Supply and Demand Dynamics: The Melamine Market Stands Steady in a Wait-and-See Mode

This week, the melamine market as a whole showed a stable to strong trend. As of November 13th, the benchmark price of melamine in Shengyi Society was 5387.50 yuan/ton, an increase of 0.68% compared to last week (5375.50 yuan/ton).

Central China region: The market performance is stable with a slight increase. For example, a manufacturer in Hubei reported a factory price of 5250 yuan/ton on November 10th; Some manufacturers in Henan region also raised their ex factory quotation to 5300 yuan/ton on November 11th. This indicates that the mainstream price has stabilized at over 5000 yuan/ton and is attempting to explore a slight increase.
Supply side:
The main driving force for stable prices comes from tight supply. During the same period, some major production enterprises’ equipment was in a shutdown state, directly reducing market supply. The parking of these key equipment provides strong support for market prices.
Cost side:
The price of raw material urea decreased month on month in the third quarter of 2025, weakening the cost support for melamine and causing a lack of upward momentum in melamine prices.
Demand side:
The building materials sector, which accounts for 60% of melamine demand, has been directly affected by the sluggish real estate market, leading to a contraction in demand. At the same time, although there has been an increase in export volume, the average export price has significantly decreased year-on-year, showing a situation of “increasing volume and decreasing profit”.
In summary, despite the favorable supply side, the overall mentality of the melamine market remains cautious. Some industry perspectives suggest that as early parking companies may resume production in the future, the support from the supply side may weaken. At the same time, the price of upstream raw material urea has loosened, which may lead to companies flexibly adjusting their quotations based on their own order situation. This confirms the mainstream sentiment of the current market of ‘holding steady and watching’.