According to the Commodity Market Analysis System of Shengyi Society, the domestic aggregated MDI market first fell and then rose in April, rebounding at the bottom. From April 1st to 28th, the domestic market price of aggregated MDI increased from 16183 yuan/ton to 15316 yuan/ton, with a monthly price drop of 5.36% and a year-on-year price drop of 9.1%.

In early April, the aggregated MDI market experienced a unilateral decline. Domestic MDI devices are operating at medium to high loads, with fast market supply filling and downstream entry at low prices, resulting in average demand. In addition, with the arrival of tariff policies, the export market has been suppressed, and the news is bearish. Under the pessimistic mentality of the industry, prices are weak and declining.
In the middle and late of the month, the price of aggregated MDI fell to a low level, and mainstream manufacturers closed down, restricted sales, suspended sales, and had frequent maintenance plans. The supply side actively pushed up prices, the trading atmosphere improved, and intermediaries bought inventory at low prices. Aggregate MDI stopped falling and rose.
On the supply side, Ningbo Wanhua’s 1.2 million ton MDI plant is operating with reduced load. Shanghai Huntsman’s 350000 ton annual production facility will be shut down for maintenance in mid May, with a maintenance cycle of approximately three weeks. BASF Shanghai has a maintenance plan for its 250000 ton plant in May, while Dongcao Japan has a maintenance plan for its 7+130000 ton plant in May.
On the cost side, raw material pure benzene: In April, the pure benzene market was affected by international oil prices, external market conditions, and demand Under the influence of multiple factors such as 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 10.87%. Raw material aniline: The domestic aniline market is weak and declining. As of April 28th, the benchmark price of aniline in Shengyi Society was 7532 yuan/ton, a decrease of 6.14% in April.
On the demand side, downstream urgent procurement, entering the market at low prices. In April, the export market was suppressed due to the impact of tariff policies.
Future forecast: The current MDI market is experiencing tight supply, low inventory levels among intermediaries, and average follow-up on the demand side. We will closely monitor the May guidance prices and maintenance plans of major manufacturers, and expect the short-term aggregated MDI market to fluctuate within a certain range.

The price of plasticizer DOP fluctuated and fell in April

According to the Commodity Market Analysis System of Shengyi Society, as of April 28th, the DOP price was 8175 yuan/ton, a fluctuating decrease of 1.37% from the April 1st DOP price of 8288.75 yuan/ton. The operating rate of plasticizer DOP enterprises has dropped to about 50%, the production of plasticizer DOP has decreased, the price of phthalic anhydride has fluctuated and fallen, the price of isooctanol has fluctuated and fallen, the cost of plasticizer DOP has decreased, and the demand for cost reduction is weak. In April, the price of plasticizer fluctuated and fell.
The price of raw material isooctanol fluctuated and fell in April
According to the Commodity Market Analysis System of Shengyi Society, as of April 28th, the price of isooctanol was 7483.33 yuan/ton, a fluctuating decrease of 3.44% compared to the price of 7750 yuan/ton on April 1st. In April, the price of isooctanol fell to its lowest point in 21 years. Isooctanol enterprises added new production capacity, and the domestic self-sufficiency rate of isooctanol increased to over 95%. The import of isooctanol decreased significantly, and the overall market supply of isooctanol remained stable. The downward pressure on isooctanol prices weakened, and upward support still exists. The cost of plasticizers has stopped falling and stabilized.
The price of raw material phthalic anhydride fluctuated and fell in April
According to the Commodity Market Analysis System of Shengyi Society, as of April 28th, the price of phthalic anhydride in neighboring countries was 7166.67 yuan/ton, a fluctuating decrease of 3.59% compared to the price of 7433.33 yuan/ton on April 1st. At the end of March, multiple phthalic anhydride manufacturers stopped for maintenance, and the operating load of phthalic anhydride manufacturers decreased to about 50%. The supply of phthalic anhydride decreased, and the price of phthalic anhydride rose sharply. With the slow recovery of equipment operation in phthalic anhydride enterprises in April, the price of phthalic anhydride fluctuated and fell, and downstream centralized procurement supported the demand for phthalic anhydride, and the price of phthalic anhydride stopped falling and stabilized.
US tariff policy exacerbates weak downstream demand for plasticizers
Domestic end users have resumed production, but the increase in new orders is slow. Many end users have available raw material inventory, and the digestion speed of DOP market supply is slow. In March, the increase in export market eased domestic supply pressure. In April, the US increased tariffs on Chinese goods, causing market concerns. At the same time, the purchasing sentiment of foreign trade enterprises towards the DOP market sharply cooled down. Under the bearish sentiment in the market, domestic trade demand also weakened, and the market buying atmosphere plummeted. Market inventory increased, and downstream demand weakened.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, isooctanol prices will consolidate at a low level, phthalic anhydride prices will stop falling and consolidate, and the cost of plasticizer DOP will stabilize in the future; On the supply side, the operating load of plasticizer enterprises is stabilizing at a low level; In terms of demand, downstream production remains weak, and US tariffs affect the expected demand for plasticizers in the market, resulting in continued weak demand for plasticizers. Overall, with stable costs and weak supply and demand, it is expected that the price of plasticizer DOP will fluctuate and stabilize in the future.

The main player in the asphalt market in Shandong region. According to monitoring data from Shengyi Society, the market price of heavy-duty asphalt # 70 in Shandong Province was 3440 yuan/ton on April 11th, and as of the 25th, the exit price in Shandong Province was 3560 yuan/ton, an increase of 2.12%.

There are signs of construction in terminal factories in Shandong region, with some end users stocking up and refineries shipping smoothly, while some refineries maintain limited shipments. Overall, market resources are tight, and the supply of goods from Jingbo on Friday is scarce. From a downstream perspective, the increase in demand is still acceptable, but the middle and lower reaches are still resistant to high prices.
From the perspective of Shengyi Society, Shandong’s local refineries have limited shipments, and the supply of goods in the entire North China region is relatively tight, supporting price increases. The slow release of demand in other regions has limited the upward space of asphalt prices, and we will continue to monitor the fluctuations in upstream crude oil prices.

According to the Commodity Market Analysis System of Shengyi Society, from April 21st to 25th (as of 15:00), the average price of methanol in East China ports in the domestic market increased from 2415 yuan/ton to 2418 yuan/ton, with a price increase of 0.10% during the period, a month on month decrease of 9.40%, and a year-on-year decrease of 7.40%. The recent demand for pre holiday stocking of methanol downstream in mainland China has provided some support for the market atmosphere, with smooth shipments from enterprises. However, there is still a wait-and-see attitude towards high prices, and market price changes are limited.

As of the close on April 25th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract 2505 for methanol futures opened at 2288 yuan/ton, with a highest price of 2302 yuan/ton and a lowest price of 2277 yuan/ton. It closed at 2288 yuan/ton in the closing session, up 2% or 0.09% from the previous trading day’s settlement. The trading volume is 472101 lots, the position is 662561 lots, and the daily increase is 4749 lots.
In terms of cost, the thermal coal market has been operating weakly and steadily recently. Most of the coal mines in the main production area are producing and selling normally, while some coal mines have temporarily stopped production due to equipment failures, and the overall supply has remained stable. At present, the release of downstream demand is limited, and enterprise procurement tends to be cautious. The market’s wait-and-see sentiment is beginning to heat up, and coal prices will maintain a fluctuating and weak trend in the short term. The cost of methanol is influenced by negative factors.
Demand side, downstream acetic acid: expected increase in acetic acid demand; Downstream chlorides: The restart of the early load reduction device for chlorides has increased the demand for methanol; Downstream dimethyl ether: Increased demand for dimethyl ether; Downstream MTBE: MTBE demand decreases; There is currently no maintenance or restart device for formaldehyde, and the demand fluctuation is not significant. The majority of downstream demand for methanol has increased, and the demand for methanol is influenced by favorable factors.
Supply side, partial device maintenance; Partial device restoration. The overall loss exceeds the recovery, 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 April 24th, the CFR Southeast Asian methanol market closed at $339.50-340.50 per ton. The closing price of the US Gulf methanol market is 88.00-89.00 cents per gallon; The closing price of FOB Rotterdam methanol market is 269.50-270.50 euros/ton, down 5 euros/ton.
Market forecast: As the May Day holiday approaches, there will be a partial release of replenishment demand for traditional downstream demand, and the planned maintenance of MTO facilities in North China will lead to a decline in industry consumption. The methanol analyst from Shengyi Society predicts that the domestic methanol spot market will mainly consolidate.

According to the analysis system of Shengyi Society, as of April 22, the benchmark price of hydrofluoric acid in Shengyi Society was 12450 yuan/ton, an increase of 1.63% compared to the beginning of this month (12250 yuan/ton).
On the raw material side, the fluorite sulfuric acid market continues to operate weakly, and the cost pressure on anhydrous hydrogen fluoride production enterprises has eased to some extent. According to the analysis system of Shengyi Society, as of April 22, the benchmark price of Shengyi Society’s fluorite was 3718.75 yuan/ton, a decrease of -1.49% compared to the beginning of this month (3775.00 yuan/ton).
On the demand side: Although downstream refrigerants are in the traditional peak season, due to high raw material prices, downstream procurement is cautious and mainly based on demand. The market trading atmosphere is average, and some companies have reduced their raw material demand due to profit losses.
Market forecast: In the near future, there will be a slight downward trend in the market price of raw material fluorite sulfuric acid, which will alleviate the cost pressure on anhydrous hydrogen fluoride production enterprises. However, it is expected that the decline in raw material prices will not be too large. Downstream refrigerant demand is average, and on-demand procurement is the main focus. It is expected that the anhydrous hydrogen fluoride market will operate weakly in the later stage, and more attention should be paid to the news of leading enterprises and market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated downward this week, and from April 14 to April 21, 2025, the price of mixed xylene decreased from 6000 yuan/ton to 5850 yuan/ton, a decrease of 2.5%. On Thursday of this week, refinery prices in Shandong region generally decreased, and downstream procurement enthusiasm was generally biased towards rigid demand, with overall trading being relatively light. Sinopec’s price reduction in the South China region has affected market sentiment, resulting in an overall decline in prices, weak market transactions, and limited purchasing enthusiasm.
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:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of April 21st, East China Company quoted 5950 yuan/ton, North China Company quoted 5600-5850 yuan/ton, South China Company quoted 5850-5900 yuan/ton, and Central China Company quoted 5750-5950 yuan/ton.
Demand side:
On April 21st, Sinopec Sales Company temporarily stabilized the price of xylene, with a current price of 6800 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities are operating stably with normal sales, and the price is unchanged from April 12th. As of April 17th, the closing prices of the xylene market in Asia were $715-717/ton FOB Korea and $740-742/ton CFR China, a decrease of $6/ton from the 11th price.
Market forecast: Crude oil prices are expected to rise, and there is still room for upward movement in the market. Cost support is still acceptable. Recently, the inventory in Shandong region has been low on the supply side, and refineries are actively shipping. The overall supply of goods from ports in East and South China is still acceptable, and the overall supply side is relatively stable. The overall downstream procurement on the demand side tends to be rigid, and the support on the demand side is limited. Overall, the supply and demand situation is still slightly bearish, and it is expected to operate weakly in the short term.

This week, the domestic fluorite price trend has slightly declined. As of the weekend, the average price of fluorite in China was 3725 yuan/ton, a decrease of 0.5% from the beginning of the week price of 3743.75 yuan/ton, and a year-on-year increase of 4.93%.

Supply side: Some manufacturers have started production, and the supply of fluorite has increased
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The supply of fluorite sources is still tight. However, as the temperature rises, northern enterprises are gradually starting production, and the supply of fluorite from on-site enterprises has increased. This week, the fluorite market has slightly declined.
Demand side: The price of hydrofluoric acid is temporarily stable, and the refrigerant market is still acceptable
This week, the domestic price of hydrofluoric acid has remained stable, and the mainstream price for hydrofluoric acid negotiations in various regions of China is 11700-12200 yuan/ton. Some downstream hydrofluoric acid units are still shut down, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. They are not actively purchasing raw fluorite. Recently, some hydrofluoric acid manufacturers have shown a downward trend, which has slightly affected the price of fluorite.
The downstream refrigerant market in the terminal is still promising, and the terminal policy of the refrigerant industry is being strengthened. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of purchasing at high prices is relatively slow, but the industry inventory is transmitting in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up in April is low, and upstream products are mainly purchased on demand. The refrigerant market trend is temporarily stable, while the fluorite market trend has slightly declined.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. However, in some areas, the lack of active fluorite procurement has led to an increase in inventory. In addition, downstream resistance to high prices is severe, and hydrofluoric acid enterprises mainly purchase on demand, with no actual increase in demand. Overall, the fluorite market price is prone to decline but difficult to rise in the short term.

According to the Commodity Market Analysis System of Shengyi Society, 85% of industrial formic acid prices in China have been running steadily. As of April 14th, the average price of formic acid was 3400 yuan/ton, with no change from the beginning of the month.

This week, the overall market price of industrial grade 85% formic acid in China remained stable, with the mainstream price around 3400 yuan/ton. The raw material sulfuric acid market is mostly on the sidelines, with some regions experiencing slight price fluctuations. Under the influence of crude oil and policies, the raw material methanol fell sharply at the beginning of the month. After falling to a low level, many downstream and trading companies restocked at the low price. In addition, some major production areas experienced equipment failures and reduced production, supporting the low rebound of the domestic methanol market. The methanol market is fluctuating and running.
The formic acid analyst from Shengyi Society believes that the current cost impact of formic acid is not significant, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides are following up on demand when entering the market. The market atmosphere is still good, and it is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term. Specific changes in market supply and demand still need to be monitored.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 11833 yuan/ton, and the price of activated carbon at the end of the week was 11866/ton, with a price increase of 0.28%.

Domestic activated carbon manufacturers have seen some price increases this week, while most have remained stable. The ex factory price of activated carbon for coconut shell water purification in East China is between 8800-13000 yuan/ton, and market demand is accelerating. Industry insiders are mostly optimistic about the future market and are focusing on market transactions.
The shipment of coconut shell charcoal for applications such as gold extraction, water purification, and filter cartridges has accelerated, especially for gold charcoal, which has received more inquiries from the African market; The shipment of fruit shell charcoal is smooth. There is a recent rebound trend in imported carbide materials, so pay more attention to the transaction situation.
Prediction: The trading atmosphere in the activated carbon market is active, and it is expected that the price of activated carbon will mainly fluctuate with a strong trend in the short term.

1、 Trend analysis
As shown in the above figure, copper prices rose first and then fell this week. As of this weekend, the spot copper quotation is 79100 yuan/ton, a decrease of 1.09% from 79970 yuan/ton at the beginning of the week, an increase of 7.14% from the beginning of the year, and a year-on-year increase of 7.81%.
Copper weekly fluctuation chart
According to the weekly rise and fall chart of Shengyi Society, in the past three months, copper prices have fallen 3 times and risen 8 times, with a slight decline this week.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory fluctuated narrowly, with 211875 tons of LME copper inventory as of the weekend, down 0.24% from the beginning of the month.
Macro wise: US President Trump announced on Wednesday that he will impose a 10% benchmark tariff on all imported goods, as the escalation of the trade war has boosted risk aversion and put pressure on the copper market to sell funds.
Supply side: The global copper mine expansion cycle is coming to an end, with scarce new projects and extreme weather shocks. The growth rate of mineral resources (2.2%) is significantly lower than that of refined copper consumption (2.9%); The processing fee for copper concentrate continues to be under pressure (domestic rough refining fee of -24.32 USD/ton, long order processing fee of 21.3 USD/ton), and the operating rate of Chinese smelters has dropped to the critical value of 80%. The pressure of production reduction has forced the expansion of spot premium.
On the demand side: China’s power grid investment increased by 13%, and the US manufacturing industry needs to restructure the power system (copper consumption may increase from 1.8 million tons/year to 2.5 million tons/year); The copper consumption of a single AI server has increased by 30% compared to traditional models, and the penetration rate of new energy vehicles has increased, coupled with the expansion of photovoltaic/wind power installations. Despite the rebound in domestic demand and the narrowing decline in real estate prices boosting the market, the implementation of US tariffs has driven up risk aversion and dominated the market.
In summary, the tension in the copper mining sector continues, but the current market is more concerned about whether terminal demand has improved. It is a fact that the peak season of Gold Three is not prosperous, while the consumption prospects of Silver Four are questionable. Coupled with the increase in arrivals in some regions, the depletion of domestic refined copper social inventory has been suspended, the increase in regenerated smelting production, and the high production schedule in April, the supply pressure has become apparent. In addition, weak market transactions, insufficient replenishment during the Qingming Festival holiday, and increased pressure on copper prices. It is expected that copper prices will mainly fluctuate at high levels.