price trend

According to the bulk ranking data from Shengyi Society, the domestic PC market remained stable with slight declines in the first half of April, and some spot prices of certain brands were lowered. As of April 15th, the mixed benchmark price of Business Society PC was around 15633.33 yuan/ton, with a price increase or decrease of -0.85% compared to the beginning of the month.
cause analysis
On the supply side: In early April, domestic PC aggregation enterprises had a large and stable load with small fluctuations. As of April 15th, the industry average operating level has narrowly decreased by 2% to 82% compared to the beginning of the month. Within the range, the weekly average production remains above 60000 tons, still at a super high level, and the on-site supply is very abundant. The mid stream inventory position is relatively high, and there is pressure on manufacturers to ship. Enterprises are gradually implementing parking plans. Overall, the supply of the interval has tightened narrowly. At the same time, there are restart arrangements to relax expectations for future market supply. The market supply side is generally supportive of PC prices.
In terms of raw materials: As can be seen from the above chart, the price of bisphenol A rose slightly in the first half of April and then rebounded slightly. Affected by the temporary low point of the industry at the end of last month, some regions are experiencing tight supply, supporting the upward trend of spot prices. At the same time, both acetone and phenol have been warming up in the past half month, with a tendency towards bullish guidance in the field. However, as the middle of the month approaches, the prices of remote upstream crude oil have collapsed due to US tariffs, which has dealt a blow to the confidence of industry players in the future. In addition, there has been a recent increase in the workload of some enterprises, which has weakened the positive impact on supply. Downstream consumption urgently needs support, and overall, the support of raw materials for PC costs is still acceptable.
On the demand side: Since early April, the PC consumption pattern has shifted from a long-term weakness to a rigid demand pattern, and new orders in the market have basically returned to the same period in previous years. Downstream factories are returning to normal load and stocking up as scheduled. Be cautious in purchasing logic. However, due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site sources of goods, the supply-demand imbalance tends towards destocking. Under the influence of international news such as equivalent tariffs, merchants tend to be cautious and buyers are resistant to high priced goods. The circulation of goods on site is average, and the demand side is constrained in supporting PC spot prices.
Future forecast
In the first half of April, the domestic PC market experienced a slight decline. The upstream bisphenol A market is currently hindered in its upward trend, making it difficult to provide further support for the PC cost side. The load of domestic PC polymerization plants decreased steadily, and the supply was expected to increase in the second half of the month. At present, downstream demand follows the logic of rigid demand, but due to the impact of US tariff policies and crude oil fluctuations, industry concerns about the future have increased, and market trading has turned light. At the same time, the industry’s inventory is high, and there is great pressure for sellers to sell their products. Therefore, it is expected that the PC market will continue to be light and stable in the short term. It is recommended to closely monitor relevant news on the foreign trade environment.

According to the monitoring of the Commodity Market Analysis System of Shengyi Society, the US tariff policy is fermenting, and nickel prices have bottomed out. On April 9th, spot electrolytic nickel fell to a four-year low of 120875 yuan/ton. Subsequently, due to policy disturbances in Indonesia, the decline stopped and rebounded. On April 14th, spot electrolytic nickel was reported at 124650 yuan/ton, with a weekly increase of 1.6%.

Macro level: Policy disturbances dominate short-term sentiment
The US tariff policy has triggered expectations of a market economic recession, putting pressure on the prices of base metals. With the announcement of the suspension of tariffs by the United States, this measure has significantly improved the sentiment of the foreign market. Indonesia is about to implement a policy of increasing franchise fees, and the market is concerned about the rising cost of nickel mining, supporting a rebound in nickel prices.
Inventory differentiation: persistent oversupply phenomenon
On April 14th, domestic Shanghai nickel inventory was 25647 tons, a decrease of 1519 tons during the week, reflecting the easing of short-term spot pressure;
On April 14th, overseas LME nickel inventory was 204372 tons, an increase of 2064 tons during the week, and the global oversupply pattern has not changed.
Demand side: Low demand for stainless steel, weakened support for new energy
The stainless steel market is sluggish. On April 11th, the reference price of stainless steel was 13430.00, a decrease of 2.54% compared to April 1st (13780.00), mainly due to terminal rigid demand procurement and strong market wait-and-see sentiment. The profits of steel mills are under pressure, and some enterprises are reducing production, which is suppressing the demand for nickel.
The demand for nickel in ternary batteries has decreased. From January to March, the cumulative installed capacity of ternary batteries in China was 25.0GWh, a year-on-year decrease of 19.0%, accounting for 19.2% of the total installed capacity. The substitution effect of lithium iron phosphate batteries is enhanced, weakening the expected growth in nickel demand.
Market forecast: The impact of Indonesian policies will continue, and in the short term, there will be a strong consolidation trend. However, the high inventory and weak demand have limited the upward potential of nickel prices.

Market summary: This week, the domestic acrylonitrile spot market price has slightly fallen, and new production capacity is gradually being released. The positive support of reduced supply in the East China region is gradually weakening. As of April 10th, the mainstream negotiation for container self pickup in East China ports is around 9100-9300 yuan/ton, a decrease of 100 yuan/ton from the low-end of last week. Short distance delivery in Shandong market is around 8900-9100 yuan/ton, a decrease of 50 yuan/ton from last week.

In terms of supply, factories in the East China region have basically implemented load reduction or maintenance, and there is little change in supply in the short term. The overall supply of acrylonitrile market is abundant. In addition, there are still variables in the later supply changes. According to statistics, as of April 10th, the average capacity utilization rate of the domestic acrylonitrile industry was 79.94%, a decrease of 0.19% compared to the same period last week.
Inventory decline: Industry inventory remains controllable. According to statistics, as of April 10th, the inventory of domestic acrylonitrile factories was 48000 tons, unchanged from last week.
Weakened demand: Downstream demand may experience a phased weakening trend, with expectations of reduced load in acrylic fiber factories. The utilization rate of ABS production capacity in another downstream major industry is 67.95%, a decrease of 0.65% from last week, and raw materials are purchased on demand. In addition, due to macroeconomic factors, overall demand has decreased.
Market forecast: Currently, the price of acrylonitrile in the domestic market is slightly softer, with overall supply abundant and new production capacity gradually being released. At the same time, downstream demand may weaken in stages, coupled with the impact of tariff policies on upstream and downstream varieties and terminal consumption. The market as a whole is mainly on a wait-and-see basis.

According to the analysis of the Business Society’s market monitoring system, on April 10th, the reference price for the domestic silicon metal # 441 market was 10690 yuan/ton. Compared with April 6th (the market price for silicon metal # 441 was 10760 yuan/ton), the price decreased by 70 yuan/ton, a decrease of 0.65%.

From the market monitoring system of Shengyi Society, it can be seen that the domestic spot market for silicon metal # 441 has shown an overall downward trend this week. During the week, the overall silicon metal market lacked effective support, and the price center of spot markets for multiple regions and brands adjusted downwards, with a reduction of around 50-100 yuan/ton. As of April 11th, the reference market price for silicon metal 441 in East China was 10500-10600 yuan/ton, and the reference market price for silicon metal 441 # in Tianjin was 10300-10500 yuan/ton. The market price reference for metal silicon 441 # in Sichuan region is 10400~10600 yuan/ton. The market price reference for metal silicon 441 # in Huangpu Port area is 10500~10700 yuan/ton.
analysis of influencing factors
Supply side: Currently, the overall operating rate of metallic silicon in Xinjiang has been reduced, with a weekly operating rate of around 66%. The reduction in operating rates in Xinjiang is mainly affected by the overall production capacity reduction. The operating rate of metallic silicon in the northwest region is around 78%, and there has been a slight decrease in the operating rate within the week. Affected by the current overall reduction in the operating rate of silicon metal, the overall supply side of silicon metal in China is weak, and the support provided by the supply side to the market is insufficient.
On the demand side: Currently, the downstream demand for metallic silicon is generally boosted, and demand transmission is slow, resulting in a weak overall inquiry atmosphere in the market.
Market analysis in the future
At present, the supply and demand fundamentals of metal silicon are loose, and the improvement on the demand side is slow. The support for supply and demand in the market is weak. The metal silicon data analyst of Business Society predicts that in the short term, the price of metal silicon market will maintain a bottom range oscillation, and specific changes in supply and demand news need to be closely monitored.

According to the Commodity Market Analysis System of Shengyi Society, the PP market fluctuated in early April, with prices of some brand products fluctuating. As of April 9th, the mainstream offer price for wire drawing by domestic producers and traders is around 7623.33 yuan/ton, a rise or fall of+0.62% compared to the price level at the beginning of March.

price trend
In terms of raw materials:
In early April, the US tariff policy was implemented, and the tax rate was raised to an unprecedented level. 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 recently. Acrylic continues to show a weak trend. Overall, the prices of various raw materials in early April did not provide strong support for the cost of PP.
Supply side:
In early April, the load of domestic PP enterprises remained stable with small fluctuations, and the market supply remained generally abundant. Overall, the industry’s overall load level has remained relatively stable compared to the end of last month, maintaining around 76%, and the domestic weekly average production of about 730000 tons has also remained flat. Although it is still in the stage of capacity implementation in the near future, Yangzi Petrochemical and Ningbo Jinfa, which implemented maintenance in the first ten days, have lost production capacity. Compared with the production capacity returned by Baofeng and Dushanzi Petrochemicals in Inner Mongolia, the overall outlook for the future is expected to increase supply. The supply side has expectations of a weakened support for PP spot prices.
In terms of demand:
In early April, the demand for PP was basically flat, with on-site insurance and holding of essential needs. 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 slowly increasing with the warming temperatures. However, tariff trade barriers have had a huge impact on the global economy, increasing uncertainty in the future. Buyers tend to maintain production through scattered small orders, and although there has been no significant increase in new orders in the market. Overall, the demand side of PP showed cautious performance in April.
Future forecast
In early April, the domestic PP market prices fluctuated. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is average, the industry’s supply is stable with an increasing trend, and there is strong demand support in the consumption sector, resulting in a market supply-demand game. In the short term, the market is concerned about tariffs and the flow of goods, with expectations of reduced on-site consumption, and price trends may be mainly focused on consolidation.

The price of melamine has fluctuated to some extent this week, but overall it is running weakly. As of April 8th, the benchmark price of melamine in Shengyi Society was 6075.00 yuan/ton, a decrease of -1.02% compared to the beginning of this month (6137.50 yuan/ton).

2、 Price Trend Analysis
From the above data, it can be seen that the overall price of melamine showed a weak trend this week, although there were slight fluctuations, there was no significant increase or decrease.
At present, the supply and demand in the melamine market are relatively balanced, and the deployment of new production capacity has maintained a certain degree of matching with downstream demand growth, thereby slowing down the direct impact of raw material price fluctuations on the melamine market. Some melamine production enterprises may respond to fluctuations in raw material prices by adjusting inventory, thereby stabilizing market prices to a certain extent.
During this week, the production capacity of the melamine industry remained relatively stable, with no large-scale increase or decrease in production, which helped maintain the smooth operation of the market.
This week, the demand for melamine in downstream industries such as sheet metal and coatings remained stable without significant growth or decline, which to some extent supported the stable operation of the melamine market.
3、 Future market outlook
This week, the melamine market remained slightly volatile, and there may still be some volatility in the future raw material urea market, which will have an impact on the production cost and price of the melamine market. Enterprises need to closely monitor the dynamics of the raw material market and develop reasonable procurement and production plans.
With the continuous development of the economy and the improvement of people’s living standards, the demand for melamine in downstream industries may show a new growth trend. Enterprises need to pay attention to changes in downstream demand and adjust their product structure and sales strategies in a timely manner.
In summary, this week’s melamine market mainly operated weakly against the backdrop of fluctuations in raw material urea, mainly due to factors such as market supply and demand balance, inventory regulation, and policy regulation. Future enterprises need to closely monitor market dynamics and policy changes, and develop reasonable business strategies to cope with potential market risks.

price trend
According to the bulk ranking data from Shengyi Society, the domestic PC market remained strong in early April, with some spot prices of certain brands fluctuating. As of April 8th, the mixed benchmark price of Business Society PC is around 15733.33 yuan/ton, with a price increase or decrease of+0.21% compared to the end of March.
cause analysis
On the supply side: In April, the load of domestic PC aggregation enterprises basically flattened, and the current industry average operating level is close to 84%. In recent weeks, the average weekly production has remained above 60000 tons, still at a super high level, and the on-site supply is very abundant. The mid stream inventory position is relatively high, and there is pressure on manufacturers to ship. However, some companies in the future have maintenance tasks, and there is an expectation of reduced supply, resulting in a strong trend of factory pricing. The market supply side is generally supportive of PC prices.
In terms of raw materials, it can be seen from the above chart that the price of bisphenol A increased in early April. Affected by the recent low point in the industry, some regions are experiencing tight supply, supporting the upward trend of spot prices. At the beginning of the month, both acetone and phenol experienced an increase in temperature, with a tendency towards bullish guidance within the market. However, recently, the prices of upstream crude oil in the far end have been hit by US tariffs, and both upstream and downstream materials have started to decline, which has dealt a blow to the confidence of industry players in the future. However, the downstream consumption documents of bisphenol A still have some price flexibility. Overall, the support of raw materials for PC costs has rebounded.
In terms of demand: In early April, the PC consumption pattern shifted from long-term weakness to rigid demand pattern, and new orders in the market basically returned to the same period in previous years. Downstream factories are returning to normal load and stocking up as scheduled. Be cautious in purchasing logic. However, due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site sources of goods, the supply-demand imbalance tends towards destocking. Merchants tend to have a wait-and-see attitude towards low positions, and buyers are resistant to high priced goods. The circulation of goods on site is average, and the demand side is constrained in supporting PC spot prices.
Future forecast
In early April, the domestic PC market experienced volatility. The upstream bisphenol A market is currently on the rise, providing increased support for PC costs. The load of domestic PC aggregation plants has flattened, and there is an expectation of supply contraction. At present, downstream demand follows the logic of rigid demand, and market trading has slightly recovered. The market is about to enter the peak season for maintenance, which may stimulate some new orders to enter the market. However, due to the impact of US tariff policies and fluctuations in crude oil prices, concerns about the future have increased among industry players. At the same time, the industry’s inventory is high, and there is great pressure for sellers to sell their products. Therefore, it is expected that the PC market will continue to be light and stable in the short term. It is recommended to closely monitor relevant news on the foreign trade environment.

Returning from the Qingming Festival holiday this week (4.1-4.7), nickel prices have dropped significantly due to the impact of tariff policies.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of April 7th, spot electrolytic nickel was reported at 122683 yuan/ton, with a weekly decline of 5.83%.
Macro storm: China US tariff game ignites market panic
On April 2, 2025, the US government announced the imposition of “equivalent tariffs” on Chinese goods exported to the United States. China quickly responded by imposing a 34% tariff on all imported goods originating from the United States starting from 12:01 pm on April 10, 2025. The tariff game between China and the United States has triggered a deep panic in the market demand for bulk commodities, leading to a sharp decline in the non-ferrous metal market.
Electrolytic nickel inventory surges: high inventory suppresses prices
On April 7th, the inventory of Shanghai nickel warehouse receipts was 27166 tons, an increase of 420 tons during the week; On April 7th, LME nickel inventory was 202308 tons, an increase of 2004 tons for the week.
Waiting for significant improvement on the demand side
Stainless steel plants, which account for 70% of nickel consumption, are expected to produce 3.4845 million tons of crude steel from 43 domestic stainless steel plants in April, an increase of 0.45% month on month and 8.18% year-on-year. Some steel mills have reported production cuts, but production remains high and supply pressure continues. On April 7th, the benchmark price of stainless steel in Shengyi Society was 13805.00 yuan/ton, an increase of 0.18% compared to the beginning of this month (13780.00 yuan/ton).
Market forecast: Customs policy panic, coupled with high inventory pressure, is expected to lead to a decline in nickel prices. Attention should be paid to nickel mining policies and downstream demand.

According to the analysis of the Business Society’s market monitoring system, on April 3rd, the reference price for domestic silicon metal # 441 was 10760 yuan/ton, which was basically the same as March 27th. Compared with March 1st (silicon metal # 441 market price of 11180 yuan/ton), the price decreased by 400 yuan/ton, a decrease of 3.58%.

From the market monitoring system of Shengyi Society, it can be seen that this week, the overall consolidation and operation of the domestic spot market for silicon metal # 441 is the main focus. Entering April, the overall performance of the silicon metal market remains relatively weak, and the focus of market negotiations is moving towards a lower level. As of April 3rd, the reference market price for metal silicon 441 in East China is 10500-10700 yuan/ton, and the reference market price for metal silicon 441 # in Tianjin is 10400-10600 yuan/ton. The market price reference for metal silicon 441 # in Sichuan region is 10400~10700 yuan/ton. The market price reference for metal silicon 441 # in Huangpu Port area is 10600~10700 yuan/ton, with a price reduction of 100 yuan/ton.
analysis of influencing factors
In terms of supply: Currently, among the regions supplying silicon metal, the production in Xinjiang and Sichuan has slightly increased, while the production in the northwest region has decreased. The overall market supply has not changed much. It is reported that there will be a production reduction plan in Xinjiang in April. If the reduction is implemented, it is expected that the overall market supply will be reduced.
In terms of demand: Currently, the downstream performance of silicon metal is average, with downstream users mainly purchasing according to their needs, and the overall transaction atmosphere in the market is relatively weak.
In terms of raw materials: Currently, the price of silica in the market is stable, and downstream demand is gradually recovering. At present, the ex factory price of high-grade silica ore in Inner Mongolia is around 350-380 yuan/ton. The ex factory price of high-grade silica ore in Hubei is around 400-450 yuan/ton. The ex factory price of high-grade silica ore in Jiangxi is around 430-460 yuan/ton.
Market analysis in the future
At present, the enthusiasm for inquiries in the metal silicon market is limited, and there is a strong wait-and-see sentiment in the market. The metal silicon data analyst from Business Society believes that in the short term, the domestic metal silicon market will mainly focus on multi range consolidation and operation, and more attention should be paid to changes in supply and demand news.

This week, the mainstream market price of melamine rebounded from a low level, and some companies raised their quotes by 100-300 yuan/ton. However, transactions were mainly for essential needs, and there was significant resistance to high price transactions. As of April 1st, the benchmark price of melamine in Shengyi Society was 6050 yuan/ton, an increase of 1.42% compared to the beginning of last month (6137.50 yuan/ton).

As the main raw material of melamine, the price increase of urea will directly increase the production cost of melamine. In order to maintain profit levels, melamine companies may choose to increase product prices.
During the peak season of agricultural production, the demand for urea increases significantly, leading to a shortage of supply in the market and often causing prices to rise. As the temperature warms up, the demand for agricultural fertilizers is gradually released. March and April are the peak season for spring wheat to turn green and become fertilizer, followed by the peak season for high nitrogen compound fertilizer production, which has to some extent driven up the price of urea. As of April 1st, the benchmark price of urea in Shengyi Society was 1997.00 yuan/ton, an increase of 5.55% compared to the beginning of last month (1892.00 yuan/ton).
Although melamine production remains neutral, inventory remains at seasonal highs, and the sluggish real estate industry limits the growth potential of industrial demand. However, in certain regions or specific time periods, if the supply of melamine is tight and the demand is relatively stable or increases, the price may also experience a slight increase.
Local melamine enterprises may face challenges in transportation or shipping, such as rising logistics costs and limited transportation capacity. These issues may lead to a tight supply of melamine, thereby pushing up prices.
Reasonably arrange the production and procurement plans of urea and melamine based on market demand and price trends, in order to reduce costs and cope with the challenges brought by price fluctuations.
In summary, the gradual increase in raw material urea prices in the second half of the year and the slight rise in prices of local melamine enterprises under cost pressure are the result of multiple factors working together. In the future, we should continue to pay attention to market dynamics, arrange production and procurement reasonably, and strengthen risk management to address potential challenges.