According to the Commodity Market Analysis System of Shengyi Society, as of June 11th, the average price of acetic acid was 2553.33 yuan/ton, a decrease of 146.67 yuan/ton or 5.43% from the price of 2700 yuan/ton on June 1st.

In early June, the acetic acid market weakly declined, and enterprise quotations continued to fall. On the supply side, the utilization rate of acetic acid production capacity has increased, enterprise inventory has accumulated, and operators have a strong intention to ship; In terms of demand, downstream consumers tend to adopt a wait-and-see attitude, with a small amount of purchases following up on demand. The trading atmosphere in the market is light, and acetic acid holders are experiencing poor shipments, resulting in a continuous decrease in acetic acid prices.
As of June 11th, the market prices of acetic acid in various regions are as follows:
Region /On June 1st /June 11th /Rise and fall
South China region /2550 yuan/ton /2475 yuan/ton / -75
North China region /2540 yuan/ton /2410 yuan/ton / -130
Shandong region /2570 yuan/ton /2430 yuan/ton / -140
Jiangsu region /2490 yuan/ton /2415 yuan/ton / -75
Zhejiang region /2700 yuan/ton /2625 yuan/ton / -75
The upstream methanol market is operating strongly. From June 1st to 11th, the average domestic market price increased from 2250 yuan/ton to 2363 yuan/ton, with an overall increase of 5.02%. At the end of last month, methanol prices fell to a low level, and downstream entry enthusiasm increased. Holders of goods were optimistic. At the same time, the methanol market in coastal areas was boosted by policies, and methanol prices rebounded and rose from a low level. However, after the rise, some downstream consumers were resistant, and the basis has fallen slightly.
The downstream acetic anhydride market is weak and declining. On June 11th, the average ex factory price of acetic anhydride was 43925.0 yuan/ton, a decrease of 1.13% compared to the price of 4442.50 yuan/ton on June 1st. The upstream acetic acid market continues to decline, with insufficient cost support for acetic anhydride and low downstream purchasing enthusiasm. The market trading atmosphere is weak, and the price of acetic anhydride is running weakly during the cycle.
Market forecast: According to the acetic acid analyst from Shengyi Society, the current supply of acetic acid in the market is increasing, and there is greater pressure on suppliers to ship. Downstream demand is limited, and the enthusiasm for purchasing goods is not high. The market supply and demand game is expected, and the short-term acetic acid market is expected to be weak. Specific attention should be paid to changes in equipment and downstream follow-up.

The mainstream transaction price of melamine in this week’s market is at a relatively low level, with weak upward momentum, and even some regions or manufacturers’ quotations still have a bearish trend. As of June 11th, the benchmark price of melamine in Shengyi Society was 5900.00 yuan/ton, a decrease of 0.84% compared to the beginning of this month (5950.00 yuan/ton).

Demand side:
Downstream industries such as sheet metal, coatings, and molded plastics have been affected by the sluggish real estate market, resulting in insufficient operating rates and continued weak demand for melamine procurement. There is no significant improvement in terminal consumption, which is transmitted to the raw material end. The demand in overseas markets is also flat, with limited new orders, making it difficult to effectively digest domestic supply. International competitive pressure may also exist.
Cost side:
The price of the main raw material urea has also been in a downward trend recently. The decline in urea prices has not only reduced the production cost of melamine, but also weakened the cost support for melamine prices, providing space for price decline. As of June 11th, the benchmark price of urea in Shengyi Society was 1821.67 yuan/ton, a decrease of 3.72% compared to the beginning of this month (1892.00 yuan/ton).
Supply side:
Although some manufacturers may reduce their load due to losses or maintenance, the overall operating rate of the industry has not experienced a large-scale, long-term decline, and the market supply is relatively stable or even abundant. The supply pressure has not been effectively alleviated. The accumulated social or manufacturer inventory in the early stage still needs time to be digested.
Market performance:
The mentality of buying up rather than buying down dominates, and downstream users and traders have a strong wait-and-see attitude. They are cautious when entering the market for procurement and tend to purchase small orders according to demand, lacking centralized and large-scale replenishment needs. The strong bearish expectation in the market further suppressed trading activity.
Overall, without sudden positive stimuli (such as unexpected shutdowns of major facilities, strong policy incentives, significant increases in export orders, etc.), the melamine market is likely to continue to operate at a low level in the short term, with prices mainly fluctuating weakly and extremely limited upward space. It cannot be ruled out that there may still be slight downturns in certain periods or regions due to shipment pressure.

price trend

According to the bulk ranking data of Shengyi Society, the domestic PC market remained stable with small fluctuations in early June, and some spot prices of certain brands were lowered narrowly at low levels. As of June 10th, the mixed benchmark price of Business Society PC was around 14483.33 yuan/ton, with a price fluctuation of -0.87% compared to early June.
cause analysis
On the supply side: As we enter June, the load of domestic PC aggregation enterprises has significantly rebounded. The average operating level of the industry has rebounded by nearly 9% to over 82% compared to the end of last month, and the weekly average production has increased to over 65000 tons. In terms of PC inventory, it has been at a high level for a long time, and the supply is at a high level. The on-site supply is very abundant. Manufacturers and midstream inventory are high, and shipping pressure is increasing. The market supply side has not shown any improvement in supporting PC prices.
In terms of raw materials, it can be seen from the above chart that the price of bisphenol A plummeted in early June. Last month, the industry load increased and the on-site supply of goods increased. Although the remote upstream crude oil market has rebounded, both acetone and phenol have weakened in terms of direct raw materials, which has dragged down spot prices. In addition, with weak downstream demand, overall, bisphenol A’s support for PC costs continues to weaken due to the supply-demand imbalance and cost softening.
On the demand side: With the gradual warming of the domestic climate, the downstream factories of PC are experiencing a decrease in load, and stocking is mainly due to weak demand, gradually entering the traditional off-season for consumption, further dragging down the PC consumer end. Due to the long-term weak market momentum in the early stage of the industry, high social inventory, and abundant on-site supply, the supply-demand contradiction became more profound in early June. At present, terminal enterprises are cautious in purchasing new orders, and their trading performance continues to be dominated by contract delivery. Merchants tend to have a wait-and-see attitude, buyers are resistant to high priced goods, and the flow of goods in the market is slow. Overall, the demand side has weak support for PC spot prices.
Future forecast
The domestic PC market experienced consolidation in early June. The upstream bisphenol A market continues to decline, providing poor support for the PC cost side. The load of domestic PC aggregation plants has rebounded significantly, and the pattern of strong supply is even more severe. However, downstream demand is at a low season level, and industry players remain pessimistic about the future market. At the same time, the industry’s inventory is high, and the seller camp is willing to sell and sell at a discount. At present, there is no guidance for the market to stop falling, and it is expected that the PC market will continue to consolidate weakly in mid June. It is recommended to closely monitor the industry’s inventory digestion situation.

According to the analysis of the Business Society’s market monitoring system, on June 9th, the reference price for the domestic silicon metal # 441 market was 8620 yuan/ton. Compared with June 1st (the market price for silicon metal # 441 was 8780 yuan/ton), the price decreased by 160 yuan/ton, a decrease of 1.82%.

From the Commodity Market Analysis System of Shengyi Society, it can be seen that in early June, the domestic spot market for silicon metal # 441 showed a downward trend. At present, the overall recovery of the domestic silicon metal spot market has shown average intelligence, and the focus of market negotiations continues to move towards the bottom. As of June 9th, the reference market price for metal silicon 441 in East China is around 8400-8600 yuan/ton, in Kunming it is around 8900-9100 yuan/ton, and in Tianjin it is around 8200-8400 yuan/ton. The market price reference for metallic silicon 441 # in Sichuan region is around 8300-8400 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is around 8800-9000 yuan/ton.
Fundamental information
In terms of supply and demand: In early June, the overall supply and demand performance of the metal silicon spot market did not increase significantly compared to the previous period, and downstream users mainly held rigid demand purchases. Some metal silicon supply areas still have certain supply pressure, and effective market support is weak.
In terms of raw materials: Currently, the overall performance of the raw material end silica and silicon coal markets is weak. The loose supply of silica has put pressure on the overall supply of mines. The supply of silicon coal market is also relatively sufficient, but due to the low downstream operating rate, the overall supply transmission is slow, and the raw material cost side provides average support for the metal silicon market.
Market analysis in the future
In the future, the operating rate of the downstream polycrystalline silicon market and organic silicon DMC market may slightly increase, and the demand for raw materials will also increase. In addition, based on the market trend in the past two days, the spot market for metal silicon has shown a trend of stabilizing and stabilizing. Therefore, the metal silicon data analyst of Shengyi Society believes that in the short term, the domestic metal silicon market will mainly focus on consolidation and operation, and specific changes in supply and demand information need to be closely monitored.

Aluminum prices fluctuate horizontally

Aluminum prices have fluctuated horizontally this week. According to the Commodity Market Analysis System of Shengyi Society, as of June 6, 2025, the average price of aluminum ingots in the East China market in China was 20246.67 yuan/ton, a decrease of 0.28% from the market average price of 20303.33 yuan/ton on June 1.
Fundamental Overview
Currently in the off-season of demand, downstream operating rates are low, and the supply and demand of aluminum ingots are relatively weak. On the supply side, the production capacity of electrolytic aluminum has increased, with a slight increase in output, and the import volume remains high, resulting in increased supply pressure. On the demand side, during the off-season of traditional consumption, the demand for building profiles, home appliances, and other products is relatively weak. Although new energy vehicles can drive some of the demand, the photovoltaic market has experienced a decline in production and overall demand growth is weak. On the cost side, there is a possibility of a decline in alumina prices, and the cost center of electrolytic aluminum is shifting downwards, which weakens the support for aluminum prices.
However, according to social inventory data, the current social inventory of aluminum ingots is relatively low and in a state of destocking. As of June 5th, the inventory of electrolytic aluminum ingots in mainstream consumer areas in China was 504000 tons, a decrease of 15000 tons from the beginning of this week and a decrease of 7000 tons from last Thursday; A decrease of 49000 tons compared to May 22nd. Meanwhile, during the export window period after tariff adjustments in June, the rush to export behavior will also provide some support for aluminum prices.
Macro news aspect
1. The United States imposes a 50% tariff on imported aluminum ingots and their derivatives
On June 3, 2025 local time, US President Trump signed the latest executive order imposing a 50% tariff on imported aluminum ingots and their derivatives starting from 00:01 Eastern Time on June 4, doubling the previously uniform 25% tax rate.
In this executive order, the UK retains a 25% tax rate on imported aluminum ingots and derivatives, in line with the Economic Prosperity Agreement reached between the US and UK in May. If the UK fails to fulfill its obligations, its tax rate can be raised as early as July 9th. In addition, aluminum ingots produced domestically in the United States are exempt from tariffs, meaning that products melted, poured, or cast in the United States can still enjoy 0% tariffs even if subsequent processing is carried out overseas. However, aluminum products sourced from Russia are still subject to a 200% import tax, whether it is primary aluminum originating from Russia or goods cast in Russia, as long as either condition is met.
2. The European Central Bank has cut interest rates 8 times to 2%
On June 5th local time, the European Central Bank announced a 25 basis point reduction in each of its three key interest rates, including the deposit mechanism rate from 2.25% to 2%, the main refinancing rate from 2.4% to 2.15%, and the marginal lending rate from 2.65% to 2.4%. This is the eighth interest rate cut since June last year, which is in line with market expectations.
The European Central Bank’s interest rate cut this time is mainly due to the overall inflation level in the eurozone being close to the central bank’s mid-term target of 2%, and the weakening external economic environment putting pressure on growth prospects. Data shows that the year-on-year growth rate of the Eurozone’s May adjusted CPI dropped to 1.9%, marking the first time since September 2024 that it has fallen below 2%; Core inflation has also significantly slowed down to 2.3%, hitting a new low since January 2022.

European Central Bank President Lagarde stated at a press conference that after the 25 basis point reduction, the ECB is in a good position, while also stating that the ‘monetary policy cycle is coming to an end’. The market generally predicts that the European Central Bank will temporarily keep interest rates unchanged at its July meeting and may cut rates again in September.
3. The phone call between Chinese and American leaders conveys a positive signal of easing trade frictions
On the evening of June 5th, the leaders of China and the United States had a phone call, emphasizing the importance of bilateral relations, affirming the achievements of economic and trade talks, and urging the implementation of economic and trade consensus. After the Geneva talks, China seriously implemented the agreement, and the United States should take a pragmatic view of the progress and revoke the negative measures taken against China. The two heads of state agreed that their teams will continue to implement the Geneva Consensus and hold a new round of talks as soon as possible.
4. Non farm payroll data for the United States is about to be released
Future forecast
On the supply side, the production capacity of electrolytic aluminum has increased, with a slight increase in output, and the import volume remains high, resulting in increased supply pressure. On the demand side, during the off-season of traditional consumption, the demand for building profiles, home appliances, and other products is relatively weak. Although new energy vehicles can drive some of the demand, the photovoltaic market has experienced a decline in production and overall demand growth is weak. On the cost side, there is a possibility of a decline in alumina prices, and the cost center of electrolytic aluminum is shifting downwards, which weakens the support for aluminum prices.
However, during the export window period after tariff adjustment in June, the rush to export will provide some support for aluminum prices. In terms of inventory, the social inventory of aluminum ingots is expected to drop to over 400000 tons in June and remain low. The overall inventory level in the second half of the year is relatively low, which will provide some support for aluminum prices.
Overall, it is expected that aluminum prices will show a weak and volatile trend in June.

This week, the melamine market weakened again, with most companies’ quotes falling by 50-100 yuan/ton or actual transaction space increasing today. On June 5th, the benchmark price of melamine in Shengyi Society was 5937.50 yuan/ton, a decrease of -0.21% compared to the beginning of this month (5950.00 yuan/ton). Some companies have low-end prices. The main reasons for the decline in the melamine market are supply, demand, and raw material costs.
Supply side:

After a low operation in mid to late April, the utilization rate of melamine production capacity climbed to a high level in mid May with the restart of the plant. Although some companies stopped for maintenance in late May, resulting in a decrease in operating rates, the market’s spot supply is still significantly higher than the previous level. Supply continued to be loose until early June, intensifying sales pressure on manufacturers and leading to an accumulation of inventory.
In terms of demand:
The domestic terminal market has been deeply mired in weakness this year, and as of mid year, signs of downstream recovery remain weak. According to relevant statistics, the scale of downstream industry orders has significantly shrunk, reaching only 20% -35% of the same period last year, and companies generally adopt a cautious strategy of producing according to orders. The weakness on the demand side is transmitted to the upstream, which limits the procurement of melamine to meeting rigid demand and lacks a strong driving force on the overall market.
In terms of cost:
The urea market continues to consolidate, with factories tentatively raising prices after delivering low-priced orders. However, there is weak follow-up on new orders, and the market trading heat has cooled down. The current supply is sufficient (daily output of 205600 tons, operating rate of 87.23%), while the demand side has benefited from the summer fertilizer cycle, with a marginal improvement in the supply of compound fertilizers, but overall support is limited. The market has doubts about the sustainability of demand and a strong wait-and-see attitude. As of June 5th, the benchmark price of urea in Shengyi Society was 1898.00 yuan/ton, an increase of 0.32% compared to the beginning of this month (1892.00 yuan/ton).
In summary, the current melamine market is full of negative factors: weak terminal demand is suppressing supply-demand balance, expectations for raw materials are weakening, and coupled with a generally bearish attitude among industry players, prices are likely to further bottom out.

1、 Price trend

According to data monitored by Shengyi Society, as of May 30th, the average price of industrial grade high-quality cyclohexane in China was 7450 yuan/ton. Currently, the cyclohexane market is operating steadily, with transaction prices remaining at around 7500 yuan/ton. The supply of cyclohexane in the market is sufficient, and the overall market supply and demand are balanced. The focus of negotiations is narrow and weak, and the overall market is stable with little price fluctuation.
2、 Market analysis
In terms of demand: downstream demand is average, shipments are slow, the purchasing atmosphere is quiet, and inventory pressure is high. In terms of exports, there are currently no significant incremental orders, and most of them are contract customers, with normal shipments.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that the cyclohexane market is expected to maintain its current trend in June, with limited room for price increases.

After experiencing a roller coaster like market trend in January and February, the domestic acrylonitrile market has once again become flat since March, with prices fluctuating between 8000-9000 yuan/ton for most of the time. In May, the market amplitude further narrowed, hovering around 8500 yuan/ton with slight fluctuations.

In May, the capacity utilization rate of the domestic acrylonitrile industry dropped to around 74%, which is basically the same as the capacity utilization rate during the price surge in January this year. However, due to changes in the total capacity base, the total capacity of acrylonitrile has increased from 4.399 million tons/year at the beginning of the year to 4.789 million tons/year currently (the 130000 ton and 260000 ton units of Yulong Petrochemical and Sinochem Quanzhou have been successfully put into operation in March and April), so the actual supply still maintains a growth trend. At the same time, due to the limited overall demand increment, the supply-demand relationship showed a weak trend in May, which also led to the low volatility of acrylonitrile prices even under cost pressure.
The overall supply of acrylonitrile is excessive, and the resources in various provinces are gradually saturated. Sinochem Quanzhou has filled the supply gap in Fujian. After Yulong Petrochemical is put into operation, the oversupply pattern in the Shandong market has further intensified. Among the four major consumer regions of Jiangsu, Zhejiang, Shandong, and Jilin, Zhejiang and Jilin are still in a state of supply shortage and tight balance. However, in June, the 400000 ton Zhenhai Refining and Chemical and the 260000 ton Jilin Petrochemical capacity expansion units will also be put into operation, and the supply in each major consumer region will be fully utilized.
If the 130000 ton plant of INEOS (Tianjin) is successfully put into operation in the second half of the year, coupled with the input of surplus resources from surrounding provinces, the consumption in Hebei and Tianjin areas will also be covered, and the cross regional circulation of acrylonitrile will gradually decrease.
Looking at the whole year of 2025, the total new production capacity of acrylonitrile will reach 1.31 million tons per year. The main growth area of demand is still the downstream ABS industry, but the actual implementation of new production capacity may not meet expectations. Overall, the oversupply of acrylonitrile in 2025 is expected to intensify, and the supply variables caused by unplanned parking and load reduction will increase. In this context, the frequency of price fluctuations may increase, but the amplitude may further narrow.

According to the analysis of the Business Society’s market monitoring system, on May 30th, the reference price for the domestic silicon metal # 441 market was 8780 yuan/ton. Compared with May 1st (the market price for silicon metal # 441 was 9880 yuan/ton), the price decreased by 1100 yuan/ton, a decrease of 11.13%.

From the market monitoring system of Shengyi Society, it can be seen that in May, the overall domestic spot market for silicon metal # 441 showed a weak downward trend. In May, the focus of the spot market for silicon metal continued to decline, and the focus of on-site negotiations was continuously lowered. As of May 30th, the reference market price for silicon metal 441 in East China was around 8500-8800 yuan/ton, in Kunming it was around 9100-9300 yuan/ton, and in Tianjin it was around 8300-8600 yuan/ton. The market price reference for metallic silicon 441 # in Sichuan region is around 8400-8600 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is around 8900-9200 yuan/ton..
Market influencing factors
In terms of supply and demand: In May, the domestic silicon metal market still showed a weak supply-demand situation. During the month, the overall operating rate of the silicon metal market was low, and due to supply pressure, some silicon companies had extremely low operating volumes. The overall support provided by the supply side to the silicon metal market was weak. The overall recovery of downstream demand market is slow, with cautious demand performance. The demand side has limited procurement of raw materials, and the support provided by the demand side to the market is also insufficient.
Market analysis in the future
At present, the trading and negotiation atmosphere in the metal silicon market is relatively weak, and there is a certain wait-and-see sentiment in the market. The downstream stocking pace is relatively slow. Business Society’s metal silicon data analyst predicts that in the short term, the domestic metal silicon market will mainly adjust and operate in a narrow range, and specific changes in supply and demand information need to be closely monitored.

Aluminum prices rebound in May

Aluminum prices rebounded in May. According to the Commodity Market Analysis System of Shengyi Society, as of May 29, 2025, the average price of aluminum ingots in the East China market in China was 20396.67 yuan/ton, an increase of 1.61% from the market average price of 20073.33 yuan/ton on May 1.
Macro positive support
In mid May, the sentiment in the commodity market rebounded due to the positive news of tariffs from the China US Geneva talks.
According to the consensus of the Geneva talks between China, the United States, and Japan, the US will lower its tariffs on China to 10% starting from May 14th and suspend the implementation of the 24% tariff measure for 90 days. This directly alleviates the pressure on domestic aluminum exports, especially benefiting the demand for transit trade such as photovoltaic modules and automotive parts. Because in 2024, although China’s direct export of aluminum materials to the United States accounted for less than 5%, the proportion of aluminum products transshipped through Mexico and Canada exceeded 30%. The tariff reduction will repair the resilience of this part of the supply chain, and the market is optimistic about the recovery of export orders in the second half of the year, thereby increasing demand expectations for aluminum ingots.
Fundamental Overview
The recent supply and demand fundamentals are still good. In May, the domestic aluminum ingot supply was relatively stable, and demand showed differentiation. There is some support in the new energy sector and export demand, but the demand in traditional sectors such as construction is weak, and inventory continues to decrease.
Inventory data
The mainstream inventory of domestic aluminum ingots is in a destocking cycle. As of May 26th, the mainstream inventory of domestic aluminum ingots is 534000 tons, far lower than the 643000 tons in mid May and the 774000 tons at the end of April, indicating a continuous destocking trend.