According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has been weak recently (11.20-11.26). As of November 26, the spot rubber market in China’s natural rubber market was around 14825 yuan/ton, a decrease of 0.56% from 14908 yuan/ton on the 20th. The cost support of Tianjiao raw materials continues, but the inventory of Tianjiao at the port continues to increase slightly, which has a certain bearish impact on the Tianjiao market. In addition, downstream tire production has slightly decreased, the market atmosphere is weak, and prices are consolidating weakly. As of November 26th, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 14750~15000 yuan/ton.
As of November 26th, the price of Thai glue was 57.00 Thai baht/kg, unchanged from the price on November 20th. The current price of natural rubber raw materials is still running at a high level, and domestic rubber cutting will gradually stop in the later stage. The floods in southern Thailand have affected the rubber cutting process, and in the short term, the price of natural rubber raw materials will continue to run at a high level.
Recently (11.20-11.26), natural rubber inventories have continued to increase slightly, with a bearish impact on natural rubber. As of November 23, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 468900 tons, an increase of 16300 tons or 3.60% compared to the previous period.
Recently (11.20-11.26), downstream tire production has slightly decreased, providing essential support for the natural rubber market. As of November 15th, the construction of semi steel tires by domestic tire companies has reached around 70%; The construction of all steel tires by tire companies in Shandong region has reached about 6.20%.
Market forecast: Currently, natural rubber raw material prices are running at a high level, with weak support from downstream demand. The inventory of Tianjiao Port continues to increase slightly, and it is expected that the natural rubber market will mainly fluctuate weakly before the holiday.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of November 25th, the average quotation price of domestic high-quality DMF enterprises was 4000 yuan/ton. Currently, the DMF market has overcapacity, and the overall market negotiation focus is relatively low. Downstream demand is running slowly, and the overall market price is mainly stable and weak. The upstream cost support is insufficient, and the price increase space is limited.
2、 Cause analysis
Market wise: Currently, the demand for DMF in the market is weak, and the overall market negotiation focus is relatively low. The reference price for DMF spot delivery in the South China region is 3950-4050 yuan/ton in the Guangzhou market, 3780-3900 yuan/ton in Shandong and surrounding areas, and 3780-3900 yuan/ton in the Shandong and North China markets. Currently, the overall DMF market is mainly operating in a narrow range.
Supply and demand relationship: The overall methanol market is mainly stable, with high inventory and high supply, a trend of declining demand and prices, and a sustained high supply side, resulting in a significant oversupply situation and difficulty in price increases.
3、 Future forecast
DMF analysts from Shengyi Society believe that the current DMF price increase lacks momentum, inventory is running at a high level, and the current trend will be maintained in the short term.

The recent fluctuations in the asphalt market have been limited. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong region was 3010 yuan/ton on November 14th, and the ex factory price in Shandong region was 3030-3040 yuan/ton on November 21st, with a slight increase during the week.
From a national supply perspective, the operating rate of asphalt has declined, and many enterprises have stopped or switched production. Among them, Shandong Shengxing has switched to residual oil production. In the coming weeks, the main refineries under Qilu Petrochemical and Sinopec may resume production again, which will increase the supply pressure of asphalt in Shandong region.
In terms of demand, there is still demand for downstream construction in the southern region. After the weather improves in Shandong, projects are gradually coming to an end, mainly relying on low-priced sources. In the northwest region, with the decrease in temperature, projects are coming to an end, which hinders demand. In the northeast region, due to the narrowing of construction windows and trade merchants’ price reductions and promotions, the price advantage of social storage resources is becoming apparent, coupled with the support of rush work demand, the process of destocking is accelerating.
From the perspective of Shengyi Society, there has been little change in the fundamentals of asphalt, with gradually shrinking demand and overall weak oil prices. The enthusiasm for stocking up in the middle and lower reaches has been suppressed, and the current winter storage contract for asphalt has not yet entered the market. Next week, asphalt will operate weakly with slight fluctuations

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of November 20th, the reference average price of 85% industrial grade thermal phosphoric acid in China was 6770 yuan/ton, which is 0.89% higher than the reference average price of 6710 yuan/ton on November 10th.
2、 Market analysis
Market aspect
The domestic phosphoric acid market prices rose in mid month. As of November 20th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6600-6900 yuan/ton, in Yunnan region it is around 6500-6900 yuan/ton, and in Sichuan region it is around 6500-6900 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. The market price of raw material yellow phosphorus remained stable and fell in the middle of this month. The demand for yellow phosphorus in the market is poor, with a decrease in downstream inquiries and a focus on price cutting procurement. The inventory pressure in the yellow phosphorus market has increased, and many manufacturers have lowered prices to ship.
3、 Future forecast
Business Society’s phosphate analyst believes that the phosphate market has recently undergone a narrow adjustment. The market for raw material yellow phosphorus is weakening, and there is insufficient cost support. At present, the phosphoric acid market is mainly wait-and-see, with stable market trading. It is expected that the domestic phosphoric acid market will mainly consolidate in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has been consolidating narrowly recently (11.13-11.20). As of November 20th, the spot rubber market in China’s natural rubber market was around 14908 yuan/ton, an increase of 0.17% from 14883 yuan/ton on the 13th. Supported by the cost of natural rubber raw materials and the urgent demand, natural rubber has been slightly adjusted. However, the inventory of Tianjiao at the port continues to increase slightly, which has a certain bearish impact on the Tianjiao market. As of November 20th, the mainstream price for 24 years of Guangken, Baodao, and Haibao latex in Qingdao area is 14800~15100 yuan/ton.
As of November 20th, the price of Thai glue was 57.00 baht/kg, an increase of 1.23% from 56.30 baht/kg on November 13th. The current price of natural rubber raw materials is still running at a high level, and domestic rubber cutting will gradually stop in the later stage. However, the global rubber cutting season will gradually come, and the overall supply of natural rubber raw materials is expected to increase in the later stage. The price of natural rubber raw materials may fall from a high level.
Recently (11.13-11.20), natural rubber inventory has continued to decrease slightly, which has a greater impact on natural rubber. As of November 16, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 452600 tons, an increase of 0.31 tons or 0.70% compared to the previous period.
Recently (11.13-11.20), the overall stability of downstream tire production has provided essential support for the natural rubber market. As of November 15th, the construction of semi steel tires by domestic tire companies has reached around 7.40%; The construction of all steel tires by tire companies in Shandong region has reached about 6.5%.
Market forecast: Currently, natural rubber raw material prices are running at a high level, supported by downstream demand, and the inventory of Tianjiao Port continues to increase slightly. Overall, it is expected that the natural rubber market will mainly fluctuate within a certain range before the holiday.