According to the analysis of the Business Society’s market monitoring system, on October 28th, the domestic market price of silicon metal # 441 was referenced at 9640 yuan/ton, a decrease of 70 yuan/ton or 0.72% from October 1st (market price of silicon metal # 441 was 9710 yuan/ton).

The weak market operation in October resulted in a slight decrease in the center of gravity of prices
From the commodity market analysis system of Shengyi Society, it can be seen that in October, the overall market situation of domestic silicon metal spot market showed a weak and downward trend, and the market price center slightly fell. On October 27th, the market price reference for Metal Silicon Oxygen # 553 in East China was around 9300-9400 yuan/ton, and the market price reference for Metal Silicon 441 in Kunming was around 9700-9900 yuan/ton The market price reference for metal silicon # 441 in Huangpu Port area is 9500-9700 yuan/ton, in Tianjin Port area it is 9400-9600 yuan/ton, and in Xinjiang area it is around 8600-8800 yuan/ton.
Analysis of Market Factors
Supply side: Currently, there is a significant differentiation in the supply side of silicon metal. As the dry season approaches in the southwest region, silicon metal production enterprises in Yunnan and Sichuan are gradually reducing production. Some enterprises are expected to further reduce their load by the end of this month, and the overall operating rate in the southwest region is expected to continue to decrease. However, the overall operating rate in the northwest region has increased, and the resumption of work by large factories in Xinjiang has driven an overall increase in regional operating rates. After complementing the supply side with the southwest region, the overall supply pressure in the market still exists.
In terms of demand, the overall downstream demand for metallic silicon has shown signs of looseness. Firstly, the overall production of downstream organic silicon plants has been reduced, which has provided insufficient support for the demand for raw material metal silicon procurement. Secondly, although the overall production of downstream polycrystalline silicon market has slightly increased, there is a strong wait-and-see sentiment in the market, and caution is exercised in raw material procurement. Finally, only the downstream aluminum alloy market has stable production, coupled with a small amount of exports providing slight support for the procurement of raw materials for silicon metal.
Market analysis in the future
At present, the cost support of metal silicon is still acceptable, forming a bottom support for the market situation. However, high supply and low demand still reveal the supply-demand game. Business Society’s metal silicon data analyst predicts that in the short term, the domestic metal silicon market will mainly operate in a range of fluctuations, and specific changes in supply and demand news need to be closely monitored.

Price Trend: (10.18-10.24)

According to the monitoring of the commodity market analysis system of Shengyi Society, as of October 24th, spot electrolytic nickel was reported at 123033 yuan/ton, with a slight increase of 0.37% during the cycle, but still a year-on-year decrease of 3.05%. The game between macro factors and weak fundamentals has affected the narrow range fluctuation trend of domestic spot electrolytic nickel prices.
On October 18th, high-level economic and trade officials from China and the United States had a phone call and agreed to hold a new round of consultations as soon as possible, easing market concerns about the escalation of trade frictions and providing some support for nickel prices. However, LME continued to increase inventory and suppress, resulting in a slight decrease in nickel prices on the 20th.
On October 21st, China’s GDP for the first three quarters increased by 5.2% year-on-year, indicating a positive economic outlook and driving a single day rebound in nickel prices.
The Fourth Plenary Session of the 20th Central Committee, held from October 20th to 23rd, proposed goals such as high-quality development and technological self-reliance during the 15th Five Year Plan period. The market has expectations for subsequent domestic demand stimulation and industrial policies, which will drive up nickel prices on the 24th.
Supply side:
Enhanced cost support: The reference price for the second phase of nickel ore in Indonesia in October increased by $40.33 per dry ton compared to the previous month, reflecting a tight global supply and demand for nickel ore and providing cost support for nickel prices.
Small accumulation of inventory: LME nickel inventory increased by 324 tons to 250854 tons, while the previous period’s inventory decreased by 232 tons to 26810 tons. The pattern of oversupply still exists, which continues to suppress the upward space of nickel prices.
Increased import pressure: In September 2025, China’s nickel iron imports increased significantly by 47.60% year-on-year, mainly from Indonesia and Brazil, exacerbating expectations of domestic oversupply.
Demand side:
Weak demand for stainless steel: The stainless steel market is showing a trend of “high production capacity and weak inventory reduction”. On October 24th, the benchmark price of stainless steel in Shengyi Society was 12975 yuan/ton, a decrease of 0.48% during the week. Insufficient support for nickel prices.
Although the new energy sector is a long-term growth point, its short-term impact on nickel demand is limited.
Future outlook:
The current nickel market presents a fundamental pattern of strong supply and weak demand. Although rising costs and macroeconomic policy expectations provide short-term support for prices, high inventory continues to suppress upward price potential. It is expected that nickel prices will maintain a weak and volatile trend in the short term without significant changes in the external environment.

According to the price data from Shengyi Society, on October 23, 2025, the prices of some varieties of polyester filament were basically stable, while some varieties had individual price adjustments. Specific negotiations will be conducted for actual orders.

The polyester filament market showed an overall weak downward trend in the previous week (October 13-17), with a slight shift in price focus. As of October 17th, the mainstream polyester filament factories in Jiangsu and Zhejiang have quoted POY (150D/48F) at 6400-6700 yuan/ton, polyester DTY (150D/48F low elasticity) at 7750-8000 yuan/ton, and polyester FDY (150D/96F) at 6500-6800 yuan/ton. On October 20th, the prices of polyester POY, FDY, and DTY all experienced varying degrees of decline. The price of polyester POY was 6750 yuan, with a daily increase and decrease of -2.61%. The price of polyester FDY was 6826.67 yuan, with a daily increase and decrease of -2.52%. The price of polyester DTY was 7931.25 yuan, with a daily increase and decrease of -1.86%.
As of noon on October 23, 2025, WTI crude oil prices were trading around $58.2 per barrel, an increase from the previous day. Early morning data showed that the latest price of WTI crude oil futures was $59.86 per barrel, with a rise or fall of 0.81%; The latest price of Brent crude oil futures is $64.04 per barrel, with a fluctuation of -0.48%. On the previous day (October 22), international oil prices significantly rebounded. The price of light crude oil delivered by WTI in December was reported at $58.50 per barrel, an increase of 2.2%; The price of Brent crude oil for delivery in December was reported at $62.59 per barrel, an increase of 2.07%.
According to the news on October 23rd, the arrival of cold air has led to a rebound in demand for winter fabrics, supporting the order side. The demand for essential orders has driven up production and sales volume. On the end of October 21st, the average production and sales rate of polyester filament sample enterprises soared to 367.9%, and downstream users’ willingness to stock up has increased, which has a certain boosting effect on prices. However, in the previous period, downstream weaving enterprises were cautious in their procurement, mainly focusing on replenishing inventory for essential needs. The recovery of demand during the peak season of “Golden September and Silver October” was weak, and the inventory of raw fabrics remained high. The total number of new orders did not show a significant increase, which suppressed the rise in polyester filament prices.
It is expected that the price of polyester filament will maintain a strong and volatile trend in the short term, but the upward space may be limited. With the arrival of cold air, the demand for winter fabrics has begun to pick up. On October 21st, the average production and sales rate of polyester filament sample enterprises soared to 367.9%. If demand continues to release, it will provide some support for prices. Some varieties’ prices may stop falling and stabilize, but the overall possibility of a significant increase is relatively small.

Recently, the domestic melamine market has shown a narrow range oscillation pattern under the imbalance of supply and demand. The interweaving of positive and negative factors in the market leads to a lack of clear direction in prices, resulting in fluctuations within a narrow range.

The overall market price is in the low range of the past year. Taking the benchmark price of Shengyi Society as an example, as of October 22, the price was 5512.50 yuan/ton, still down 0.68% compared to the beginning of this month. The ex factory price of atmospheric pressure process is generally within the range of 4900-5250 yuan/ton.
1. Short term local positive news:
Occasional supply side contraction: For example, the Sichuan plant (with a production capacity of 50000 tons) shut down on October 21, resulting in a slight increase of 100 yuan/ton in its factory quotation to 5200 yuan/ton. The planned or temporary maintenance of these individual enterprises will provide temporary support for the supply and mentality of the local area.
2. Long term fundamental negative:
Downstream demand continues to be weak: The main downstream of melamine (about 60%) is the building materials industry closely related to real estate, such as artificial boards. The current sluggish real estate industry has directly suppressed the substantial demand for melamine.
Weakened cost support: The price of the main raw material urea fell month on month in the third quarter of 2025. As of October 22, the benchmark price of urea in Shengyi Society was 1570.00 yuan/ton, a decrease of 3.16% compared to the beginning of this month (1621.25 yuan/ton). Unable to provide effective and solid support for the price of melamine from the cost side, resulting in the continuous squeezing of the profit margin of melamine enterprises.
Overall, the narrow fluctuations in the current melamine market and the partial benefits brought by plant shutdowns are not as significant as the fundamental negative effects of long-term overcapacity and weak demand.

Market situation:

In late October 2025, the acrylic acid market experienced a downturn and the overall atmosphere was bearish. The core market characteristics can be summarized as: cost support collapse, supply pressure still exists, and downstream demand remains weak, all of which together lead to a downward trend in prices. As of October 21st, the benchmark price of acrylic acid in Shengyi Society was 7133.33 yuan/ton, an increase of 0.70% compared to last week (7183.00 yuan/ton).
Cost side:
The fundamental driving force behind market decline comes from upstream. The market price of the main raw material propylene continues to decline. As of October 21st, the benchmark price of propylene in Shengyi Society was 6195.75 yuan/ton, a decrease of 5.31% compared to the beginning of this month (6543.25 yuan/ton). This has caused a significant shift in the production cost center of acrylic acid, losing its anchoring effect on prices from the source of the industrial chain. When production costs no longer constitute a rigid constraint, manufacturers have greater flexibility and room for concessions in pricing and shipping strategies.
Supply side:
The overall operating load of the industry remains stable, while news of the planned restart of facilities in Lanzhou and other places is coming from the market. This indicates that the supply of goods in the future market may further increase, exacerbating the pressure on the supply side.
Demand side:
This is the biggest pain point in the current market. Downstream industries (such as coatings, adhesives, SAP, etc.) generally adopt conservative strategies, and “essential procurement” has become mainstream. They mainly rely on executing existing contracts or digesting their own inventory, and their willingness to actively enter the market for stocking is extremely low. Although the downstream operating rate has recovered after the holiday, the actual procurement increment it brings is not enough to digest the market supply and cannot effectively drive prices.
Under the above fundamentals, the market has a strong wait-and-see atmosphere. The mentality of buying up and not buying down has led downstream customers to hold onto their currency and wait for lower prices to emerge. This emotion further suppresses the activity of trading, forming a negative feedback loop. In order to attract orders and maintain cash flow, suppliers have to choose to offer according to the market, and even proactively lower prices to promote shipments, resulting in a continuous shift in market focus.
Future Prospects
Overall, the weak pattern of the acrylic acid market is difficult to reverse in the short term and is expected to maintain a weak and fluctuating downward trend.
Negative factors:
The weak trend in the upstream raw material market is expected to continue, and cost support is difficult to recover in the short term. Meanwhile, if there is no significant and sustained increase in downstream demand, the contradiction of oversupply will still be the core factor suppressing prices.
In the future, it is necessary to focus on the adjustment of production schedules and pricing strategies of mainstream manufacturing enterprises. If there is a large-scale and proactive reduction in load and production, it may provide an opportunity for the market to stabilize. Otherwise, in the absence of positive stimuli, the market downturn may continue.
In summary, the current acrylic acid market is in a typical downward channel of “weak cost weak demand” dual squeezing, and all participants need to remain cautious and closely monitor any signals of changes in supply and demand fundamentals.

Last week (October 13-19, 2025), the upstream nylon PA6 pellet market showed a weak trend. Support from the cost side was scarce, with an oversupply in the market, leading to a prominent supply-demand imbalance and overcapacity. Downstream sectors reported low orders across all segments. Amid high inventory levels, the focus was primarily on inventory clearance. For the downstream weaving industry,坯布 prices lacked upward momentum and remained at low profit margins, which in turn suppressed nylon filament prices. As a result, the nylon filament market continued its weak downward trend.

The price of nylon filament continues to decline weakly
According to the Commodity Market Analysis System of Business Society, last week (October 13-19, 2025), the prices of nylon filament yarns experienced a weak decline. As of October 19, 2025, in the Jiangsu region, the quoted price for nylon filament yarn DTY (premium grade; 70D/24F) was 13,660 yuan per ton, down 220 yuan per ton compared to the previous week, with a weekly decline of 1.59%. The quoted price for nylon filament yarn POY (premium grade; 86D/24F) was 11,400 yuan per ton, down 175 yuan per ton compared to the previous week, with a weekly decline of 1.51%. The quoted price for nylon filament yarn FDY (premium grade; 40D/12F) was 14,325 yuan per ton, down 175 yuan per ton compared to the previous week, with a weekly decline of 1.21%.
The raw material market is trending lower
Cost aspect: Last week (October 13–19, 2025), the spot market price of caprolactam continued to decline weakly. Sinopec’s weekly closing price for caprolactam was 8,058 yuan/ton (six-month interest-free acceptance). The nylon PA6 flake market was primarily weakly consolidating, with stable price trends and weak cost support. As of October 19, 2025, the reference price for caprolactam on Business Society was 8,460 yuan/ton, with prices mainly weakly consolidating, showing a weekly decline of 2.31%. During the week, the market price of high-speed spinning nylon PA6 flake remained weakly stable with minor fluctuations, with weak cost support prevailing.
Supply and Demand: During the week, some nylon filament manufacturers maintained sufficient overall supply, but industry inventory levels continued to rise. A few companies experienced order backlog, yet overall activity remained far below the same period last year. In general, weak market demand has led to increasing inventory pressure for nylon factories. The supply side performed poorly; end-user demand remained sluggish, with some downstream manufacturers reducing production or switching to other products, resulting in decreased demand for nylon filament. On the demand side, favorable support was scarce, with most buyers maintaining only essential follow-ups. Industry players largely adopted a cautious and wait-and-see attitude.
Market outlook
On the cost front: For caprolactam, the outlook for pure benzene is weak, and spinning manufacturers show low enthusiasm for purchasing caprolactam. The caprolactam market is expected to remain weak and consolidate at low levels in the short term. As for nylon PA6 chips, cost-side support is limited. The supply of PA6 chips may continue to increase, while downstream demand remains sluggish. The market price of nylon PA6 chips is projected to decline under weak conditions.
Supply and Demand: Although October is traditionally the peak season, the distinction between peak and off-peak periods has become less pronounced in recent years. The trading atmosphere remains weak overall, so the demand for nylon filament is expected to remain sluggish next month. However, under current inventory pressure, some nylon filament manufacturers may reduce production capacity. Meanwhile, the industry continues to release new production capacity, resulting in persistent overall supply pressure.

Overall, the upstream raw material caprolactam spot market and nylon PA6 chip market will continue to operate weakly, with a lack of cost support, high supply pressure, and difficulty in improving downstream market demand. Follow up on demand will be the main focus, with prominent supply-demand contradictions and no positive news. Business analysts predict that the short-term nylon filament market will continue to be low and stable, with weak price consolidation as the main trend.

Price trend: (October 1 – October 17) showed an “N”-shaped oscillation

According to the Business Society Commodity Market Analysis System, as of October 17, the spot price of electrolytic nickel was reported at 122,2583 yuan per ton, showing a 0.07% increase during the period and an 8.46% year-on-year decline. The market was primarily driven by the intense interplay between supply tightening expectations triggered by Indonesian policies and the reality of global overstocking represented by high inventory levels.
Price Drivers: The Tug-of-War Between Policy Expectations and Weak Fundamentals
After the holiday, Indonesia’s sudden shift in mining policy injected a strong boost into the market. The effective period for nickel mining quotas was significantly reduced from three years to one year, signaling the government’s strong reclamation of production control rights to stabilize nickel prices. This policy immediately triggered market concerns about tightening future supply, driving nickel prices up by 1.22% in the early post-holiday period.
However, weak fundamentals quickly overshadowed the stimulus effects of policies. Excessively high visible inventories globally, coupled with sluggish demand in traditional sectors such as stainless steel, led to a sharp rebound followed by a decline in prices, resulting in near-zero fluctuations throughout the entire cycle.
Supply side: Long-term concerns hard to resolve near-term surplus dilemma
1. Policy fluctuations emerge as the biggest variable: Although the new Indonesian policy did not immediately reduce current spot supply, by increasing the frequency of future quota approvals, it introduced uncertainty into medium- to long-term nickel supply, becoming a key factor supporting market sentiment.
2. Unprecedented Inventory Pressure: In stark contrast to policy concerns lies the harsh reality of severe inventory. Global visible inventories continue to accumulate, reaching record highs, with LME nickel inventories surging by 19,218 tons to 250,530 tons and SHFE inventories soaring by 2,225 tons to 27,042 tons. This massive inventory serves as the most direct evidence of supply glut, persistently constraining nickel prices from rising.
3. Clear Supply Growth Trend: According to Macquarie’s forecast, driven by a surge in Indonesian supply, the global nickel market will remain oversupplied for an extended period until 2030. Indonesia accounts for 70% of global production, and its substantial production capacity base along with sustained growth expectations are projected to reach 2.4-2.5 million tons by 2025, fundamentally limiting the long-term peak of nickel prices.
Demand Side: Weakness in Traditional Sectors Coexists with Prospects in New Energy
1. Weak demand support for stainless steel: As the primary consumption sector for nickel, the stainless steel market exhibits a pattern of “high production but weak inventory reduction.” Post-holiday social inventories have accumulated, with prices fluctuating weakly, indicating that end demand has not kept pace with supply, failing to effectively drive nickel prices. On October 17, the benchmark price for stainless steel on Business Society was 13,037.50 yuan per ton, down 0.13% from the beginning of the month.
2. The new energy sector offers long-term incremental growth: Positive factors stem from technological advancements. China has achieved significant breakthroughs in all-solid-state lithium metal battery technology, with the potential to double driving range. Solid-state batteries generally utilize high/ultra-high nickel ternary materials, and the clarity of this technological path outlines a broad growth trajectory for future nickel demand. Although large-scale commercial deployment is expected by 2026-2027, this long-term positive outlook provides crucial downside support for nickel prices.
Market Outlook: A mix of bullish and bearish sentiments, with wide fluctuations remaining the dominant trend

It is expected that nickel prices will continue to fluctuate widely in the short term, with a “top and bottom” pattern.
·The upward drive depends on the subsequent implementation of Indonesian policies, the replenishment demand of the new energy industry chain, and the fermentation of macroeconomic expectations of the Federal Reserve’s interest rate cuts.
·The downward pressure comes from the continued suppression of high global inventories, the realization of actual supply growth in Indonesia, and the weak consumption in the traditional stainless steel sector.

According to the Commodity Market Analysis System of Business Society, the domestic PP market remained weak in October, with prices of various grades mostly declining. As of October 16, the quoted price of PP filament benchmark was 6,790 yuan/ton, showing a 1.88% decrease compared to the early October price level.
Price trends

In terms of raw materials:
Since October, the geopolitical tensions in Eastern Europe have persisted, while the Federal Reserve’s rate cuts have boosted the crude oil market. On the other hand, OPEC+ has initiated a new round of production increases totaling 1.65 million barrels per day, yet concerns over long-term supply glut remain. The easing of tensions in the Middle East, coupled with weakening U.S. demand and trade barriers, has dragged down global economic growth and demand expectations, leading to a sharp decline in international oil prices. In the case of propylene, recent demand absorption has been insufficient, resulting in a rapid decline. Fortunately, inventories remain relatively manageable, and prices have stabilized with a slight rebound near mid-month. After a rebound in propane prices post the holiday season, supply tightening and weak overseas trading dragged prices lower by mid-month. Overall, the price movements of various PP raw materials have been mixed, providing only modest cost support.
Supply side:
In the first half of October, the operating rate of domestic PP enterprises fluctuated with limited overall changes. As of the time of writing, the industry’s average operating rate stood at 77%, comparable to the level at the end of September. The weekly average total output exceeded 770,000 tons. The future market shows a clear trend of ample supply, severely limiting the support from the supply side. Currently, the market maintains sufficient supply, with inventory levels accumulating to over 820,000 tons. Overall, the PP supply side provides weak support for spot prices.
Demand side:
In the first half of October, the polypropylene market remained in the traditional peak season, with some degree of improvement in demand from sectors such as plastic weaving and agriculture. Although new orders in the packaging film sector also increased, the upward momentum in market activity was limited. Moreover, the positive impact of improved trading sentiment was offset by numerous negative factors. The announcement of the Federal Reserve’s interest rate cut and the U.S. tariff disputes dampened market expectations. Additionally, low operational capacity among downstream enterprises and slow inventory digestion during the National Day holiday period hindered the anticipated surge in PP consumption during the peak season, while also failing to provide robust support for demand.
Market Outlook
In the first half of October, domestic PP market prices continued to decline weakly. From a fundamental perspective, upstream raw material prices showed mixed performance, providing limited overall support for PP. Industry production remained at high levels with narrow adjustments, and future supply is expected to be ample. On the consumption side, improvements were limited, lacking positive guidance for market trends. Currently, the market does not exhibit clear signs of peak season, and PP’s upward momentum faces significant resistance. It is anticipated that weak adjustment trends may persist.

This week, the melamine industry is facing significant supply and demand pressure, with prices continuing to decline and overall market sentiment being bearish. As of October 15th, the benchmark price of melamine in Shengyi Society was 5550.00 yuan/ton, a decrease of 0.21% compared to last week (5562.25 yuan/ton).

The current weak performance of the market is the result of supply-demand imbalance, weakened cost support, and the combined effect of external environment.
Oversupply: The industry’s production capacity continues to increase, but downstream demand has not kept up, resulting in a low operating rate of 69% for enterprises. Even if some companies undergo temporary maintenance, it is difficult to reverse the overall situation of loose supply.
Weak demand: The core downstream board industry is underperforming due to the sluggish real estate market. At the same time, the market’s mentality of “buying up and not buying down” has also made downstream purchases more cautious, resulting in a weak overall buying and selling atmosphere.
Weakened cost support: The price of the main raw material urea is in a weak downward channel, and the cost support for melamine is insufficient, providing space for price decline. As of October 15th, the benchmark price of urea in Shengyi Society was 1580.00 yuan/ton, a decrease of 2.54% compared to the beginning of this month (1621.25 yuan/ton).
Export obstruction: The EU has imposed anti-dumping duties on multiple Chinese companies, increasing export difficulties and further exacerbating sales pressure in the domestic market.
Based on comprehensive information from various sources, the melamine market is unlikely to see any improvement in the short term, and the market is expected to continue a weak consolidation pattern. The contradiction between supply and demand remains the core issue, and any rebound in prices will face significant resistance.

According to the analysis of the Business Society’s market monitoring system, on October 14th, the domestic market price of silicon metal # 441 was referenced at 9700 yuan/ton, a decrease of 20 yuan/ton or 0.10% from October 1st (market price of silicon metal # 441 was 9720 yuan/ton).

After the holiday, the metal silicon market returned to weak operation
From the commodity market analysis system of Shengyi Society, it can be seen that during the National Day holiday in October, the domestic silicon metal market was mainly in consolidation and operation, with little change in the market conditions and relatively calm fundamental realization. Returning after the holiday, the overall silicon metal market has slightly decreased in operation, with some regions and grades of silicon metal negotiating a narrow downward trend. On October 9th, the market price reference for silicon metal # 441 in Tianjin was 9550-9650 yuan/ton, a decrease of 50 yuan/ton from the beginning of the month. Subsequently, the market continued to weaken and consolidate. As of October 14th, the market price of metal silicon 441 in East China is around 9600-9700 yuan/ton, and in Kunming, it is around 9700-9800 yuan/ton The market price reference for metal silicon 441 in Huangpu Port area is around 9700-9800 yuan/ton.
Analysis of Market Factors
Macroscopically, in the early stage, the industry discussed the revision of energy consumption standards for metallic silicon, which had a certain boosting effect on the market at that time. However, there was no substantial implementation, and the overall market sentiment weakened.
On the supply side: Prior to the National Day holiday, some major manufacturers of silicon metal resumed production, resulting in an overall increase in market supply and a weakened atmosphere in the silicon metal market. After the holiday, the overall market supply expectation continues to increase, and the support provided by the supply side to the market is insufficient.
On the demand side: After the holiday, the downstream demand for metallic silicon has shown loose performance, with the downstream mainly digesting early raw materials and partially restocking on dips. The overall boost from the demand side to the market is average.
Market analysis in the future
At present, the fundamental performance of the silicon metal market is weak, with continuous loose supply and strong demand. Business Society’s silicon metal data analyst predicts that in the short term, the domestic silicon metal market will mainly experience narrow fluctuations, and specific changes in supply and demand information need to be closely monitored.