According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the month was 12633 yuan/ton, and at the end of the month it was 12800 yuan/ton, with a price increase of 1.32%.
Domestic manufacturers’ quotations for activated carbon have increased this month, with the ex factory price of coconut shell water purification activated carbon (iodine value 1000) ranging from 11000 to 13500 yuan/ton. The demand for traditional fields such as water treatment in China is steadily growing, and the demand for hard carbon negative electrodes driven by the industrialization of sodium electricity is also increasing, directly driving the import demand for high-purity coconut shell carbon.
At present, the supply of raw materials is tight, and the main production areas in Southeast Asia are affected by natural disasters and adjustments in planting structure, resulting in a decrease in coconut production, a shortage of carbonized materials supply, an increase in processing enterprises in production areas, and intensified competition, leading to a rise in raw material prices. The import volume of fruit shell charcoal in October was 14652.8 tons, a decrease of 9% compared to the previous month and an increase of 11% year-on-year.
Prediction: The demand for coconut shell activated carbon in China is increasing, and it is expected that the price of activated carbon will mainly fluctuate with a strong trend in the short term.

Aluminum prices rose first and then fell in November
Aluminum prices first rose and then fell in November. According to the Commodity Market Analysis System of Shengyi Society, as of November 28, 2025, the average price of aluminum ingots in the East China market in China was 21460 yuan/ton, an increase of 0.78% from the market average price of 21293.33 yuan/ton on November 1; Compared to the market average price of 21933.33 yuan/ton on November 13th, it has decreased by 2.16%.
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.
List of November Inventory Data
LME aluminum inventory:
In November 2025, LME aluminum inventory showed a continuous trend of high opening and low decline, with only a few days experiencing slight accumulation. At the beginning of the month, it started at a high level of 558050 tons, and at the end of the month (November 28), it dropped to 539050 tons, a cumulative decrease of 19000 tons for the whole month, a decrease of about 3.4%.
Domestic electrolytic aluminum ingot social inventory in November:
In November 2025, the overall social inventory of electrolytic aluminum ingots in China showed a trend of slight fluctuations followed by sustained and steady destocking. The inventory gradually declined from a relatively high level at the beginning of the month, with only a brief accumulation in mid November, which did not change the core trend of overall destocking. Specifically, the social inventory of electrolytic aluminum ingots in China at the end of November was 596000 tons, a cumulative decrease of 26000 tons from the reference value of 622000 tons at the beginning of the month, a decrease of about 4.18%. During this period, inventory did not decline in a one-way manner, but went through a process of “mild fluctuations – temporary accumulation in mid month – accelerated destocking in mid to late month”. For example, on November 17th, inventory had increased to 637000 tons, but downstream procurement subsequently made efforts, causing inventory to quickly fall and continue to decline.
Macro expectations boost market sentiment
Recent macroeconomic expectations have boosted market sentiment and helped to reduce inventory. In November, dovish speeches by Federal Reserve officials raised expectations of interest rate cuts, market risk appetite increased, traders’ stocking enthusiasm increased, and inventory turnover speed accelerated. At the same time, in order to avoid the risk of subsequent price fluctuations, midstream and downstream enterprises reserve raw materials in advance during the price decline stage, further accelerating the circulation and digestion of social inventory, and promoting the continuous decline of inventory.
Aluminum price forecast
In the short term, aluminum prices are likely to fluctuate horizontally, and the downward space for aluminum prices is limited in the state of destocking.

The supply-demand pattern has improved in stages, and PTA prices fluctuated upwards in November. According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market slightly rose in November, and remained stagnant in the second half of the month. As of November 26th, the spot price of PTA in East China was 4628 yuan/ton, an increase of 1.86% from the beginning of the month.
OPEC+has launched a new round of production increases, but the crude oil market remains concerned about the long-term risk of oversupply. The regional situation has eased, and coupled with weakened demand from the United States, the issue of US tariffs has dragged down global economic and demand expectations, leading to a volatile decline in international crude oil prices. As of November 26th, the settlement price of the January WTI crude oil futures contract in the United States was $58.65 per barrel, and the settlement price of the February Brent crude oil futures contract was $62.54 per barrel.
In terms of supply, the short-term PTA processing fees are still low, and inventory remains low. At the end of the month, Honggang Petrochemical’s 2.5 million ton PTA plant restarted, but Yisheng Ningbo’s 2.2 million ton plant was shut down, and some plants continued to undergo maintenance. The overall domestic supply continues to shrink, and the industry’s operating rate is at 73%. In addition, with the cancellation of BIS, there has been a significant increase in exports from mainstream suppliers, and spot liquidity has tightened.
Downstream polyester production is gradually increasing, and there are still multiple new units expected to be put into operation before the new year. In addition, some polyester units are planned to restart, and the inventory pressure of polyester filament factories is not high, so the overall demand for essential procurement is maintained. Terminal weaving, due to the fact that winter clothing orders have been basically delivered and demand is flat, the pace of domestic and international procurement is gradually slowing down, and there is insufficient momentum for new orders. At the end of the month, the comprehensive operating rate of weaving in the Jiangsu and Zhejiang regions was 66%, and some weaving enterprises still have expectations of reducing losses.
Business analysts believe that in the short term, geopolitical instability will increase oil price risks, and oil prices may be supported. There has been an increase in the supply side, and the supply and demand still maintain a tight balance. However, there are many unstable external factors, and the commodity trend is deadlocked. In addition, terminal demand has entered the off-season, and there is insufficient momentum to chase after the rise. It is expected that PTA prices will mainly fluctuate and adjust in November.

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.