1、 Price trend

According to data monitored by Shengyi Society, as of April 11th, the average quotation price of domestic high-quality DMF enterprises was 4220 yuan/ton. Currently, the DMF market price is mainly stable, and the price is mainly stable.
2、 Market analysis
Recently, DMF prices have been running steadily. Currently, the downstream demand for DMF is generally moderate, with downstream essential purchases being the main focus. The overall market supply and demand are balanced, and the overall market is running steadily. The reference prices for DMF bulk delivery in East China are 4600-4700 yuan/ton in Jiangsu and 4650-4750 yuan/ton in Zhejiang.
3、 Future forecast
DMF analysts from Shengyi Society believe that the DMF market is expected to operate steadily in the short term.

1、 Market dynamics
This week, the acrylic acid market maintained a steady upward trend. As of April 2nd, the benchmark price of acrylic acid in Shengyi Society was 7600.00 yuan/ton, an increase of 0.44% compared to the beginning of this month (7566.67 yuan/ton). The industry as a whole continues the pattern of tight supply and firm prices, which provides certain support for the price of acrylic acid.

2、 Rising raw material prices
The main raw material of acrylic acid, propylene, has experienced relatively small price fluctuations recently, and there has been no significant upward or downward pressure on the cost side. This provides some bottom support for the price of acrylic acid, but at the same time, it also means that the cost does not have enough momentum to further push up the current price. As of April 2nd, the benchmark price of propylene in Shengyi Society was 6735.75 yuan/ton, a decrease of -0.15% compared to the beginning of this month (6745.75 yuan/ton).
3、 Supply shortage
The factory is currently mainly focused on completing long-term orders signed in the early stage, and the limited release of new production capacity in the short term has led to a continuous tight supply of spot goods in the market. Some factories maintain low inventory levels, further exacerbating the tight supply situation. Attention should be paid to whether any factories have entered planned maintenance or unexpected shutdowns (such as environmental production restrictions), as a decrease in capacity utilization may strengthen supply side conflicts.
4、 Downstream demand remains stable
Acrylic acid is mainly used in the fields of coatings, adhesives, water treatment, etc. Recently, some industries (such as architectural coatings) have limited demand growth due to seasonal factors or end consumer impact; However, demand in high value-added fields such as new energy materials remains resilient.
Due to the high prices, traders and downstream enterprises have weakened their willingness to chase price increases, and the market is mainly focused on essential purchases, resulting in a decrease in hoarding behavior.
5、 Market mentality and expectations
With the rise in acrylic acid prices, market sentiment has been boosted. Some downstream users have started to digest contracts, but the sustained high volatility of prices has also prompted some downstream users to enter the market for replenishment. At the same time, market participants hold a certain optimistic expectation for the future market trend, which has also played a driving role in the rise of acrylic acid prices.
Overall, the recent rise in the acrylic acid market is mainly due to the increase in raw material prices and tight supply. It is expected that the overall price of acrylic acid will be relatively strong next week, with a floating range of 50-100 yuan/ton. The demand for acrylic acid is relatively flat, and there is some support for raw material prices. Therefore, it is expected that the production of acrylic acid will continue to increase next week, and the mainstream price of acrylic acid in East China is expected to remain stable at 7500-7700 yuan/ton.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market will experience a volatile downward trend in March 2025. From March 1st to 31st, the domestic toluene market price fell from 6500 yuan/ton to 6060 yuan/ton, with a price drop of 6.77% during the period.

Early month: The crude oil trend is weak, the toluene market is dragged down, and the overall market atmosphere is weak. In terms of supply, some facilities in Shandong have undergone maintenance this cycle, while port inventory in East China is relatively high, and overall inventory in the South China market is also high. In terms of demand, Shandong region maintains essential procurement, while the East China market delivers
Mid month: The crude oil trend is weak, the toluene market is dragged down, and the overall market atmosphere is weak. On the supply side, the downstream purchasing intention in Shandong region is still acceptable, and the overall inventory is low. Due to the impact of the decline in crude oil prices, the market will operate weakly during the cycle. The port inventory in East China is relatively high, dragged down by the sluggish local liquid chemical market, resulting in an overall decline in prices during the cycle. On the demand side, the overall downstream demand tends to be rigid, with no significant positive boost. Overall, the demand side is weak.
Late of the month: The crude oil trend first fell and then rose, with overall fluctuations and an upward trend. The demand for disproportionation and oil blending industries in Shandong region during the week is good, with overall low inventory and stable refinery quotations. The inventory in the East China region is still at a relatively high level, and market sentiment is weak. Overall, the toluene market has shown a stable to weak performance this week.
Cost wise: The international oil price trend in March has declined. As of the 28th, the settlement price of the main contract for WTI crude oil futures in the United States was $69.36 per barrel, and the settlement price of the main contract for Brent crude oil futures was $72.76 per barrel. On the one hand, the United States is increasing its crude oil production, coupled with escalating trade tariffs that may suppress global economic growth, which is bearish for the international oil market. On the other hand, the situation between Russia and Ukraine has eased. If the geopolitical situation between Russia and Ukraine ends, the United States will also ease its oil sanctions against Russia, causing international oil prices to fall. Overall, the trend of international oil prices has declined.
Supply side: Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of March 31st, East China Company quoted 5950 yuan/ton, North China Company quoted 6000 yuan/ton, South China Company quoted 6150-6250 yuan/ton, and Central China Company quoted 6100 yuan/ton.
Demand side:
On March 31st, Sinopec Sales Company implemented a price of 7600 yuan/ton for xylene, which was implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical, and other facilities operated stably and sold normally, with a price increase of 100 yuan/ton compared to February 28th. As of March 28th, the closing prices of the xylene market in Asia were $822-824/ton FOB Korea and $847-849/ton CFR China, a decrease of $19/ton from February 27th.
Market forecast: The crude oil market trend is still weak, and there is insufficient guidance for the toluene market. In terms of supply, toluene companies have been operating well recently, with sufficient supply and good shipment situation in Shandong region. The market trading situation in Shandong region is also good. On the demand side, the downstream oil blending industry’s purchasing intention is still acceptable, while the diversified industry’s purchasing tends to be more rigid, and the overall demand performance is relatively stable. Overall, the market’s positive outlook is limited, and it is expected that the market will mainly fluctuate within a certain range in the short term.

In March 2025, the upstream raw material caprolactam market prices continued to fall under pressure, and the nylon PA6 chip market continued to decline. The weak cost side of nylon yarn drove the decline, and downstream demand did not improve, resulting in a weak performance. Downstream purchases were made on demand, and on-site transactions were limited. Many businesses held a cautious and wait-and-see attitude, and some nylon filament manufacturers offered discounts to sell on the demand side. The market price of nylon fiber continued to decline, falling to a new low for the year.

According to the Commodity Market Analysis System of Shengyi Society, the monthly average price of nylon filament will continue to decline in March 2025. As of March 31, 2025, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 15940 yuan/ton, a decrease of 740 yuan/ton from the previous month, a monthly decrease of 4.44%; Nylon POY (premium product; 86D/24F) is priced at 13500 yuan/ton, a decrease of 800 yuan/ton or 5.59% compared to the previous month; The price of nylon FDY (premium: 40D/12F) is reported at 16500 yuan/ton, a decrease of 800 yuan/ton or 4.62% compared to the previous month.
Raw material caprolactam continues to decline
In terms of cost: Since late February, the price trend of caprolactam in the market has been continuously declining. In March, caprolactam continued its downward trend from February, with negative effects on the cost side and lower than expected performance in terminal demand. This has led to a sharp increase in shipping pressure for polymerization factories, and demand for caprolactam has rapidly cooled down. As of March 31, 2025, the benchmark price of caprolactam in Shengyi Society was 10226 yuan/ton, with a monthly decline of 7.10%.
Supply and demand: In March, the traditional peak season for textiles was not prosperous, and downstream market purchasing willingness was not strong. Demand did not improve, mainly due to the consumption of raw material inventory. The atmosphere of observation and wait-and-see in the market was strong, with limited actual transactions and insufficient support from the demand side.
Future forecast
Cost wise: The market for caprolactam is bearish, and the production capacity of caprolactam in the market will be released, resulting in an increase in supply. The demand side will maintain on-demand procurement, and the short-term caprolactam market price will be mainly weak.
Supply and demand side: Most nylon filament manufacturers have resumed normal production, and the on-site supply will increase significantly. At the same time, the overall inventory level in the market may increase; Downstream enterprises have a certain amount of raw material inventory, and coupled with insufficient confidence in the future market, the demand for replenishment is limited.
Overall, the spot market for raw material caprolactam and nylon PA6 chips are mainly operating weakly, with a lack of cost support and continued weak demand. There is a strong wait-and-see atmosphere in the market, and analysts from Shengyi Society predict that nylon filament prices may continue to decline weakly.

The asphalt market in Shandong region rose within the week. Among them, the price of Shandong Jingbo has increased by 30 yuan/ton, and the price of Sinopec refinery Shandong Qilu has increased by 30 yuan/ton. According to monitoring data from Business Society, the ex factory price in Shandong was 3625 yuan/ton on March 21, and as of the 27th, the ex factory price in Shandong was 3673 yuan/ton, an increase of 1.32%.

Supported by the rise in international oil prices, the enthusiasm for some arbitrage purchases has increased, and the demand for a small number of terminals and modified storage has been boosted. Brand asphalt has continued to rise, with a reference range of 3520-3700 yuan/ton in the market.
In terms of supply, Shandong Dongming Petrochemical has switched to producing residual oil, while Shengxing Petrochemical has resumed producing asphalt, resulting in a decline in overall supply and easing of social inventory pressure. In terms of demand, the participation of downstream intermediaries has increased, and there is a strong enthusiasm for receiving goods from prospective and present merchants. As the end of the month approaches, refineries are executing contract shipments, and terminal projects are starting one after another, with good delivery conditions.
Next week, some enterprises such as Qilu Petrochemical and Shengxing Petrochemical plan to shut down production, and the supply side may be slightly reduced. Recently, with a wave of cold air coming and more rainfall in the south, the demand side still needs to be boosted. However, as the weather warms up in April, the demand in the northern region will increase significantly. From a business perspective, short-term spot stability will be the main focus, and the medium – to long-term market will improve.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated within a certain range this week, with a slight overall downward adjustment. From March 17 to March 24, 2025, the mixed xylene price dropped from 6360 yuan/ton to 6330 yuan/ton, a decrease of 0.47%. This week, there were slight differences in the performance of the domestic mixed xylene market across different regions. Due to poor downstream demand, prices in the Shandong region fell overall during the week, and local refineries continuously lowered their factory quotes and actively shipped. Affected by tight supply within the region, market prices in East and South China have remained stable with slight increases, but actual transactions in the market are limited and demand performance is weak.

Cost aspect: Crude oil prices have fluctuated upwards during this cycle. As of the 21st, the settlement price of the main contract for WTI crude oil futures in the United States was $68.28 per barrel, an increase of $1.73 per barrel compared to the same period last week. The settlement price of the main Brent crude oil futures contract was $71.61 per barrel, up $1.73 per barrel from the same period last week.

Supply side: Sinopec xylene quotation summary. Currently, the company is operating normally, with stable production and sales of equipment. The company’s quotation remains unchanged from the previous day. As of March 24th, East China Company quoted 6300 yuan/ton, North China Company quoted 6000-6100 yuan/ton, South China Company quoted 6500-6550 yuan/ton, and Central China Company quoted 6300 yuan/ton.

Demand side:

On March 24th, the price of xylene in the petrochemical sales company was temporarily stable, and the current execution price is 7600 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably, with normal sales, and the price is unchanged from March 17th. As of March 21, the closing prices of the xylene market in Asia were $817-819/ton FOB Korea and $842-844/ton CFR China, up $5/ton from March 14.

Market forecast: The crude oil market is expected to rise slightly near the weekend, providing some support for the market. Overall, the supply of xylene in East and South China remains tight, which still supports market sentiment. The downstream demand in Shandong region has been weak recently, which has limited support for the market. Overall, the toluene market is expected to continue its trend this week next Tuesday, with Shandong showing a moderate to weak trend and East and South China showing a strong trend.

According to the Commodity Market Analysis System of Shengyi Society, the aniline market has continued to decline recently, and the market atmosphere is quiet. The spot price of aniline in East China is 8300-8400 yuan/ton, and the acceptance price is 8400-8600 yuan/ton. It is reported that the shipment of raw material pure benzene is not smooth, port inventory is high, supply is sufficient, and prices continue to fall. Under the drag of costs, the price center of the aniline market has shifted downwards, accompanied by a decline in prices. Downstream cautious entry into the market has led to a lack of market transactions and an increase in inventory. In the short term, there is still a possibility of a decline in pure benzene, and it is expected that the aniline market will operate weakly in the short term.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of March 14th, the reference average price of domestic urea market was 1873 yuan/ton, which is 0.11% higher than the reference average price of 1871 yuan/ton on March 10th.

2、 Market analysis

market conditions

This week, the domestic urea market prices have fluctuated. As of March 14th, the factory price of urea in Shandong region is around 1800-1825 yuan/ton, in Hebei region it is around 1800-1840 yuan/ton, in Henan region it is around 1820 yuan/ton, in Hubei region it is around 1820 yuan/ton, and in Liaoning region it is around 1890 yuan/ton.

Supply and demand situation

In terms of supply, urea production started at a high level this week, and the urea market has sufficient supply. In terms of demand, downstream purchases are made on demand, with stable industrial and agricultural demand and decent new order volume.

3、 Future forecast

The urea analyst from Shengyi Society believes that in recent days, domestic urea prices have been fluctuating, with minor fluctuations being the main trend. At present, there is a large inventory in the market, and there is support from the demand side. It is expected that the short-term domestic urea market will mainly experience price fluctuations and consolidation.

According to the Commodity Market Analysis System of Shengyi Society, from March 7th to 14th (as of 10:00), the average price of methanol in East China ports in the domestic market fell from 2669 yuan/ton to 2656 yuan/ton, with a price drop of 0.47% during the period, a month on month increase of 3.04%, and a year-on-year decrease of 1.97%. Domestic methanol market volatility consolidation. At the beginning of the week, some traders restocked and production enterprises limited their shipments, driving the rise of the mainland methanol market. However, downstream buyers remained cautious after the rise, and their willingness to purchase was average, which suppressed the market. As a result, the market negotiation atmosphere weakened and prices were running weakly.

As of the close on March 13th, the closing price of methanol futures on Zhengzhou Commodity Exchange has fallen. The main contract 2505 for methanol futures opened at 2532 yuan/ton, with a highest price of 2553 yuan/ton and a lowest price of 2519 yuan/ton. It closed at 2539 yuan/ton in the closing session, a decrease of 22 yuan or 0.86% from the previous trading day’s settlement. The trading volume is 739859 lots, the position is 873077 lots, and the daily increase position is -7501 lots.

In terms of cost, with the warming weather in most parts of the country and the end of the heating season in the north, the demand for electricity from residents continues to weaken. Coupled with the increase in clean energy output such as hydropower, thermal power units will gradually enter maintenance mode, and daily power consumption of power plants is still expected to decline. In addition, there is still pressure on coal storage in upstream and downstream ports, and downward pressure on coal prices. The large-scale procurement of power by terminals is still insufficient, and the main focus in the future may still be on demand driven transportation. The cost of methanol is influenced by negative factors.

On the demand side, downstream acetic acid: Guangxi Huayi is expected to complete maintenance, and the demand for acetic acid will increase; Downstream formaldehyde: The start-up of the Xinquan plant in Baoji has led to an increase in formaldehyde demand; Downstream dimethyl ether: Yunnan pyrolysis plant storage and operation plan, increasing demand for dimethyl ether; Downstream MTBE: The shutdown of Shandong Lushanfa has affected production, Reduced MTBE demand; Downstream chloride: The maintenance of Jinling Dongying unit has reduced the demand for chloride. The majority of downstream demand for methanol has increased, and the demand for methanol is influenced by favorable factors.

On the supply side, the overall loss of equipment is greater than the recovery amount, resulting in a decrease in capacity utilization. The supply of methanol is affected by favorable factors.

In terms of external markets, as of the close of March 13th, the closing price of CFR Southeast Asia methanol market was 369.50-370.50 US dollars/ton. The closing price of the US Gulf methanol market is 107.00-108.00 cents per gallon; The closing price of FOB Rotterdam methanol market is 354.50-355.50 euros/ton, down 1 euro/ton.

In the future forecast, domestic construction will remain at a relatively high level, downstream MTO units will restart, and traditional demand will remain relatively stable, with good performance in the real world. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly focus on strong consolidation.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of March 10th, the reference average price of the domestic urea market was 1871 yuan/ton, which is 1.11% lower than the reference average price of 1892 yuan/ton on March 1st.

2、 Market analysis

market conditions

In early March, the domestic urea market prices fell. As of March 10th, the factory price of urea in Shandong region is around 1800-1830 yuan/ton, in Hebei region it is around 1850 yuan/ton, in Henan region it is around 1800-1820 yuan/ton, in Hubei region it is around 1830 yuan/ton, and in Liaoning region it is around 1860 yuan/ton.

Supply and demand situation

This week, the urea market has sufficient supply and cautious market demand. On the supply side, urea production started at a high level this week, with stable market supply and sufficient inventory levels. In terms of demand, downstream purchases are made on demand, and the market transaction atmosphere is flat, with limited follow-up on new orders.

3、 Future forecast

The urea analyst from Shengyi Society believes that the domestic urea price has started to slightly rebound after a continuous decline in recent days. At present, it is the peak season for spring plowing, and the demand for urea in the market is still high. But overall inventory remains high. It is expected that the domestic urea market price will remain stable and rise in the short term.