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.

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 12033 yuan/ton, and the price of activated carbon at the end of the week was 12166/ton, with a price increase of 1.11%.
Most domestic manufacturers of activated carbon have stable quotes this week, with some increasing. The ex factory price of activated carbon for coconut shell water purification in East China is between 8800-13000 yuan/ton, and the market transaction atmosphere is active. We will focus on the market transaction situation.
The shipment of coconut shell charcoal for applications such as gold extraction, water purification, and filter cartridges has accelerated, especially for gold charcoal, with an increase in inquiries from the African market; The shipment of fruit shell charcoal is accelerating. There is a recent rebound trend in imported carbide materials, so pay more attention to the transaction situation.
Prediction: The activated carbon market is experiencing accelerated sales, and it is expected that the price of activated carbon will mainly fluctuate with a strong trend in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of May 7, 2025, the reference price of n-butanol in Shandong Province, China is 6133 yuan/ton. Compared with April 30 (reference price of n-butanol is 6266 yuan/ton), the price has decreased by 133 yuan/ton, a decrease of 2.13%.
Returning from Labor Day in May, the n-butanol market in Shandong, China, experienced a cold and downward trend. After the holiday, n-butanol factories and suppliers in Shandong region have successively lowered the shipment price of n-butanol by 100-200 yuan/ton. The overall negotiation focus of the n-butanol market has declined. As of May 7th, the reference price of n-butanol in the domestic Shandong region is around 6150-6200 yuan/ton.
Analysis of Market Factors
On the supply side: During the pre holiday period, the supply of n-butanol was loose. During the holiday period, the pressure on the supply side of n-butanol increased. In order to maintain low inventory, n-butanol factories were under pressure to lower market prices, and the overall supply side provided insufficient support for n-butanol.
On the demand side: Before and after the Labor Day holiday, the downstream demand side of n-butanol performed poorly, and downstream users were cautious in stocking up before the holiday, providing limited support to the market. During the holiday period, downstream demand continued to be weak, and the demand side provided loose support to the market.
Market analysis in the future
At present, the trading atmosphere of n-butanol in the market is light, and there is a strong wait-and-see sentiment in the market. Downstream demand is cautious. The n-butanol data analyst from Shengyi Society predicts that in the short term, the n-butanol market in Shandong Province will mainly be weak and stable, and specific changes in supply and demand information need to be closely monitored.

1、 Price trend
According to monitoring data from Business Society, the caustic soda market was weak in April. At the beginning of the month, the average price of caustic soda in Shandong region was 887 yuan/ton. At the end of the month, the price of caustic soda in Shandong region was 807 yuan/yuan, a decrease of 9.02% and an increase of 2.15% compared to the same period last year. On April 29th, the Business Social Chemical Index was 789 points, a decrease of 1 point from yesterday, a decrease of 43.64% from the highest point of 1400 points during the cycle (2021-10-23), and an increase of 31.94% from the lowest point of 598 points on April 8th, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to survey data from Business Society, the overall price of caustic soda is weak. The price of caustic soda in Jiangsu region is currently stable, with a mainstream market price of around 870-980 yuan/ton for 32% ion exchange membrane alkali. The price of caustic soda in Shandong region is running weakly, with a mainstream market price of around 770-850 yuan/ton for 32% ion exchange membrane alkali. In early April, the overall price of caustic soda fell, and the main caustic soda inventory accumulated. With the main regional liquid caustic soda procurement prices once again lowered. The main regional liquid alkali market has experienced a decline, and non aluminum demand is high, so it is necessary to wait and see. The market demand is average. In the middle of the month, the price of caustic soda stopped falling and rebounded, and downstream replenishment was carried out in stages, resulting in an upward trend in caustic soda prices. At the end of the month, caustic soda operated weakly, with sufficient supply from caustic soda enterprises and average downstream demand, resulting in a weak operating trend in caustic soda prices.
Business analysts believe that in the near future, the price of caustic soda has been weak in the operating market, and the downstream demand in China has been average, with no positive support. The comprehensive supply-demand game predicts that caustic soda will maintain a stable operating market in the later stage, depending on downstream market demand.

Aluminum prices began to stabilize after a significant drop in April
After a significant drop in aluminum prices in April, they stabilized. According to the Commodity Market Analysis System of Shengyi Society, as of April 29, 2025, the average price of aluminum ingots in the East China market in China was 20033.33 yuan/ton, a decrease of 2.64% from the market average price of 20576.67 yuan/ton on April 1; Compared to the market average price of 1940 yuan/ton on April 9th, it has increased by 2.52%.
In early April, due to the impact of US tariff news, the commodity market experienced a stress response, and aluminum prices showed a significant decline. Recently, the price of aluminum ingots has rebounded and begun to return to fundamental considerations.
Positive factors:
Aluminum ingots are well stocked. According to inventory data, as of April 28th, the total inventory of electrolytic aluminum in the mainstream domestic market was 643000 tons, a decrease of 129000 tons from the total social inventory of 774000 tons at the beginning of the month (4.3).
The price of alumina has stopped falling, and the cost side profit margin has been fully utilized. The negative feedback on the cost side of electrolytic aluminum has subsided. In March April 2025, alumina enterprises will gradually face losses, and multiple companies will choose the opportunity to carry out maintenance. From the end of March to April, a total of about 11.5 million tons of production capacity underwent maintenance, and some companies provided feedback on their maintenance plans for May. Due to concentrated maintenance and production reduction, the operating capacity of alumina is lower than the theoretical demand for electrolytic aluminum production, the spot supply is tightening, prices have stopped falling, and there has been a slight rebound in the northern region.
Negative factors:
Under the pressure of global trade risks, the uncertainty of aluminum demand has increased. There is an expectation of a transition from shortage to surplus in aluminum supply and demand throughout the year. Under the influence of US tariffs, the export prospects of aluminum containing end products are bleak, and the demand for aluminum ingots is showing a strong internal and weak external trend, putting pressure on aluminum exports.
Future Market:

In the short term, it is expected that the price of aluminum ingots will fluctuate around 20000 yuan/ton and enter a sideways range.