the cost continued to be supported by EVA. As of October 14th, the domestic price of ethylene in Sinopec East China was 6300 yuan/ton, a decrease of 9.35% from 6950 yuan/ton at the end of September; As of October 14th, the market price of vinyl acetate in East China was 5850 yuan/ton, an increase of 5.41% from 5550 at the end of September.
After the holiday, the demand for EVA was weak, and spot purchases in the photovoltaic sector slowed down. The peak season for downstream orders for foam production was not strong, and some manufacturers lowered their ex factory prices. The EVA market situation was weak and slightly declined.
Future forecast: Overall, EVA still has cost support, but there will be less maintenance of EVA equipment in China after the holiday, with sufficient supply. Downstream demand in the photovoltaic and foam industries will weaken, and it is expected that the EVA spot market will continue to decline slightly in the later period.