At the end of November, the domestic ABS market was weak and continued to trend, with some spot prices of certain grades lowered. According to the Commodity Market Analysis System of Shengyi Society, as of November 24th, the average price of ABS sample products was 8620.00 yuan/ton, with a price level increase or decrease of 5.74% compared to early November.
Fundamental analysis
Supply level: Since November, the operating rate of the domestic ABS industry has fluctuated, with large stability and small fluctuations. In the early stage, the load in Shandong region increased, and the maintenance scale at the end of the month was relatively small. The overall operating level of the industry remained stable at 72%, with an average weekly output of over 145000 tons. The on-site supply remains abundant, and the inventory position of the aggregation enterprise is close to 260000 tons, holding firm at a high level. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the supply side’s support for ABS spot prices continues to be weak.
Cost factor: At the end of November, the overall ABS upstream three material market remained stagnant, which had a weak impact on boosting ABS costs. Among them, the fundamentals of the acrylonitrile cycle have not shown significant improvement, the market range is fluctuating, and the main contract factories have no pressure on inventory and prices continue to rise. At the same time, there is unplanned demand in the Shandong market in the short term, which supports the mentality of industry players. However, the overall supply is still loose, and the short-term market consolidation is the main trend.
At the end of November, the domestic butadiene market first rose and then fell, with an overall increase. The follow-up situation of downstream factories within the range is still acceptable, and the digestion of local sources of goods has pushed up spot prices. However, overall supply remains loose. With the increase in prices, downstream market enthusiasm has significantly weakened, and coupled with the recent weak trend of the synthetic rubber market, butadiene prices have experienced stagnation and decline.
Recently, the styrene market has been mainly volatile. The domestic price of raw material pure benzene was driven by the rise in external market, and the fundamentals remained weak. After a brief rise, it fell back, which limited the support for styrene. On the other hand, Sinochem Quanzhou stopped for maintenance ahead of schedule within the area, resulting in unplanned reductions on the supply side. The overseas demand on the demand side has slightly boosted, but the sustainability is limited. Domestic demand is in the off-season, and downstream production remains flat. Overall, it is expected that the styrene market will experience fluctuations and consolidation in the short term.
On the demand side: There is no significant increase in downstream demand for ABS, and factory loads are average. The overall stocking logic of terminal enterprises still maintains the urgent need for replenishment, and the flow rate of goods supply is slow. The inventory position of merchants is also at a high level of stalemate, and under the increasing pressure of de stocking in the field, enterprises and merchants continue to offer discounts and take orders. On a macro level, due to the weakened profitability of terminal enterprises and external market turbulence, the consumption of the main downstream electrical appliance shell industry has been hindered, and there has been no increase in future production. The Mid month E-commerce Shopping Festival has limited impact on industry consumption, and the cautious atmosphere in both domestic and foreign markets has resulted in poor industry momentum. Overall, there has been no improvement in the demand side’s support for the ABS market.
Market outlook
At the end of November, the domestic ABS market continued to decline. The production load of the aggregation plant remains stable with small fluctuations, while consumer demand remains low and flat. Business analysts believe that the long-term supply-demand imbalance of ABS has plagued the market, dragging down spot prices. At the same time, the upstream three material market is deadlocked, and the mentality of industry players is often negative. In the short term, there is a lack of positive guidance, and it is expected that downward pressure on ABS will still exist.

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 (11.17-21), and the price performance was weak. As of Friday, the average price of SG-5 PVC carbide method in China was 4416 yuan/ton, with a price drop of 0.96% during the week.
2、 Market analysis
This week, PVC continued its previous weak market trend, with most manufacturers offering stable prices and some mainly lowering prices within 100 yuan. Since November, the PVC market has continued to fluctuate within a weak range. On the one hand, there is a lack of favorable fundamentals, and crude oil prices have been consistently weak, with prices hovering at low levels and a weak futures market. The spot price of PVC is also unlikely to have a strong trend, with a slight downward shift in the overall range. More importantly, the supply and demand fundamentals remain in a pattern of oversupply, and the supply and demand of the spot PVC market continue to be loose. Most manufacturers are operating stably, and the PVC production rate continues to increase this week. Supply pressure remains high, dealer 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 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 4450-4520 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 PVC spot market will continue to perform poorly in the short term, with prices continuing to fluctuate weakly. On the one hand, the supply pressure is not decreasing, and next week we are facing the expectation of starting work, which is bearish for the supply. In addition, the operating rate of downstream factories is insufficient, the demand is average, and the supply-demand pattern is difficult to change in the short term. It is expected that PVC prices will not have a good performance next week.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market has shown a fluctuating upward trend since November. As of November 20th, the spot price of PTA in East China was 4656 yuan/ton, an increase of 2.48% from the beginning of the month. Thanks to the lifting of BIS certification in India and the early maintenance of some PTA facilities due to unforeseen circumstances, the upper supply structure has been improved and export growth is expected to be driven. However, the market lacks new drivers, so the overall price increase in the market is not significant.
In the future, under the trend of oversupply in the crude oil market, there is a natural downward drive for the center of gravity of oil prices. However, geopolitical factors continue to inject uncertainty into the market and to some extent hedge the downward pressure of oversupply. Oil prices will maintain a fluctuating and repetitive operating rhythm, and in the short term, they will continue to maintain high volatility characteristics. As of November 19th, the settlement price of the December WTI crude oil futures contract in the United States was $59.44 per barrel, and the settlement price of the January Brent crude oil futures contract was $63.51 per barrel.
In terms of PTA’s own supply, the domestic industry’s operating load is around 71%. Short term PTA processing fees are still low, and inventory remains low.
The cancellation of BIS certification in India has led to a significant improvement in downstream polyester filament inquiries, coupled with the restart of polyester facilities and the planned deployment of new polyester production capacity, which has driven a rebound in PTA demand. In the short term, polyester prices are still supported by cost increases and expectations of increased polyester exports from India.
Business analysts believe that there are still plans for PTA equipment maintenance within the month, downstream polyester demand remains stable, PTA supply and demand continue to be depleted, and prices remain relatively strong. But with the seasonal decline in demand and the slow decrease in terminal load, the upward momentum of PTA prices is hindered.

Market Overview (11.7-11.18)
According to the monitoring of the commodity market analysis system of Shengyi Society, as of November 18th, the spot price of electrolytic nickel was 117383 yuan/ton, a decrease of 3.14% during the week, hitting a five-year low and a year-on-year decline of 5.97%. The continuous decline in nickel prices is mainly suppressed by three factors: macroeconomic pressure, oversupply, and weak demand.
Macro level:
Limited policy adjustments in Indonesia: Although the Indonesian Government Regulation No. 28 of 2025 restricts investment in new nickel smelters and plans to lower the nickel ore quota (RKAB) for 2026, the policy has a weak impact on short-term supply and the market response is flat. In the long run, the supply of nickel ore in Indonesia remains high and has not been able to reverse expectations of oversupply.
Economic and policy uncertainty in the United States: The lack of employment data and the risk of government shutdown have dragged down economic expectations, and GDP in the fourth quarter may decline by 1.5%. There is a clear divergence within the Federal Reserve regarding the path of interest rates, with hawkish signals suppressing expectations of rate cuts, and the strengthening of the US dollar intensifying downward pressure on commodity prices denominated in US dollars, including nickel.
China’s economic resilience vs. insufficient demand support: China’s industrial added value increased by 4.9% year-on-year in October, and equipment manufacturing industry grew by 8.0%, indicating the resilience of economic recovery. However, the downstream areas of nickel (such as stainless steel and new energy) have not improved synchronously, and macro benefits have not been transmitted to the nickel demand side.
Supply side:
Loose supply at the mining end: Typhoon weather in the Philippines only briefly affected shipments, and the domestic trade price of Indonesia’s second phase nickel ore in November slightly fell to $14998.67 per ton, reflecting an overall sufficient supply at the mining end and weakened cost support.
Global inventory continues to accumulate: LME nickel inventory increased by 4566 tons to 257694 tons during the cycle, and domestic Shanghai nickel inventory increased by 2735 tons to 35424 tons. The synchronous increase of internal and external inventory highlights the stable pattern of oversupply in the global nickel market, directly suppressing the rebound space of nickel prices.
Demand side:
Weak demand for stainless steel: Social inventory of stainless steel has accumulated. On November 18th, the spot price of stainless steel in Shengyi Society was reported at 12550 yuan/ton, a decrease of 1.95% during the cycle. The lack of willingness for steel mills to reduce production and the lack of improvement in terminal consumption (construction, home appliances, etc.) have caused fluctuations in the stainless steel market, dragging down demand for nickel.
Weakened support in the field of new energy: The penetration rate of lithium iron phosphate battery technology route has increased, continuously squeezing the market for low and medium nickel ternary materials. The addition of overseas tariff barriers restricts the export of precursor materials, and the demand growth momentum for nickel in the new energy sector is insufficient.
Market forecast:
Short term nickel prices will continue to be under pressure and operate weakly. Supply surplus and inventory pressure remain unresolved, and there is no significant improvement signal on the demand side. Nickel prices may continue to bottom out.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average market price of domestic grade ammonium sulfate on November 14th was 1053 yuan/ton, an increase of 1.61% compared to the average market price of 1036 yuan/ton on November 8th.
2、 Market analysis
supply and demand situation
The price of ammonium sulfate in the domestic market has slightly increased this week. This week, the operating rate of ammonium sulfate enterprises has remained stable, and internal level enterprises may adjust their equipment or reduce its load in the future. Ammonium sulfate manufacturers are mainly raising prices, while coking grade ammonium sulfate is temporarily stable, and prices from domestic manufacturers have been raised. Downstream urgent replenishment requires a wait-and-see attitude, and the market trading atmosphere is light.
market situation
As of November 14th, 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 1020-1060 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the market trend of ammonium sulfate has been stable and rising recently. At present, the demand for ammonium sulfate in the market is stable, and the domestic market is improving. It is expected that in the short term, the domestic ammonium sulfate market will mainly experience a narrow upward trend in price consolidation.