From May 25th to 29th, the domestic BDO price dropped from 8404 yuan/ton to 8166 yuan/ton, with a price drop of 2.86% during the period, a month on month drop of 4.16%, and a year-on-year increase of 0.73%. The supply and demand pressure in the domestic BDO market still exists, and downstream industries are experiencing a downturn, resulting in a compressed profit margin and a negative market sentiment, driving the market focus to continue to decline.

On the supply side, in terms of equipment, there is no significant change in the overall supply volume, and the support on the supply side is average. The positive impact of BDO supply has weakened.
On the cost side, in terms of calcium carbide, the price of raw material blue charcoal has risen, providing strong support for the cost side of calcium carbide prices. In terms of methanol, the methanol market is operating weakly. The raw material calcium carbide market is improving, while the methanol market is weak, and the impact of BDO cost is mixed.
On the demand side, downstream production of GBL and PU pulp has declined, resulting in a slight reduction in raw material digestion and increased supply and demand pressure in the industry. At the same time, the weak performance of terminal demand has driven downstream industries to continue to decline, compressing profit margins and transmitting bearish sentiment upwards, resulting in strong bargaining sentiment towards raw materials. The demand side of BDO is affected by bearish factors.
The future forecast shows a reduction in supply and stable demand, but the inventory in the early stage needs to be digested, and the bearish purchasing and selling mentality of the main players continues. Insufficient fundamental support and poor transmission of industrial chain costs have led to a mainstream mentality of holding onto the shipment of goods, dragging the market center of gravity downward. Overall, BDO analysts from Shengyi Society predict that the domestic BDO market may decline again.

In May 2026, the domestic phenol market experienced an overall downward trend with no significant rebound, and a bearish sentiment persisted throughout the month. After the May Day holiday, the market quickly fell, and mainstream domestic production enterprises continued to lower their factory quotes in the middle and late stages, further dragging down spot prices. In terms of price, the spot price in East China was quoted at 8300-8500 yuan/ton at the beginning of the month, but fell to 7400-7600 yuan/ton at the end of the month, a monthly decline of 11.7%. The imbalance of regional supply flow has led to the continuous influx of Shandong’s supply into East China, exacerbating local inventory pressure.

Insufficient support for raw material costs: The upstream pure benzene market has slightly weakened, and the fluctuation and decline of crude oil have dragged down the overall cost of chemical products. Coupled with sufficient supply of pure benzene itself and flat downstream demand, it is difficult for the raw material side to provide price support for phenol, and the cost defense line has loosened, opening up space for the decline of phenol.
The overall market supply is abundant: the average operating rate of domestic phenol ketone units remains at a high level of 82%. Although some units have undergone maintenance and load reduction, the operation of large-scale integrated refining and chemical units is stable, and the overall supply of goods is sufficient. At the same time, the industry’s inventory is slowly accumulating, traders have a strong willingness to cash out from shipments, the market’s supply is loose, and suppliers are lowering prices to reduce inventory, driving the market to continue to weaken.
Downstream demand continues to be weak: The weak demand for phenol in the two major downstream markets is the main reason for the downward trend in the market. The production of bisphenol A and phenolic resin industries remains at a low level, with weak market conditions and limited profits. Downstream factories only require immediate procurement without centralized inventory replenishment. The slow recovery of the real estate and automotive terminal industries, coupled with high inventory of downstream finished products, extreme caution in raw material procurement, and no positive release from the demand side.
After the holiday, the demand fell short of market expectations, and the bullish sentiment in the market quickly dissipated. Traders and downstream remained cautious, and spot trading was sluggish. The synchronized weakening of the market further suppresses market confidence, with a majority of selling in the market and a lack of momentum to stop the decline and rebound.
East China: Market trendsetter, with the largest decline and overall light trading volume; North China/Shandong: Following the downward trend in East China, the main source of goods is for export, with a slightly smaller decline compared to East China; South China: Supported by logistics and local demand, it has slightly stronger resistance to decline, but overall it still follows the market’s decline.
In the short term, the weak supply and demand pattern of phenol in early June is difficult to improve, and the price is likely to fluctuate narrowly at a low level. The mainstream range of spot prices in East China is 7400-7600 yuan/ton, with limited room for both major and major declines. In late June, as the traditional peak season for chemical industry approaches, downstream facilities are expected to restart in a concentrated manner. Coupled with the stabilization of crude oil and pure benzene costs, the phenol market is expected to stop falling and rebound slightly, with prices expected to recover to 7500-8000 yuan/ton.

1、 Price trend

This week, the price of aniline has declined. On May 18th, the market price of aniline was 11462 yuan/ton, and on May 22nd, it was 11062 yuan/ton. The price dropped by 3.49% during the week and increased by 45.08% compared to the same period last year.
2、 Analysis and Review
This week, the aniline market has experienced a weak decline, and the price of raw material pure benzene has recently been weakly lowered, leading to insufficient market confidence and weakened purchasing power. Aniline companies have lowered prices by 100 yuan/ton and 300 yuan/ton respectively to stimulate sales. As of Friday, the mainstream price of aniline has dropped to 11000-11200 yuan/ton.
Cost aspect: Recently, the pure benzene market has fluctuated within a certain range. Due to the continued restrictions on passage through the Strait of Hormuz, some Asian refineries have gradually reduced production, resulting in a significant contraction in pure benzene supply; The downstream negative feedback of pure benzene continues, but the overall supply and demand expectations for pure benzene remain tight, and port inventories continue to decline, providing support for prices.
3、 Future expectations
After the price fell, the demand side of the aniline market eased, and downstream gradually followed suit. Without significant changes in the raw material side, it is expected that the aniline market will consolidate and operate in the short term.

In May, the price of phthalic anhydride in neighboring countries remained weak and stabilized
As of May 19th, the price of phthalic anhydride from neighboring countries was 8916.67 yuan/ton, which fluctuated and fell by 0.19% compared to the price of phthalic anhydride on May 1st, which was 8933.33 yuan/ton. The current price is at a mid to high level within a one-year range, with a minimum annual value of 5533.33 yuan/ton and a maximum value of 9833.33 yuan/ton. The current price is above the median value of 7683.33 yuan/ton. In May, the price of phthalic anhydride from neighboring countries decreased, while the price of phthalic anhydride from naphthalene method increased.
In May, the phthalic anhydride market was strong in naphthalene and weak in neighboring countries
The core feature of the phthalic anhydride market in May was the significant strengthening of naphthalene phthalic anhydride and the weak consolidation of neighboring phthalic anhydride: the ex factory price of naphthalene phthalic anhydride in Hebei Province rose from 7500 yuan/ton on April 30 to 8000-8100 yuan/ton on May 18, with a cumulative increase of about 550 yuan/ton, or about 7.33%. The inventory of naphthalene phthalic anhydride industry is generally oversold, and the supply remains tight. The overall performance of phthalic anhydride shows a pattern of “weak consolidation, stable but not rising”. The neighboring method is suppressed by demand, while the naphthalene method is driven by supply shortages, and the price difference between the two is narrowing.
Stable cost support for phthalic anhydride
The neighboring benzene manufacturers are in a period of shutdown and maintenance, with reduced supply and stable prices; As the core raw material of phthalic anhydride, ortho benzene has been under price pressure recently; Industrial naphthalene supports the cost end of naphthalene based phthalic anhydride.
Phthalic anhydride supply first decreases and then stabilizes
In May, the operating rate of the phthalic anhydride industry showed a trend of first decreasing and then stabilizing: at the end of April and the beginning of May, the operating rate of phthalic anhydride enterprises ranged from 65% to 70%, and then the operating rate of neighboring plants gradually decreased due to profit suppression and maintenance. The overall operating rate of the industry was less than 60%. As of May 19th, the operating rate of phthalic anhydride remained stable at around 62%, and the operating rate of naphthalene method remained high and stable. The overall operating rate of phthalic anhydride enterprises has declined in May, and the supply of phthalic anhydride has tightened.
Demand side: Weak consolidation
The main downstream consumer area of phthalic anhydride, the plasticizer sector, is trending towards weakness: the production and sales of the terminal industry are not strong, the consumption of plasticizer suppliers is limited, and plasticizer prices are fluctuating and falling. Downstream procurement is mainly focused on essential needs, and inventory is replenished at low prices, resulting in a low overall purchasing willingness. The demand side support is limited, but essential procurement still provides a bottom line for phthalic anhydride prices, and industry inventory remains at a low level. The low inventory of phthalic anhydride manufacturers and the overall low inventory of the industry, coupled with tightening supply, have to some extent offset the pressure of insufficient demand.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in the short term, on the cost side, due to the deadlock in the US Iran peace talks, crude oil prices are consolidating at a high level, while the prices of ortho benzene and industrial naphthalene are stabilizing, and the overall cost side is strong and stable. Supply side: The utilization rate of domestic phthalic anhydride production capacity has declined, the market supply is tight, and coupled with the widespread overselling of inventory in the naphthalene phthalic anhydride industry, it has provided strong support for neighboring phthalic anhydride. Demand side: The plasticizer sector is operating weakly, with prices of DOP and DBP being weak, only supported by essential procurement. Overall, in May, the phthalic anhydride market showed a trend of “naphthalene method strengthening, neighboring method stabilizing, and overall weak consolidation”, with low industry inventory and strong demand support forming a pulling force. It is expected to maintain a weak and stable pattern in the short term, but there is still further upward space for naphthalene method phthalic anhydride prices, which may stimulate neighboring method phthalic anhydride prices to recover in advance.

According to the Commodity Analysis System of Shengyi Society, the styrene market continued to decline this week. The average price at the beginning of the week was 9560 yuan/ton, and the average price over the weekend was 9300 yuan/ton, with a decrease of 2.72% during the week.

Macro perspective: On May 14th, international crude oil futures almost closed flat. The settlement price of the June WTI crude oil futures contract in the United States was $101.17 per barrel, an increase of $0.15 or 0.2%. The settlement price of Brent crude oil futures in July was $105.72 per barrel, an increase of $0.09 and 0.1%.
On the cost side: This week, the pure benzene market has weakened and fallen, and the overall supply and demand expectations for pure benzene are still tight. Port inventories continue to decline. At present, there are still significant differences between the United States and Iran on the content of the peace talks, geopolitical fluctuations, short-term strong oil prices, and support for pure benzene reserves. However, due to the drag of demand, the upward trend is weak, and we are paying attention to the dynamics of the US Iran situation.
Supply and demand side: Some units are operating at reduced loads, leading to further expansion of losses in the styrene industry. The overall operating load of downstream 3S has slightly decreased, and the market mentality is weak.
Market forecast: The international situation is currently unclear, and oil prices will remain high and fluctuate. It is expected that the short-term market price of styrene will fluctuate with the high cost side, and attention should be paid to the geopolitical situation and changes in equipment.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of April 30th, the average quotation price of domestic high-quality DMF enterprises was 5760 yuan/ton. In April, the DMF market price showed a trend of first rising and then falling. At the beginning of the month, due to the maintenance of some equipment and the phased recovery of downstream demand, DMF prices began to slowly rise, and enterprise quotations gradually increased, creating a lively market trading atmosphere.
2、 Cause analysis
Market supply: The supply of DMF in the market is gradually increasing, but demand growth is weak, and the driving force for price increases is insufficient. A pullback has begun to occur, and by the end of the month, DMF prices have significantly fallen from the mid month high point. The overall price fluctuation is large, and there are differences in price performance in different regions. East China, as the main consumer and trading region, has more obvious price fluctuations; Prices in North China are relatively stable, but they are also influenced by overall market trends.
Raw material cost: The main raw materials for DMF are methanol and liquid ammonia. In April, the price of methanol fluctuated greatly, with a slight increase at the beginning of the month, but then a decline. The price of liquid ammonia remained relatively stable, but the overall cost still provided some support for DMF prices. The fluctuation of raw material costs poses certain challenges to the cost control of DMF production enterprises.
Downstream demand: Polyurethane is one of the main downstream application areas of DMF. In April, the demand for polyurethane industry showed a flat performance, and the demand growth of terminal furniture, automotive and other industries was slow, resulting in insufficient demand for polyurethane. As a result, the procurement volume of DMF by polyurethane production enterprises remained relatively stable and did not show significant growth. Leather industry: The demand for DMF in the leather industry is also relatively weak. Affected by environmental policies and market competition, some leather enterprises have low operating rates, resulting in a decrease in demand for DMF. At the same time, the export of leather industry products is facing certain pressure, further suppressing the demand for DMF. Electronics industry: The demand for DMF in the electronics industry is relatively small, but there was no significant growth in April. The products in the electronics industry are updated and replaced quickly, and the market demand changes greatly. DMF The demand stability is poor.
3、 Future forecast
DMF analysts from Shengyi Society believe that the situation of sufficient market supply is difficult to change in the short term, and downstream demand is also unlikely to improve significantly in the short term. If raw material prices continue to decline and DMF costs further decrease, prices may continue to decline. However, if downstream demand improves, the magnitude of price decline may be limited to a certain extent.

1、 Market Trend Review
In April 2026, the domestic PA6 market showed a trend of high peak and then falling back and oscillating. At the beginning of the month, the market continued its upward trend with strong support from raw material costs. As of April 7th, the benchmark price of PA6 in Shengyi Society has risen to 14600 yuan/ton, an increase of 3.55% from the beginning of the month, setting a new high for the year. However, in the middle and late months, the market turned to a weak oscillation after a high-level decline. As of April 21st, the benchmark price of PA6 closed at 13866.67 yuan/ton, a decrease of 1.65% from the beginning of the month and a pullback of about 5% from the high point of the year. As of April 28th, the benchmark price of PA6 has further dropped to 13400 yuan/ton, a decrease of 4.96% from the beginning of the month. Despite the monthly pullback, from an annual perspective, the price remains in the historical high range (with a maximum value of 14600 yuan/ton and a minimum value of 9066.67 yuan/ton). ‌
2、 Analysis of influencing factors
In terms of cost:
At the beginning of the month, the price of upstream raw material caprolactam remained firm, and the benchmark price of caprolactam in Shengyi Society increased from 13077.50 yuan/ton to 13357.50 yuan/ton, forming a sustained cost transmission and strong support for PA6. But after mid April, cost support significantly weakened. The weekly closing price of Sinopec Caprolactam was lowered by 230 yuan/ton to 13800 yuan/ton on April 13th, and further lowered by 150 yuan/ton to 13650 yuan/ton on April 20th. Although the final settlement price for April was set at 13570 yuan/ton, an increase of 940 yuan/ton from the previous month, indicating a long-term tight supply in the raw material market, the continuous downward adjustment of the weekly settlement price and the loosening of the benchmark price (13112.50 yuan/ton on April 21) have led to a marginal weakening of the cost support for PA6, becoming a key factor in the price decline. ‌
In terms of supply and demand:
The industry’s operating load has increased, and the release of new production capacity and the restoration of maintenance equipment have driven supply growth. The demand side has always been weak. The downstream textile and chemical fiber industries have limited acceptance of high priced raw materials, and procurement is mainly based on “replenishment of essential needs and procurement as needed”, without centralized stockpiling. There is no significant rebound in terminal orders, and the profits of textile industry enterprises in the first quarter have declined year-on-year, further confirming the sluggish demand. The market presents a stalemate pattern of “strong cost support and weak demand follow-up”, with high price transaction resistance. In the latter half of the year, downstream factories have no intention of replenishing inventory, and traders are selling at low prices to recoup funds, exacerbating the weak market atmosphere.
3、 Short term forecast for the future market
In the future, it is expected that the PA6 market will maintain a narrow consolidation and weak oscillation pattern in the short term, and there is still a possibility of a slight downward shift in the price center. The marginal weakening of cost support and sustained weak demand form a game, and price trends will highly depend on changes in raw material prices and the actual recovery progress of downstream orders.

1、 Price trend

As of April 24th, the average price of domestic industrial grade high-quality cyclohexane was 7516 yuan/ton. In early April, the market price of cyclohexane showed a relatively stable trend. Due to the relatively balanced supply and demand relationship in the market, the price fluctuation was small. However, in mid April, due to the fluctuation of international crude oil prices and the maintenance of some regional facilities, the price of cyclohexane began to show signs of increase. Some enterprises raised the ex factory price of cyclohexane by around 100-200 yuan/ton. In late April, with the gradual recovery of market supply and the weak growth of downstream demand, the upward trend of prices slowed down, and some regions even experienced a slight correction in prices.
2、 Market analysis
Market wise: In April, the trading activity of the cyclohexane market was generally average. In the early stages of price increases, traders and downstream enterprises showed increased purchasing enthusiasm and market trading volume. However, as prices continued to rise, downstream enterprises began to adopt a cautious attitude towards high priced cyclohexane, gradually reducing their purchasing volume. Some small downstream enterprises even reduced their production scale to cope with the pressure of rising costs.
In terms of demand: Nylon is one of the main downstream products of cyclohexane. In April, the overall demand performance of the nylon industry was average. Although the operating rate of nylon production enterprises in some regions has increased, due to slow growth in end market demand and high inventory pressure, the purchase volume of cyclohexane by enterprises has not increased significantly. Some enterprises have started to seek other alternatives or optimize production processes in order to reduce costs, reducing the use of cyclohexane. Solvent industry: The demand for cyclohexane in the solvent industry is relatively stable, but it was also affected to some extent in April. Due to the continuous strengthening of environmental policies, some solvent production enterprises are facing environmental pressure, and their production scale is limited, resulting in a decrease in demand for cyclohexane, The competition from other solvent products in the market has also had a certain impact on the demand for cyclohexane.
Production situation: In April, the overall operating rate of domestic cyclohexane production enterprises fluctuated. In the first ten days, some enterprises’ equipment operated normally, and the market supply was relatively stable. However, starting from mid month, some companies carried out equipment maintenance, resulting in a decrease in market supply. For example, a large cyclohexane production enterprise in East China conducted a 10 day equipment maintenance, causing a certain degree of tension in cyclohexane supply in the region. In the latter half of the year, as the maintenance equipment gradually resumed production, market supply gradually eased.
3、 Future forecast
In the short term, the price of cyclohexane may continue to fluctuate. If the price of raw material benzene continues to rise, the cost of cyclohexane will further increase, and the price may continue to rise. However, if downstream demand continues to be sluggish and market supply gradually increases, the price may face downward pressure.

According to the Commodity Market Analysis System of Shengyi Society, as of April 17, 2026, the reference price of n-butanol in Shandong Province, China was 8600 yuan/ton, a decrease of 66 yuan or 0.77% from April 13 (reference price of n-butanol was 8666 yuan/ton).

1、 Price Trend Review
This week (April 13-17), the price of n-butanol in Shandong’s market showed a weak downward trend, with the center of gravity of n-butanol market prices slightly shifting downwards and the focus of negotiations moving towards relaxation. As of April 17th, the reference price for n-butanol market in Shandong region is around 8400-8700 yuan/ton.
2、 Analysis of Core Influencing Factors
Loose cost support, average market trading
At present, the overall n-butanol market in Shandong region is weak, and the cost side propylene price is falling, which has loosened the cost support for n-butanol. Downstream users of n-butanol urgently need to purchase at low prices, and the overall trading atmosphere in the market is average. The focus of transactions is mostly on the low-end, and high-level transmission is hindered. n-butanol factories and suppliers are actively shipping to maintain low inventory.
future market forecast
Supply and demand direction analysis
At present, the supply and demand of n-butanol in Shandong are weak, and the support for n-butanol has loosened. The wait-and-see sentiment in the market is gradually increasing, and downstream users are cautious in stocking up. In the short term, it is expected that the n-butanol market in Shandong will mainly be weak and volatile, and specific changes in supply and demand news need to be closely monitored.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the market price of pure benzene in Shandong Province first rose and then fell this week, and overall the price has declined. On Monday, the price of pure benzene was 8536.67 yuan/ton, and on Friday it was 8420 yuan/ton, with a 1.37% decrease in price during the week.
2、 Market analysis
Pure benzene: This week, the market price of pure benzene in Shandong region first rose and then fell, and overall the price has declined. Recently, due to geopolitical factors, international crude oil futures prices have fallen, and confidence in the pure benzene market has weakened. This week, Sinopec’s refineries in East China, South China, and Central China have lowered the price of pure benzene by 300 yuan/ton. The latest quotation is 8700 yuan/ton, which will be implemented on April 9th. Today, Shandong’s local refining market maintained stable prices, with a weak and stable trend, while prices in the East China market fell.
This week, Sinopec lowered its price by 300 yuan/ton to 8700 yuan/ton.
Downstream aspects
3、 Future forecast
Crude oil futures: On April 9th, international crude oil futures closed higher. The settlement price of the May WTI crude oil futures contract in the United States was $97.87 per barrel, an increase of $3.46 or 3.7%. The settlement price of Brent crude oil futures in June was $95.92 per barrel, an increase of $1.17 or 1.2%.
Foreign pure benzene: On April 9th, FOB Korea rose by $47 to $1156 per ton, and CFR China rose by $47 to $1167 per ton. FOB Rotterdam rose 42 to $1181 per ton, FOB USG rose 16 to 481 cents per gallon.
Overall expectation: The short-term pure benzene market is expected to be strong and volatile, with cautious trading. Observe the cost and demand side news. Continue to monitor the trends of crude oil and external markets, as well as the impact of changes in pure benzene and downstream equipment dynamics and demand on the price of pure benzene.