According to the Commodity Market Analysis System of Shengyi Society, the overall market situation of domestic polyester staple fiber in April showed weakness, with a significant decline at the beginning of the month, followed by stabilization. As of April 29th, the average market price of domestic polyester staple fiber (1.4D * 38mm) was 6359 yuan/ton, a decrease of 5.87% from the beginning of the month.

The international crude oil market experienced significant fluctuations in April due to the impact of tariff trade. At the beginning of the month, the escalation of trade frictions led to a significant drop in crude oil prices. However, in mid month, as market concerns about the new US tariff policies eased, especially with the US showing a more relaxed attitude towards China in the trade war, international crude oil prices rose narrowly. On April 28th, the settlement price of the main contract for WTI crude oil futures in the United States was $62.05 per barrel, and the settlement price of the main contract for Brent crude oil futures was $65.86 per barrel.
PTA followed the fluctuation of crude oil prices and showed a “V” – shaped trend of first falling and then rising in April. As of April 28th, the average price of PTA market in East China was 4565 yuan/ton, a decrease of 7.03% from the beginning of the month. On the supply side, from April to June, there were many PTA planned maintenance units, and the circulation of spot goods gradually tightened. Among them, Jiatong Energy’s 2 million tons/year PTA unit and Hengli Huizhou’s 2 # 2.5 million tons/year unit were both scheduled for maintenance at the end of April, and the current industry operating rate is around 76%. In addition, in terms of new production capacity, Honggang Petrochemical’s 3 # 2.5 million ton unit is planned to be put into operation in mid June.
In terms of demand, under the current atmosphere of easing tariffs, some yarn factories have slightly increased their replenishment, but trade frictions are still unstable, and negative feedback from terminal weaving is heating up. The demand in the terminal consumer market is weak, and downstream fields such as clothing and home textiles continue to shrink in orders, with limited order volume and insufficient demand momentum. The weaving operating rate in the Jiangsu and Zhejiang regions continues to decrease to around 60%, and it is expected that some weaving operations will be suspended during the May Day holiday, further reducing the operating rate.
Business analysts believe that in the future, the cost side still needs to pay attention to the trend of oil prices. Multiple sets of PTA facilities in China have been shut down one after another, and the overall social inventory continues to decrease. However, due to weak demand, PTA prices lack sustained driving force. Before the holiday, the purchasing enthusiasm of yarn factories and traders is limited, and the inventory pressure of textile enterprises has increased. The market is still dominated by individual and small orders, with more on-demand procurement and production. Due to the lack of significant positive factors, it is expected that the price of polyester staple fiber will continue to adjust at a low level in May.

Market situation

Recently, the melamine market has indeed faced the dilemma of negative sentiment and sluggish demand, leading to overall downward pressure on the market. However, in the long run, these negative factors will inevitably have a profound impact on the market.
Affected by both sluggish demand and oversupply, the market price of melamine is showing a downward trend. As of April 28th, the benchmark price of melamine in Shengyi Society was 5937.50 yuan/ton, a decrease of -3.26% compared to the beginning of this month (6137.50 yuan/ton).
Downstream demand is sluggish: Downstream industries related to melamine, such as sheet metal and impregnation, have seen a decrease in operating load, resulting in an overall shortage of demand for melamine.
The real estate industry, as one of the important application areas of melamine, continues to be sluggish, with new construction areas and development investments continuing to decline, further weakening market demand.
Upstream raw material prices: The domestic urea market continues to operate in a stable to weak trend, with some manufacturers experiencing a slight decrease in quotes, and the overall market transaction center shifting downwards. This has reduced the production cost of melamine, but has not effectively boosted market demand. As of April 28th, the benchmark price of urea in Shengyi Society was 1870.00 yuan/ton, a decrease of -6.36% compared to the beginning of this month (1997.00 yuan/ton).
At present, the market atmosphere for melamine is average, and the market is operating weakly and steadily. Affected by the increase in supply and weak demand, the market price of melamine is expected to continue to operate at a low level. In the foreseeable future, with the gradual release of new production capacity and the gradual recovery of downstream demand, the supply and demand relationship in the melamine market is expected to be adjusted. However, in the short term, the market may still face pressure from oversupply, and the trend of low prices is difficult to change.
Inventory backlog: With the increase in supply and insufficient demand, some companies’ inventory begins to accumulate. This not only increases the operating costs of the enterprise, but may also have adverse effects on subsequent production and sales.
The export situation is severe: the export market for melamine is also facing severe challenges. On the one hand, the international market competition is fierce, and Chinese products need to face competition from other countries and regions; On the other hand, the international trade environment is complex and ever-changing, and uncertain factors such as trade barriers and technical barriers may affect the export of melamine.
Future outlook for supply-demand adjustment: With the gradual release of new production capacity and the gradual recovery of downstream demand (although currently sluggish), the supply-demand relationship in the melamine market is expected to be adjusted to some extent in the future. However, in the short term, the market may still face pressure from oversupply.
Low price operation: Affected by the increase in supply and weak demand, the market price of melamine is expected to continue to operate at a low level. The specific price trend still needs to be judged based on market dynamics and changes in supply and demand relationships.
In summary, the current melamine market is indeed facing the dilemma of negative sentiment and sluggish demand. However, by strictly controlling production capacity, improving product quality, expanding application areas, and strengthening international cooperation, enterprises can actively respond to market challenges and achieve sustainable development.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA spot market in April showed a “V” trend of first falling and then rising. As of April 28th, the average price of PTA market in East China was 4567 yuan/ton, a decrease of 6.98% from the beginning of the month.

Looking at the future market, from April to June, there will be more PTA scheduled maintenance facilities, and spot circulation will gradually tighten. Among them, Jiatong Energy’s 2 million tons/year PTA facility and Hengli Huizhou’s 2 # 2.5 million tons/year facility were both scheduled for maintenance at the end of April, and the current industry operating rate is around 76%. In addition, in terms of new production capacity, Honggang Petrochemical’s 3 # 2.5 million ton unit is planned to be put into operation in mid June.
The international crude oil market experienced significant fluctuations in April due to the impact of tariff trade. At the beginning of the month, the escalation of trade frictions led to a significant drop in crude oil prices. However, in mid month, as market concerns about the new US tariffs eased, especially with the US showing a more relaxed attitude towards China in the trade war, international crude oil prices rose. As of April 25th, the settlement price of the main contract for WTI crude oil futures in the United States was $63.02 per barrel, and the settlement price of the main contract for Brent crude oil futures was $66.87 per barrel.
The downstream polyester production load remains at a high level of 90%, maintaining a tight balance between supply and demand. Under the current atmosphere of easing tariffs, some downstream enterprises have slightly increased their replenishment, but trade frictions remain unstable, and negative feedback from terminal weaving is heating up. With the gradual introduction of tariffs, the order volume of textile fabrics has decreased, and the demand momentum is insufficient. The weaving operating rate in the Jiangsu and Zhejiang regions continues to decrease to around 60%. It is expected that some weaving operations will be suspended during the May Day holiday, and the operating rate will further decrease.
Business analysts believe that multiple PTA facilities in China have been gradually shut down, and the overall social inventory continues to be depleted. As the May Day holiday approaches and there are many uncertain factors in the external news, there is more cautious sentiment in the downstream market, and PTA prices lack sustained driving force due to weak demand. It is expected that PTA prices will continue to follow cost fluctuations in the short term, and attention can be paid to the trend of oil prices.

Aluminum prices began to stabilize after a significant drop in April

After a significant drop in aluminum prices in April, they began to stabilize. According to the Commodity Market Analysis System of Shengyi Society, as of April 27, 2025, the average price of aluminum ingots in the East China market in China was 20083.33 yuan/ton, a decrease of 2.40% from the market average price of 20576.67 yuan/ton on April 1; Compared to the market average price of 1940 yuan/ton on April 9th, it has increased by 2.78%.
In early April, due to the impact of US tariff news, the commodity market experienced a stress response, and aluminum prices showed a significant decline. The recent price recovery is mainly influenced by the following factors:
1. Macro influencing factors decline after price realization
After the impact factors of tariffs have been reflected in prices, their influence has weakened, and aluminum ingot prices have begun to return to fundamental considerations.
2. Cost side benefits are fully utilized to support cost recovery
Since April 2025, the Chinese alumina market has experienced a production reduction of up to 6.9 million tons due to frequent maintenance of roasting furnaces and some capacity reductions, resulting in a stabilization of alumina prices. In the early stage, due to the decrease in the cost of electrolytic aluminum, the cost support was relatively weak. Recently, with the depletion of cost side benefits, the negative feedback on the cost side of electrolytic aluminum has subsided.
3. High resilience on the demand side
The overall demand for aluminum downstream is supported. Although the operating rates of some downstream industries such as construction aluminum profiles have declined, the demand for aluminum for terminal power grid construction and photovoltaics is strong. Stimulated by the “trade in” policy and subsidies for new energy vehicles, the home appliance and automotive industries have maintained a certain market prosperity. The demand for aluminum plates, strips, foils and other fields has performed well, while the demand for air conditioning foils and battery foils is strong.
4. The supply side is relatively stable
The production capacity of electrolytic aluminum remained relatively stable in April, with 2.8 million tons of newly built capacity in Hebei and Guangxi about to be put into use, but still leaving a significant gap. Theoretically, starting from May, there will be a monthly gap of 100000 tons.

5. The aluminum ingots are well stocked
According to inventory data, as of April 24th, the total inventory of electrolytic aluminum in the mainstream domestic market was 664000 tons, a decrease of 110000 tons from the total social inventory of 774000 tons at the beginning of the month (4.3).

According to the analysis of the Business Society’s market monitoring system, on April 25th, the reference price for the domestic silicon metal # 441 market was 10040 yuan/ton. Compared with April 1st (the market price for silicon metal # 441 was 10760 yuan/ton), the price decreased by 720 yuan/ton, a decrease of 6.69%.

From the market monitoring system of Shengyi Society, it can be seen that since April, the domestic spot market for silicon metal # 441 has shown an overall weak downward trend. The spot market price of metallic silicon continues to decline. As of April 25th, the reference market price for metallic silicon 441 in East China is around 10000 yuan/ton, and the reference market price for metallic silicon 441 # in Tianjin is 9700-9900 yuan/ton. The market price reference for metal silicon 441 # in Sichuan region is 9800-9900 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is 10100-10400 yuan/ton.
analysis of influencing factors
Supply side: In April, the overall supply side of the silicon metal market showed weak performance, with some silicon companies experiencing poor shipments and overall pressure on the supply side. The operating rates in some regions were lowered, and production enthusiasm weakened, resulting in insufficient support from the supply side for the market.
On the demand side: During the month, downstream users of metallic silicon showed cautious demand, with transaction negotiations at the low end and slow demand transmission. The support provided by the demand side for metallic silicon was also loose.
Market analysis in the future
At present, the trading atmosphere in the metal silicon market is relatively weak, and there is a strong wait-and-see sentiment. The metal silicon data analyst from Shengyi Society predicts that in the short term, the metal silicon market will mainly operate at a low level, and specific changes in supply and demand information need to be closely monitored.

Product Name: Pure Benzene

Latest price: The average market price on April 24th was 6218 yuan/ton, a decrease of 0.27% from the previous trading day.
Analysis: The price of pure benzene in the domestic market has fallen. International crude oil futures closed lower, and the downstream styrene market declined, affecting confidence in the pure benzene market. The price of pure benzene at Sinopec’s refineries in East and South China remains stable at 6200 yuan/ton, which will be implemented from April 8th. Shandong’s local refining enterprises have lowered their quotations, and downstream demand for gas is slightly average, resulting in a bearish market atmosphere. It is expected that pure benzene will mainly fluctuate within a certain range in the short term, and actual transactions are subject to negotiation.

On April 22nd local time, US President Trump announced at a White House press conference that the high tariffs imposed on goods from China will be significantly reduced. The trade friction caused by tariff issues has eased, and market sentiment has improved, providing some support for oil prices.

On April 22nd, international crude oil futures rose. The settlement price of the main contract for WTI crude oil futures in the United States was $63.67 per barrel, an increase of $1.26 or 2.0%. The settlement price of the main Brent crude oil futures contract was $67.44 per barrel, an increase of $1.18 or 1.8%.
Under the boost of the crude oil market, the average market price in East China as of April 23 was 4366 yuan/ton, up 1.17% from the previous trading day. There has been little change in PTA load recently. The Yishanda Chemical, which was originally planned to restart last week with 3.75 million tons, will restart 50% on April 20th. Later, Hengli Huizhou’s 2 # 2.5 million tons plan to undergo maintenance on April 28th.
Under the influence of tariffs, the market fluctuates greatly, and downstream polyester factories are cautious in purchasing goods, mainly focusing on digesting inventory. The production of weaving machines in Jiangsu and Zhejiang provinces continues to decline by around 60%, and the export of terminal textiles and services is hindered due to the disturbance of tariff policies, which has a negative feedback impact on the upstream.
Business analysts believe that there is some support on the cost side, but the demand side is insufficient and the purchasing enthusiasm is limited, so they tend to adopt a wait-and-see attitude. It is expected that PTA prices will fluctuate up and down with crude oil in the short term.

Aluminum prices began to stabilize after a significant drop in April

After a significant drop in aluminum prices in April, they began to stabilize. According to the Commodity Market Analysis System of Shengyi Society, as of April 22, 2025, the average price of aluminum ingots in the East China market in China was 19893.33 yuan/ton, a decrease of 3.32% from the market average price of 20576.67 yuan/ton on April 1; Compared to the market average price of 1940 yuan/ton on April 9th, it has increased by 1.81%.
In early April, due to the impact of US tariff news, the commodity market experienced a stress response, and aluminum prices showed a significant decline. Mainly influenced by the following factors:
1. Strong expectations that the demand side may be suppressed
The imposition of tariffs has increased the cost of aluminum products. Many downstream companies in the United States, such as automobile manufacturers and aerospace companies, have started to reduce the use of aluminum or seek cheaper alternatives in order to control costs. This has directly led to a decrease in demand for aluminum, resulting in a drop in aluminum prices.
2. Risk aversion sentiment rises
The imposition of tariffs by the United States has led to increased uncertainty in the global trade landscape, and market concerns about a global economic recession are growing, resulting in a rise in risk aversion. Investors and market participants have become cautious about the prospects of the aluminum market, reducing their investment and trading in aluminum; At the same time, the unpredictable nature of US tariff policies, such as the uncertainty of temporary exemptions from tariffs on imported cars and parts, makes it difficult for the market to form stable expectations. Companies and investors are more cautious in their decision-making, which affects the supply and demand relationship and price trends of the aluminum market.

Market situation
Recently, the melamine market has indeed faced the dilemma of negative sentiment and sluggish demand, leading to overall downward pressure on the market. However, in the long run, these negative factors will inevitably have a profound impact on the market.

Affected by both sluggish demand and oversupply, the market price of melamine is showing a downward trend. As of April 21st, the benchmark price of melamine in Shengyi Society was 6000.00 yuan/ton, a decrease of -2.24% compared to the beginning of this month (6137.50 yuan/ton).
Low demand: Downstream industries associated with melamine, such as sheet metal and impregnation, have experienced reduced operating loads, resulting in an overall shortage of demand for melamine.
The real estate industry, as one of the important application areas of melamine, continues to be sluggish, with new construction areas and development investments continuing to decline, further weakening market demand.
Low raw material prices: The domestic urea market continues to operate steadily with a weak trend, with some manufacturers experiencing a slight decrease in quotes, and the overall market transaction center shifting downwards. This has reduced the production cost of melamine, but has not effectively boosted market demand. As of April 21st, the benchmark price of urea in Shengyi Society was 1924.00 yuan/ton, a decrease of -3.66% compared to the beginning of this month (1997.00 yuan/ton).
Inventory backlog: With the increase in supply and insufficient demand, some companies’ inventory begins to accumulate. This not only increases the operating costs of the enterprise, but may also have adverse effects on subsequent production and sales.
Future prospects
Adjustment of supply and demand relationship: With the gradual release of new production capacity and the gradual recovery of downstream demand (although currently sluggish), the supply and demand relationship of the melamine market is expected to be adjusted to some extent in the future. However, in the short term, the market may still face pressure from oversupply.
Low price operation: Affected by the increase in supply and weak demand, the market price of melamine is expected to continue to operate at a low level. The specific price trend still needs to be judged based on market dynamics and changes in supply and demand relationships.
In summary, the current melamine market is indeed facing the dilemma of negative sentiment and sluggish demand. However, by strictly controlling production capacity, improving product quality, expanding application areas, and strengthening international cooperation, enterprises can actively respond to market challenges and achieve sustainable development.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of April 21st, the reference average price of domestic urea market was 1913 yuan/ton, which is 2.88% lower than the reference average price of 1970 yuan/ton on April 14th.
2、 Market analysis
market conditions
This week, the domestic urea market has been weak and declining. As of April 21st, the factory price of urea in Shandong region is around 1830-1860 yuan/ton, in Hebei region it is around 1820-1860 yuan/ton, in Henan region it is around 1810-1850 yuan/ton, in Hubei region it is around 1810-1850 yuan/ton, and in Liaoning region it is around 1820-1870 yuan/ton.
Supply and demand situation
On the supply side, some urea plants underwent maintenance this week, resulting in a decrease in market supply, but the urea market inventory remains sufficient. In terms of demand, the demand for spring plowing is gradually slowing down, and downstream procurement is cautious. The operating rate of compound fertilizer enterprises has declined, and the demand for urea procurement has weakened.
3、 Future forecast
Business Society’s urea analyst believes that domestic urea prices have been weak and declining recently. At present, the demand for urea in the market has decreased, and the demand for industry and agriculture has weakened, but inventory remains high. It is expected that the short-term domestic urea market will be weak and mainly operated through consolidation.