According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke fluctuated downward in May. The mainstream average price of petroleum coke products from major domestic refineries was 2225.00 yuan/ton on May 31 and 2262.50 yuan/ton on May 1, with a monthly decline of 1.66%.
Cost wise: The crude oil market fell first and then rose in May. In early May, the crude oil market experienced a significant decline, 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. In the later stage, with the increasing oil restrictions imposed by the United States on a certain country and the renewed tension in the Middle East, the tariff issues between China and the United States eased, and international oil prices rose. Overall, international oil prices fluctuated and rose in May
Supply side: In early May, the shipment of petroleum coke from local refineries was average, and downstream purchases were cautious when entering the market. Refinery shipments were hindered, and the price of petroleum coke continued to decline; In mid May, the shipment of petroleum coke from local refineries was good, downstream procurement was active, and coupled with low inventory of petroleum coke in some refineries, the price of petroleum coke continued to rise; In late May, the shipment of petroleum coke from local refineries was average, and there was a strong wait-and-see sentiment downstream at the end of the month, with on-demand procurement being the main focus. The transaction of petroleum coke at the port in May was average, with stable prices as the main factor, and downstream enterprises maintained their essential procurement.
On the demand side: In May, the domestic silicon metal market continued to show a weak supply-demand situation. During the month, the overall operating rate of the silicon metal market was low, and due to supply pressure, some silicon companies had extremely low operating volumes. The overall support provided by the supply side to the silicon metal market was weak. The overall recovery of downstream demand market is slow, with cautious demand performance. The demand side has limited procurement of raw materials, and the support provided by the demand side to the market is also insufficient. The demand for petroleum coke market in the silicon industry still exists.
In May, the market for medium sulfur calcined coke remained stable, but downstream procurement enthusiasm for medium high sulfur calcined coke was poor, and enterprise shipments were slightly weak, leading to a consolidation of the calcined coke market.
The operating capacity of electrolytic aluminum in June is expected to increase by about 200000 tons, and the effective operating capacity is expected to climb to over 44 million tons, with a slight increase in production. In terms of overseas imports, the import volume is expected to remain relatively high, and the overall supply is showing an increasing trend, which will put some pressure on aluminum prices. Downstream aluminum uses carbon as the main demand in the petroleum coke market.
Market forecast: Currently, the domestic supply of petroleum coke is relatively sufficient, and downstream procurement enthusiasm is limited. It is expected that the recent consolidation of the petroleum coke market will be the main trend.

In May, the epoxy chloropropane market showed a “climbing” trend due to factors such as the rise in raw material glycerol prices, with prices continuing to rise. According to the monitoring and analysis system of Shengyi Society, as of May 30th, the benchmark price of Shengyi Society’s epichlorohydrin was 9700 yuan/ton, an increase of 7.78% compared to early May. By the end of May, approaching holidays, downstream market stocking had ended, and the epichlorohydrin market showed a stable to declining trend.
Price influencing factors:
Raw material side: In May, the market price of glycerol raw material increased, the low-priced supply decreased, and the supply was tight, which provided strong support for glycerol based epichlorohydrin enterprises and led to an upward trend in prices. As of May 27th, the price of 99.5% glycerol in East China was 7050 yuan/ton, an increase of 11.2% compared to May 6th. The market price of raw material propylene fluctuated weakly, and after mid May, the price of raw material propylene rose, coupled with some equipment being negatively charged, resulting in a short-term shortage of market supply. Overall, the tight supply of raw materials and the significant cost pressure caused by price increases have led to a continuous rise in the market price of epichlorohydrin. According to the monitoring and analysis system of Shengyi Society, as of May 30th, the benchmark price of propylene in Shengyi Society was 6538.25 yuan/ton, a decrease of -0.49% compared to the beginning of this month (6570.75 yuan/ton).
Supply side: Qingdao Bay glycerol plant or start-up, some factories are planned to restart after maintenance, and the market supply is sufficient. Overall, the operating rate remains at around 50-60%, with slightly loose supply.
Downstream demand side: In May, the downstream epoxy resin market showed weak demand, with rigid procurement being the main focus and a strong wait-and-see sentiment in the market. In addition, the pre holiday stocking has ended, overall inquiries have decreased, the trading atmosphere is cold, and the market has shown a downward trend, which has limited support for epichlorohydrin.
Market forecast: Analysts from Shengyi Society believe that with the end of pre holiday stocking and insufficient support from market demand, the high price of glycerol on the raw material side is under pressure, but demand follow-up is not smooth, and there may be expectations of a decline in market prices, which will limit support for epichlorohydrin. Overall, there is a lack of favorable supply and demand conditions, and it is expected that the focus of the epichlorohydrin market may decline in June. More attention still needs to be paid to changes in market supply and demand, as well as the dynamics of the raw material market.

1、 Price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol first rose and then fell in May, and overall, the market price of isopropanol fell. On May 1st, the average price of isopropanol in China was 6563.33 yuan/ton, and on May 30th, the average price was 6525 yuan/ton, a decrease of 0.58% compared to the beginning of the month.
In May, the market price of isopropanol first rose and then fell, and overall, the market price of isopropanol fell. In the first half of the year, the main factories had low operating loads, and the on-site spot market was tight. Holding traders pushed up the market price of isopropanol. In mid month, the isopropanol market fluctuated and rose, with the price of raw material acetone increasing. The cost support was strong, and the market sentiment improved, resulting in an upward adjustment of on-site prices. In the latter half of the year, the price of raw material acetone fell, with insufficient cost support, coupled with weak market demand and low purchasing enthusiasm, resulting in a decline in the isopropanol market. As of now, most of the isopropanol market prices in Shandong are around 6400-6450 yuan/ton; The majority of prices in the isopropanol market in Jiangsu region are around 6600-6700 yuan/ton. Overall, the confidence in the isopropanol market is average, with a focus on maintaining stability.
In terms of raw material acetone, the focus of the domestic acetone market fell mainly in May. The national acetone market has been trading at an average price of 5830 yuan/ton since May 1st, falling to 5673.5 yuan/ton on May 30th, a decrease of 3.3%. At present, there is little change in the market fundamentals, with traders accompanying them to make offers and terminals conducting them on demand. Small orders are the main focus, and the overall market is operating steadily.
In terms of propylene, the domestic propylene market fluctuated and fell in May. On May 1st, the market was average at 6570.75 yuan/ton, and on May 30th, the average price was 6538.25 yuan/ton, a decrease of 0.49% in price. At present, manufacturers continue to offer discounts on shipments, and downstream suppliers are more willing to replenish inventory at low prices. It is expected that the market will stabilize and operate in the short term.
3、 Future forecast
The isopropanol analyst from Business Society Chemical Branch believes that the isopropanol market price first rose and then fell in May. At present, the enthusiasm for downstream procurement is not high, and most of them are wait-and-see, with limited actual transactions in the market. It is expected that isopropanol will fluctuate in the short term, and more attention should be paid to the trend of the raw material market.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of May 30th, the price of lead 1 # was 16475 yuan/ton, a decrease of 1.67% from the lead price of 16755 yuan/ton on May 26th.
This week’s market analysis
This week, the price fell below the key psychological level of 16600 yuan. At the same time, the capacity utilization rate of recycled lead has rebounded to a level of over 60%. Coupled with the decline in battery export data compared to the previous cycle, in the short term, the market may continue to be weak and explore bottom support.
supply end
In the lead spot trading market, the Shanghai lead price continues to maintain a weak consolidation trend, and the willingness of holders to ship is not strong. Their quoted quantity has decreased compared to yesterday. There is a strong sentiment of reluctance to sell and raise prices in recycled lead factories.
demand side
Most downstream companies are adopting a wait-and-see attitude, cautious in their procurement behavior, and some companies have even planned to arrange holidays. Due to the fact that there is no need to supplement scattered orders for pre holiday production, the transaction situation in the spot market has not shown significant improvement so far.
comprehensive analysis
The cost side support and production reduction measures work together to provide a certain degree of resilience for market prices. However, the seasonal weakening of demand has limited the upward space for prices. Lead prices are expected to bottom out in the short term.

In May 2025, the price of polyester bottle flakes showed a fluctuating trend of first rising, then falling, and then slightly rebounding. According to the price data from Shengyi Society, as of May 29th, the average sales price of PET was 6077 yuan/ton. The core driving factors for the price of bottle tablets this month include cost fluctuations, persistent supply-demand contradictions, and seasonal demand differentiation.
price trend
At the beginning of May, spot prices in the East China region fluctuated narrowly around 5700 yuan/ton, and downstream soft drink companies had a low willingness to replenish inventory, with transactions mainly focused on small orders for essential needs.
After Labor Day, supported by the rebound of crude oil and the strengthening of raw materials PTA and ethylene glycol, coupled with the reduction of PX unit load and the increase of PTA costs, the price of bottle chips rose. On the 14th, the highest quotation in East China reached 6185 yuan/ton.
In the second half of the month, the decline in crude oil dragged down the weakness of raw materials, and the price of polyester bottle flakes fell. Mainstream filament factories planned to reduce production by 15%, and the raw material PTA fell to 4890 yuan/ton. The price of bottle flakes continued to drop to the line of 6000 yuan/ton, and then the price fluctuated weakly.
Analysis of Core Influencing Factors
1. Cost side: Cost fluctuations dominate prices
Crude oil prices fluctuate: OPEC+production expectations are intertwined with Middle East geopolitical risks, with Brent crude fluctuating around $70 per barrel, directly transmitting to PTA and ethylene glycol. The PTA processing fee was temporarily restored to 325 yuan/ton, but the addition of 4.5 million tons of production capacity throughout the year suppressed long-term profits; The inventory of ethylene glycol at the port is high (584400 tons), and the loose supply and demand are difficult to change.
Aggregation cost increases: Due to the unplanned reduction of PX plant load, the weekly production cost of bottle flakes has increased by 509 yuan/ton, and the industry loss has expanded to -317 yuan/ton, increasing the willingness of factories to raise prices.
2. Supply side: high operating rate and inventory
High operating rate and new production capacity: The industry operating rate remains at 87.93%, with a weekly output of 365000 tons. Combined with the planned new production capacity of 2.15 million tons in 2025, the long-term oversupply pattern remains unchanged at 2510.
High inventory levels: Inventory days reach 16-18 days, although spot circulation is tight in some areas, it overall suppresses the space for price rebound.
3. Demand side: Weak recovery
Weak domestic demand: The operating rate of the soft drink industry has recovered to 80% -90%, but the inventory of end products remains high (23.64 days for weaving enterprises), and replenishment is only limited to small orders for basic needs.
Marginal weakening of export support: In April, the export volume was 580800 tons, a year-on-year increase of 27.3%. However, due to the global economic slowdown and anti-dumping investigations, the increase is difficult to offset domestic supply pressure.
4. Policy wise: Negative sentiment disturbance
Futures margin increase: Zhengzhou Commodity Exchange has adjusted the margin for bottle futures to 9% since May to curb short-term speculative trading.
Environmental policy suppression: The policy of replacing biodegradable materials has a long-term impact on demand expectations, coupled with uncertainty about the Federal Reserve’s interest rate cuts, and market confidence is fragile.

Future prospects
In terms of cost, crude oil lacks sustained rebound momentum, PTA’s new production capacity suppresses processing fees, and the accumulation of ethylene glycol is difficult to solve, resulting in weak cost support. In terms of demand, the stocking of beverages during the peak season from late May to June will begin. If demand exceeds expectations and is released, or if prices are temporarily supported.
Overall, the price of polyester bottle chips may continue to fluctuate at a low level in the short term. The actual trend still needs to be monitored for changes in external news, crude oil prices, equipment changes, and whether peak season demand is fulfilled.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the price of bromine rose on May 28th. The average market price of bromine is around 24800 yuan/ton, up 0.81% from yesterday. On May 27th, the Business Society Bromine Index was 86.32, an increase of 2.11 points from yesterday, a decrease of 64.79% from the highest point of 245.18 points during the cycle (2021-10-27), and an increase of 46.50% from the lowest point of 58.92 points on October 29th, 2014. (Note: The cycle refers to the period from September 1, 2011 to present)
2、 Market analysis
This week, the price of bromine remained strong, with a reference price of 24000 to 26000 yuan/ton for spot bromine production in Shandong region. On the supply side, enterprises are actively producing, while downstream enterprises have seen an improvement in demand due to the approaching holiday season. In terms of raw materials, the domestic sulfur prices are operating steadily, with an average market price of 2462.33 yuan/ton. Downstream purchases should be made as needed.
Prediction: Bromine prices are expected to remain strong in the near future, while upstream sulfur prices are expected to consolidate. Bromine supply is expected to remain stable, and downstream purchases will be made as needed. Bromine prices remain relatively stable. It is expected that bromine will continue to consolidate and operate in the later period, depending on downstream market demand.

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.