Ethylene glycol prices declined in November
In November, the price of ethylene glycol continued to decline, with the average price dropping. Recently, the price has begun to stabilize. According to data from Business Society, as of November 28, the domestic oil-based ethylene glycol average price was 4,050 yuan per ton, down 4.05% from the average price of 4,220.83 yuan per ton on November 1.
In terms of port ethylene glycol, the spot contract (minimum 500 tons) for port ethylene glycol has shown a significant weakening in basis, with intra-day declines this week as spot prices started to discount futures. Today’s intra-day basis quotes for this week’s contract ranged from +8 to -5. As of the close on November 28, next week’s contract basis quotes were +5 to +6, the December contract basis quotes were +18 to +20, and the January contract basis quotes were +33 to +35.
The spot price for domestic coal-based polyethylene glycol (PET-grade, bulk, tax-inclusive, self-pickup) for whole truckloads is 3,720-3,880 yuan per ton.
In the international market for ethylene glycol, as of November 26, the negotiated spot prices for recent shipments arriving at the shore were around $460-$462 per ton.
Changes in the Ethylene Glycol Unit in December 2025:
The dynamics of the ethylene glycol production facilities in December 2025 encompass reductions in domestic operations, maintenance schedules, and the addition of new facilities. Overseas, there are planned shutdowns and delayed restarts among other factors. Specific details are as follows:
Domestic equipment
A Zhejiang Plant Reduces Load: Market rumors suggest that an ethylene glycol plant in Zhejiang with an annual capacity of 800,000 tons plans to reduce its operating load starting in December. Specific load reduction measures and subsequent adjustment schedules have not been disclosed in further detail.
The impact of previous shutdowns at some facilities continues, while new facilities contribute incremental output: In November, several domestic ethylene glycol plants were shut down, resulting in a total capacity loss of 1 million tons. If these facilities remain offline in December, the supply will continue to be affected that month. Meanwhile, a new 830,000-ton-per-year ethylene glycol plant in South China, originally scheduled to commence operations in Q1 2026, began trial runs with ethylene feedstock in early November. It is expected to bring a modest additional output increment to the market in December.

Ethylene-based plants have maintenance plans: In the later phase of domestic ethylene-based EG production, maintenance schedules are in place for ethylene-based plants. However, the specific plant names, production capacity, and duration of maintenance for December have not yet been finalized. The actual implementation of these maintenance plans may impact the total supply of ethylene-based EG for that month.
Overseas installation
Iran plans to shut down multiple plants: Market reports on November 24 indicated that four Iranian ethylene glycol plants, with a combined annual production capacity of 7.25 million tons, are scheduled to cease operations between late November and early December. As of November 28, the actual implementation remains uncertain. If the shutdowns proceed smoothly in December, global ethylene glycol supply will be significantly reduced. Earlier reports also mentioned that two Iranian ethylene glycol plants, with a combined annual capacity of 3.3 million tons, had already halted operations. If they remain offline in December, their impact on supply will persist.
Singapore Plant Restart Delayed: A 900,000-ton-per-year ethylene glycol unit in Singapore, originally scheduled to resume operations around late December 2025, has now seen its restart delayed, with no specific resumption plan announced yet. The unit had been shut down around August 2025, and this delay will prevent overseas ethylene glycol supply from being supplemented by this capacity in December.

Forecast of Ethylene Glycol Market in December 2025
Based on the market performance in November and core variables of supply and demand, the ethylene glycol market is likely to experience a wide range of fluctuations in December 2025, with a price range focused on 3750-4050 yuan/ton. The long and short factors on the supply and demand side are playing against each other, while cost and inventory factors will also form key constraints on the market. The specific forecast is as follows:
Supply side: intertwining long and short, restricting significant fluctuations in supply
The bullish factor is prominent: Iran’s facility shutdown plan is the biggest variable on the supply side in December. On November 24th, it was reported that Iran has already shut down two sets of 3.3 million tons/year facilities, and another four sets of 7.25 million tons/year facilities are planned to shut down from late November to early December. If implemented, it will reduce global ethylene glycol production capacity by 8%, resulting in a daily reduction of about 20000 tons of supply and significantly tightening global supply. In addition, a 900000 ton/year plant in Singapore was originally scheduled to restart at the end of December, but the restart time has been postponed and there is no clear plan. The capacity gap since the shutdown in August has continued, and it is impossible to make up for overseas supply in December. Domestically, Shenghong Refining and Chemical’s 1 million ton unit is scheduled to shut down for maintenance in early December, and a set of 800000 ton units at Zhejiang Petrochemical is also planned to take off and operate negatively in December, further reducing some production capacity supply.
Negative factors still exist: the continuous release of new domestic production capacity brings supply pressure. The 200000 ton new plant in Ningxia and the 830000 ton new plant in BASF have been put into trial operation in November, and are expected to form actual production increases in December; Shenghong Refining and Chemical’s 900000 ton plant is also scheduled to restart at the end of November, and these new and restarted production capacities will offset the impact of some maintenance on the reduced capacity. At the same time, the overall operating load of ethylene glycol in China reached over 72% in November. Although some units underwent load reduction maintenance, the overall operating level of the industry remained relatively high, providing basic support for supply in December.
Demand side: Short term support, long-term weak pressure
Strong short-term support: The downstream polyester industry currently maintains a high operating rate of over 91%, and the industry’s profitability and inventory status are healthy. The short-term operating level is expected to remain stable, providing significant support for the demand for ethylene glycol. In addition, in early November, Indian merchants purchased a large amount of FDY due to policy adjustments, resulting in a significant increase in orders for filament exports. Bottle processing fees also continued to recover, which to some extent drove the release of demand for ethylene glycol. This trend is expected to continue in early December.

Gradual weakness in the medium to long term: December has entered the traditional off-season of the textile industry, and terminal weaving orders have shown signs of a high-level decline with the weather turning cold, making it more difficult to clear raw fabric inventory. As the New Year approaches, some weaving manufacturers may experience workers returning home, leading to a concentrated decrease in operating rates, which will then be transmitted to the polyester process, resulting in a decrease in polyester load and ultimately weakening demand for ethylene glycol. This off-season effect will gradually become apparent as December progresses.
Cost and inventory: Cost bottoming supports prices, inventory accumulation suppresses price increases
Bottom support is formed on the cost side: Currently, the cash flow of the coal to ethylene glycol marginal unit has fallen below the cost line, and the marginal profit loss of coal to ethylene glycol in November reached 784 yuan. If the price continues to drop to around 3700 yuan/ton in December, it is expected to trigger strong support on the supply side, and the willingness of enterprises to reduce production due to losses will increase, thereby suppressing further price declines. In terms of oil to ethylene glycol production, the fluctuation of raw material oil prices has limited support, but it will not significantly drag down the cost of ethylene glycol, and the overall cost line will form a bottom line constraint on the December market.
Inventory side suppresses upward elasticity: Since November, the explicit inventory of ethylene glycol at ports has continued to accumulate, with poor port shipments during the week. It is expected that the slight accumulation of inventory will continue in December. The gradual increase in port inventory has led to loose market liquidity, weakening the upward rebound momentum of prices. Even if there is a sudden reduction in supply, inventory can still form a buffer, making it difficult to drive prices up significantly.
Overall, there is bottom support for ethylene glycol in December due to favorable factors such as the shutdown of facilities in Iran, but negative factors such as the release of new production capacity, inventory accumulation, and low demand season will suppress the increase. Therefore, it is predicted that the spot operation range of ethylene glycol in December will fluctuate widely within the range of 3750-4050 yuan/ton.

According to the monitoring of the commodity market analysis system of Shengyi Society, the overall magnesium ingot market in Shaanxi region fluctuated at a low level, with an average market price of 16100 yuan/ton at the end of the month and 16325 yuan/ton at the beginning of the month, a monthly decline of 1.38%.

This month’s market analysis
During November, magnesium prices showed a narrow range of fluctuations and a relatively weak and stable trend overall. At the beginning of the month, magnesium prices fluctuated around 16200 yuan per ton; By mid month, driven by rising costs and improved trading volumes in some regions, prices had seen a slight increase; However, due to the lack of sustained demand follow-up, the price fell again, approaching the level of 16000 yuan per ton, and remained basically within this price range at the end of the month.
Supply and demand side
On the supply side, the current inventory situation in the main production areas continues to show a tight balance, with Fugu area performing particularly well. Most enterprises in this region have achieved zero inventory management, and low-priced goods are becoming increasingly scarce and difficult to find in the market. In this context, supply side enterprises have demonstrated strong willingness and ability to raise prices by leveraging their inventory advantages. At the same time, the process of capacity release has been steadily advancing without significant acceleration, and the contribution of newly added capacity to market supply is relatively limited. The overall market supply remains at a relatively stable level.
On the demand side, traditional demand areas have performed relatively poorly, and downstream enterprises mostly focus on digesting inventory, with procurement rhythm closely linked to price fluctuations, and there are few large-scale replenishment activities. The demand in emerging demand areas continues to be released, but the current order size is still relatively small, which has limited effect on driving up short-term prices.
In terms of raw materials
The price of thermal coal continues to rise, which in turn drives up the production cost of magnesium per ton. In this situation, the pressure of losses borne by enterprises has been alleviated, and the willingness to raise prices has become increasingly strong, which has become an important force supporting the bottom of magnesium prices. At the same time, the prices of raw materials such as blue charcoal and ferrosilicon remained stable, further consolidating the bottom line of costs.
Future forecast
From a short-term perspective, magnesium prices are expected to continue to fluctuate slightly around the cost line, lacking significant upward momentum. However, the magnitude of the decline will not be too large. At this time, it is necessary to focus on whether there are substantial signs of recovery on the demand side. Taking into account various factors, the magnesium price in November was affected and limited by both cost and demand factors, presenting an overall weak and stable trend. To break the current state of the market, we need to wait for substantial improvement on the demand side or structural adjustment on the supply side.

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.