1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of February 28th, the average price quoted by domestic high-quality DMF enterprises was 3940 yuan/ton. Currently, the overall market supply exceeds demand, downstream demand is insufficient, and the driving force for price increases is insufficient.
2、 Cause analysis
In terms of market: Currently, the DMF market has a loose supply side and overcapacity. The total domestic DMF production capacity has increased from 910000 tons/year in 2021 to 1.77 million tons/year in 2025, an increase of over 94%. However, downstream demand growth is slow, leading to a long-term “oversupply” in the market. On the supply side, there is a serious overcapacity. The total domestic DMF production capacity has reached 1.77 million tons/year (2025 data), while the industry operating rate has been maintained at around 40% for a long time, and actual demand is far below production capacity, resulting in a long-term “oversupply” in the market. There has been no new capacity investment from 2025 to 2026, and multiple planned projects have been put on hold. The suspension of capacity expansion has eased further downward pressure, but the overcapacity pattern has not changed.
3、 Future forecast
DMF analysts from Shengyi Society believe that in the short term, the DMF market will remain stable with small fluctuations, and the overall market will mainly operate steadily.