According to the Business Society Spot News, in the second half of April, the formaldehyde market showed a trend of high-level decline and fluctuating weakness. As of April 27th, the average formaldehyde price in Shandong Province was reported at 1386 yuan/ton, a decrease of 4.74% from the middle of the month and still at a high level for a year.
Driving factor analysis
1. Weakening of cost support: Weakening of raw material methanol prices
The core raw material of formaldehyde is methanol, and its price trend directly determines the cost line of formaldehyde. In the second half of April, the domestic methanol market was affected by expectations of loose supply and demand, resulting in price fluctuations and weakened prices. In some regions, the ex factory price of methanol fell, directly compressing the cost support of formaldehyde enterprises. When the cost of raw materials loosens and the bargaining power of downstream buyers increases, it forces formaldehyde companies to lower their prices to match cost changes, which is an important fundamental factor in the current round of formaldehyde price decline.
2. Continued weakness on the demand side: downstream demand for artificial board industry significantly decreases
The core downstream applications of formaldehyde are in the building materials industry such as artificial boards and adhesives. The core drag of this round of market downturn is the significant contraction of demand in the downstream artificial board industry. In mid to late April, artificial board companies were affected by the sluggish demand in the terminal real estate and home decoration markets, resulting in a sustained low operating rate and a significant reduction in the purchase of formaldehyde. As the May Day holiday approaches, downstream enterprises generally have no intention of stocking up before the holiday, and the procurement pace only maintains the replenishment of essential needs. The market transaction lacks support for large volume, and the driving force for price increases is completely lost.
3. The weak situation cannot be changed by reducing the supply side, and enterprises offer discounts to control inventory during shipment
Although some formaldehyde companies have proactively adjusted their operating loads and reduced their on-site supply to a certain extent, the supply reduction is still difficult to effectively boost the market due to the cliff like weakening of the demand side. Under the dual pressure of low demand and accumulated inventory, many formaldehyde factories in China have been forced to adopt a strategy of discounted shipments, accelerating inventory turnover by lowering prices and expanding discounts, maintaining controllable inventory levels, and directly exacerbating the downward pressure on market prices.
Market forecast:
The short-term decline has slowed down, with weak fluctuations being the main trend. Short term demand is difficult to quickly recover, and there is insufficient stocking demand before the holidays. Enterprises will continue to offer discounts for shipments; However, the previous decline has partially absorbed the bearish sentiment, and low-priced goods may attract a small amount of essential replenishment. The space for further significant price drops is limited, and the market is mainly fluctuating at a low level. Attention should be paid to the trend of raw material methanol, downstream demand recovery, and supply side adjustment efforts.

1、 Trend analysis
According to the monitoring of nickel prices by Shengyi Society, nickel prices have slightly increased this week. As of the weekend, the spot nickel price was 145933.33 yuan/ton, an increase of 2.16% from the beginning of the week and a year-on-year increase of 14.86%.
According to the weekly chart of Shengyi Society, nickel prices have fallen 5 times and risen 5 times in the past 12 weeks, with a strong rebound in nickel prices recently.
LME nickel inventory
Macroscopically, the initial value of the US manufacturing PMI in April directly hit 54.0, far exceeding expectations and setting a new high in nearly four years. The US economy is so hot that there is no need for the Federal Reserve to urgently cut interest rates. The employment data is also very hard, with only a slight increase in the number of initial jobless claims. The US dollar index rebounded in response, approaching the 99 level, and the US stock market closed down across the board.
On the supply side, China’s refined nickel production in March was 37337 tons, an increase of 14.53% month on month and 1.83% year-on-year. The estimated refined nickel production in China for April is 38830 tons, an increase of 4.00% month on month and 6.53% year-on-year.
On the demand side: There has been no significant improvement on the demand side, with downstream demand maintaining a pace of rigid procurement, and overall spot transactions being sluggish. The overall demand for downstream electroplating is relatively stable, and it is difficult to see growth in the later stage; The consumption of alloys is gradually recovering, with good demand for alloys in military and shipping industries. The weak performance of stainless steel highlights the mentality of steel mills to suppress raw material prices; The high price of MHP provides support for the cost of nickel sulfate, but there is no significant increase in downstream ternary precursor orders, with nickel sulfate prices mainly fluctuating.
News: Eramet released its first quarter financial report for 2026, stating that Weda Bay Nickel Mine is expected to exhaust its annual quota by mid May due to the reduction of its initial RKAB quota to 12 million wet tons (external sales cap of 9 million wet tons) in 2026. Subsequently, the mine will enter a maintenance state and is applying for an increase in quota to strengthen market expectations of tight raw materials. After the recent implementation of the revised HPM policy in Indonesia, the pricing of new contracts continues to play a game, and the market is exploring the FOB and CIF dual track models, making it difficult to reach a unified premium consensus in the short term. In addition, due to the fluctuation of conflict expectations, sulfur supply has been hindered, MHP production costs have significantly increased, and bottom support has been strengthened.
In summary, there is an expectation of reduced production of intermediate products on the raw material side, but downstream demand for ternary products has significantly fallen, and nickel sulfate prices have fluctuated strongly. The demand side stainless steel is showing signs of fatigue, but with the expansion of stainless steel profits, it is expected that steel mills will alleviate their mentality of price suppression towards nickel iron; Affected by policies and structural crowding out of iron and lithium, there has been no significant increase in orders for ternary precursor and positive electrode material enterprises, with rigid demand procurement being the main focus. In terms of inventory, there has been a moderate reduction in overseas inventory recently, while domestic inventory continues to be stockpiled. The price comparison between domestic and foreign markets has narrowed. Overall, the bottom of costs has risen under the multiple supports of raw materials, and the expectation of reduced production of intermediate products has also driven sentiment. However, the current supply pressure of refined nickel is compounded by insufficient inventory digestion. It is expected that nickel prices will mainly experience strong fluctuations.

Recently, the price of acetic anhydride has continued to decline
According to Shengyishe Spot News, as of April 22, the price of acetic anhydride was 6100 yuan/ton, a decrease of 1125 yuan/ton or 15.57% compared to the price of 7225 yuan/ton on April 11. Recently (4.11-4.22), the price of acetic anhydride has continued to decline. Acetic anhydride enterprises have started operating smoothly and the market supply is sufficient; Downstream customers generally accept high priced goods, with low purchasing enthusiasm and weak market trading atmosphere; In terms of raw materials, the price of acetic acid continues to decline, cost support is weak, market sentiment is bearish, and manufacturers have a clear intention to ship, resulting in a weak downward trend in the acetic anhydride market.
Acetic acid market falls sharply
According to the Business Society Spot News, from April 11th to 22nd, the price of acetic acid fell from 4750 yuan/ton to 3966.67 yuan/ton, with a fluctuation of 16.49%. The operating rate of the acetic acid plant is at a medium to high level, and the market supply of goods is stable. The downstream demand performance is poor, and the market has dropped significantly. The demand side has suppressed the price of acetic acid. In addition, the cost support of raw material methanol is limited, and the acetic acid market is bearish, resulting in a wide range of price declines. The cost side has a negative impact on the acetic anhydride market.
outlook for the future market
The acetic acid analyst from Shengyi Society believes that the price of raw material acetic acid is weak, the cost of acetic anhydride is bearish, downstream demand is limited, market support is insufficient, and acetic anhydride enterprises are under pressure. It is expected that the acetic anhydride market will continue to operate weakly in the later stage, and specific attention should be paid to changes in the upstream market.

price trend
According to data from Shengyishe Spot News, since mid April, the domestic PC market has experienced a high-level decline, with most brands experiencing an overall decrease in spot prices. As of April 2nd, the mixed benchmark price of Business Society PC was around 16133.33 yuan/ton, a decrease of 2.52% from the beginning of the month.
Root cause analysis
Supply side: Since April, domestic PC aggregation enterprises have been relatively concentrated in maintenance. However, overall, the load within the range has been reduced by 7%, and the current average operating rate is around 80%, with limited reduction. At present, the average weekly output is within 70000 tons. There is not much room for contraction in the future supply, but overall, the supply side’s support for PC is still acceptable.
In terms of raw materials, it can be seen from the above chart that the domestic bisphenol A market has gradually declined since early April. Affected by the sharp decline in international crude oil prices, the prices of phenol and acetone have remained stagnant and fallen. Subsequently, it caused a drag on the price center of bisphenol A in China. At the same time, the current supply of bisphenol A has limited changes and demand has weakened. Merchants are actively shipping and tend to sell at discounted prices. The overall support for PC cost value has weakened.
On the demand side: The profitability of terminal enterprises has not improved, and the load position of downstream PC factories is still relatively low. Although the current PC price has fallen from a high level, it is still within the three-year high range. The buyer is cautious in stocking up and has a poor willingness to build a warehouse. The market has a strong wait-and-see atmosphere, and the liquidity of goods has decreased. In the early stage, the atmosphere of PC market speculation has basically cooled down, and the mentality of merchants has weakened. They offer according to the market, and there has been an increase in profit giving and order taking operations. Overall, the demand side has poor support for PC spot prices.
future market forecast
In late April, the domestic PC market continued to decline at a high level. The price of upstream bisphenol A continues to weaken, causing a drag on the cost value of PC. The load of domestic PC aggregation plants has slightly decreased, and the supply side benefits are limited. On site trading is mainly based on weak demand, and buyers have a cautious mentality, taking whatever they need. Trading is mostly small orders. It is expected that in the short term, the PC market may continue to be suppressed by the decline in the upstream market, and there may still be room for downward adjustment.

According to data from Shengyishe Spot News, in April, the supply of hydrogen peroxide in the market became tight, while the demand side improved, providing dual support and causing a significant increase in prices. Prices have entered the era of “four digits”. At the beginning of the month, the average market price of hydrogen peroxide was 796 yuan/ton. On April 21st, the average market price of hydrogen peroxide was 1033 yuan/ton, an increase of 29.71%.
Reasons for the rise in the current hydrogen peroxide market
On the demand side: In late April, the pre holiday stocking market arrived, and epoxy propane enterprises in the northern region continued to purchase, with strong digestion capacity; At the same time, the increase in operating load of the caprolactam factory has increased the demand for hydrogen peroxide. Downstream industries such as papermaking and new energy (iron phosphate) have also conducted centralized procurement, providing strong support for the market
Inventory and supply situation: Production enterprises have abundant orders, and the overall inventory level continues to decline, with many water companies even experiencing the phenomenon of controlling quantity and shipping. Low inventory levels provide a solid foundation for price increases. Hydrogen peroxide companies in Shandong, Anhui, and Sichuan regions have stopped for maintenance, while some companies in Hangzhou have limited production. The temporary shortage of supply has driven the hydrogen peroxide market to soar.
In summary, in late April, domestic hydrogen peroxide was already at a historical high. After the May Day holiday, the stocking market ended, and the pressure of loose supply remained. Terminal demand fell, and the hydrogen peroxide market gradually experienced a pullback.