1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the aniline market accelerated its decline in April and remained stable at a low level at the end of the month. On April 1st, the market price of aniline was 8025 yuan/ton, and on April 28th it was 7532 yuan/ton, a decrease of 6.14% during the month and a decrease of 38.72% compared to the same period last year.
2、 Analysis and Review
Aniline maintained a downward trend in April. At the beginning of the month, the raw material pure benzene stopped falling and rebounded, with increased support for aniline. However, the demand was average and supported by cost, while aniline remained stable. Subsequently, due to the impact of tariff policies, the pure benzene market saw a significant decline, coupled with the restart of major aniline maintenance facilities, leading to an expected increase in supply. Downstream market entry is cautious, procurement is relatively light, and under the influence of multiple negative factors, aniline has been lowered by 400 yuan/ton, and the mainstream price has fallen to 7500-7600 yuan/ton. Before the May Day holiday, with downstream stocking demand, the shipment of aniline accelerated and prices stabilized.
Pure benzene: In April, the pure benzene market fluctuated and fell due to multiple factors such as international oil prices, external markets, styrene, and tariff policies. The average price of pure benzene on April 1st was 6659 yuan/ton, and the average price at the end of the month was 5935 yuan/ton, with a monthly decline of up to 10.96%.
3、 Future expectations
At present, the price of aniline is low, and factories have a strong willingness to raise prices. However, there is still a possibility of a downward trend in the future raw material pure benzene, and it is expected that the aniline market will operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic butadiene market first fell and then rose in April 2025. From April 1st to 28th, the domestic butadiene market price fell from 11000 yuan/ton to 9300 yuan/ton, with a price drop of 15.45% during the cycle.

In the first half of the month, the domestic butadiene market showed an upward trend followed by a downward trend throughout the week. As the holiday approaches, some downstream stocks will replenish their positions after falling. At the beginning of the week, market transactions were relatively concentrated. With some auction sources selling at a premium, the market trend has significantly shifted upwards. Although the supply side prices remained firm, there was a slight stalemate in the high end of the week’s trading volume. At the same time, the news of the US tariffs affected the futures market, causing downstream buyers to be cautious. After a short-term fluctuation, the market saw a significant decline in prices.
Mid month: The domestic butadiene market has experienced a significant decline in this cycle. Under the influence of international news such as equivalent tariffs, the crude oil and synthetic rubber futures markets have fallen widely, and the cost and demand sides have had a significant impact on the butadiene market, dragging down the mentality of the spot market. On the supply side, the port arrival situation this week is good, and the overall supply of butadiene is relatively loose. Under the comprehensive influence of the above news, the butadiene market fell sharply this week. Due to a slight improvement in fundamentals over the weekend, the butadiene market has slightly rebounded.
At the end of the month, the domestic butadiene market slightly rebounded. With the previous market price continuously declining, the market price continued to operate at a low level. Some downstream enterprises purchased at low prices, and the market trading atmosphere slightly improved. The market stopped falling and rebounded.
Cost wise: The international crude oil market experienced a broad decline in the first half of April, with fluctuations in the mid to late period. At the beginning of April, the international oil price market experienced a significant decline. On the one hand, the US tariff trade war and tariff trade barriers had a huge impact on the global economy, increasing uncertainty in the future. The market believes that the risk of the United States falling into an economic recession has increased, and this will have a huge negative impact on global economic growth. On the other hand, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced future production increases, which also had a negative impact on crude oil and led to a significant decrease in international oil prices. As the international situation gradually stabilized, crude oil entered a range of volatile trends. As of April 25th, international crude oil futures have risen. The settlement price of the main contract for WTI crude oil futures in the United States was $63.02 per barrel, an increase of $0.23 or 0.4%. The settlement price of the main Brent crude oil futures contract was $66.87 per barrel, an increase of $0.32 or 0.5%.
Supply side: The listed prices of butadiene for various sales companies of Sinopec have overall declined this month, with a target price of 9100 yuan/ton as of the 28th. Recently, the comprehensive operating rate of the domestic butadiene industry has not changed much, and the overall supply is relatively stable.
On the demand side, the butadiene rubber market in April first fell and then rose, with an overall decline. According to the commodity market analysis system of Shengyi Society, as of April 28th, the futures prices of butadiene rubber in the East China region had a narrow range of consolidation, market transactions were flat, and merchant offers had a narrow range of consolidation. At present, the mainstream prices in Daqing, Yangtze, and Qilu Shunding are 11900~12200 yuan/ton; Some private brands are priced around 11700~11900 yuan/ton.
Market forecast: As the holiday approaches, there will be a demand for replenishing essential inventory downstream, which will drive up prices in the spot market. Recently, some new equipment production capacity has been released on the supply side, and port inventory is slightly higher. The overall supply of butadiene in the market is relatively loose. The recent increase in downstream production of butadiene rubber on the demand side has provided some support for the demand for butadiene. Overall, under the support of demand, the butadiene market has been operating steadily with a moderate to strong trend recently.

According to the Commodity Market Analysis System of Shengyi Society, as of the 25th, the price of ethyl acetate was 5533.33 yuan/ton, a decrease of 0.48% compared to the price of 5560.00 yuan/ton on April 18th, and a decrease of 0.78% compared to the beginning of the month. The supply side equipment is running steadily, the raw material market is weak, downstream demand is following up, and there is insufficient positive news in the market. The ethyl acetate market is consolidating and declining.

This week, there has been little change in the operation of domestic ethyl acetate plants, and the market supply of goods is relatively sufficient. The price of acetic acid on the raw material side is weak and downward, and the cost support is weak. Downstream consumption in demand is slow, and market purchases are mainly based on demand. The market trading atmosphere is weak, and actual transactions on the market are limited. The focus of ethyl acetate negotiations has fallen.
In the future, the operation of the ethyl acetate plant will remain stable, with no plans for future changes. Enterprises will mainly focus on shipments, while the upstream market will be weak. Downstream market entry will be based on demand, and there will be a lack of favorable market conditions. It is expected that the price of ethyl acetate will operate on a wait-and-see basis in the short term, and specific attention will be paid to changes in the supplier’s plant and downstream follow-up.

According to the Commodity Market Analysis System of Shengyi Society, the price of TDI in the domestic market has recently stopped falling and risen. Currently, the price of domestically produced TDI products is around 10300-10600 yuan/ton, while the price of Shanghai products is around 10700-10900 yuan/ton. Due to the price falling to a low level, the supply side pushed up prices, and traders followed the market trend. The downstream buying and selling atmosphere was average, with a focus on basic needs. Affected by tariff policies, overseas orders are poor, and it is expected that the TDI market will fluctuate within a certain range in the short term.

According to the Commodity Market Analysis System of Shengyi Society, from April 14th to April 21st, the domestic butadiene market price decreased from 8966.67 yuan/ton to 8100 yuan/ton, with a price reduction of 9.67% during the period. This cycle, the domestic butadiene market continues to decline significantly, with news coverage remaining bearish. The downstream synthetic rubber futures market has experienced a wide decline, and the cost and demand aspects have had a significant impact on the butadiene market, dragging down the mentality of the spot market. On the supply side, the port arrival situation this week is good. The overall supply of butadiene is relatively loose, and the demand side has been relatively rigid recently. The market trading is weak. As of April 21, the delivery price in the Shandong Luzhong area is 8700 yuan/ton, and the reference price for self pickup from the East China tank is 8500 yuan/ton.

On the cost side: International oil prices have fluctuated upwards this cycle, with the settlement price of the main contract for US WTI crude oil futures as of April 18th at $63.98 per barrel. The settlement price of the main Brent crude oil futures contract is $67.26 per barrel.
Supply side: The listed price of butadiene for various sales companies of Sinopec is 9000 yuan/ton, and it will be lowered by 1000 yuan/ton this week.
Demand side: According to the Commodity Market Analysis System of Shengyi Society, as of April 21st, the market situation of Shunding rubber in East China has been weakly consolidated. The futures price of Shunding rubber has been adjusted narrowly, with weak market transactions and narrow adjustments in merchant offers. At present, the mainstream prices in Daqing, Yangtze, and Qilu Shunding are 11700-12000 yuan/ton; Some private brands are priced around 11550-11800 yuan/ton. The price of raw material butadiene has significantly decreased, and the cost support for butadiene rubber has weakened significantly; The production of butadiene rubber has slightly decreased, and there is not much pressure on the supply side; Downstream production slightly decreased, and inquiries for Shunding rubber were light due to the impact of international trade trends. The merchant’s offer has significantly decreased.
Market forecast: The recent arrival of supply in Hong Kong is expected to be good, and some new domestic production capacity is expected to be put into operation, resulting in an overall bearish supply situation. The downstream synthetic rubber futures market on the demand side is declining, and the overall operating rate is also decreasing. The overall demand still maintains on-demand procurement. Overall, the supply and demand performance of the butadiene market is bearish, and it is expected to remain weak in the short term.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the price of aniline has fallen sharply this week. On April 14th, the market price of aniline was 7925 yuan/ton, and on April 18th it was 7532 yuan/ton, a decrease of 4.95% during the period and a decrease of 36.81% compared to the same period last year.
2、 Analysis and Review
This week, the aniline market in Shandong has shown a significant decline, while other regions have temporarily stabilized. During the week, major factories in Shandong province lowered their prices by 400 yuan/ton, and the mainstream price of aniline dropped to 7500-7600 yuan/ton. Mainstream factories in these areas restarted their maintenance facilities, leading to an expected increase in supply. Downstream market entry was cautious, while upstream sales were sluggish, resulting in a sluggish market atmosphere. As a result, the price of aniline was significantly lowered to a low level.
Cost wise: The pure benzene market has been further affected by tariff policies recently, resulting in a further decline in prices. There has been a slight rebound this week, but the policy situation is currently unclear, and price support is insufficient, with limited momentum for further upward movement in the future.
3、 Future expectations
The current price of pure benzene raw material is weak, and the purchasing and sales atmosphere of the aniline market is not good. 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 April 11th, the reference average price of 85% industrial grade phosphoric acid in China was 6860 yuan/ton, which is 0.29% higher than the reference average price of 6840 yuan/ton on April 7th.

2、 Market analysis
Market Aspects
The domestic phosphoric acid market prices have risen this week. As of April 11th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6500-7000 yuan/ton, and the ex factory price of 85% thermal phosphoric acid in Sichuan region is around 6900-7100 yuan/ton. The domestic market price for 85% wet process phosphoric acid is around 6650-7300 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. After the rise in the yellow phosphorus market this week, it has been running steadily, and enterprises are still mainly issuing early orders. At present, the supply in the spot market is tight, and downstream demand for replenishment is urgent. Expected short-term consolidation and operation of domestic yellow phosphorus prices.
Supply and demand side
The supply and demand balance in the phosphoric acid market this week. At present, the supply of phosphoric acid in the market is stable, with stable shipments on the demand side and downstream procurement based on demand. Expected to maintain a balance between supply and demand in the short term.
3、 Future forecast
The phosphate analyst from Shengyi Society believes that the recent rise in the phosphate market has led to consolidation and operation. The price of raw material yellow phosphorus has increased, leading to an increase in cost support. Phosphoric acid companies have followed the increase in raw material prices, and market transactions are still acceptable. It is expected that the domestic phosphoric acid market will strengthen and consolidate in the short term.

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.