Precious metals prices surged significantly in November

According to the Business Society Commodity Market Analysis System, as of November 28, 2025, the morning spot price of gold was 948.59 yuan per gram, marking a 3.26% increase from the spot price at the beginning of the month (November 1), which stood at 918.62 yuan per gram.
According to the Business Society Commodity Market Analysis System, the average market price of silver on November 28, 2025, was 12,649.33 yuan per kilogram, representing a 10.22% increase compared to the average market price at the beginning of the month (November 1), which was 11,476 yuan per kilogram.
Silver Prices Hit Record High with Enhanced Elasticity
In 2025, silver prices hit a record high and outperformed gold, driven by its dual advantages of both financial and industrial attributes. Coupled with factors such as a persistently widening supply-demand gap and investor preference for high-elasticity assets, silver demonstrated higher gains in the precious metals bull market. The specific reasons are as follows:
Industrial attributes drive rigid demand, while the supply-demand gap continues to widen
Although both silver and gold are precious metals, their demand structures differ significantly. Industrial demand for gold accounts for less than 10%, with the primary demand concentrated in central bank reserves and investment sectors. In contrast, industrial demand for silver exceeds half of its total demand and is poised for explosive growth driven by the new energy industry. The photovoltaic sector is the key growth driver, with 243.7 million ounces of silver used in solar panels in 2024—a 158% increase compared to 2020. As global solar power capacity is projected to add 400 gigawatts between 2024 and 2030, demand for silver in photovoltaics will continue to rise.

On the supply side, silver is primarily a byproduct of metals like copper, lead, and zinc, meaning its production growth depends on the extraction rates of these metals. There is limited room for independent production increases, and global silver output is expected to decline from 944 million ounces in 2024 to 901 million ounces by 2030. This supply-demand imbalance has persisted for five years, with a projected market gap of 110–150 million ounces in 2025—accounting for about 15% of annual mine production. This rigid gap serves as the core fundamental support for silver’s price rise, an advantage that gold lacks.
With higher flexibility in financial attributes, it serves as a high-cost-performance option for capital

At the financial attribute level, silver is regarded as a “high beta asset” of gold, meaning that when gold prices rise, silver often exhibits higher upward elasticity in the latter half of the journey. On the one hand, the price of silver is much lower than that of gold. When gold is already at a high level, funds will actively seek out varieties whose valuations have not fully risen, making silver the preferred choice for amplifying returns. For example, since October 2023, the cumulative price of silver has risen by about 163%, while gold has risen by about 142% during the same period. On the other hand, the market’s expectation of the Federal Reserve cutting interest rates has a more significant driving effect on silver. Precious metals have no interest income, and the holding cost is high when the interest rate is high. Under the expectation of interest rate reduction, after the outflow of funds from cash and treasury bond, in addition to the allocation of gold, a large number of flexible varieties such as silver will flow in. At the same time, amidst global geopolitical conflicts, currency and credit concerns, silver not only enjoys the dividend of safe haven demand, but also has a lower price base, making it easier for its percentage increase to surpass gold.
Funds drive to strengthen upward trend, market sentiment amplifies gains
The concentrated influx of funds further widened the gap in the price increase between silver and gold. Since the fourth quarter of 2023, global silver ETF holdings have continued to rebound, with holdings of approximately 1.13 billion ounces by mid-2025, and a net inflow of approximately $2 billion in US silver ETFs for the year. In addition, silver mining stocks have also become the target of capital pursuit, such as Pan Bai Bai Yin and other stocks breaking through key technical levels in large quantities, forming a cycle of “silver price rise capital influx stock price rise further pushing up silver prices”. In contrast, although gold is supported by continuous central bank purchases, central bank purchases are more inclined towards stable long-term allocation, while the capital flow in the silver market is more active. Coupled with the increased trading heat of futures, paper silver and other varieties, short-term capital speculation has a more significant driving effect on prices, making the upward momentum of silver appear stronger.
The market pattern of repairing the gold silver ratio helps to boost the price of silver
In history, “gold leads, silver charges” is a common pattern in the bull market of precious metals, and the repair of the gold silver ratio often accelerates the rise of silver. When gold breaks through historical highs first, silver, which was previously undervalued, will experience a rebound market to narrow the gold silver ratio. In this round of market trend, gold hit a high of $4380 per ounce early on, while silver’s previous gains lagged behind gold, indicating significant room for valuation repair. Based on this historical law, the market will actively increase its allocation of silver, and this demand for replenishment has become an important driving force for silver’s upward momentum to surpass gold, which also enables silver to achieve a rebound in its later gains.

After the upward movement of precious metals in November, they entered a period of sideways consolidation
According to the Business Society Commodity Market Analysis System, as of November 27, 2025, the spot gold price in the morning market was 941.83 yuan per gram, up 2.53% from the spot gold price of 918.62 yuan per gram at the beginning of the month (November 1).

According to the Business Society Commodity Market Analysis System, the average price of silver in the market on November 27, 2025 was 12,395 yuan per kilogram, marking an 8.01% increase compared to the average price of 11,476 yuan per kilogram at the beginning of the month (November 1).
After an upward trend in November, the precious metals market experienced a slight pullback before entering a phase of sideways consolidation with a slightly stronger bias.
Overview of Precious Metals and Crude Oil Price Trends
Since 2025, the correlation between precious metals and Brent crude oil prices has shifted from a short-term weak positive relationship to a long-term significant negative one.
Comparison of Precious Metals (Gold and Silver) Price Trends Over the Past Year
Over the past year, gold and silver have consistently maintained a strong positive correlation. The price movements of both metals generally trend in the same direction, with their upward and downward trends largely synchronized during most periods. In November, the silver price surged even more sharply due to the London squeeze incident.
The intrinsic logic behind the resilience of precious metal prices
Supporting logic for high prices of precious metals: high central bank gold purchases, resilient physical demand, and potential marginal inflows from ETFs. The significant surge in precious metals this year was primarily driven by the synergistic effects of “declining real interest rates + weakening US dollar + increased central bank purchases.”.
Recent Trading Logic for Precious Metals
1. Investment Demand and Inventory Tightness: Since October, global gold ETFs have been increasing holdings for five consecutive months, with a cumulative addition of 55.4 tons (47 tons in North America, 45 tons in Asia, and a net outflow of 37.4 tons in Europe). The SPDR Gold ETF holdings reached 1,040.9 tons (a multi-year high). The SLV Silver ETF recorded a single-day increase of 253.9 tons (the largest surge in over a month). COMEX gold inventories decreased by 2.8 million ounces, while silver inventories dropped by 41.94 million ounces. Domestic silver inventories hit a 10-year low, and China’s unrefined silver exports in October reached 654 tons (the highest since June 2007). The Ministry of Commerce has intensified silver export controls.
2. The Fed’s Rate Cut Expectations Reverse: The U.S. government shutdown has led to missing economic data, and structural economic imbalances have caused divisions among Fed officials. However, key officials like New York Fed President William C. Dudley have expressed support for rate cuts, with the probability of a 25-basis-point cut in December rising to 80%. Currently, three hawkish officials oppose the cut, while San Francisco Fed President Mary C. Daly supports it, potentially signaling Powell’s stance.
Post-Market Forecast for Precious Metals

From the end of 2025 to 2026, the precious metal market will be in a triple positive cycle of “macro easing+industrial dividends+geopolitical catalysis”, with strong short-term fluctuations and a continuation of the medium-term bull market. The gold price center will move upward, and silver will have better elasticity (expected to increase by more than 30% in 2026). Despite short-term risks such as unexpected US economic data and geopolitical easing, in the medium to long term, the three core logics of declining real interest rates, weakened US dollar credit, and explosive industrial demand remain unchanged. Precious metals remain one of the optimal assets for “crossing economic cycles”.

According to the analysis of the Business Society’s market monitoring system, on November 26th, the reference price for the domestic silicon metal # 441 market was 9750 yuan/ton. Compared to November 1st (when the market price for silicon metal # 441 was 9680 yuan/ton), the price has increased by 70 yuan/ton, an increase of 0.72%.
Since November, the overall silicon metal spot market has seen a slight increase and is operating steadily
From the Commodity Market Analysis System of Shengyi Society, it can be seen that from November to present (11.1-11.26), the overall domestic spot market for silicon metal has shown a fluctuating and narrow upward trend. In the first half of the month, the spot market for silicon metal 441 # was mainly on the rise, and the focus of market negotiations was adjusted upwards. On November 15th, the domestic spot market price for silicon metal 441 # was around 9700-9800 yuan/ton. At the end of the month, the metal silicon 441 # market fluctuated and rose, with limited market support, forming a trend of mixed ups and downs. As of November 26th, the market price reference for metallic silicon 441 # in East China is around 9600-9800 yuan/ton, the market price for oxygen 553 # is around 9400-9600 yuan/ton, and the market price reference for oxygen 553 # is around 9300-9400 yuan/ton.

Fundamental situation
In terms of supply: In November, the overall supply of silicon metal decreased. Although some facilities in the northern region increased production, the significant reduction in production in the Sichuan Yunnan region has led to a decrease in the overall supply of silicon metal. The overall supply pressure on the market in November has eased.
In terms of demand: In November, the overall enthusiasm for downstream procurement of metallic silicon was average, and the demand performance remained cautious. Downstream consumers had a certain wait-and-see attitude, and inquiries for procurement were still mostly at low levels. The overall transmission of demand on the demand side was relatively loose.
In terms of inventory, as of November 20th, the social inventory of silicon metal in major regions is about 548000 tons, with a slight increase of about 2000 tons compared to the previous period.
Market analysis in the future
At present, the overall trading atmosphere in the metal silicon market is mild, and the supply and demand transmission is still acceptable. The overall supply of the metal silicon market in December is expected to continue to decrease, and the overall supply-demand contradiction may continue to ease. The metal silicon data analyst of Business Society predicts that in the short term, the domestic metal silicon spot market will mainly adjust and operate within a certain range, and specific changes in supply and demand and other aspects of news need to be monitored.

This week, the domestic melamine market showed a slight upward trend. As of November 25th, the benchmark price of melamine in Shengyi Society was 5450.00 yuan/ton, an increase of 0.23% compared to the beginning of this month (5437.50 yuan/ton). From a regional perspective, Hebei region has shown the strongest performance.
The widespread price increase on a small scale this time can be mainly attributed to the following reasons:

Cost side:
The main raw material of melamine is urea. According to market data, on November 25th, the benchmark price of urea in Shengyi Society was 1657.50 yuan/ton, an increase of 3.11% compared to the beginning of this month (1607.50 yuan/ton). The overall market has shown signs of recovery. The stabilization of raw material costs has provided some bottom support for the price of melamine.
At present, the capacity utilization rate of the melamine industry remains high and fluctuates. This may mean that some companies have tightened their local supply due to equipment or sales strategy adjustments, thereby driving short-term price increases.
Demand side:
It should be noted that the overall demand in the downstream market has not shown a significant improvement, and the performance is relatively flat. This makes the current price increase more defined as a “catch-up” or “small rebound” rather than a significant increase driven by strong demand. According to earlier industry analysis, the main downstream of melamine (such as artificial boards) is still relatively weak in demand due to the impact of the real estate industry.
Overall, the melamine market has recently experienced a slight upward trend driven by cost recovery and short-term supply adjustments. However, due to the lack of fundamental improvement in terminal demand, the overall upward space of the market may be limited.
In the short term, prices may maintain a trend of strong volatility, but whether they can continue to strengthen in the long term still requires close attention to the recovery of downstream demand and the stability of production operations of various enterprises.

price trend

According to data from Business Society’s bulk commodity ranking, the domestic PC market experienced a consolidating trend in late November, with spot prices of most grades fluctuating. As of November 25, the benchmark price for PC mix stood at approximately 13,766.67 yuan per ton, showing a -2.82% change compared to the beginning of November.
Root cause analysis
Supply Side: At the beginning of the month, domestic PC polymer enterprises operated at relatively low load rates. Mid-month maintenance at Zhejiang Petrochemical covered multiple production lines, while some lines at Luxi Chemical were also shut down. Industry operating rates remained stable at around 77%, with weekly output nearing 65,000 tons. Next week, it is expected that Pingmei Shenhua will resume production and Lihua Yi’s branded materials will restore supply, leading to a potential easing in supply. However, current inventory levels, after prior digestion, remain relatively controllable, and production-sales pressure in the market is manageable. Overall, the support effect of PC supply on PC prices is expected to stabilize.
In terms of raw materials: As shown in the figure above, the bisphenol A market experienced a rebound from low levels in late November. The upstream prices of phenol and acetone fluctuated and remained weak, offering little positive impact on the bisphenol A market. However, recent factory inventories were not under pressure, and with the spot prices having dropped to low levels, manufacturers and traders increased their efforts to stabilize prices. The market rebounded after gaining bottoming support. On the other hand, the consumption side of bisphenol A showed no improvement, with limited changes in the focus of recent actual orders. It is expected that bisphenol A prices may remain stable in the future, but the support for the PC cost side remains moderate.
Demand side: The load position of downstream factories remains less than ideal, with stockpiling maintained through low-price purchases at weak mandatory demand levels. Customs data shows a slight decline in export markets, while PC end-user enterprises adopt conservative production schedules. Within the range, traders operate more reactively to market conditions, with cautious and wait-and-see sentiment prevailing. After the initial demand for filling inventory gaps was satisfied, market trading activity returned to a quieter tone, and the circulation speed of goods slowed further. Overall, demand-side support for PC spot prices remains moderate.
Market outlook
By the end of November, the domestic PC market remained stagnant and consolidated. The upstream bisphenol A market halted its decline and began recovery, easing the drag on PC costs. Domestic PC polymerization plants operated at stable loads with minor adjustments, and there was an expectation of a rebound in the near future. Market trading remained weak, with a standoff between buyers and sellers. It is anticipated that the PC market will likely remain stagnant and consolidated in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province was weakly stable and consolidated this week (11.17-11.21), with an average market price of 16125 yuan/ton, maintaining stability in the low range.

Looking back at the market performance this week, there has been no significant change in the overall market situation, and prices have remained relatively stable. Due to a significant increase in market supply last month, while overall demand remained flat, magnesium prices are under downward pressure and are currently operating in the annual low range.
Supply and demand side
On the supply side, mainstream factories still adhere to the price line of 16000 yuan/ton and are unwilling to further reduce prices to prevent them from falling below the cost line. The production situation of the refining enterprise remains stable, with a slight increase in output. In the first half of the week, shipments were basically made according to market conditions. However, as the weekend approached, the willingness of refining companies to raise prices was once again strengthened due to the impact of rising coal prices.
In terms of demand, downstream enterprises have shown a steady growth trend in demand. However, alloy processing enterprises in the middle reaches have high production costs due to the long-term high aluminum prices, making it difficult for production progress to keep up with the pace of downstream market demand. Affected by the consumer psychology of “buying up, not buying down”, customers’ purchasing willingness continues to be low, and they only replenish a small amount of essential goods at low levels. Most companies with demand choose to wait and see, waiting for a more suitable time.
Raw material end
The price of coal has shown a further significant upward trend, while the price of blue charcoal has remained relatively stable, and the price of ferrosilicon has also remained stable. Overall, the cost has once again risen.
comprehensive analysis
This week, the overall market remained relatively stable amidst fluctuations, but the rise in coal prices added uncertainty to the market. Specifically, upstream costs have increased by several hundred yuan, while downstream acceptance of product price increases is not high. It is expected that the game situation between upstream and downstream will intensify from this weekend to next week. However, due to the support of raw material costs, the space for price reduction is relatively limited. Overall, the magnesium market is expected to maintain a weak and stable consolidation trend in the near future, with prices fluctuating narrowly within the current price range.

This week (November 17-21), the price of polyester bottle chips showed a fluctuating downward trend. On the 17th, it fell by 15 yuan/ton to 5745 yuan/ton due to the drag of crude oil; The price remained stable for the time being, and on the 21st, it weakened again by 10 yuan/ton, closing at 5710 yuan/ton. The price range for the supply of goods in the East China region has gradually decreased throughout the week, from 5650-5800 yuan/ton to 5630-5750 yuan/ton. According to data from Shengyi Society, on November 21st, the average selling price of PET was 5740 yuan/ton. The market supply and demand are weak, the cost side support is insufficient, and the overall trading atmosphere is light
Cost side support continues to weaken: International crude oil prices fluctuated downward this week, driving upstream raw material prices such as PTA and ethylene glycol to weaken synchronously. The cost side of polyester bottle chips lacks effective support. Taking the 21st as an example, due to the decline in crude oil and raw material prices, the center of gravity of the bottle chip market has shifted downwards, and the poor transmission of costs has made it difficult for factories to maintain high prices. Some companies have slightly lowered their prices along with the raw materials.

Overall loose supply side: The industry operating rate this week was 70.9%, a decrease of 2% compared to the previous week. Despite the alternating maintenance and restart of China Resources equipment and the delayed production of Dongying Fuhai new equipment, the overall supply fluctuation in China is limited, and spot supply is abundant. At the same time, the available days of inventory in the bottle factory increased by 0.46 days compared to the previous week, and the slow accumulation of inventory further strengthened the pattern of loose supply.
Continued weakness in demand side procurement: Currently in the traditional off-season of demand, coupled with the fact that Spring Festival stocking has not yet started, downstream factories are holding onto essential needs for replenishment, resulting in low procurement enthusiasm and a lack of willingness to chase price increases. In addition, the production of soft drinks from January to September decreased by 5.5% year-on-year, and the performance of the terminal beverage industry was sluggish, making it difficult to effectively stimulate bottle consumption. The market had few actual orders and transactions, and the overall trading atmosphere was light.
The export market continues to be weak: this week, the overall export prices of domestic polyester bottle chip factories have stabilized, with slight downward adjustments in some areas. The mainstream quotation in East China is $760-770/ton FOB Shanghai Port, while the quotation in South China is $750-765/ton FOB main port. The lack of positive boost on the export side makes it difficult to offset the weak domestic demand, and the overall weak pattern has not changed.
Overall, Shengyi Society believes that the polyester bottle chip market is expected to continue its volatile trend in the short term, with prices fluctuating within the range of 5650-5800 yuan/ton, and the trend will mainly follow the dynamic adjustment of upstream raw material prices.

According to the analysis of the Business Society market monitoring system, on November 20, the domestic market price for metallurgical silicon #441 was 9,780 yuan/ton. Compared to November 16 (when the market price for metallurgical silicon #441 was 9,730 yuan/ton), the price increased by 50 yuan/ton, a rise of 0.51%. Compared to November 1 (when the market price for metallurgical silicon #441 was 9,680 yuan/ton), the price increased by 100 yuan/ton, a rise of 1.03%.

The metal silicon market showed a “stable first, then rising” trend this week
According to the Commodity Market Analysis System of Business Society, the domestic silicon metal spot market showed an overall trend of initial stability followed by a rise during this week (November 16-20). At the beginning of the week, the domestic silicon metal spot market experienced minimal fluctuations, with sporadic price adjustments for certain grades, primarily characterized by overall stability with minor movements. By the weekend, on November 20, the silicon metal spot market saw a comprehensive upward movement, with varying degrees of price increases across multiple regions and grades. Notably, in East China, the market price for oxygenated silicon metal 553# was referenced at 9,500-9,600 yuan/ton, up 100 yuan/ton, while the price for 521# was referenced at 9,600-9,800 yuan/ton, up 50 yuan/ton, and for 441# at 9,700-9,800 yuan/ton, also up 50 yuan/ton. In the Tianjin Port region, the price for oxygenated silicon metal 553# was referenced at 9,400-9,500 yuan/ton, up 100 yuan/ton, and for 441# at approximately 9,600-9,700 yuan/ton, up 50 yuan/ton.
Fundamental situation
Supply side:
This month, the variable factors on the supply side of metallurgical silicon primarily lie in the Sichuan and Yunnan regions. Although there is a small increase in the north, the overall supply remains reduced, with the national total supply expected to decline by over 400,000 tons.
Demand side:
This week, the overall demand for silicon metal downstream remained relatively weak, with average purchasing enthusiasm from downstream sectors, primarily driven by essential procurement needs.
Inventory:
As of November 13, the social inventory of metallurgical silicon in major regions stands at approximately 546,000 tons, showing a slight decrease of around 6,000 tons compared to previous levels.
Market outlook analysis
Currently, the overall trading atmosphere in the metallurgical silicon market remains subdued and moderate. Although the supply side has continuously reduced production, leading to an overall decline in supply, downstream players are actively promoting production cuts to maintain prices under the consensus of “anti-overcompetition.” Demand for raw materials remains cautious. According to analysts from Business Society’s metallurgical silicon data team, the market is expected to primarily exhibit narrow fluctuations in the short term, with further attention needed on supply-demand dynamics and related news developments.

This week, the melamine market did show tentative signs of an increase against the backdrop of an overall downturn, but the price trends in different regions and enterprises showed significant differentiation. As of November 18th, the benchmark price of melamine in Shengyi Society was 5412.50 yuan/ton, an increase of 0.91% compared to last week (5375.50 yuan/ton).

Partial price increase: On November 18th, the ex factory quotation in Chongqing was increased by 50 yuan/ton to 5300 yuan/ton. This trend is widely interpreted by the market as a tentative increase, reflecting the possibility of short-term improvement in supply and demand in the southwest market.
Market differentiation: In contrast, on November 17th, major manufacturers in Shandong lowered their factory quotes by 100 yuan/ton to 5200 yuan/ton. This situation of “mixed ups and downs” indicates that this price increase is not a nationwide general rise, but a regional market behavior.
This local trial of a small increase needs to be viewed in the context of the industry’s long-term weakness:
1. Rigid support at the cost end:
The main raw material of melamine, urea, has been at a relatively high price during the same period. As of November 18th, the benchmark price of urea in Shengyi Society was 1630.00 yuan/ton, an increase of 1.40% compared to the beginning of this month (1607.50 yuan/ton). Especially in the southwest region, as a concentrated area for natural gas to urea production, production costs remain high and even have expectations of rising due to the tight supply of natural gas in winter and the need to ensure civilian use.
Long term supply-demand imbalance: Authoritative industry analysis points out that the melamine industry is facing serious supply-demand contradictions. On the supply side, production capacity continues to expand; On the demand side, nearly 60% of the demand is tied to the weak real estate and building materials markets, resulting in insufficient overall demand support. This puts the market in a long-term downward trend.
Short term volatility nature: Therefore, the current tentative rise should be seen more as a short-term and regional price correction. It indicates that some companies are willing to tentatively raise prices under cost pressure or short-term order support, but this has not changed the overall pattern of oversupply in the market.
In summary, there have been signs of a “tentative small increase” in the melamine market recently, mainly reflected in the price adjustment behavior of individual enterprises in the southwest region. However, due to regional market differentiation and the lack of fundamental improvement in long-term supply and demand fundamentals, the sustainability of this price increase remains to be observed. The overall market is still in the stage of bottom oscillation and seeking new equilibrium.

In mid November, the domestic ABS market remained weak and continued to trend, with most spot prices of various grades lowered. According to the Commodity Market Analysis System of Shengyi Society, as of November 17th, the average price of ABS sample products was 8725.00 yuan/ton, with a price level increase or decrease of -4.59% 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 first half of the year, production lines of aggregation plants in Jiangsu and Zhejiang were shut down. In the middle of the month, the load in Shandong increased, and the overall operating level of the industry was narrowly raised to 72%, with an average weekly output of around 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: In mid November, the overall trend of ABS upstream materials was weak, which had a negative impact on the cost side of ABS. During the acrylonitrile cycle, there was no significant improvement in the fundamentals this week. The overall supply remains loose, and there is an increase in enterprise inventory. Although the spot price has reached a low point in the early stage, downstream users have basically completed buying orders on dips. Fortunately, the prices of upstream propylene and synthetic ammonia have rebounded, and the cost of raw materials for acrylonitrile production has increased. At present, the operating rate of various downstream sectors is stable, and there is insufficient market action. It is recommended to closely monitor the trend of the device in the future market.
The domestic butadiene market in China experienced overall fluctuations in November. As prices continue to decline, it has also attracted some downstream buyers to replenish their inventory at low prices, driving the trading atmosphere in the spot market to improve. In addition, with strong pricing from suppliers, the market has slightly rebounded. On the other hand, there has been no effective improvement in downstream terminal demand, and the market lacks favorable factors to boost it. It is expected that the butadiene market will mainly consolidate in the short term.
The recent decline in styrene prices has led to a slight recovery. Affected by sluggish demand and poor profits, styrene supply remains weak, and ports maintain regular destocking. Although the situation of losses in the raw material pure benzene continues to exist, with the price hitting a new low and downstream entering the market at a low price, the market has rebounded, which has a bottoming effect on the cost side of styrene. Overall, the current demand for styrene has entered a low season, and with limited positive support, it is expected that the styrene market will fluctuate and consolidate in the short term.
On the demand side: The downstream factories of ABS have average loads, and the total demand pool size is 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 high, and under the increasing pressure of on-site sales, enterprises and merchants continue to operate by offering discounts and taking 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 Double Eleven 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

In November, the domestic ABS market in China 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 raw materials have weakened, and the mentality of industry players is often negative. It is expected that there will still be downward pressure on ABS in the short term.