According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market first rose and then fell in October, with an overall decline and a new low for 2024. As of October 31st, the average quoted price of maleic anhydride was 6430.00 yuan/ton (including tax), a decrease of 1.53% from 6530.00 yuan/ton on October 1st.

Supply side: Henan and Hebei have resumed production, while Qingdao has not yet resumed production; In the first half of October, there was a significant increase during the National Day holiday, which boosted domestic commodity prices. In addition, the resumption of unsaturated resin production after the holiday resulted in a replenishment of essential demand for maleic anhydride, supporting the upward trend in the maleic anhydride market; In the second half of the month, the operating rate of maleic anhydride has increased, the supply has increased, the prices of the main maleic anhydride factories have fallen, and the quotes from distributors have also fallen. The market has a strong wait-and-see attitude, and new orders and urgent needs are mainly followed up. As of October 31st, the ex factory price of solid anhydride in Shandong region is around 5900 yuan/ton, and the ex factory price of liquid anhydride is around 5600 yuan/ton.

Upstream: Pure benzene prices continued to decline in October. On October 1st, the price was 8183.00 yuan/ton; On October 31st, the price was 7113.00 yuan/ton, a decrease of 13.08%.

The international crude oil market fluctuated in October, and the price of n-butane in the market fell. As of October 31, the price in Shandong was around 5050-5150 yuan/ton.

Downstream: Currently, the unsaturated resin market is mainly stable, with downstream essential purchases of unsaturated resin being the main focus. There is limited support for unsaturated resin, and the market has a strong wait-and-see sentiment.

The analyst of Shengyi Society’s maleic anhydride products believes that downstream unsaturated resins maintain a strong demand and provide limited support for the maleic anhydride market; The supply of maleic anhydride has increased, but the price of maleic anhydride has fallen to the annual low point, and some factories have no intention of continuing to lower their prices. It is expected that the maleic anhydride market will mainly consolidate in the near future.

According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic price of LLDPE (7042) was 8446 yuan/ton on October 23, and the average price was 8466 yuan/ton on October 30, with a price increase of 0.24% during this period.

According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic price of LDPE (2426H) was 10916 yuan/ton on October 23, and the average price was 10866 yuan/ton on October 30, during which the quotation fell by 0.46%.

According to the monitoring of the commodity market analysis system of Shengyi Society, the domestic price of HDPE (2426H) was 8500 yuan/ton on October 23, and the average price was 8475 yuan/ton on October 30, with a price drop of 0.29% during this period.

As the end of the month approached, polyethylene showed a weak overall trend with narrow adjustments. In order to promote transactions, merchants actively offered discounts and shipped goods. On the supply side, petrochemical companies have reduced maintenance and supply is loose. On the demand side, the downstream demand for agricultural film is in the peak season, but the operating rate is still at a low level during the same period, and the support is insufficient. Crude oil has fluctuated and declined, and cost support has loosened. The market lacks effective positive factors, and it is expected that polyethylene will experience a weak and narrow adjustment.

According to the Commodity Market Analysis System of Shengyi Society, the palm oil market fluctuated and rose mainly in October, with an increase of nearly 9%. On October 1st, the average market price of palm oil was 8696 yuan/ton, and on October 30th, the average market price of palm oil was 9476 yuan/ton, with a price increase of 8.97%.

Lido continues to fluctuate and rise in the palm oil market in October

After the National Day holiday, the palm oil market heated up and prices fluctuated upwards. This round of palm oil price increase is mainly due to the rise in Malaysian palm oil futures prices in the external market, good supply and demand prospects, export growth, and increased spot market. The average price of palm oil in the domestic market has risen to around 9000 yuan/ton, an increase of nearly 5% compared to the beginning of the month.

In the middle of the month, Malaysia’s palm oil production entered the off-season in the foreign market, causing a decline in palm oil futures. The domestic palm oil futures market fluctuated and fell, and the spot market weakened. The average price of palm oil in the domestic market has fallen to around 9100 yuan/ton, a decrease of about 1%.

At the end of the month, the main producing country Malaysia entered a production reduction cycle, with reduced supply and inventory. Supported by external markets, the domestic palm oil spot market has once again seen an upward trend, with palm oil prices returning to a high of 9500 yuan/ton.

The agricultural product analyst of Shengyi Society believes that since November, the rigid demand for oil and fat has increased, and the external market is still bullish. The domestic palm oil market is expected to continue to rise.

1、 Price trend

According to data monitored by Shengyi Society, as of October 29th, the average price of industrial grade high-quality cyclohexane in China this week was 7833.33 yuan/ton, which remained stable compared to the same period last week. The price of cyclohexane remained strong this week, with manufacturers mainly offering discounts and taking orders. The shipment was active, downstream demand was still acceptable, inventory was slowly consumed, and overall market procurement enthusiasm was still acceptable.

2、 Market analysis

In terms of cost: Currently, the cost support for cyclohexane is insufficient, and the atmosphere of downstream on-site negotiations is light. Cyclohexane lacks favorable support, and downstream follow-up is slow, mainly focusing on essential procurement.

3、 Future forecast

The cyclohexane analyst from Shengyi Society believes that there is insufficient momentum for the expected short-term increase in cyclohexane market prices.

The market price of epichlorohydrin continued to rise in October. Multiple production enterprises are undergoing equipment maintenance, resulting in tight market supply. Xinyue, Binhua and other facilities operate with reduced load. A leading enterprise has ceased production, and multiple companies have been affected by the suspension of trading and reporting. The decrease in supply has caused traders to push up market prices. According to the market analysis system of Shengyi Society, as of October 28th, the benchmark price of Shengyi Society’s epichlorohydrin is 8725 yuan/ton, an increase of 9.75% compared to the beginning of this month (7950 yuan/ton).

Price influencing factors:

Raw material side: Recently, the price of propylene in the market has fluctuated and risen. According to the market analysis system of Shengyi Society, as of October 28th, the benchmark price of propylene in Shengyi Society was 6865.75 yuan/ton, an increase of 5.41% compared to the beginning of this month (6513.25 yuan/ton).

Downstream demand side: The downstream epoxy resin market is running weakly, and the purchasing mentality is not positive, with rigid demand procurement being the main focus.

In terms of equipment, the 130000 tons/year propylene based epichlorohydrin plant of the leading enterprise in epichlorohydrin production has been shut down for maintenance.

Market forecast: Business Society’s epoxy chloropropane analyst believes that there is still cost pressure on epoxy chloropropane, insufficient follow-up of downstream new orders, cautious procurement of raw materials, and the main demand for transactions. It is expected that the epoxy chloropropane market will remain stable in the short term, and more attention should be paid to changes in raw material prices.