price trend
This week, the market price of isopropanol fell. At the beginning of the week, the average price of isopropanol in China was 7366.67 yuan/ton, and the average price over the weekend was 7275 yuan/ton, with a price reduction of 1.24%.
The market price of isopropanol has fallen this week. The price of raw material acetone has fallen, and cost support is weak, resulting in a decrease in factory offer prices. Overall, the isopropanol market is weak, with poor market confidence and increased shipping sentiment among holders, mainly driven by downstream demand. As of now, most of the isopropanol market prices in Shandong are around 7000-7100 yuan/ton; The majority of prices in the isopropanol market in Jiangsu are around 7300-7500 yuan/ton.
Future forecast
The isopropanol analyst from Business Society Chemical Branch believes that the isopropanol market price has fallen this week. Downstream demand is the main focus, and the mentality of cargo holders is unstable, leading to an increase in shipping sentiment. It is expected that the short-term market will be weak and mainly focused on consolidation, with more attention paid to the trading trends of major companies.

1、 Trend analysis
This week, nickel prices fluctuated, first falling and then slightly rising. As of the weekend, the spot nickel price was 136033.33 yuan/ton, down 3.13% from the beginning of the week and up 11.44% year-on-year.
LME nickel inventory
Macroscopically, the European Central Bank has raised interest rates for the first time in three years, with the three key interest rates increasing by 25 basis points, signaling a global tightening restart. The US PPI surged to 6.5% year-on-year in May, the largest increase in over three years, and inflation stickiness far exceeded expectations. The US President suddenly announced the cancellation of the planned strike against Iran, causing geopolitical risks to cool overnight. Crude oil plummeted by over 8% during trading, and risk aversion quickly receded. Gold and silver rose simultaneously. The US stock market rebounded sharply in response, with the Dow Jones Industrial Average soaring nearly 930 points in a single day, and all three major indexes closing higher. Technology stocks led the rise, driving a rebound in risk appetite.
On the supply side, there is a clear differentiation in the supply side. Indonesia’s reduction of nickel ore quotas has led to a tight supply of high-grade laterite nickel ore, while the Philippines’ low-grade ore is difficult to fill the gap; High quality nickel sulfide resources are scarce, high ice nickel production is slow, MHP production capacity is shrinking due to high sulfur prices, and regenerated nickel production is stagnant due to a shortage of scrap steel.
On the demand side: The demand side continues to be weak, and both upstream and downstream of the industrial chain are in a wait-and-see state. Stainless steel (accounting for over 60%) remains the absolute mainstay, with high production but weak terminal demand; New energy batteries (accounting for about 17%) have been impacted by the replacement of lithium iron phosphate, resulting in a significant slowdown in growth rate; High temperature alloys are in high demand in the fields of aviation engines and military industry, becoming a structural highlight of high-end manufacturing.
In summary, on June 11-12, the market will focus on the May PPI and unemployment benefits data in the United States. If the data strengthens the expectation of interest rate hikes, nickel prices may be further suppressed. In the short term, high inventory and weak demand remain unchanged, and it is expected that nickel prices will continue to fluctuate weakly.

Since June, the domestic light rare earth market prices have slightly decreased. On June 10th, the Shengyi Society Rare Earth Index was 631 points, a decrease of 37.34% from the highest point of 1007 points during the cycle (2022-02-24), and an increase of 132.84% from the lowest point of 271 points on September 13, 2015. (Note: The cycle refers to the period from December 1, 2011 to present)
Since June, the prices of neodymium oxide, metallic neodymium, praseodymium oxide, metallic praseodymium, praseodymium neodymium alloy, and praseodymium neodymium oxide in China have all experienced a slight decline. As of the 11th, the price of neodymium oxide was 775000 yuan/ton, a decrease of 1.27%; The price of neodymium metal is 940000 yuan/ton, a decrease of 0.79% in price; The price of praseodymium oxide is 767500 yuan/ton, a decrease of 1.27% in price; The price of praseodymium metal is 935000 yuan/ton, with a price trend decline of 1.06%; The price of praseodymium neodymium alloy is 835000 yuan/ton, a decrease of 1.18% in price; The price of praseodymium neodymium oxide is 695000 yuan/ton, a decrease of 1.07% in price.
Since June, the domestic light rare earth market prices have slightly decreased, the trend of core product prices has declined, and the market atmosphere trend has weakened. The core is the short-term supply-demand imbalance, weaker demand off-season, relaxed supply margin, and resonance of negative factors, resulting in a weak market in the short term.
1、 Direct factor: Traditional off-season combined with weak new orders
June is the traditional off-season for the rare earth market, with new energy vehicles, wind power, and industrial motors entering a deep off-season. The operating rate of magnetic material enterprises is 55% -60%, with terminal price suppression. Magnetic material factories have zero inventory and demand based pricing, and high priced sources are completely out of stock, resulting in a cliff like decline in transactions. In addition, reducing the amount of praseodymium neodymium used in mid to low end magnetic materials and increasing the proportion of recycled materials further weakens the demand for primary praseodymium neodymium. After entering June, downstream new orders are still limited, and demand in traditional fields such as consumer electronics and home appliances has entered a seasonal trough. The market continues to be under pressure, and the foundation for price repair is not stable. The trend of the light rare earth market has declined
2、 The previous increase was too large, and the recent market trend has been weak
From the beginning of the year to the end of April, the light rare earth market saw a significant increase, but recently the market has continued to decline. In early May, the Implementation Regulations of the Mineral Resources Law came into effect, with both positive and negative effects. Traders and smelters concentrated on selling goods and reducing inventory, resulting in a high concentration of low-priced orders and a continuous decline in the light rare earth market.
3、 Supply side marginal relaxation, domestic rare earth oxide production increases month on month
In 2026, the mining quota will increase, mainly focusing on light rare earths, with a smelting operation rate of 85% -90%, and the on-site inventory will continue to accumulate. In addition, Myanmar’s mineral imports have resumed, and the production of praseodymium neodymium oxide by MP Materials in the United States increased by 63% year-on-year in the first quarter, filling the domestic gap. In the early stage, high priced and reluctant to sell goods were concentrated in the market, and the spot circulation increased month on month, breaking the balance and causing a decline in the market situation. The comprehensive increase in domestic rare earth oxide production compared to the previous period has brought additional spot supply to the market, while at this time, downstream demand is in a weak state, and the supply-demand mismatch further suppresses the performance of rare earth prices.

In the short term, the rare earth market is prone to decline but difficult to rise, with a focus on maintaining a downward trend. With the increasing demand in downstream fields such as new energy vehicles, wind power installation, and industrial motors, coupled with the continuous tightening of rare earth industry control, the expectation of strategic storage, and the recovery of overseas high-end manufacturing demand, the supply and demand pattern of rare earths is expected to tighten again. At the same time, rare earths, as the core raw materials of high-tech industries, remain unchanged in the long-term demand growth logic under the background of carbon neutrality and high-end manufacturing upgrading, and the rare earth market is expected to strengthen in a long-term trend.

1、 Market trend
In early June 2026, the domestic market price of butanone continued to decline from a high level, and the market price fell rapidly. The market price dropped unilaterally from 9066 yuan/ton at the beginning of the month to 7900 yuan/ton, with a decline of 12.87% in the latter half of the month.
2、 Core influencing factors
Imbalance in supply and demand pattern
At present, the operating rate of domestic butanone plants has increased, and there is a significant increase in market supply. However, downstream industries such as coatings and adhesives have weak demand, and procurement is mainly based on rigid needs, lacking centralized replenishment support. The pattern of oversupply has driven down prices.
Weak cost support
The upstream raw material C4 price of butanone continues to weaken, and the production cost of butanone is synchronously lowered, losing the cost side support. The pricing pressure on enterprises is increasing, further lowering the market price center.
Market sentiment is pessimistic
The high price operation in the early stage has accumulated certain downward pressure, coupled with the weak macro environment, the bearish sentiment in the market has spread, and traders have sold their goods at low prices, exacerbating the price decline.
3、 Future prospects
At present, the trading atmosphere in the butanone market is still light. In the short term, the butanone market still faces the dual pressure of loose supply and weak demand. It is expected that the market price will maintain a low oscillation trend, and the rebound momentum will be insufficient. If the upstream raw material prices stop falling and rebound in the future, or if the downstream industry’s operating rate increases and there is a concentrated replenishment of inventory, the downward trend is expected to slow down.

1、 Price trend: Supply and demand gap drives prices to historic highs
This week, the sulfur market showed a unilateral surge. According to data from Shengyi Society, as of June 9th, the benchmark price of sulfur reached 9200 yuan/ton, an increase of 22.67% compared to the beginning of this month (7500 yuan/ton), setting a new historical high.
From the price curve of Shengyi Society, this round of rise presents a “three-stage” characteristic:
From March 11th to late April: After two rounds of fluctuations, prices stabilized and the bottom support gradually rose;
From early May to early June, prices entered a steady upward trend, with the center of gravity shifting from the 6000 yuan/ton range to around 7500 yuan/ton;
3. June 2nd to June 8th: The market entered an accelerated explosive stage, and the daily increase continued to expand from June 5th. On June 8th, the daily increase reached 14.52%, and the price jumped from 8033.33 yuan/ton to 9200 yuan/ton.
From the perspective of the moving average system, the Business Society’s 10 day moving average and 20 day moving average form a strong bullish alignment. The 10 day moving average consistently runs above the 20 day moving average, and the moving average continues to widen, clearly indicating a “rising acceleration” signal; Starting from June 3rd, prices quickly climbed from the “median” to the “one-year high” range, igniting market sentiment.
2、 Supply side contraction is the dominant factor in the market
1. International supply side:
The international sulfur market remained strong at a high level this cycle, with supply contraction becoming the core contradiction:
Kazakhstan’s sulfur supply has decreased, while the Middle East and Russia continue to experience shortages, leading to a further tightening of global sulfur supply;
The geopolitical situation in the Middle East has been fluctuating, with the Strait of Hormuz still closed and the flow of imported resources obstructed. Qatar and Kuwait raised the official sulfur FOB price to $805/ton in June, an increase of $40-65/ton month on month, further pushing up import costs;
The port inventory continues to decrease. As of June 5th, the domestic port sulfur inventory was only 919400 tons, a decrease of 68100 tons or 6.90% compared to the previous month. The shortage of imported goods has exacerbated the shortage of spot goods.
2. Domestic supply side:
Domestic major refineries have launched a supply guarantee mode for phosphate fertilizer enterprises, suspending resource supply to non phosphate fertilizer enterprises. The external procurement volume of chemical enterprises has passively increased, and the expectation of tightening spot supply has risen;
The impact of equipment maintenance is evident, with the shutdown of the first phase of the Chuandongbei gas field and a reduction in supply from Xintai Petrochemical. The national weekly production has dropped to 217200 tons, a decrease of 4000 tons compared to the previous period;
Regional quotations have generally increased, with major refineries in East China, Central China, North China and other regions raising their quotations by 400-1900 yuan/ton. Northeast refineries have stabilized their prices and shipped, with strong overall supply side support.
The data from Shengyi Society confirms the tense situation on the supply side: the average price of domestic solid sulfur is 8064 yuan/ton, an increase of 672 yuan/ton or 9.09% from May 29th; The price of granular sulfur at Zhenjiang Port is 8750 yuan/ton, an increase of 1330 yuan/ton or 17.92% compared to May 29th. The port’s increase is significantly higher than that of domestic production, reflecting a greater shortage of imported resources.

3、 Demand side:
The overall situation of downstream sulfur in this cycle presents a contradictory pattern of “shrinking demand but difficult to change gap”:
Downstream price differentiation, with the prices of sulfuric acid, monoammonium phosphate, and diammonium phosphate rising with the increase of raw materials, and the prices of titanium dioxide and caprolactam falling, indicating that some downstream chemical companies have insufficient tolerance for high priced raw materials;
The capacity utilization rate has generally declined, with the capacity utilization rates of the ammonium phosphate and diammonium phosphate industries dropping to 44.43% and 34.09%, respectively. Some downstream enterprises have been dragged down by high prices and have reduced or stopped production, resulting in a certain contraction in demand;
But the core contradiction in the current market is the large supply gap, strong short-term merchant replenishment sentiment, rapid rise in the electronic market, and reluctance of holders to sell to support the market. The dominant logic of price increases is still the supply side rather than the demand side.
4、 Outlook for the future: The high-level strong pattern is difficult to change in the short term, and attention should be paid to two major variables
According to the signals from the Business Society Spot Market Analysis System, the sulfur market is currently in an accelerated upward phase, with the difference between the 10 day moving average and the 20 day moving average continuing to widen. Prices are at a high level throughout the entire cycle, and the short-term strong pattern is difficult to reverse
If the navigation in the Strait of Hormuz continues to be blocked, import arrivals remain limited, port inventory continues to decline, merchant replenishment operations continue, port sulfur prices are expected to continue to rise, and domestic sulfur quotations will also follow suit;
2. If the downstream load reduction and production stoppage range expands, the transmission of high prices is hindered, market sentiment may cool down, and prices may enter a high-level consolidation stage, but the probability of a significant decline is low under the support of the supply-demand gap.
Focus on three key indicators in the future:
One is the navigation situation in the Strait of Hormuz and the pace of sulfur shipments from the Middle East;
Secondly, whether the domestic refinery supply guarantee policy has been adjusted, as well as the progress of equipment maintenance;
The third is the change in operating rates of downstream phosphate fertilizer and chemical enterprises, which raises concerns about the risk of demand shrinking beyond expectations under high prices.