According to the Commodity Market Analysis System of Shengyi Society, 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.
After the holiday, PTA market prices continued to decline. The weak macro caused by the main tariff issue, as well as the continued negative sentiment due to the production of new facilities and weak demand. In the second half of the year, as oil prices rebounded from low levels, overall commodity sentiment rebounded, and downstream purchasing sentiment increased during the traditional peak season, causing the PTA price center to shift upward.
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 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.
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, maintaining a strong demand for raw material procurement. 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 polyester factories eased, with a load of about 87%.
Business analysts believe that in the short term, cost support and phased improvement in demand will boost PTA prices, and it is expected that PTA prices will show a strong and volatile pattern. In addition, from the analysis method of the spot market of Shengyi Society, the price of Shengyi Society has crossed the 10 day and 20 day moving averages, indicating an upward trend. But with the new PTA plant put into operation and the early maintenance facilities gradually resuming, the peak demand season is also coming to an end, and oversupply will limit the rebound height. We still need to pay attention to price fluctuations on the cost side and the actual fulfillment of terminal orders.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market at the end of October tended to consolidate, with prices of various brand products fluctuating. As of October 29th, the benchmark price for PP wire drawing offered by Shengyi Society was 6773.33 yuan/ton, a decrease of -2.12% compared to the price level at the beginning of October.
price trend
In terms of raw materials:
In the second half of October, the geopolitical situation in the Middle East escalated, and market concerns about supply resurfaced. In addition, the decline in US crude oil inventories has led to a rapid recovery in the international oil price market. The propylene sector experienced a rapid decline in the early stage due to the decline in crude oil prices and insufficient trading. Recently, there has been a sustained low-level sideways trend, with industry players mainly adopting a wait-and-see approach. The current supply and demand of propane are balanced, and the market is stable. However, due to the rising cost of the oil production method, there is an expectation of an improvement in the profit situation of PDH manufacturing enterprises. Overall, the prices of PP raw materials have slightly improved in terms of cost support.
Supply side:
In the second half of October, the operating rate of domestic PP enterprises rose and then fell back, with an overall narrow change. As of the time of writing, the overall load level of the domestic industry is 77%, which is comparable to the operating rate in the first half of October. The weekly average total output is close to 780000 tons. During the trial production of 400000 tons/year equipment at Guangxi Petrochemical in the middle of the month, the industry experienced relatively concentrated shutdowns and troubleshooting at the end of the month, which slightly eased the pressure on the supply side. The current on-site supply remains abundant, with inventory levels accumulating at a high level of over 920000 tons. Combined with the approaching restart of Zhejiang Petrochemical’s fourth line, overall, the PP supply side still lacks support for spot prices.
In terms of demand:
October falls within the traditional peak season for polypropylene. Although the materials used in fields such as plastic weaving and agriculture have improved to some extent at the end of last month, this year’s “Silver Ten” is still being counterfeited by PP prices. The positive news of improved market trading atmosphere has been smoothed out by many negative factors, coupled with the previous announcement of the Federal Reserve’s interest rate cut and the subsequent drag of US trade barriers on end products going global, which has constrained the load on downstream enterprises. Lack of demand and accumulation of inventory. On the other hand, the Fourth Plenary Session of the Communist Party of China set goals for the economic direction, resulting in a slight improvement in the supply-demand margin. In the future, Double Eleven will boost e-commerce consumption, and there may be an increase in new orders in the film material field. However, overall, the demand side has poor momentum, making it difficult to support PP spot prices.
Future forecast
At the end of October, the domestic PP market prices returned to consolidation. From a fundamental perspective, the prices of various upstream raw materials have risen more or fallen less, providing narrow support for PP. The industry load remains stable at a high level, and the expectation of loose supply remains unchanged. The improvement in consumption is limited, and the market lacks positive guidance. It is expected that the PP market will continue to adjust.

Aluminum prices slightly strengthened in October
Aluminum prices slightly strengthened in October. According to the Commodity Market Analysis System of Shengyi Society, as of October 28, 2025, the average price of aluminum ingots in the East China market in China was 21176.67 yuan/ton, an increase of 2.14% from the market average price of 20733.33 yuan/ton on October 1.
The aluminum price has exceeded the 21000 mark and is at a relatively high level in the past 1-2 years. The price of raw material alumina has fallen from its high level, and the profit per ton of aluminum is currently in a relatively good position.
In October, aluminum ingots followed the overall strong operation of non-ferrous metals, which was greatly affected by macro factors to a certain extent.
The recent positive news is as follows:
Macro policies and favorable trade relations:
According to data released by the National Bureau of Statistics, China’s GDP grew by 5.2% year-on-year in the first three quarters and 4.8% year-on-year in the third quarter, supporting market confidence with a positive macroeconomic outlook. In addition, as agreed by both China and the United States, they will hold economic and trade consultations in Malaysia from October 24th to 27th, which has eased the trade tension and had a positive impact on the macro sentiment of the aluminum ingot market.
Continuous inventory depletion:
As of October 27th, the social inventory in mainstream areas of China was 616000 tons, which basically consumed the accumulated inventory during holidays, approaching 614000 tons on September 25th, and 18000 tons were destocked compared to 634000 tons on October 9th.
Overseas supply side disturbance:
Century Aluminum announced on October 21st that its Noreur á l Grundatangi smelter in Iceland has suspended production due to electrical equipment failures. One of its two electrolytic aluminum production lines has been forced to shut down, temporarily reducing production by two-thirds. This has led to a decrease in overseas aluminum supply, providing some support for international aluminum prices and affecting the domestic aluminum ingot market.
The domestic consumption peak season continues:
The domestic consumption peak season continues, and the demand for aluminum is performing well. Although the high price of aluminum has somewhat suppressed the enthusiasm of downstream procurement, downstream still maintains rigid demand procurement. Among them, the demand resilience of new energy vehicles, new energy cables and other fields is strong. For example, in September, the retail penetration rate of passenger cars was 57.8%, and the aluminum rod processing fee in Guangdong remained at a high level of 550 yuan/ton.
LME inventory decline:
LME inventory has continued to decline slightly in the past two months, dropping to 478000 as of October 23, indicating a tight supply of overseas spot goods, which has also provided some support for aluminum prices.
Overview of October Fundamentals
Supply side
Overall stable production capacity: The operating capacity is 44.165 million tons, which is in a high stable state. The newly added production capacity (280000 tons to be started in Xinjiang) is basically offset by the reduced production (400000 tons in Qinghai Zhonglv and 4.31 million tons in Shandong Weiqiao), and has little impact on supply.
The proportion of direct supply of aluminum water has increased: Northern aluminum enterprises have been affected by the peak demand season downstream, resulting in an increase in the proportion of direct supply of aluminum water, which has led to a low production of aluminum ingots and reduced the supply of spot aluminum ingots in the market, supporting aluminum prices.

Weak cost support: The price of alumina has declined, with a market price of 3030 yuan/ton in Guangxi. Pre baked anodes remain stable at 5055 yuan/ton, while thermal coal has slightly rebounded. Overall cost support is weak, which to some extent affects the production profit and supply enthusiasm of enterprises.
In terms of demand
The overall operating rate has fluctuated: this week, the operating rate of leading domestic aluminum downstream processing enterprises recorded an average of 62.5% compared to last week, a decrease of 1.4 percentage points compared to the same period last year. Among them, the operating rate of primary aluminum alloy has rebounded to 58.4%, and it is expected that the operating rate will continue to be stable and approach the high point of the year in the latter half of the year; The operating rate of leading aluminum sheet and strip enterprises has remained stable at 68%, but some enterprises are expected to gradually decline due to off-season expectations and the impact of Trump tariffs; The operating rate of the aluminum cable industry remains at 64%, and it may continue to be weak and stable in the short term; The operating rate of the aluminum profile industry has slightly decreased to 53.5%, and it is expected that the short-term operating rate of profiles will remain stable but slightly weak; The operating rate of leading aluminum foil enterprises remains stable at 72.3%, but weak terminal demand may lead to a decline in operating rate; The operating rate of leading recycled aluminum enterprises has slightly decreased to 58.6%, and it is expected that the industry’s operating rate will continue to decline slightly in October.
There is a clear differentiation in demand: demand resilience is strong in areas such as new energy vehicles and new energy cables, while demand in the building materials sector is weak. The inventory of aluminum bars in Foshan is 62100 tons, which continues to accumulate.
Stay tuned for the future market
Under the expectation of interest rate cuts by the Federal Reserve, the macro sentiment of non-ferrous commodities is relatively strong, and aluminum prices are prone to rise but difficult to fall in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic price of polyester staple fiber slightly increased this week (October 20-24). As of October 24, the average market price of polyester staple fiber (1.4D * 38mm) was 6314 yuan/ton, an increase of 0.38% from the beginning of the week.
The decline in commercial crude oil inventories in the United States, coupled with the easing of market concerns about trade disputes, has led to an increase in international oil prices. On October 23rd, the settlement price of the December WTI crude oil futures contract in the United States was $61.79 per barrel, and the settlement price of the December Brent crude oil futures contract was $65.99 per barrel.
The strengthening of oil prices has boosted PTA prices. As of October 24th, the spot price of PTA in East China was 4468 yuan/ton, an increase of 2.41% from the beginning of the week. From the perspective of its own supply, the supply side of Yisheng Ningbo’s 2.2 million ton plant reduced its load to 80% on October 17th, and Yisheng New Materials resumed production of 3.6 million tons on October 14th. The overall operating rate of the industry is around 75%. The follow-up maintenance plans for Sichuan Energy Investment with 1 million yuan and INEOS with 1.1 million yuan in October, and Dushan Energy’s new device with 3 million yuan planned to be put into operation next week, will be closely monitored for actual implementation.
On the demand side, most textile companies have performed well in terms of orders, but there is a slight weakness in subsequent renewal orders. Therefore, yarn factories’ quotations remain stable for the time being, and actual transactions are mostly subject to market conditions. The terminal weaving orders have recently improved due to the cold weather, with a temporary improvement in sentiment. However, the product differentiation is significant, and the overall demand is lower than the same period in previous years. Most of them focus on preparing raw materials in the early stage of digestion, maintaining a strong demand for raw material procurement.
Business analysts believe that the strengthening of polyester staple fiber prices is mainly influenced by the recovery of the cost side. Looking at the future, short-term support on the cost side still exists, while downstream demand is expected to improve with the cooling weather and a structural rebound in domestic sales. Autumn and winter orders will also see some improvement. Therefore, there is a sustained expectation of a rebound in the short-term polyester staple fiber market.

There has been no significant improvement in the fundamentals this week, with overall supply being loose and no expected reduction in the short term. Demand remains overall, with demand mainly driven by on-demand purchases. Acrylonitrile manufacturers continue to lower prices. As of October 24th, the mainstream tank discharge price in East China ports has increased by 7800-7900 yuan/ton, a decrease of 50-100 yuan/ton compared to last week; Short distance delivery to the Shandong market costs 7800-7900 yuan/ton, a decrease of 50 yuan/ton from last week.
Loose supply:
There has been no fluctuation in the equipment during the week, and the 92000 tons/year acrylonitrile unit of Fushun Petrochemical is still in a shutdown state. The restart time has been postponed, and the specific time is yet to be determined. During the cycle, the supply remains loose, but at the same time, downstream users are restocking at low levels, and factory inventory is still controllable. According to statistics, as of October 23, the weekly capacity utilization rate of domestic acrylonitrile factories reached 79.37%, with a weekly output of about 90500 tons, which was the same as the previous cycle. The total inventory is around 51000 tons, unchanged from last week.
Decreased demand:
This week, the capacity utilization rate of major downstream industries of acrylonitrile decreased, among which the capacity utilization rate of ABS was 72.8%, which was -0.3% compared to last week; The 60000 ton acrylic fiber plant of Qilu Petrochemical will gradually shut down for maintenance starting from October 15th, with a planned duration of about a month. The capacity utilization rate of the acrylic fiber enterprise will reach 73.39%, which is 2.24% higher than last week; The utilization rate of acrylamide production capacity reached 54.21%, a decrease of -0.4% compared to last week, indicating a decrease in overall demand.
Cost reduction:
This week, the decline in raw material propylene prices has widened, and the cost support for acrylonitrile has weakened. As of October 23rd, the market price of propylene in Shandong was 6000-6050 yuan/ton, a decrease of 120-150 yuan/ton from last weekend’s 6150-6170 yuan/ton. At the same time, the price decline of acrylonitrile narrowed, and the production loss situation slightly improved this week. According to statistics, the average production cost of acrylonitrile this week was 8423 yuan/ton, with a month on month decrease of -2.40%. The average production profit of acrylonitrile during the same period was -533 yuan/ton, with a month on month increase of 165 yuan/ton.
In the later forecast, there is still no improvement in the fundamentals, and the supply continues to ease. At the same time, the cost support has weakened recently, and supplier quotations have gradually decreased. Market expectations are still bearish, and changes in the supply side are still the direct factor for whether the market can truly bottom out in the future.