1、 Price trend

As of May 29th, the average quotation price of domestic premium DMF enterprises was 4760 yuan/ton, and the overall market showed a trend of loose supply, weak demand, continuous price weakness, and downward pressure on transactions. This month, the industry equipment resumed production in a concentrated manner, and the start of production remained at a high level, with sufficient market supply of goods; Downstream terminal demand follow-up is weak, there is no centralized replenishment demand, and the mismatch between supply and demand continues to intensify. At the same time, upstream raw material support is weak, and market low price competition is frequent. The price center continues to shift downward, and the overall market is under pressure.
2、 Cause analysis
Market supply: Currently, the DMF market has loose supply, with high equipment load, inventory accumulation, and high operating hours combined with inventory accumulation. The pressure of shipment continues to pressure prices, and regional price wars intensify. The operating rate is high, and the industry operating rate remains above 75%. The early maintenance equipment is concentrated for resumption of production, and the main equipment in Guizhou, Anyang, and other areas are operating normally. Downstream demand is insufficient.
Device operation: In terms of device operation, multiple sets of main production devices that underwent maintenance in April resumed production in May. Core production areas such as Guizhou and Anyang maintained normal operation at full capacity, and the overall operating rate of the industry remained stable at a high level of over 75% for a long time, showing a significant increase compared to the previous month. The production capacity of mainstream domestic production enterprises has been fully released, and the supply of spot goods continues to increase. The overall supply of goods in the market is very sufficient, with no favorable support such as supply shortages or sudden equipment maintenance.
In terms of inventory: In terms of inventory and shipment, due to the dual impact of high production and low demand, the industry’s social inventory and factory inventory continue to accumulate, and most enterprises have high inventory pressure. In order to accelerate inventory clearance and capital recovery, various production enterprises and traders have launched regional price wars, and low-priced goods frequently appear in the market, further exacerbating the loose supply situation on the supply side, and the industry’s shipping pressure continues to rise.
3、 Future forecast
DMF analysts from Shengyi Society believe that the domestic DMF market is expected to maintain a weak and volatile downward trend in early June, and may gradually stabilize in the second half of the year, with a very low probability of a significant rebound.

According to the Business Society Spot News, the propylene glycol market showed a trend of first falling and then rising in the second half of May, with a V-shaped recovery. Affected by the continuous weakening of raw material prices in the middle of the month, market prices fell to a stage low point at one point; At the end of the month, driven by the rebound of raw materials and periodic replenishment, prices quickly rebounded. As of May 29th, the average production price of propylene glycol in Shandong region was 10000 yuan/ton, an increase of 2.39% compared to the middle of the month.

Core driving factors
On the raw material side, epoxy propane has stopped falling and rebounded, but the support is still weak
After experiencing a significant decline, the raw material epoxy propane experienced a corrective increase at the end of the month due to the stabilization of upstream propylene and liquid chlorine prices, as well as the impact of some equipment maintenance, which drove up the cost line of propylene glycol and was the direct cause of the rebound in propylene glycol prices. However, the supply and demand of epichlorohydrin are still relatively loose, and the sustainability of the rebound is questionable. The cost support of propylene glycol is not yet fully stable, making it difficult to sustain a significant price increase.
Supply side: high operating capacity+inventory pressure, limiting rebound space
The operating rate of domestic propylene glycol plants remains above 70%, with sufficient spot supply and ongoing inventory pressure on enterprises. The rebound at the end of the month is more passive in following up with rising raw materials, rather than actively pulling up prices. Some companies plan to conduct maintenance in June, and if the maintenance is implemented, it may temporarily alleviate supply pressure.
Demand side: Weak off-season, insufficient sustainability in replenishing inventory
Downstream industries such as unsaturated resins and coatings are still in the traditional off-season, with insufficient terminal orders. Enterprises tend to purchase on demand, and month end restocking is mostly a short-term behavior, making it difficult to form a sustained demand pull.
Market forecast:
There is still support on the cost side, but the sustained upward momentum is weakening. The expectation of tight supply side still exists, and device fluctuations are the key variable. It is expected that propylene glycol will experience strong fluctuations in the short term. Attention should be paid to the trend of epoxy propane prices, downstream inventory replenishment, and whether the expected supply contraction caused by some equipment maintenance has been implemented.

1、 Price trend

As of May 26th, the average price of domestic industrial grade high-quality cyclohexane is 7383 yuan/ton. Currently, cyclohexane is mainly operating in a narrow range, and weak demand is suppressing its upward trend.
2、 Market analysis
Market wise: In the past week, the domestic cyclohexane market has shown a weak pattern of stability with a slight decline, regional differentiation, and flat transactions. The mainstream average price per week is about 7200 yuan/ton (including tax for high-quality products), the ex factory price in Shandong is 6700-7260 yuan/ton, and the quotation in East China is 7800-8000 yuan/ton. The price difference continues to widen, the cost is weak, the supply is loose, and downstream demand is weak. The overall market is under pressure, and the rebound momentum is insufficient.
In terms of supply, the cyclohexane market has continued to be loose this week, with high operating hours and inventory backlog, intensifying shipping pressure, and fierce regional price competition. The operating rate remains high: the average operating rate of domestic cyclohexane plants is 75% -80%, and there is sufficient spot circulation.
In terms of demand, downstream core industries have weak demand and insufficient terminal orders. Downstream enterprises adhere to the strategy of “low inventory, on-demand procurement”, and market transactions are mainly based on small orders, lacking support from large orders. Caprolactam/adipic acid (core downstream): operating rate remains at 70% -75%, but the terminal nylon and chemical fiber industries are in the off-season, with insufficient orders and stable demand without increment. Only on-demand small order procurement is needed, which has limited driving force for cyclohexane demand. Solvent industry: constrained by environmental policies, some enterprises turn to substitute products, demand continues to shrink, and procurement willingness is low. Other downstream industries: electronics, coatings, etc. have flat demand and no obvious signs of recovery, making it difficult to form effective support. Purchasing mentality: downstream wait-and-see sentiment is strong, resistance to high prices, batch transactions are rare, and market activity is low. The overall demand side is weak, making it difficult to digest loose supply.
3、 Future forecast
The short-term cyclohexane market is unlikely to change its weak pattern, with prices expected to remain stable with a slight decrease and narrow fluctuations. The mainstream operating range is 7000-7300 yuan/ton, and the high price area in East China may experience a slight rebound.

1、 Market Review

Recently, the PA66 market has shown a fluctuating and weakening trend, continuing the downward trend since late April. According to data from Shengyi Society, the benchmark price on May 14th was 22666.67 yuan/ton, which dropped to 21833.33 yuan/ton on May 21st, a decrease of about 7.09% from the beginning of the month. Overall, market prices are in the mid to high range of the year, with a significant decline from the high point of the year. The focus of spot quotations continues to shift slightly downwards, and market trading is generally light.
2、 Cause analysis
On the cost side, adipic acid increased by over 50% in the first quarter, but entered a narrow adjustment range after April, with some periods falling by about 2000 yuan/ton. The overall cost support margin weakened, but the energy premium in the early stage still exists, and the short-term cost center is difficult to move downwards, which still has a certain bottoming effect on the price. At the beginning of the year, the price of hexamethylenediamine rose sharply from 16300 yuan/ton in East China to around 28000 yuan/ton, but the recent upward trend has slowed down significantly. It is worth noting that on May 20th, the 30000 tons/year caprolactam to hexamethylenediamine project under Yongrong Holdings Group was fully put into operation, adding domestic supply of hexamethylenediamine and reducing the cost of PA66 raw materials, which to some extent alleviated the bottleneck of raw material supply.
On the supply side, the domestic production of PA66 remains relatively stable. Enterprises generally maintain low load operation, and some aggregation enterprises still have the intention to raise prices and reduce production due to cost pressures. The overall supply of spot goods is still acceptable, but it is not a loose surplus pattern. The supply of imported goods is relatively tight, and prices are also at a high level.
On the demand side, downstream purchasing intentions remain weak, and the overall transaction atmosphere is flat. Downstream companies generally adopt a strategy of “small orders are just needed, and purchases are made as needed”, with few large orders and cautious follow-up on high priced orders. End customers have a clear resistance to high priced goods, resulting in light trading volume.
3、 Future forecast
Overall, it is expected that the PA66 market will mainly experience high-level fluctuations and narrow range consolidation in the short term. The price center of PA66 may still have a slight downward trend, but the decline is expected to be limited. The market is likely to continue to operate in a weak and stagnant pattern.

As of May 19th, the benchmark price of hydrofluoric acid in Shengyi Society was 16166.67 yuan/ton, unchanged from the beginning of this month, and market trading remained stable. From the supply side, the industry’s production remains stable, with tight spot circulation on the market and strong support from the source of goods; Downstream demand for essential goods remains stable, but the pace of follow-up has slowed down. Market competition is heating up at high prices, and industry players are becoming more cautious.
Overall, hydrofluoric acid is currently in a stage of high-level stagnation, with multiple cycles of excessive price increases accumulating a certain risk of correction. It is expected to continue to fluctuate at a high level in the short term, and more attention should be paid to changes in raw material prices and market supply and demand.

This week (5.11-15), the domestic liquid ammonia market continued its weak supply and demand pattern, with prices accelerating downward. The quotations in the main production areas have generally been lowered, and the market performance has been sluggish. Downstream procurement is mainly based on demand and observation. According to the Commodity Analysis System of Shengyi Society, as of May 15th, the mainstream ex factory price in Shandong was 2150-2350 yuan/ton, and the weekly decline of liquid ammonia was 16.69%.

Supply side: Limited impact of maintenance capacity, loose supply performance
This week, the operating rate of liquid ammonia remained at a high level, and the domestic ammonia release only increased without decreasing, with an operating rate of nearly 90%. On the one hand, there are few maintenance devices, and some devices are delayed in entering maintenance. On the other hand, many devices have entered the resumption period. The market supply performance is abundant, and enterprise inventory is accumulating at a high level. Under pressure, large factories have repeatedly lowered prices. Manufacturers in Shandong region have generally lowered prices 3-4 times this week, with price adjustments ranging from 200 to 400 yuan.
Demand side: Poor demand from both workers and farmers, sluggish exports
The peak season for spring plowing in the north has basically come to an end, while the demand for fertilizers in the south is mainly based on demand, and agricultural demand has entered the off-season. The operating rate of phosphate fertilizer has dropped below 50%, and the price of ammonia has lost support. Downstream products such as urea have all experienced varying degrees of decline, with a weekly drop of 2.28% for urea. There is no bright spot in industrial demand, and downstream production of caprolactam and acrylonitrile has not increased. Downstream purchases are mostly made on demand, and there is no growth point in demand.
In addition, in terms of exports, orders are flat, international ammonia prices are declining, and the price difference with domestic ammonia prices is further narrowing, resulting in a reduction in export order profits. This will have a certain impact on the domestic ammonia market.
Future prospects
According to the liquid ammonia analyst from Shengyi Society, the domestic ammonia market may maintain a sluggish trend in the short term. Considering the current large amount of ammonia in the market and high inventory, it cannot be ruled out that companies still have some room for price reduction. However, caution should be exercised as planned maintenance of facilities in the northwest and other regions in the middle to late part of the year is expected to alleviate supply pressure. In addition, the downstream phosphate fertilizer production rate is expected to increase, and the ammonia market may gradually stop falling in the future, with the possibility of a recovery market in the latter half of the year.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of bromine has declined this month. At the beginning of the month, the average market price was 70200 yuan/ton, and at the end of the month, the average market price was 39000 yuan/ton, a decrease of 44.44% and an increase of 75.68% compared to the same period last year. On April 29th, the Business Society Bromine Index was 136.84, unchanged from yesterday, a decrease of 44.45% from the highest point of 246.32 points (2026-04-07) during the cycle, and an increase of 132.25% from the lowest point of 58.92 points on October 29th, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This month’s market trend: Bromine prices are weak and continue to decline. The price of bromine in the Shandong market has fallen and then stabilized, with reference to manufacturer prices ranging from 35000 to 42000 yuan/ton. The manufacturer’s quotation has also declined and stabilized. The domestic bromine industry has steadily resumed production, social inventory is gradually replenished, and bromine prices have continued to decline to a low level before stabilizing temporarily. On the demand side: Downstream enterprises have average purchasing enthusiasm and a moderate pace of transactions, often continuing with essential procurement.
In terms of raw materials, the domestic sulfur price first fell and then rose this month, with an overall upward trend. The market average price at the beginning of the month was 6260 yuan/ton, and the market average price at the end of the month was 6316.67 yuan/ton, with a price increase of 0.91% and a year-on-year increase of 178.14%. Downstream purchases should be made as needed.
Prediction: Bromine prices are expected to remain weak in the near future, while upstream sulfur prices are expected to rise. The gradual recovery of bromine supply in the near future is due to downstream demand driven procurement, which has led to resistance to bromine price increases. Changes in the overseas geopolitical situation have attracted much attention, and the comprehensive supply-demand game is expected to lead to a consolidation of bromine prices in the later stage, depending on the overseas situation and downstream market demand.

In the second half of April, as the Middle East ceasefire negotiations progressed and international oil prices fell, butadiene prices continued to decline, and the cost support for butadiene rubber collapsed. As of April 29th, the mainstream price of BR9000 in East China has fallen to 16180 yuan/ton, a decrease of 3.36% from 16790 yuan/ton on the 15th. The futures market weakened synchronously, with the main contract falling below 15500 yuan/ton during the cycle.

In the second half of April, the expectation of butadiene supply recovery increased, port inventory accumulated, and prices continued to fall, with a weekly decline of over 8%. The production cost of butadiene rubber has decreased accordingly, and the support for prices continues to weaken. According to the Commodity Market Analysis System of Shengyi Society, as of April 29th, the price of butadiene was 12566 yuan/ton, a decrease of 22.11% from 16133 yuan/ton on the 15th
Due to severe losses in the early stage, the domestic butadiene rubber plant maintained low load operation, and the industry operating rate in April was around 4.5%, significantly lower than the same period last year. The enterprise continues its destocking status, and the decline in Shunding rubber is limited.
The downstream tire production is basically stable, and all steel tire enterprises are gradually undergoing maintenance and production restrictions, resulting in limited room for overall capacity utilization improvement. Maintain rigid support for butadiene rubber. In addition to the US Iran negotiations, crude oil prices have fallen from their high levels at the beginning of the conflict, and the geopolitical premium has partially subsided, leading to a cooling of market risk aversion. The market mentality has shifted towards caution.
In the future, the price of raw material butadiene will fall from a high level, and there will be insufficient cost support; Low production on the supply side is difficult to change in the short term; The demand side urgently needs support, and in the short term, there is limited room for the movement of butadiene rubber. In addition, changes in the situation in the Middle East will still have an impact on the butadiene rubber industry chain through crude oil. If the US Iran conflict escalates after the holiday and crude oil prices rise sharply again, supported by costs, the butadiene rubber market in May will stop falling and rebound again.

According to the Commodity Market Analysis System of Shengyi Society, as of April 24th, the domestic ethanol price has fallen to 5930 yuan/ton, with a price drop of 0.27% during the cycle, a month on month drop of 0.67%, and a year-on-year increase of 12.52%. The domestic ethanol price is weak and declining, and factories have a strong willingness to ship, with a clear phenomenon of actively grabbing orders. Affected by the increase in freight rates, some factories have given up profits to the logistics sector. Downstream chemical companies only maintain essential procurement, resulting in a decrease in delivery prices.

On the cost side, the price of raw material corn first weakened and then strengthened. With the rise of temperature, grassroots farmers and traders have increased their enthusiasm for selling grain, leading to an increase in market supply. The cost of ethanol is influenced by favorable factors.
From the supply side, the main factories in Hebei and Henan regions are operating normally; The operating load of cassava ethanol factories in East China is not high. In terms of coal to ethanol production, the Yushen unit has a low load, while the Hunan and Hubei units continue to shut down, while production in other areas is normal. The supply of ethanol is affected by favorable factors.
On the demand side, downstream chemical production of ethyl acetate: overall production of ethyl acetate is 51.57%. There has been a recent replenishment situation, and other downstream chemical companies urgently need to replenish their inventory. Downstream Baijiu just needs to be purchased and will enter the off-season. The impact of ethanol demand is mixed.
According to future predictions, as corn inventories gradually decrease, there is a possibility of corn prices rising in the later stage, which will provide support for the cost side of ethanol. The ethanol analyst from Shengyi Society predicts that the ethanol market will mainly be consolidated.

According to the Commodity Analysis System of Shengyi Society, the styrene market has been weak and volatile this week. The average price at the beginning of the week was 10140 yuan/ton, and the average price over the weekend was 10120 yuan/ton, with a decrease of 0.2% during the week.

Macro: On April 16th, international crude oil futures closed higher. The settlement price of the May WTI crude oil futures contract in the United States was $94.69 per barrel, an increase of $3.40 or 3.7%. The settlement price of Brent crude oil futures in June was $99.39 per barrel, an increase of $4.46 or 4.7%.
On the cost side, the price range of pure benzene fluctuated within the week. In the short term, there are expectations of a reduction in both domestic and imported petroleum benzene, especially with a continued decrease in imported sources. The domestic supply and demand pattern of pure benzene tends to be strong, which will provide significant support for the price of hydrogenated benzene in the later stage. The market may continue to fluctuate strongly.
Supply and demand side: There were not many domestic device maintenance in April, and some maintenance devices were restarted and delayed, resulting in overall stable supply. Due to the significant increase in raw material prices and strong resistance to high prices downstream, the PS/ABS industry continues to suffer from cash flow losses, resulting in a decrease in load. The increase in export transactions and demand has led to a tight supply of styrene domestically.
Styrene external market: On April 16th, the trading atmosphere in the Asian styrene USD market was relatively flat, with FOB Korea closing at 1350-1370 USD/ton and a stable average price; CFR China received $1310-1330 per ton, a decrease of $5 per ton.
Market forecast: In the short term, geopolitical risks are still fluctuating, and the price trend of styrene is returning to fundamentals. The market lacks the driving force to continue rising, and the styrene market is in a dilemma under high cost and low demand.