According to the Commodity Market Analysis System of Shengyi Society, formic acid experienced a slight rebound at the beginning of this week. As of May 27th, the benchmark price of 85% industrial grade formic acid in China was 2600 yuan/ton, up 4% from last week.
It is reported that Luxi Chemical has mainly focused on overseas orders recently, with no increase in domestic production. The market supply has been reduced, and the source of goods is tight, resulting in an increase in formic acid prices.
The formic acid data analyst of Shengyi Society believes that the current market inventory is low, supply is reduced, and there is a short-term upward trend in formic acid prices, which may operate strongly.

Recently, the asphalt market has been operating weakly, with a relatively small decline compared to the crude oil market. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong Province was 3600 yuan/ton on May 16th, and as of the 23rd, the price was 3570 yuan/ton, a decrease of 30 yuan/ton. Overall, demand has rebounded and trading is good.
On the supply side, the operating rate of asphalt production facilities continues to rise, with refinery production gradually increasing since early April and continuing to rise in May. From a national perspective, the cumulative production in the three weeks of May was about 1.65 million tons, returning to the previous level.
From a demand perspective, the overall asphalt market is still in a gradual recovery period, basically exceeding the level of the same period in the past two years. The overall performance is optimistic. From a seasonal perspective, with the further warming of temperatures in the north, the demand level is expected to continue to rise until the third quarter, which will also be a strong support for the steady improvement of asphalt in the later period.
From a cost perspective, crude oil prices are maintaining a wide range of fluctuations, and there is still a lack of obvious upward driving factors for crude oil in the future. In the short term, crude oil will continue to operate weakly, which will also exert some pressure on the trend of asphalt.
From the perspective of Shengyi Society, the recent performance of the asphalt market has been relatively stable, with smaller fluctuations and downturns compared to crude oil. However, the overall market is currently transitioning to the peak season. Driven by consumer demand in the later stage, asphalt is expected to rise slightly, but costs and supply still have some constraints on it.

1、 Price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market fluctuated within the range this week (5.19-23), and the price performance was weak. As of Friday, the average price of SG-5 PVC carbide method in China was 4681 yuan/ton, with a price drop of 0.95% during the week.
2、 Market analysis
This week, PVC prices have fallen from a high level and have not continued the previous upward trend. The main trend this week is bearish, and most manufacturers have made price adjustments within the week, with a range of around 50 yuan/ton. The market generally followed the decline, and dealers reported a decrease in offers. The main reason is the lack of favorable fundamentals, with crude oil prices fluctuating at low levels and the futures market continuing to decline. PVC spot prices tend to follow the downward trend and are relatively weak. From the perspective of supply and demand fundamentals, the spot PVC market has shown loose supply and demand, and most manufacturers’ equipment is operating stably. The supply pressure has not changed much, dealers’ offers are generally weak, downstream demand performance is insufficient, downstream procurement is mainly based on spot prices, inquiry and procurement enthusiasm is not high, and the market atmosphere is sluggish. The hanging order price is relatively low. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of now, the quotation range for PVC SG5 electrical aggregate in China is mostly around 4650-4800 yuan/ton.
In terms of upstream calcium carbide, this week (5.19-23), the calcium carbide market remained stable, with a 0% increase or decrease according to the Commodity Analysis System of Shengyi Society. The price is still relatively low, with limited support for PVC.
3、 Future forecast
The PVC analyst from Shengyi Society believes that the sluggish performance of the PVC spot market is mainly due to low downstream operating rates, insufficient demand, and difficulty in improving the supply-demand pattern in the short term. It is expected that PVC prices will continue to maintain a range adjustment pattern next week.

According to the Commodity Market Analysis System of Shengyi Society, the price of lithium carbonate has continued to decline recently, even falling below the cost line. As of May 27th, the benchmark price of Shengyi Society’s battery grade lithium carbonate was 63466 yuan/ton, a decrease of 0.42% within 5 days, 5.46% within 10 days, and 9.03% within 30 days; The benchmark price of industrial grade lithium carbonate in Shengyi Society is 61933 yuan/ton, with a decrease of 0.75% within 5 days, 6.73% within 10 days, and 9.32% within 30 days.

Lithium salt factories move closer to salt lakes
Lithium prices continue to bottom out, and lithium salt companies are adjusting their cost structures to ensure profitability, shifting from high cost lithium mines to low-cost salt lakes.
Domestic giants such as Ganfeng Lithium and Zangge Mining have been expanding their salt lake production capacity both domestically and internationally to reduce production costs. Previously, 70000/ton was seen as the cost line for lithium carbonate prices in the industry, but as production capacity approaches salt lakes, the cost line may drop to 50000/ton.
Demand gradually slows down
Although the production and installation of power batteries have maintained high growth, the growth rate will gradually slow down due to the already high penetration rate of new energy vehicles in China.
Business Society’s lithium carbonate data analyst believes that under the situation of cost support and negative demand, lithium carbonate will continue to decline, and specific market changes still need to be monitored.

According to the Commodity Market Analysis System of Shengyi Society, the domestic palm oil market continued to decline since mid May, with a drop of over 2%. On May 14th, the average market price of palm oil was 8680 yuan/ton, and on May 19th, the average market price of palm oil was 8502 yuan/ton, a decrease of 2.05% in price.
Negative led domestic palm oil market continues to weaken
In mid May, the main producing country of Malaysian palm oil was still in a production increase cycle. According to data released by MPOA, from May 1st to 10th, the palm oil production in South Malaysia increased by 22.31% month on month. The external market is mainly bearish, and the palm oil market is declining. The domestic palm oil futures market followed suit and fell, while the palm oil spot market showed weak upward momentum. As of May 19th, the average price of palm oil in the market has dropped to 8502 yuan/ton, a decrease of about 100 yuan/ton compared to the beginning of the month.
The palm oil analyst from Shengyi Society believes that at the end of May, as the weather warms up and the demand for terminal oils decreases, the external market is still in a production increase cycle, and the palm oil market will continue to decline in the future.

This week, the price of plasticizer DOP hit bottom and rebounded
According to the Commodity Market Analysis System of Shengyi Society, as of May 16th, the DOP price was 8200.83 yuan/ton, a rebound increase of 4.35% compared to the DOP price of 7859.17 yuan/ton on May 12th. The operating rate of DOP plasticizer enterprises has temporarily stabilized, the China US economic and trade talks have begun, tariffs have temporarily eased, the demand for plasticizers is expected to increase, the price of isooctanol has rebounded and risen, the price of phthalic anhydride has fluctuated and risen, the cost of plasticizers has risen, and the support for the price increase of plasticizers has increased.
Positive news for China US economic and trade negotiations
The Geneva Economic and Trade Talks between China and the United States announced on the 12th that the US has cancelled a total of 91% of the additional tariffs, and China has correspondingly cancelled 91% of the countermeasures tariffs; The United States has suspended the implementation of a 24% “equivalent tariff”, and China has correspondingly suspended the implementation of a 24% counter tariff. The equivalent tariff rate between the two countries will be reduced to 10% within 90 days. After taking the above measures, both sides will establish a mechanism to continue negotiations on economic and trade relations. The economic and trade talks between China and the United States have begun, and international trade is expected to rebound, with an expected increase in demand for plasticizers.
This week, the price of raw material isooctanol rebounded and rose
According to the Commodity Market Analysis System of Shengyi Society, as of May 16th, the price of isooctanol was 7443.33 yuan/ton, which rebounded and increased by 3.62% compared to the price of 7183.33 yuan/ton on May 12th. During the China US economic and trade talks, tariffs have temporarily eased, and demand for isooctanol is expected to rebound, causing the price of isooctanol to bottom out and rebound; Isooctanol manufacturers are operating steadily, with sufficient supply of isooctanol. Stable supply and rising demand have led to fluctuating prices of isooctanol.
This week, the price of raw material phthalic anhydride rebounded and rose
According to the Commodity Market Analysis System of Shengyi Society, as of May 16th, the price of phthalic anhydride in neighboring countries was 7066.67 yuan/ton, which rebounded and increased by 1.44% compared to the price of phthalic anhydride on May 12th at 6966.67 yuan/ton. The resumption of equipment construction in phthalic anhydride enterprises, sufficient supply of phthalic anhydride, expected recovery of downstream demand, increased support for phthalic anhydride demand, and a rebound in phthalic anhydride prices.
Future expectations
According to the data analyst of Shengyi Society’s plasticizer products, in terms of cost, the price of isooctanol has rebounded and risen, the price of phthalic anhydride has rebounded and risen, and the cost of plasticizer DOP has increased; In terms of demand, the economic and trade negotiations between China and the United States, the suspension of tariffs, are favorable for international trade, and the demand for plasticizers is expected to rebound. In the future, there is a glimmer of hope in the US China trade negotiations, and downstream demand is expected to rebound. With cost support and the expectation of demand recovery, it is expected that the price of plasticizer DOP will consolidate strongly in the future.

According to the Commodity Market Analysis System of Shengyi Society, from May 12th to 16th, MTBE prices rose from 4875 yuan/ton to 5110 yuan/ton, with a price increase of 4.82% during the period, a month on month decrease of 5.59%, and a year-on-year decrease of 26.08%. The MTBE market is gradually stabilizing and recovering, with the most direct factor being the good trend of crude oil. Supported by favorable factors such as rising crude oil prices and gasoline prices, manufacturers are enthusiastic about pushing up prices. With the increase of shutdown manufacturers, the supply of MTBE resources has sharply decreased, and export negotiations are also relatively active. Under the support of multiple favorable factors, the MTBE market is gradually stopping its decline and rising.
On the cost side, in terms of crude oil: The rise in international oil prices is mainly due to the official announcement of the results of the economic and trade talks between China and the United States, the weakening of market concerns about the risk of trade disputes, and the United States’ plan to replenish strategic reserves. As of May 15th, the settlement price of the main Brent crude oil futures contract was $64.53 per barrel, a decrease of $1.56 or 2.4%.
On the demand side, in terms of gasoline terminal demand, the rebound in international crude oil futures has boosted the mentality of industry players, and the refined oil market has initially suppressed and then rebounded. Among them, refineries are actively pushing up diesel prices, and middle and downstream merchants are accelerating their pace of purchasing in the market, resulting in an increase in trading volume on the market. The MTBE demand side is influenced by favorable factors.
Supply side: The operating rate of the equipment has decreased. The short-term domestic MTBE supply is affected by favorable factors.
As of the close on May 15th, the closing price of the Asian MTBE market has decreased by $17.72 per ton compared to the previous trading day, and FOB Singapore closed at $662.04-664.04 per ton. The closing price of the European MTBE market decreased by $11/ton compared to the previous trading day, and FOB ARA closed at $777.74-778.24/ton. The closing price of the MTBE market in the United States decreased by $10.84 per ton compared to the previous trading day, and the FOB Gulf offshore price closed at $699.96-700.32 per ton (197.64-197.74 cents per gallon).
The future supply forecast is relatively stable. In terms of terminal demand, the expected retail price limit for this round has been lowered, and there is no holiday support. The frequency of private car trips by the public has decreased, and retail gas station shipments are average. Gas station merchants maintain a median inventory for procurement and sales. The MTBE analyst from Shengyi Society believes that the domestic MTBE market may experience a narrow decline.

Recently, the price of epoxy propane in the domestic market has slightly increased. According to the monitoring system of Shengyi Society, as of May 14th, the benchmark price of Shengyi Society’s epoxy propane was 7535 yuan/ton, an increase of 2.87% compared to early May.
Price influencing factors:
Raw material side: Recently, the raw material propylene market has rebounded, providing sufficient support for the epichlorohydrin market. According to the market analysis system of Shengyi Society, as of May 13th, the benchmark price of propylene in Shengyi Society was 6688.25 yuan/ton, an increase of 1.79% compared to the beginning of this month (6570.75 yuan/ton).
On the demand side: downstream demand for epoxy propane replenishment after the holiday, the market trading atmosphere is relatively cautious. Affected by tariff policies, downstream terminal markets have limited procurement of raw materials. Overall, the demand is facing limited support from the epoxy propane market, and the market may maintain a strong and volatile trend in the later stage.
Market forecast:
Business Society’s epoxy propane analyst believes that downstream epoxy propane urgently needs replenishment, cautious procurement, cold market trading atmosphere, and insufficient demand support. However, there is some support on the raw material side, and it is expected that the epoxy propane market will maintain a strong and volatile trend in the later stage. More attention should be paid to changes in raw material prices and downstream supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, after the May Day holiday, negative factors suppressed the domestic adipic acid market, causing a continuous decline of over 4%. On May 1st, the average market price of adipic acid was 7416 yuan/ton. On May 13th, the average market price of adipic acid in China was 7083 yuan/ton, a decrease of 4.49%.
Negative pressure on domestic adipic acid market continues to decline
After the May Day holiday, the prices of pure benzene and cyclohexanone raw materials for adipic acid fell, and the demand for end plastics industry was poor. The prices of adipic acid manufacturers continued to decline and hit the bottom. The domestic adipic acid market has average transactions and a weak market trend. As of May 13th, the average market price of adipic acid has fallen to 7100-7400 yuan/ton, with an overall decrease of 200-300 yuan/ton.
An analyst from Shengyi Society believes that in late May, the demand in the terminal industry was sluggish, and the raw material market weakened. The market for adipic acid is expected to continue to decline weakly in the future.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated downward this week. From May 1 to May 12, 2025, the price of mixed xylene decreased from 5610 yuan/ton to 5570 yuan/ton, a decrease of 0.71%. This week, the mixed xylene market in Shandong region mainly declined, and the market shipment situation during the May Day holiday did not meet market expectations. Refineries voluntarily lowered prices and shipped, driving some downstream purchases into the market. Market transactions began to improve in the later part of the week, and overall market prices declined. The East and South China regions have been fluctuating and weakening, with port inventories rising during holidays and market demand being more rigid. Overall trading is average, and the market is running weakly.
On the cost side: During the May Day holiday, international oil prices fell significantly, mainly due to OPEC+increasing production beyond expectations, which was negative for international oil prices and led to a sharp decline in the crude oil market. After May Day, with the increasing oil restrictions imposed by the United States on a certain country, as well as the impact of the Israel Palestine conflict and the intention of negotiations between China and the United States, the trend of international oil prices has risen. Overall, in early May, international oil prices remained mainly fluctuating at a low level. As of May 9th, the main contract settlement price of WTI crude oil futures in the United States was $61.02 per barrel, and the main contract settlement price of Brent crude oil futures was $63.91 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 May 12th, East China Company quoted 5550 yuan/ton, North China Company quoted 5350-5450 yuan/ton, South China Company quoted 5650-5700 yuan/ton, and Central China Company quoted 5600 yuan/ton.
Demand side:
On May 12th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6600 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 and sales are normal. As of May 9th, the closing prices of the para xylene market in Asia were $760-762/ton FOB Korea and $784-786/ton CFR China.
Market forecast: The trend of crude oil will mainly fluctuate within a certain range in the near future, with significant overall fluctuations. In terms of supply and demand, there will be some purchasing demand in the downstream oil market and chemical industry, which will provide some support for prices. The recent port arrival situation in terms of supply is good, and inventory is expected to increase slightly. Overall, the mixed xylene market is mainly affected by fluctuations in crude oil prices in the short term, with an overall range oscillation trend.