According to the Commodity Market Analysis System of Shengyi Society, as the end of April approaches, the domestic PP market is weakly consolidating, and the prices of most brand products have fallen. As of April 23rd, the mainstream offer price for wire drawing by domestic producers and traders is around 7523.33 yuan/ton, a decrease of -0.53% compared to the price level at the beginning of April.
price trend
In terms of raw materials:
In early April, the US tariff policy was implemented, with tariff rates constantly changing and increasing to unprecedented heights. The tariff trade war launched by Trump has had a huge impact on the global economy. Crude oil, as a heavily affected area, has experienced a sharp drop in prices. However, recently some members of OPEC+have announced plans to compensate for overproduction, and the expectation of production contraction is clear. Combined with the increasingly tense geopolitical situation in Eastern Europe and the impact of various boosting factors, oil prices have rebounded from low levels. At the same time, domestic propane prices have risen due to the impact of trade decoupling, but the increasing cost pressure has dragged down the production and profitability of PDH manufacturing enterprises. The downstream production position of propylene is not high, and there is insufficient chasing power on site, resulting in price fluctuations after rising. Overall, the prices of various raw materials at the end of April have slightly rebounded to support the cost of PP.
Supply side:
Recently, domestic PP enterprises have experienced significant fluctuations in their workload, and the market supply has remained generally abundant. Overall, the current industry’s overall load level has slightly decreased by about 1% to 78% compared to the middle of the month. The average weekly production in China is about 750000 tons. Recently, Zhongsha Tianjin, Changling Petrochemical and other enterprises have successively entered maintenance. Later, Zhejiang Petrochemical and middling coal Yulin have announced their parking plans. On the whole, maintenance is intensive, loss of capacity is expanded, and supply and contraction are expected in the future. There is an upward trend in the supply side’s support for PP spot prices.
In terms of demand:
Recently, the demand for PP has been relatively weak, and on-site trading has maintained a weak rigid demand pattern. In terms of plastic weaving, the consumption level of terminal enterprises has generally stabilized. The demand for PP in fields such as architecture and agriculture is gradually increasing with the warming of temperatures. However, under the influence of international news such as equivalent tariffs imposed by the United States, the global economy has been greatly impacted and future uncertainty has increased. The export of downstream PP products in China is hindered, and buyers tend to maintain production with scattered small orders. Although there has been no significant increase in new orders in the market. Overall, the demand for PP weakened at the end of April.
Future forecast
Recently, the domestic PP market prices have been weakly adjusted. From a fundamental perspective, the comprehensive performance of upstream raw materials on PP support has risen at a low level, with abundant industry supply and weak demand support in consumption. The current industry trend is focused on the struggle between supply contraction and weak consumption, with cautious on-site operations and frequent avoidance of suspicion in small orders. In the short term, the supply-demand imbalance is unlikely to improve. It is recommended to closely monitor the situation of tariffs and the flow of goods.

Recently (4.10-4.22), the market situation of Shunding rubber has continued to be weak. According to the commodity market analysis system of Shengyi Society, as of April 22, the market price of Shunding rubber in East China was 11710 yuan/ton, a decrease of 4.72% from 12290 yuan/ton on the 10th. The price of raw material butadiene continues to decline, and the cost support for butadiene rubber has significantly weakened; Shunding rubber production has slightly increased, leading to a slight increase in supply pressure; Downstream production is basically stable, but inquiries for butadiene rubber are light due to the impact of international trade trends. Merchants reported weak and declining prices, with mainstream prices in Qilu, Daqing, Sichuan, and Yangtze Shunding in East China ranging from 11650 to 12000 yuan/ton as of April 22; The price of some private Shunding is around 11400~11700 yuan/ton.
Recently (4.10-4.22), the price of butadiene has significantly decreased, and the cost support for butadiene rubber is relatively weak. According to the Commodity Market Analysis System of Shengyi Society, as of April 22, the price of butadiene was 8200 yuan/ton, a decrease of 13.66% from 9500 yuan/ton on the 10th.
Recently (4.10-4.22), the construction of domestic butadiene rubber plants has rebounded, with overall construction around 6.3%. There are still some plans to restart the maintenance equipment in the later stage, and the supply of butadiene rubber is expected to increase.
Demand side: Downstream tire production is generally stable, but the international trade situation has an impact, resulting in a strong wait-and-see atmosphere in the rubber market and light inquiries. As of April 17th, the operating load of semi steel tires in domestic tire enterprises was around 7.8%; The construction of all steel tires by tire enterprises in Shandong region has slightly increased to around 6.5% of the load.
Market forecast: From a fundamental perspective, analysts from Shengyi Society believe that the current price of butadiene has significantly decreased, and the cost support for butadiene rubber has weakened significantly; Affected by the international trade situation, downstream inquiries are cautious and market transactions are light in the short term. In addition, with the increase in production of butadiene rubber, it is expected that the butadiene rubber market will continue its weak downward trend in the later period.

According to the Commodity Market Analysis System of Shengyi Society, the domestic polyester staple fiber market has stopped its downward trend and stabilized since early April. As of April 21, the average market price of domestic polyester staple fiber (1.4D * 38mm) was 6317 yuan/ton, an increase of 0.71% from April 9.
The raw material market is intertwined with bullish and bearish factors in crude oil. Based on the subsequent impact of current US tariff policies, crude oil may enter a new cycle in the long run. The supply-demand balance will be disrupted, and in the process of rebalancing, crude oil prices will fluctuate and adjust in the short term. As of April 18th, the settlement price of the main contract for WTI crude oil futures in the United States was $63.98 per barrel, and the settlement price of the main contract for Brent crude oil futures was $67.26 per barrel.
During the maintenance of PX facilities both domestically and internationally, the domestic PX load has decreased to 73%. In the maintenance of Yangzi, Jiujiang, and Zhejiang Petrochemicals, Hainan Refinery and Pengzhou Petrochemicals have reduced their load and improved their supply. However, under the tariff war, costs and demand are greatly affected, and the overall situation is relatively weak. PTA is undergoing planned maintenance, and the industry’s operating rate is currently around 75%. In terms of prices, the downward trend has slowed down significantly. As of April 21, the average price in East China was 4330 yuan/ton, a decrease of 0.19% from April 11.
Downstream performance is weak, demand uncertainty is high under the tariff war, inventory pressure is high, and cash flow surges and falls. The shipping pace of yarn factories is average, and some enterprises’ inventory levels continue to rise, so the expectations for pre holiday stocking are not optimistic. There is currently no sign of improvement in the terminal weaving market, with insufficient follow-up on new orders and a strong wait-and-see atmosphere. The probability of Jiangsu and Zhejiang weaving remains around 63%.
Business analysts believe that the short-term cost support range is mainly fluctuating, and the tariff policy continues to suppress the export of terminal textiles. The demand mentality is pessimistic, and there are concerns about the decline in the operating rate of terminal weaving machines and the lack of clear direction guidance for polyester short fibers. In the short term, it may maintain a wide range of fluctuations.

This week (April 14-18, 2025), the center of gravity of raw material prices has fallen again, and the market price of nylon filament has followed suit. Sinopec’s high-end caprolactam price was lowered to 10080 yuan/ton last week, and the high-speed spinning market for nylon PA6 chips continued to decline, with weak cost support; During the week, the operating load of some nylon filament manufacturers’ facilities decreased, resulting in a narrow decline in industry supply. Some manufacturers had high inventory levels, and the performance of the supply side was average; There are few orders in the terminal market, and some downstream manufacturers are reducing production and taking holidays. Other manufacturers are holding on to their essential needs, resulting in limited on-site transactions and a sluggish demand side. Overall, the upstream raw material market is weak and declining, with some on-site inventory levels at high levels. Downstream companies have average purchasing power, and negative factors in the market dominate. The price pressure on the nylon filament market continues to decline.
According to the Commodity Market Analysis System of Shengyi Society, the price of nylon filament continued to decline weakly this week (April 14-18, 2025). As of April 18, 2025, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 15480 yuan/ton, a decrease of 100 yuan/ton from last week, a weekly decrease of 0.64%; Nylon POY (premium product; 86D/24F) is priced at 12900 yuan/ton, a decrease of 200 yuan/ton or 1.53% from last week’s price; The price of nylon FDY (premium product: 40D/12F) is reported at 16075 yuan/ton, a decrease of 150 yuan/ton from last week, with a weekly decline of 0.92%.
The raw material market is weak and declining
In terms of cost: Sinopec’s high-end caprolactam weekly closing price has been lowered. As of April 18, 2025, the benchmark price of caprolactam in Shengyi Society is 9660 yuan/ton, with a weekly decline of 5.45%. During the week, the market price of high-speed spun nylon PA6 chips fell sharply, with a 2.01% drop in nylon PA6 prices, indicating weak cost support.
Supply and demand: This week (April 14-18, 2025), the operating rate of the nylon filament market equipment did not fluctuate much, the industry supply was at a high level, some manufacturers had high inventory levels, downstream market demand was light, and some nylon filament prices were not smooth for shipment. Many were sold at discounted prices, and the overall profit situation of the market was still not optimistic.
Future forecast
Cost aspect: In terms of caprolactam, the trend of raw material pure benzene is average, and the supply of caprolactam market may recover to some extent. The purchasing enthusiasm of the demand side is not good, and it is expected that the market price of caprolactam will slightly decline next week. In terms of nylon PA6 slicing, there is insufficient cost support, and there is no significant improvement in terminal demand. Downstream manufacturers are cautious in purchasing for essential needs, and it is expected that the nylon PA6 slicing market will continue to decline next week. Therefore, it is expected that the price trend of the raw material market will decline next week.
Supply and demand side: Some manufacturers of nylon filament have high inventory, and there are plans to reduce the operating load of the equipment. There is a possibility of a decrease in on-site supply, and it is expected that the supply side of the nylon filament market will perform generally in the short term; Downstream domestic demand is limited, and there has been no significant improvement in foreign trade orders. Some downstream manufacturers have production reduction plans, and demand is expected to decrease. Therefore, it is expected that the driving force from the demand side of the nylon filament market will remain weak next week.
Overall, there are still downward expectations in the spot market for raw material caprolactam and the market for nylon PA6 chips, with weak cost support and no signs of improvement in downstream market demand. Industry players lack confidence in the future market, and Business Society analysis predicts that the price of nylon filament market will fall next week, with an expected decline of 100-300 yuan/ton.

The hydrofluoric acid market has been operating steadily this week. According to the analysis system of Shengyi Society, as of April 16th, the benchmark price of hydrofluoric acid in Shengyi Society was 12450 yuan/ton, an increase of 1.63% compared to the beginning of this month (12250 yuan/ton).
On the raw material side, the market for fluorite sulfuric acid, a raw material, is experiencing a weak decline, and the cost pressure on anhydrous hydrogen fluoride production enterprises has eased to some extent. According to the analysis system of Shengyi Society, as of April 16th, the benchmark price of Shengyi Society’s fluorite was 3731.25 yuan/ton, a decrease of -1.16% compared to the beginning of this month (3775.00 yuan/ton).
On the demand side: Downstream refrigerant domestic and foreign trade will usher in a peak demand season, with some enterprises producing at full capacity. Currently, market prices are still running at high levels, and the trading atmosphere is normal. Inventory pressure is gradually being released. The terminal sector has entered the peak production season, with increased demand supporting the continued high and firm price of anhydrous hydrogen fluoride.
Market forecast: In the near future, there will be a slight downward trend in the market price of raw material fluorite sulfuric acid. The cost pressure on anhydrous hydrogen fluoride production enterprises has eased, but it is expected that the decline in raw material prices will not be too large. The downstream refrigerant market is good, and the end demand has entered the production peak season. The demand side has certain support for the anhydrous hydrogen fluoride market. It is expected that the anhydrous hydrogen fluoride market will continue to operate at a high level in the future, and more attention should be paid to the news of leading enterprises and market supply and demand.