The brief supply-demand mismatch at the end of the month led to a slight increase in prices, with some refineries shutting down and limited production resulting in significant spot support. Although the brand price difference narrowed, low inventory limited refinery pressure, and prices mostly remained firm. According to the analysis system of Business Society, the price in Shandong region was 3450 yuan/ton on November 30th.

The destocking of social inventory in East China is relatively obvious, mainly due to the strong support of local demand, especially the significant consumption of ship cargo in some high-speed projects, which drives the destocking of inventory. Low inventory provides support for spot and future winter storage, while international crude oil continues to operate weakly, resulting in limited driving force for overall price increases.