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.

This week, the focus of transactions in the domestic epoxy propane market has increased. According to the monitoring system of Shengyi Society, as of November 14th, the benchmark price of Shengyi Society’s epoxy propane was 8133.33 yuan/ton, an increase of 5.63% compared to November 1st.
Price influencing factors:
Raw material side: This week, the price of raw material propylene is running strong. There is still support on the cost side, and the center of gravity of epoxy propane has shifted upward. According to the market analysis system of Shengyi Society, as of November 14th, the benchmark price of propylene in Shengyi Society was 5960.75 yuan/ton, a decrease of 1.61% compared to the beginning of this month (6058.25 yuan/ton).
Supply side: Fluctuations in the supply side have affected the temporary supply tension of epoxy propane. The tight supply situation has led to an increase in the price of epichlorohydrin.
Demand side: The downstream demand side has a decent demand for purchasing epoxy propane, with high purchasing enthusiasm and smooth shipment of epoxy propane. It is expected that the epoxy propane market will mainly operate steadily with a moderate to strong trend in the later stage.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that there is still support for the market price of propylene on the raw material side, and downstream demand side has high purchasing enthusiasm, resulting in smooth shipment of epoxy propane. At present, some epoxy propane enterprises are operating at a reduced load, resulting in tight market supply. It is expected that the epoxy propane market will remain stable and strong in the short term, and more attention should be paid to changes in raw material prices and market supply and demand.

On November 14, 2025, the spot price of polyester bottle flakes rose. According to data from Shengyi Society, the average selling price of PET was 5812 yuan/ton.
Cost side strong push: Crude oil prices rebounded significantly on the day, with Shanghai SC crude oil futures reporting 461.2 yuan/barrel, up 1.50%. US crude oil and Brent crude oil also rose more than 2%, thanks to the end of the US government shutdown boosting market confidence and the positive news of additional production cuts announced by oil producing countries such as Saudi Arabia. As the upstream source of PTA, crude oil drove a significant increase in PTA futures prices on the same day. The TA2508 contract closed at 4704 yuan/ton, up 60 yuan or 1.29% from the previous day. The cost of polyester bottle chips is affected by the transmission of the crude oil PX PTA industry chain, and the collective price increase of upstream raw materials has laid a solid foundation for its price rise.
Small positive news on the supply side: PTA supply has been tight recently, with domestic PTA production decreasing by 29400 tons last week compared to the previous value, which has strengthened PTA’s supply support for downstream polyester products. Although the supply side of polyester bottle chips is generally loose, the restart rhythm of some devices after maintenance in the early stage is stable, and there is no large-scale incremental impact on the market, providing a small boost to price increases.
Weak demand side support: Currently, the industry is still in a seasonal off-season, and downstream factories are mostly rigid restocking of polyester bottle chips, lacking the willingness to stock up on a large scale, and lacking the sentiment of chasing price increases. The overall market atmosphere is strong with a wait-and-see attitude. At the same time, the orders in the terminal weaving industry are only 10-20%, and inventory continues to accumulate. This weak demand situation also limits the price increase of polyester bottle chips, making it difficult to see a significant jump.
Overall, Shengyi Society expects the polyester bottle chip market to experience narrow fluctuations in the short term, and the market trend will largely depend on the performance of the cost side. If the cost side strengthens, the price of bottle slices may slightly increase accordingly; On the contrary, it faces downward pressure.