According to the commodity analysis system of Shengyi Society, starting from September 1st, the hydrogen peroxide market has weakened, with a main decline. On September 1st, the average market price of hydrogen peroxide was 703 yuan/ton, and on September 4th, the average market price of hydrogen peroxide was 690 yuan/ton, a decrease of 1.9% in price.

Negative pressure on hydrogen peroxide market weakens
Starting from September, the terminal demand in the printing and papermaking industry has declined, and some manufacturers of hydrogen peroxide are still stopping for maintenance. The supply pressure has decreased, and there is a long short game, resulting in weak hydrogen peroxide prices. As of September 4th, the average price in the domestic market has dropped to around 690 yuan/ton. The market transactions are average and the market is declining.
The hydrogen peroxide analyst from Shengyi Society believes that in mid September, the demand for terminal printing and papermaking industry will be sluggish, and the pressure on hydrogen peroxide supply will still exist, resulting in a weak market in the future.

Under the support of tight supply, the melamine market has indeed shown a trend of rebounding from decline to rise. As of September 2nd, the benchmark price of melamine in Shengyi Society was 5675.00 yuan/ton, an increase of 0.22% compared to the beginning of this month (5662.50 yuan/ton).

1、 Price trend:
The price trend of melamine in August can be described as fluctuating. The domestic melamine market fluctuated in July.
Early October: The market continued the weakness of July, and prices were under pressure at one point.
Mid month: There was a noticeable rebound. This is mainly due to the sharp contraction of the supply side: affected by the continuous high temperature weather, the equipment in major production areas such as Sichuan and Anhui passively reduced load, and the overall load rate of the industry fell to about 40% at one point (mid August data). The tight supply has led to sustained low inventory in the market, and some manufacturers have adopted a strategy of controlling quantity and accepting orders, driving prices to rise accordingly.
Late to present: Market sentiment tends to be cautious, and prices have entered a stable consolidation stage. With the restart of some maintenance facilities, the capacity utilization rate has significantly rebounded from its low point (as of August 28th, the capacity utilization rate has risen to 58.5%), and the increase in supply has eased the previous tense situation. At the same time, there has been no strong recovery on the demand side, resulting in a lack of sustained upward momentum for prices and an overall trend towards stability.
2、 Supply side:
The changes in the melamine market in August were mainly driven by changes in the supply side. During the month, the industry’s operating rate plummeted to 44.32% (the lowest level in nearly three years), and daily production decreased significantly by over 30%. This is the most core factor driving the price to stop falling and rise again. Subsequently, with the planned restart of some maintenance facilities, the capacity utilization rate rebounded from a low level, and the supply side’s support for prices weakened to some extent.
3、 Demand side:
The demand side has not provided strong upward momentum for prices:
In terms of domestic demand: Although the demand for the main downstream board industry has slightly rebounded, it is still constrained by the sluggish real estate industry, and the overall recovery is limited.
In terms of foreign trade, the export market has shown lackluster performance, with limited new orders. Although the cumulative export volume from January to May was 263100 tons, a slight increase of 0.34% year-on-year, the adjustment of international tariff policies has also affected exports.
Downstream procurement should be cautious and focus on on-demand procurement.
4、 Cost side:
Weakening of raw material urea prices: As the core raw material of melamine, urea prices showed an overall downward trend throughout August. As of September 2nd, the benchmark price of urea in Shengyi Society was 1707.50 yuan/ton, a decrease of 0.29% compared to the beginning of this month (1712.50 yuan/ton). The decline in urea prices has weakened the cost support for melamine.
Despite the decline in raw material prices, the rebound in melamine prices is limited, and the industry as a whole is still in a loss making state. As of August 28th, the production profit margin was -1.38%, although slightly narrowed from the previous week’s -1.40%, it did not fundamentally improve. The operational pressure on enterprises remains significant.
5、 Future prospects
For the melamine market in September, it is expected to show a pattern of stable to weak and fluctuating consolidation:
Supply side: Capacity utilization is expected to continue to rise slightly. If the operating rate continues to recover, market supply will increase, which may suppress prices.

On the demand side, the traditional peak consumption season of “golden September and silver October” is the biggest expectation of the market. If the demand for downstream industries such as sheet metal can increase as scheduled, it will become a key driving force for price increases. On the contrary, if the demand recovery falls short of expectations, the market will find it difficult to shake off the weak trend.
Cost side: Urea prices are expected to maintain a volatile pattern within a narrow range, and the cost impact on melamine may be relatively neutral.
In summary, the melamine market achieved a rebound in August due to the tightening of supply beyond expectations. But with the gradual recovery of supply and the lackluster performance on the demand side, the market’s upward momentum weakened and entered a stage of stable consolidation. Whether the market can break out of the consolidation pattern in September largely depends on whether the demand increment brought by the traditional peak season of “Golden September and Silver October” can arrive as scheduled. If demand can be effectively released, prices are expected to gain new upward momentum; If demand continues to be weak, the market will find it difficult to shake off a weak and volatile trend.

August has ended, and as of the end of the month, the domestic acrylonitrile market price has been fluctuating between 7800-8200 yuan/ton for three months. Overall, the acrylonitrile industry is still showing a weak balance this month, with controllable inventory and fluctuating market prices.

Both the supply and demand sides showed growth during the month, with the acrylonitrile and downstream ABS industries focusing on capacity expansion, while the downstream acrylic fiber industry maintained a high level of production. As of the end of the month, one line of Jilin Petrochemical’s 260000 ton new plant has been stably produced, and the total effective production capacity of acrylonitrile in China has reached 5.319 million tons per year; The second 75000 tons/year ABS production line in Shandong has achieved stable production, and the ABS production capacity base has been adjusted to 10.23 million tons.
At the same time, due to the maintenance and active reduction of production in acrylonitrile factories, the supply increment has been controlled, but the supply-demand gap has increased first and then decreased.
However, the current acrylonitrile industry still has overcapacity. According to current demand data calculations, it is estimated that the domestic consumption and total export volume for the whole year of 2025 may still be less than 4 million tons. This means that the premise for the acrylonitrile market to maintain a weak balance is still to actively control the supply side, and the industry’s capacity utilization rate must be maintained at around 75% or below.
In addition, long-term production losses have forced acrylonitrile factories to voluntarily reduce production. Since 2025, major factories in East China such as Sinopec and Shanghai Saike have maintained low load operation at around 50-70%. Although Zhenhai Refining and Chemical has emerged as a new production capacity, it has benefited from favorable geographical conditions in its consumption concentration area, and its production and sales have been relatively stable since its launch. In contrast, Sinochem Quanzhou has halved its operation.
Next month, it is expected that the supply-demand gap will further narrow due to ongoing maintenance of facilities in the northern region and no significant increase in supply plans in the eastern region. At the same time, downstream consumption may improve during the traditional peak season. However, due to subjective adjustments in the supply side, variables still exist, and it is expected that the acrylonitrile industry will remain in a weak equilibrium state. On this basis, the market stalemate will also continue.

The game between macro expectations and weak fundamentals, in August, domestic nickel prices showed an overall volatile pattern, with prices rising first and then falling, repeatedly fluctuating and falling back. According to the monitoring of the commodity market analysis system of Shengyi Society, on August 29th, spot electrolytic nickel was reported at 122516 yuan/ton, a slight increase of 1.13% for the whole month, but still a year-on-year decrease of 6.97%. Market long and short factors are intertwined, with macroeconomic policy expectations and loose liquidity providing support, while high inventory and weak actual demand limit the upward space for prices.

1、 Price Trend Review
At the beginning of the month (8.1-8.8): Nickel prices first rose and then remained stagnant, with spot prices reported at 122316 yuan/ton, a weekly increase of 0.96%. Market sentiment is influenced by macroeconomic policy expectations, but lacks clear drivers of fundamentals.
Mid month (8.9-8.15): Nickel prices surged and fell back, reaching 121850 yuan/ton, with a weekly increase of 0.58%. At the beginning of the week, the expected interest rate cut by the Federal Reserve and the temporary suspension of tariffs between China and the United States pushed up the price, but high inventory and weak demand for stainless steel led to a decline.
At the end of the month (8.16-8.29), nickel prices fluctuated and weakened before rebounding, ultimately reaching 122516 yuan/ton. Powell’s dovish remarks, favorable domestic policies, and the weakening of the US dollar jointly drove a rebound, but the demand side still showed weakness.
2、 Macro factors: intertwining long and short, expectations dominate
Overseas macro environment:
The weak economic data in the United States, significantly lower than expected non farm employment, rising unemployment rate, and strengthened expectations of the Federal Reserve cutting interest rates (the market expects a 25 basis point rate cut in September and December respectively).
The fluctuation of the US dollar index has intensified, rising first and then falling, affecting the pressure and rebound of nickel prices.
The United States has imposed tariffs on multiple countries, escalated global trade frictions and met with Russia, eased geopolitical tensions, and alternately affected market sentiment.
Domestic policy support:
Policies such as trade in of consumer goods and equipment renewal continued to advance, and the Ministry of Finance allocated 69 billion yuan of special treasury bond funds.
The State Council meeting emphasized the expansion of domestic demand, and the Ministry of Commerce proposed measures to promote service exports and boost market confidence.
The industrial data is stable, with a year-on-year increase of 5.7% in the added value of industries above designated size in July, but the direct impact on nickel prices is limited.
3、 Supply and demand fundamentals: high inventory and weak demand suppress prices
Supply side:
Global nickel inventories remain high, with LME inventories increasing to 209676 tons and Shanghai nickel inventories increasing to 21905 tons, indicating an unchanged pattern of oversupply.
The price of nickel ore in Indonesia has slightly increased, while the price of low-grade ore in the Philippines has decreased due to an increase in shipping volume.
Demand side:
Stainless steel field: Production in August increased by 2.29% month on month, but still decreased by 1.64% year-on-year, with slow destocking and cautious terminal procurement. On August 29th, the benchmark price of stainless steel in Shengyi Society was 13075.00 yuan/ton, a slight decrease of 0.04% from early August, indicating a strong wait-and-see sentiment in the market.
In the field of new energy, the production of ternary precursors increased by 5.71% month on month, but the growth rate is expected to slow down to 5.4% in August, and the marginal demand growth has weakened. The spot market sees an increase in demand purchases at low prices, but overall transactions are mainly wait-and-see, with insufficient sustainability.
4、 Future prospects

In the short term, nickel prices will still be affected by both macro expectations and weak fundamentals
Supporting factors: The expected increase in interest rate cuts by the Federal Reserve, the weakening of the US dollar, the continued strength of domestic policies, and the approaching traditional peak season of “Golden September and Silver October” may bring bottom support and temporary rebound.
Suppressing factors: high global inventory, weak demand for stainless steel, slowing growth in new energy, and uncertainty in trade frictions will limit the upward space for prices.
Overall judgment: Nickel prices are expected to continue their volatile pattern, and breakthroughs will depend on clearer policy signals or fundamental improvements, such as inventory depletion and significant demand recovery.

Recently, aluminum prices have fluctuated horizontally, with slight fluctuations on August 28th. According to the Commodity Market Analysis System of Shengyi Society, as of August 28, 2025, the average price of aluminum ingots in the East China market in China was 20746.67 yuan/ton, an increase of 0.73% compared to the market average price of 20596.67 yuan/ton on August 1.

Aluminum ingot inventory situation
As of August 28th, the total social inventory of electrolytic aluminum in major regions of China was 610000 tons, an increase of 24000 tons from 586000 tons on August 18th.

1、 Trend analysis

According to monitoring data from Shengyi Society, copper prices showed an “N” shaped trend in August. At the beginning of the month, the copper price was 78371.67 yuan/ton, and at the end of the month, the copper price rose to 79585 yuan/ton, with an overall increase of 1.55% and a year-on-year increase of 6.23%.
According to the current chart of Shengyi Society, the spot price of copper in August was basically higher than the futures price, and the main contract is the expected price two months later. The expected future price may be under pressure.
According to LME inventory, LME copper inventory slightly increased in September. As of the end of the month, LME copper inventory was 155000 tons, up 9.35% from the beginning of the month.
Macroscopically, the market has very strong expectations for the Fed’s September interest rate cut, with a probability of approaching 90% or even 95% at one point. Powell’s speech at the Jackson Hole Global Central Bank Annual Meeting was interpreted as dovish, reinforcing this expectation. At the end of July, the US “232″ investigation was launched, and the results showed that no tariffs would be imposed on refined copper, but a 50% tariff would be imposed on copper and other products. This policy has become relatively clear, reducing its short-term disturbances.
Supply side: Codelco in Chile has lowered its 2025 production forecast to 1.34-13.7 million tons (approximately 30000 tons lower than the March forecast). The Escondida copper mine in Chile (accounting for 5% of the global production) has reduced production by 15% due to rainstorm. The land transfer of a large copper mining development project in Arizona, USA, has been temporarily blocked. The refined copper production in July was 1.27 million tons, a decrease from the record breaking 1.3 million tons in June. The refined copper production in July was 1.27 million tons, a decrease from the record high of 1.3 million tons in June. The import volume of recycled copper decreased year-on-year (by 2.36% in July), and the price difference between refined and scrap narrowed, resulting in import losses.
Downstream: Although facing the drag of the real estate industry, the investment plan for the power grid has exceeded 825 billion yuan (year-on-year growth), and the new energy sector (photovoltaics, wind power, new energy vehicles) maintains high growth rates, all of which provide a solid foundation for copper demand. The production of household air conditioners in July was slightly better than expected.
According to the annual price comparison chart of Shengyi Society, in the past five years, copper prices have risen more or fallen less in September, and there is a high probability that copper prices will rise in September this year.
In summary, this month, there have been frequent disruptions in global copper mine supply, pressure on China’s smelting sector due to extremely low processing fees, and overall low domestic inventories in China. The supply side has shown a pattern of “tightening at the mining end and regional tension in refined copper supply”. In terms of demand, the demand in the power grid and new energy sectors remains strong, while traditional real estate is weak. The peak consumption season of “Golden September and Silver October” is approaching, but attention should be paid to the failure or less than expected magnitude of the Federal Reserve’s interest rate cuts. It is expected that copper prices will mainly fluctuate and become stronger.

As of August 26th, the benchmark price of melamine in Shengyi Society was 5675.00 yuan/ton, a decrease of 2.58% compared to the beginning of this month (5825.00 yuan/ton), showing a short-term correction trend.

Looking back at this month’s trend, the market has experienced a rebound driven by tight supply. In early August, the national average price (excluding Xinjiang) remained around 5300 yuan/ton. Starting from the 11th, due to the concentrated parking and maintenance of multiple enterprises, the industry’s operating rate has plummeted to the lowest level in nearly three years, 44.32%, and daily production has decreased significantly by more than 30%. The tight supply has pushed up prices in some regions, driving the national average price to rebound to 5600 yuan/ton, with a stage increase of 1.41%. However, market support factors have recently weakened.
Cost side:
As of August 26th, the benchmark price of urea in Shengyi Society was 1712.50 yuan/ton, a decrease of 5.52% compared to the beginning of this month (1812.50 yuan/ton). After reaching 1782 yuan/ton, it turned downward, a decrease of 1.73% from the high point in the first ten days, weakening the cost support for melamine. On the other hand, although downstream demand for sheet metal has slightly rebounded, the sluggish real estate industry still hinders the overall demand recovery. In addition, the adjustment of international tariff policies has affected exports, and there has been no strong growth on the demand side. In addition, some maintenance facilities are scheduled to restart towards the end of the month, and the market expects supply to gradually rebound, putting pressure on prices.
Overall, long and short factors are intertwined in the market in the short term, and it is expected that the mainstream price will show a stalemate in the range of 5300-5600 yuan/ton. The follow-up market trend needs to focus on the demand fulfillment during the traditional consumption peak season in September. If downstream demand can increase as scheduled and the price of raw material urea stops falling and rebounds, then prices are expected to gain new upward momentum. It is recommended that all parties in the industry closely monitor the progress of equipment resumption and changes in demand, and flexibly adjust their business strategies.

Last week (August 18-24, 2025), the main raw material dissolving slurry market was generally stable, with limited cost support. The finished product inventory of various adhesive short fiber manufacturers was not high, and supply support still existed. The downstream market mainly consumed raw material inventory, and the overall market speed was stable. The price of adhesive short fiber market was adjusted and operated.

According to the Commodity Market Analysis System of Shengyi Society, last week (August 18-24, 2025), the market price of viscose staple fiber was weakly stable. As of August 24, the average market price of viscose staple fiber was 13040 yuan/ton, which was the same as the same period last week.
In terms of cost: Last week (August 18-24, 2025), there was little change in the market price of raw material dissolving pulp, with weak support and limited cost support. As of now, the price of domestic dissolving pulp is around 6700 yuan/ton, the price of external broad-leaved pulp is around 800 US dollars/ton, and the price of coniferous pulp is around 870 US dollars/ton. The market prices of auxiliary materials such as liquid alkali and sulfuric acid remain stable but fluctuate slightly, with average cost support.
The supply fluctuation is not significant
The industry supply has declined, and the current daily operating rate in the market remains at around 75%. The inventory levels of various adhesive short fiber manufacturers have declined compared to the previous period, and downstream yarn companies are picking up goods as needed. The overall inventory level of the adhesive short fiber market has decreased, and the supply fluctuation in the industry is not significant. Some manufacturers have low inventory, and the positive support from the supply side is limited.
Downstream essential replenishment
The operating rate of downstream cotton yarn market equipment has slightly increased, and price fluctuations are not significant. As of now, the price of ring spun R30S in Jiangsu region is around 17100 yuan/ton, and the price of ring spun R40S is around 18300 yuan/ton. The market is in a traditional off-season of demand, and downstream cotton yarn market transactions are not ideal. Only a few models of vortex spun cotton yarn have slightly better export orders. Cotton mills mainly consume raw material inventory and replenish urgently needed goods, with no significant improvement in demand.
Future forecast
On the raw material side, the main material dissolution slurry market and the auxiliary material sulfuric acid market are generally stable, while the liquid alkali market may experience a narrow decline. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will decline in the short term, and the cost support will be insufficient.
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; The terminal market is still in the traditional off-season of demand, with limited new orders placed. Downstream yarn mills are experiencing a certain degree of risk aversion and may maintain their demand for signing orders. It is expected that the driving force of the adhesive short fiber market from the demand side will be moderate in the short term.
Overall, the main raw material dissolution slurry market may be weak and stagnant, with sufficient overall supply. Downstream yarn mills mainly sign orders according to demand. Under the interweaving of on-site news, adhesive short fiber manufacturers may maintain their previous quotations. Therefore, analysts from Shengyi Society predict that the domestic adhesive short fiber market will remain stable with small movements in the short term, and the price is expected to be accepted at 12900-13100 yuan/ton.

According to the analysis of the Business Society’s market monitoring system, on August 25th, the reference price for the domestic market of silicon metal # 441 was 9570 yuan/ton. Compared with August 1st (the market price of silicon metal # 441 was 9980 yuan/ton), the price decreased by 410 yuan/ton, a decrease of 4.11%.

From the market monitoring system of Shengyi Society, it can be seen that looking back at the first half of July, supported by macro positive factors such as “anti involution”, the spot market for silicon metal has experienced a recovery, with the market center of gravity continuing to rise and prices returning to the 10000 yuan mark. However, the overall improvement in the supply and demand of the silicon metal market is average, and the sustained support for the market is insufficient. Starting from the end of July, the market center of gravity began to decline. In August, the silicon metal market continued to adjust downwards, and the market negotiation center gradually shifted. As of August 25th, the market price of silicon metal 441 in the eastern region of China is referenced around 9500-9700 yuan/ton, the market price of silicon metal 441 in Kunming is referenced around 9500-9700 yuan/ton, and the market price of silicon metal 441 # in Tianjin is referenced around 9500-9600 yuan/ton. The market price reference for metallic silicon 441 # in Sichuan region is around 9200-9300 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is around 9800-9900 yuan/ton.
Fundamental situation
In terms of supply and demand: Since August, the overall supply of metallic silicon in China has slightly increased, with production mainly in the northern regions. At present, the overall supply and production of metallic silicon have increased slightly. In terms of downstream demand. In August, the downstream organic silicon market of metallic silicon showed light performance, cautious in raw material procurement, and stable performance in polycrystalline silicon market procurement, mainly continuing to focus on essential needs procurement.
Construction progress: In August, silicon companies in Xinjiang resumed production, which led to a slight increase in overall construction and supply. In mainstream regions, the operating rate of Northwest China ranks first with a reference of around 76%, followed by Yunnan where the operating rate remains at around 68%, and Xinjiang and Sichuan where the operating rate of metal silicon is around 56-57%.
Market analysis in the future
At present, the price fluctuations in the silicon metal market are the main trend, and downstream users tend to purchase at low prices. The market trading atmosphere is generally average. The silicon metal data analyst from Shengyi Society predicts that in the short term, the domestic silicon metal market will mainly operate in a range, and specific changes in supply and demand information need to be closely monitored.

1、 Price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market fluctuated within the range this week (8.18-22), and the price performance was weak. As of Friday, the average price of SG-5 PVC carbide method in China was 4720 yuan/ton, with a price drop of 0.38% during the week.
2、 Market analysis
This week, PVC showed weak consolidation, with most manufacturers maintaining stability and some making slight adjustments within 50 yuan/ton. In the past two weeks, the PVC market has fluctuated in a weak range, mainly due to the lack of favorable fundamentals, the sustained weakness of crude oil prices, prices have been hovering at low levels, and the weakness of the futures market. The spot price of PVC is also unlikely to have a strong trend, with a slight downward shift in the overall range. From the perspective of supply and demand fundamentals, the spot PVC market has shown loose supply and demand, and most manufacturers are operating stably. The supply pressure has not changed much, dealers’ offers are generally weak, downstream demand performance is insufficient, downstream procurement is mainly based on spot prices, inquiry and procurement enthusiasm is not high, and the market atmosphere is sluggish. The hanging order price is relatively low. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of now, the quotation range for PVC SG5 electrical aggregate in China is mostly around 4750-4850 yuan/ton.
In terms of upstream calcium carbide, the performance of the calcium carbide market was sluggish this week, and the price did not continue to rise as before, but turned into a decline. According to the commodity analysis system of Shengyi Society, the decline this week was 0.96. The price is still relatively low, with limited support for PVC.
3、 Future forecast
The PVC analyst from Shengyi Society believes that the sluggish performance of the PVC spot market is mainly due to insufficient downstream operating rates, average demand, and difficulty in improving the supply-demand pattern in the short term. It is expected that PVC prices will continue to maintain a range adjustment pattern next week.