The market for anhydrous hydrogen fluoride is temporarily stable this week. The mainstream ex factory price including tax is about 11350-11500 yuan/ton, a decrease of about 550 yuan/ton from last month. The prices of raw materials have declined, and the demand for downstream refrigerants is generally average. It is expected to maintain stable operation in the later stage. According to the analysis system of Shengyi Society, as of May 15th, the benchmark price of hydrofluoric acid in Shengyi Society was 11883.33 yuan/ton, which was the same as the price at the beginning of this month.

On the raw material side, the domestic fluorite price trend has remained stable this week, while the sulfuric acid price has slightly declined. Overall, small fluctuations in the raw material side have a moderate impact on the anhydrous hydrogen fluoride market. According to the analysis system of Shengyi Society, as of May 15th, the benchmark price of Shengyi Society’s fluorite was 3656.25 yuan/ton, a decrease of -1.35% compared to the beginning of this month (3706.25 yuan/ton).
On the demand side: The downstream refrigerant market is still good, and the terminal policy of the refrigerant industry is being strengthened. The demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in the refrigerant market to raise prices. Currently, the pace of high price procurement is relatively slow, but the industry inventory is transmitted in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up at the terminal is low, and upstream products are mainly purchased on demand.
Market forecast: The price of raw material sulfuric acid has slightly declined, and the downstream refrigerant procurement atmosphere is quiet. It is expected that the market price of hydrofluoric acid will remain stable in the near future, and more attention should be paid to the news of leading enterprises and market supply and demand.

This week, the mainstream market price of melamine rebounded from a low level, and some companies raised their quotes by 50-100 yuan/ton. However, transactions were mainly for essential needs, and there was significant resistance to high price transactions. As of May 14th, the benchmark price of melamine in Shengyi Society was 5987.50 yuan/ton, an increase of 1.05% compared to the beginning of this month (5925.00 yuan/ton).

1. Supply and demand balance
Stable supply: The operating rate of production enterprises remains at a normal level, with no large-scale maintenance or release of new production capacity, and no significant fluctuations in the supply side.
Stable demand: Downstream industries such as sheet metal, coatings, and plastics purchase according to demand, without centralized stocking or significant reduction in orders, and the demand side support is stable.
2. Raw material prices
The recent price increase of urea, the main raw material, has led to significant changes in production costs for enterprises, supporting the stability of melamine prices. As of May 14th, the benchmark price of urea in Shengyi Society was 1945.00 yuan/ton, an increase of 3.73% compared to the beginning of this month (1875.00 yuan/ton).
3. Reasonable inventory
The inventory of production enterprises and traders is within the normal range, with no significant backlog or shortage, and the market supply-demand contradiction has eased.
4. Stable international market
Export orders remain normal, with no significant fluctuations in overseas demand, and the export market providing a support for domestic prices.
5. Policies and Market Expectations
There have been no significant adjustments to environmental protection and safety production policies, and the production environment of the enterprise is stable; Market participants have neutral expectations for the future and speculative trading has decreased.
Future focus:
Raw material price trend: If urea and other raw materials fluctuate significantly, it may break the cost balance.
Downstream demand changes: The prosperity of terminal industries such as real estate and furniture affects long-term demand.
Export dynamics: The international trade environment and shipping costs may affect export orders.
Policy risk: Environmental production restrictions or energy policy adjustments may disrupt supply.
Overall, the current market is showing a stabilizing trend under multiple factor equilibrium, but it is necessary to pay attention to the impact of potential variables on subsequent market trends. It is recommended that companies maintain reasonable inventory and pay attention to cost and demand signals.

Last week (May 5-11, 2025), the domestic adhesive short fiber market continued to be weak. The price center of the upstream raw material market has fallen, the industry inventory level is relatively high, and downstream market demand is limited. Under multiple negative factors, a new round of price reductions has been introduced by adhesive short fiber manufacturers, and the adhesive short fiber market price is under pressure and declining.

According to the Commodity Market Analysis System of Shengyi Society, as of May 11th, the average market price of viscose staple fiber was 13360 yuan/ton, a decrease of 120 yuan/ton from the same period last week, with a weekly decline of 0.89%.
In terms of cost: Last week (May 5-11, 2025), there was little change in the market price of raw material dissolution slurry, a slight rebound in the market price of auxiliary material liquid alkali, a continuous decline in the market price of sulfuric acid, a narrow decline in the market price of raw materials, and a slight decrease in the average production cost of adhesive short fibers.
Supply demand: During the week, some adhesive short fiber manufacturers have increased their operating rates, resulting in an increase in industry supply. The tourist cotton yarn market has a strong atmosphere of observation and price stalemate. Insufficient orders have been placed in the terminal market, and downstream yarn companies still have a certain amount of raw material inventory. Coupled with high finished product inventory, a small number of orders have been signed on demand, and there has been no improvement in demand.
Future forecast
On the raw material side, the main material dissolution slurry market may operate weakly and steadily, the auxiliary material liquid alkali market may have an upward trend, and the sulfuric acid market or the overall market remains stable. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will be inconsistent next week, and the cost support will be average.
Supply and demand side: The operating rate of the adhesive short fiber market equipment may not fluctuate significantly, and some manufacturers have high inventory levels. Therefore, it is expected that the supply side support of the adhesive short fiber market will be poor in the short term; Downstream yarn factories mainly consume raw material inventory and have a weak willingness to replenish raw materials. They may maintain rigid procurement, making it difficult for the demand side to improve. Therefore, it is expected that the demand side of the adhesive short fiber market will perform poorly next week.
Overall, the main raw material dissolution slurry market may experience weak consolidation, and downstream yarn market procurement enthusiasm is difficult to improve. The expected trading atmosphere in the market is flat. Business analysts predict that the domestic adhesive short fiber market will remain stable with small movements next week, and the price is expected to be around 13000-13300 yuan/ton for acceptance.

According to the commodity market analysis system of Shengyi Society, the price of polyester filament showed a stable to slightly upward trend today. From May 9th to 12th, driven by the rise in international oil prices and polyester raw material costs, on May 10th, chemical fiber giants such as Rongsheng Petrochemical continued to raise the prices of some products. DTY and POY increased by 50 yuan/ton, and semi transparent FDY increased by 50-100 yuan/ton. On May 12th, the mainstream polyester filament factories in Jiangsu and Zhejiang quoted POY (150D/48F) at 6550-6750 yuan/ton, polyester DTY (150D/48F low elasticity) at 7800-8200 yuan/ton, and polyester FDY (150D/96F) at 6700-6900 yuan/ton.

In terms of cost, international crude oil futures rose on May 9th. The settlement price of the main contract for WTI crude oil futures in the United States was $61.02 per barrel, an increase of $1.11 or 1.9%. The settlement price of the main Brent crude oil futures contract was $63.91 per barrel, an increase of $1.07 or 1.7%. Driven by the rise in crude oil prices, the prices of polymer raw materials such as PTA and MEG have risen. As of May 9th, the average market price in East China was 4750 yuan/ton, an increase of 3.63% from the beginning of the month. Directly increase the production cost of polyester filament.
In terms of supply and demand, the production and sales rate of polyester factories remained at 70-90% in early May, with some companies achieving a daily sales rate of 300% -1000% due to promotional orders. However, downstream hoarding willingness is relatively low, with a focus on essential purchases. May is a traditional seasonal off-season, and the demand growth of downstream weaving enterprises may be limited. In addition, due to low-priced replenishment in the early stage, the downstream may enter the stage of digesting inventory in the short term, and the purchasing enthusiasm for polyester filament may decrease. However, industry leaders such as Zhejiang Petrochemical and Shenghong Refining have recently experienced equipment maintenance and capacity reduction, which will to some extent reduce market supply and support prices.
Macroscopically, starting from May 15th, the central bank lowered the reserve requirement ratio for financial institutions, policy interest rates also decreased, and market liquidity increased, theoretically boosting the price of polyester filament.
Business Society predicts that in the short term, under the background of cost support and tight supply, the price of polyester filament is expected to maintain a narrow range of fluctuations, or remain stable and slightly strong. But if the textile and clothing industry fails to significantly increase orders, the market may still face upward resistance.

1、 Trend analysis

As shown in the above figure, copper prices rose first and then fell this week. As of this weekend, the spot copper quotation is 78258.33 yuan/ton, an increase of 0.03% from the beginning of the week at 78233.33 yuan/ton, a 6% increase from the beginning of the year, and a 1.7% year-on-year decline.
According to the weekly chart of Shengyi Society, copper prices have risen slightly this week, with a decrease of 4 and an increase of 8 in the past three months.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory has slightly decreased, with 194275 tons of LME copper inventory as of the weekend, down 1.73% from the beginning of the month.
Macroscopically, the Federal Reserve’s May interest rate meeting maintained its interest rate decision unchanged, and Powell’s hawkish remarks exceeded expectations, driving the US dollar index to its largest daily increase in nearly two weeks. Copper prices both domestically and internationally were under pressure and gave up their post holiday gains. The market continues to focus on the progress of US tariffs. Although the US government’s attitude is wavering, the expected improvement will continue, especially with the short-term boost in market confidence from the US China economic and trade talks. However, it is also expected that there will be fluctuations.
Supply side: The Camoa copper mine under Ivanhoe Zijin Mining produced 50000 tons in April, setting a new historical high. The average ore recovery rate of its third phase project has reached 87.4%. It is expected that after the completion of the underground development project in the fourth quarter, the copper grade selected by the beneficiation plant will increase to 3%. Despite the expected increase in global copper mine supply, LME and domestic explicit inventories remain low, and domestic copper spot premiums continue to remain high, reflecting a tight balance in the spot market.
On the demand side: The policy combination of the People’s Bank of China may boost domestic demand, but the short-term market still faces two major concerns: first, before the clear signal of the Federal Reserve’s policy shift, market risk appetite is difficult to be optimistic; The second is that there is still uncertainty in international trade negotiations. Although putting mid-term negotiations on the agenda may boost confidence, the optimistic expectations of the short-term market for the negotiation results have cooled down.
In summary, in the short term, the hawkish stance of the Federal Reserve, the rebound of the US dollar, and the uncertainty of trade negotiations may lead to weak copper prices; However, in the medium term, China’s policy stimulus, global energy transition demand, and rigid copper mine supply may drive copper prices to gradually stabilize after fluctuations.

1、 Market price overview

The increased willingness of melamine companies to raise prices this week may be driven by multiple factors. As of May 8th, the benchmark price of melamine in Shengyi Society was 5900.00 yuan/ton, a decrease of -0.42% compared to the beginning of this month (5925.00 yuan/ton).
2、 Market supply and demand situation
1. Cost side support: The main raw material for melamine is urea. If urea prices are affected by rising energy costs such as coal and natural gas or supply shortages in the near future, the production costs of enterprises may increase, and the pressure may be transferred through price increases. As of May 8th, the benchmark price of urea in Shengyi Society was 1906.67 yuan/ton, an increase of 1.69% compared to the beginning of this month (1875.00 yuan/ton).
2. Supply side contraction: The industry enters a period of centralized maintenance, or in some areas, production capacity is limited due to environmental policies and safety production inspections, resulting in short-term supply reduction and increased bargaining power of enterprises.
3. Demand: The international market demand has rebounded (such as the growth in demand for building materials and coatings in Southeast Asia, the Middle East, and other regions), or overseas production has been impacted by the energy crisis (such as the reduction of melamine production capacity in Europe), leading to an increase in export orders from domestic enterprises and supporting domestic trade prices.
If downstream industries such as sheet metal and coatings enter the peak production season (such as the release of demand in the real estate post cycle), or if downstream enterprises replenish their inventory to drive procurement enthusiasm, it may drive up prices.
3、 Inventory and price
1. Inventory situation: Due to weak downstream demand, the inventory pressure of melamine enterprises is gradually increasing. However, due to the relatively controllable overall inventory pressure, the company did not adopt a strategy of large-scale price reduction and promotion, but chose to temporarily stabilize prices until market demand recovers.
2. Price trend: Recently, the price of melamine has been relatively stable but showing a weak downward trend. In the first quarter, with the gradual release of new production capacity and the continued weakness of downstream demand, the price of melamine further fell and operated at a low level. In the near future, with the gradual adjustment of supply and demand, the price of melamine is expected to stabilize or even rebound slightly.
4、 Market outlook
Due to the constantly changing supply and demand relationship, production costs, and other factors, the market price of melamine may continue to fluctuate. With the gradual release of new production capacity and the sustained weakness of downstream demand, competition in the melamine market may further intensify. Against the backdrop of gradually improving international trade environment, the export market for melamine in China is expected to further expand, which will have a certain impact on domestic market prices.
In summary, the market atmosphere for melamine this week was average, but due to the overall low inventory pressure, prices have temporarily stabilized. In the foreseeable future, with the gradual adjustment of supply and demand and the continuous changes in policy environment, the melamine market is expected to usher in new development opportunities.

According to the analysis of the Business Society’s market monitoring system, on May 7th, the reference price for the domestic market of silicon metal # 441 was 9690 yuan/ton. Compared with April 30th (market price of silicon metal # 441 was 9880 yuan/ton), the price decreased by 190 yuan/ton, a decrease of 1.92%.

From the market monitoring system of Shengyi Society, it can be seen that after the May Day holiday, the domestic spot market for silicon metal # 441 has shown an overall weak downward trend. The spot market price of silicon metal has continued to decline. As of May 7th, the reference market price for silicon metal 441 in East China is around 9400-9500 yuan/ton, and the reference market price for silicon metal 441 # in Tianjin is 9300-9400 yuan/ton. The market price reference for metal silicon 441 # in Sichuan region is 9500-9700 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is 9700-10000 yuan/ton.
analysis of influencing factors
In terms of supply and demand: After the holiday, it is difficult to improve the weak supply-demand situation in the domestic silicon metal market. In early May, some silicon companies in the northern region experienced a slight reduction in production, resulting in a decrease in the overall operating rate of the metal silicon market. In terms of demand, the downstream demand market for metallic silicon remains sluggish, and demand transmission is slow.
In terms of raw materials, the overall market for metallic silicon raw materials in the silica market is weak, with some areas experiencing a narrow downward adjustment in silica prices. Among them, the price of high-grade silica ore in Jiangxi is referenced around 420-460 yuan/ton, with a price reduction of 5 yuan/ton, while the price of low-grade silica ore in Jiangxi is referenced around 330-370 yuan/ton, with a price reduction of 10 yuan/ton.
Market analysis in the future
At present, the overall trading atmosphere in the metal silicon market is relatively weak, with a strong wait-and-see sentiment within the market. Downstream users are cautious in their purchases. The metal silicon data analyst from Shengyi Society believes that in the short term, the domestic metal silicon market will mainly adjust and operate weakly, and specific changes in supply and demand information need to be closely monitored.

According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has recently experienced a correction. As of May 6th, the average price of 85% industrial grade formic acid in China was 3033 yuan/ton, a decrease of 4.21% from 3166 yuan/ton at the end of April before the holiday, and a decrease of 7.73% from 3287 yuan/ton at the same time last year.

Supply side: The production line of Asde formic acid has recently resumed production, with increased power output and sufficient on-site supply.
On the demand side: The performance on the demand side is average, and there are currently no strong supporting products. The market for pharmaceuticals and pesticides is average, and seasonal demand support is limited. The demand recovery in the leather industry is not satisfactory, and it is expected to continue to be weak.
In terms of cost, the basic pattern of methanol raw material remains weak, showing a weak situation of increasing supply and decreasing demand. Weakened support for formic acid.
The formic acid data analyst from Shengyi Society believes that the main producers of formic acid are all producing normally, with an increase in supply and weak cost support. It is expected that formic acid will operate weakly, and specific market supply and demand news still needs to be monitored.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market in April showed weak consolidation, with prices of most brand products falling back. As of May 1st, the mainstream offer price for wire drawing by domestic producers and traders is around 7481.67 yuan/ton, a decrease of -1.08% compared to the price level at the beginning of April.

price trend
In terms of raw materials:
In early April, the US tariff policy was implemented, with tariff rates constantly changing and increasing to unprecedented heights. The tariff trade war launched by Trump has had a huge impact on the global economy. Crude oil, as a heavily affected area, has experienced a sharp drop in prices. Although some OPEC+members announced plans to compensate for overproduction in the middle of the month, the expectation of production contraction boosted oil prices to rebound slightly. However, the process of rebalancing supply and demand is still needed, and crude oil prices will fluctuate sharply in the short term and remain weak. At the same time, domestic propane prices have risen due to the impact of trade decoupling, but the increasing cost pressure has dragged down the production and profitability of PDH manufacturing enterprises. The downstream production position of propylene is not high, and there is insufficient chasing power on site, resulting in price fluctuations after rising. Overall, the prices of various raw materials in April did not provide strong support for the cost of PP.
Supply side:
In April, the load of domestic PP enterprises first increased and then decreased, and the market supply remained generally abundant. Overall, the industry’s overall load level increased from 76% at the beginning of the month to 79% in the middle of the month, and returned to around 76% at the end of the month. The average weekly production in China is about 820000 tons, and the total inventory gradually rises to a high of 820000 tons at the end of the month. The supply side provides moderate support for PP spot prices.
In terms of demand:
Since April, the demand side of PP has gradually weakened in consumption, and on-site trading has maintained a weak rigid demand pattern. In terms of plastic weaving, the consumption level of terminal enterprises has generally stabilized. The demand for PP in fields such as architecture and agriculture is gradually increasing with the warming of temperatures. However, under the influence of international news such as equivalent tariffs imposed by the United States, the global economy has been greatly impacted and future uncertainty has increased. The export and domestic demand of downstream PP products in China are both hindered, and buyers tend to maintain production with scattered small orders. Although there has been no significant increase in new orders in the market. Overall, the demand side of PP showed weak performance in April.
Future forecast
The domestic PP market prices fluctuated and fell in April. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is weak, the industry supply is abundant, and there is a significant contraction in consumption. The current industry trend is focused on the struggle between high inventory and weak consumption, with cautious on-site operations and frequent small order hedging purchases. In the short term, the supply-demand imbalance is unlikely to improve. It is recommended to closely monitor the situation of tariffs and the flow of goods.

According to the Commodity Market Analysis System of Shengyi Society, the overall price of polyester filament yarn has shown a downward trend this month. As we enter the end of the month, the rebound in international crude oil prices has strengthened the cost support for PTA. Coupled with the announcement of major factory equipment maintenance plans, the supply side is expected to tighten, and the discount has narrowed. According to the Commodity Market Analysis System of Shengyi Society, on April 30th, the mainstream polyester filament factories in Jiangsu and Zhejiang Province quoted POY (150D/48F) at 6300-6500 yuan/ton, polyester DTY (150D/48F low elasticity) at 7500-8000 yuan/ton, and polyester FDY (150D/96F) at 6500-6800 yuan/ton.

Price trend: The price fell sharply in the first half of the year, and due to the “cliff like” drop in international crude oil prices, the cost side support for polyester filament collapsed. The price of POY 150D/48F fell from 6400-6700 yuan/ton at the beginning of the month to 6300-6600 yuan/ton, a decrease of about 1.6%. Mid month weakness continued, crude oil prices fluctuated and adjusted, PTA spot prices fell 12.04% compared to the beginning of the month, and the cost side remained bearish. The price of polyester filament continues to decline, with POY quotes dropping to 6300-6600 yuan/ton. The factory has a strong desire to reduce inventory, but the production and sales rate remains low. In the latter half of the year, the rebound in international crude oil prices led to an increase in PTA cost support, coupled with the release of mainstream factory equipment maintenance plans, and the expectation of tightening supply side is heating up. Starting from April 25th, POY prices rebounded first to 6350 yuan/ton, with a month on month increase of 0.70% in weekly average prices; FDY and DTY also saw a slight increase.
In terms of cost, fluctuations in crude oil prices directly affect the cost of upstream raw materials PTA and MEG for polyester filament. The sharp drop in crude oil prices in April resulted in PTA processing fees being compressed to 296 yuan/ton, MEG coal to gas losses expanding to 239 yuan/ton, and the collapse of cost support triggering a chain decline in polyester filament prices. After the stabilization and rebound of crude oil in the latter half of the year, the rebound of PTA prices provided short-term cost support for polyester filament, but in the long run, it is still suppressed by the expectation of global economic recession and the high interest rate policy of the Federal Reserve.
On the demand side, the downstream weaving industry’s operating rate continues to be sluggish (with a weaving machine operating rate of 68% -70% in Jiangsu and Zhejiang), and the inventory of raw fabrics has risen to 24.14 days, with enterprises only maintaining a procurement of 4610 for essential needs. The uncertainty of US tariff policies has led to orders shifting to Southeast Asia, resulting in a 5.2% year-on-year decline in textile exports in April, directly affecting demand for polyester filament.
Overall, in the short term, due to the fluctuating upward trend of international crude oil prices, the support for PTA raw material costs has been strengthened. Coupled with the announcement of maintenance plans for some mainstream factories, the supply side is expected to tighten. It is expected that the price of polyester filament will maintain a narrow range of fluctuations, or remain stable with a slightly strong trend.