According to the analysis of the Business Society’s market monitoring system, on May 21st, the reference price for the domestic silicon metal # 441 market was 9210 yuan/ton. Compared with May 16th (the market price for silicon metal # 441 was 9480 yuan/ton), the price decreased by 270 yuan/ton, a decrease of 2.85%.
From the market monitoring system of Shengyi Society, it can be seen that this week (5.16-5.21), the overall domestic spot market for silicon metal # 441 has once again been weak and declining. Entering this week, the decline in spot prices of silicon metal has not stopped, and the focus of silicon metal negotiations is at a low level. As of May 21st, the reference market price for silicon metal 441 in Kunming is around 9500-9800 yuan/ton, and the reference market price for silicon metal 441 # in Tianjin is around 8800-9100 yuan/ton. The market price reference for metallic silicon 441 # in Sichuan region is around 8900-9000 yuan/ton. The market price reference for metallic silicon 441 # in Shanghai is around 9500-9600 yuan/ton.
Fundamental situation: Currently, the overall operating rate of the silicon metal market is still low, and silicon companies face significant production pressure. Downstream demand is cautious, and on-demand procurement is the main focus. The supply and demand of silicon metal are slow, and the market support is weak.
Market analysis in the future
At present, the trading atmosphere in the metal silicon market is still light, and the mentality of industry players is average, with a strong wait-and-see attitude. The metal silicon data analyst from Shengyi Society predicts that in the short term, the domestic metal silicon market will mainly operate in a range, and specific changes in supply and demand news need to be closely monitored.

1、 Market price trend
1. Price increase
Due to the dual effects of tight spot supply and increasing downstream demand, the price of acrylic acid in the market is showing an upward trend. The price of acrylic acid varies in different regions and manufacturers, but overall it shows an upward trend. As of May 20th, the benchmark price of acrylic acid in Shengyi Society was 7600.00 yuan/ton, an increase of 0.89% compared to the beginning of this month (7533.33 yuan/ton).
2. Active market atmosphere
With the rise in acrylic acid prices, the market atmosphere has become more active. Some downstream enterprises have begun to actively stock up to cope with potential supply shortages in the future.
2、 Demand side
1. Downstream demand growth
With the economic recovery and the increase of industrial production activities, the demand for acrylic acid in downstream industries such as coatings, adhesives, textile auxiliaries, and water treatment agents is gradually increasing. The growth of downstream demand has further driven up the price of acrylic acid in the market.
2. Inventory management
Some downstream enterprises may adopt a wait-and-see attitude, replenishing as needed instead of stockpiling in large quantities, which to some extent exacerbates the situation of tight spot supply.
3、 Supply side
Due to the increase in raw material supply, equipment maintenance, environmental requirements, or uneven distribution of production capacity, some acrylic acid production enterprises have limited production capacity and reduced the supply of acrylic acid in the market. As of May 20th, the benchmark price of propylene in Shengyi Society was 6645.75 yuan/ton, an increase of 1.14% compared to the beginning of this month (6570.75 yuan/ton).
Although new production capacity is about to be put into operation, there is uncertainty in the progress of production and effective output, which makes market participants more cautious in evaluating supply.
4、 Future prospects
Considering the expected reduction in overseas supply and the high concentration of domestic production capacity distribution, the tight supply situation in the acrylic acid market may continue for some time. Therefore, in the foreseeable future, the market price of acrylic acid may continue to operate at a high level.
With the intensification of market supply and demand contradictions and the continuous rise in raw material costs, the price fluctuations in the acrylic acid market may further increase. Investors and downstream enterprises need to closely monitor market dynamics and price changes in order to adjust their investment strategies and procurement plans in a timely manner.
In summary, the tight supply of spot goods is one of the main reasons for the rise in the price of acrylic acid in the market. The future price trend of the acrylic acid market will depend on the combined effects of various factors such as supply, demand, and market competition.

Last week (May 12-18, 2025), the upstream raw material caprolactam market for nylon filament regained confidence, with prices slightly rising and good cost support. However, downstream market shipments were not smooth, demand continued to be weak, and procurement enthusiasm was not high. Some nylon filament manufacturers had high inventory levels, and nylon filament market prices continued to decline slightly.
According to the Commodity Market Analysis System of Shengyi Society, last week (May 12-18, 2025), the price center of nylon filament slightly decreased. As of May 18, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14780 yuan/ton, a decrease of 140 yuan/ton compared to last week, with a weekly decrease of 0.80%; Nylon POY (premium product; 86D/24F) quoted 12300 yuan/ton, a decrease of 75 yuan/ton compared to last week, with a weekly decrease of 0.94%; The price of nylon FDY (premium product: 40D/12F) is reported at 15350 yuan/ton, a decrease of 150 yuan/ton from last week, with a weekly decline of 0.97%.
The raw material market has stopped falling and risen
In terms of cost: Last week (May 12-18, 2025), the spot market price of caprolactam stopped falling and rose, while the market price of high-speed spinning nylon PA6 slices temporarily showed a downward trend. The market price of raw materials stopped falling and rose, and the cost side was well supported. As of May 18, 2025, the benchmark price of caprolactam in Shengyi Society was 9366 yuan/ton, with a weekly increase of 3.46%. During the week, the market price of high-speed spun nylon PA6 chips saw a slight decline, with a 1.22% drop in nylon PA6 prices, indicating weak cost support.
Supply and demand: During the week, some nylon filament manufacturers have lowered their operating rates, resulting in a decline in overall market supply. However, industry inventory levels continue to increase, leading to poor performance on the supply side; The demand in the end market is weak, and some downstream manufacturers have reduced production or switched production, resulting in a decrease in demand for nylon filament. It is difficult to find favorable support from the demand side.
Future forecast

Cost aspect: In terms of caprolactam, the price range of pure benzene has been adjusted, and some units in the caprolactam market may experience a certain decline in operation. Downstream purchases are mainly cautious, and it is expected that the caprolactam market price will fluctuate and adjust next week. In terms of nylon PA6 slicing, the cost support is good, and the market supply is expected to slightly increase. Downstream manufacturers are not enthusiastic about purchasing, and it is expected that the nylon PA6 slicing market will fluctuate and consolidate next week, with prices mainly rising slightly.
Supply and demand side: Most of the nylon filament manufacturers’ facilities are operating stably, and the industry supply is relatively high. The overall inventory level in the market may still be high, and it is expected that the supply side support for the nylon filament market will be average in the short term; There is no sign of improvement in the demand of the terminal market, and downstream factories or inventory consumption are the main factors. It is difficult for the demand side to improve, so it is expected that the demand side of the nylon filament market will not change next week.
Overall, the spot market for raw material caprolactam is expected to remain stable with small fluctuations, while the market for nylon PA6 chips is expected to rise. The cost side is well supported, and downstream markets are adopting a cautious and wait-and-see attitude, purchasing according to demand. The demand side is unlikely to improve. Business analysts predict that the nylon filament market price will mainly stop falling and rise next week.

Price Trend Review
According to the monitoring of the commodity market analysis system of Shengyi Society, on May 16th, spot electrolytic nickel was reported at 126258 yuan/ton, with a weekly increase of 1.20%, showing an overall trend of “rise fall rise, range oscillation”, mainly affected by the alternating effects of macroeconomic sentiment recovery and fundamental suppression.
Macro level: China US trade easing+domestic policy boost
Significant reduction in tariffs between China and the United States:
On May 12th, China and the United States reached a consensus on economic and trade relations, with both sides canceling 91% tariffs, suspending 24% tariffs, and reducing tariffs to 10% after April 2nd, directly easing the cost pressure on export-oriented manufacturing industries.
After the agreement came into effect, the booking volume of container transportation between China and the United States surged by 277% within 9 days, and the market’s expectations for metal demand improved.
Domestic financial policies are being strengthened:
The central bank, the State Administration of Financial Supervision, and the China Securities Regulatory Commission jointly released a package of financial policies to stabilize the market and expectations. The expectation of loose liquidity has increased, and the sentiment in the industrial products market has rebounded.
Supply side: Policy news disturbance, inventory surplus remains unchanged
Rumors of a ban on nickel ore exports from the Philippines: There are market rumors that the Philippines plans to ban nickel ore exports in June 2025 (subject to congressional approval and a long implementation period), which will stimulate bullish sentiment in the short term, but the actual supply impact is limited (after 2025).
Indonesia’s tight supply continues: The rainy season in May continues, and nickel mining is hindered. Domestic trade prices remain strong, providing short-term support for nickel iron costs.
Global inventory changes: LME nickel inventory decreased by 2448 tons per week (to 195222 tons), and overseas spot pressure slightly eased. Domestic Shanghai nickel inventory increased by 75 tons per week (to 23501 tons), and the pattern of oversupply has not been reversed.
Demand side: Weak stability of stainless steel, dragged down by new energy
Stainless steel demand remains stable: On May 15th, the spot price of stainless steel was reported at 13255 yuan/ton, up 1.6% on a weekly basis. However, the production schedule of steel mills decreased month on month, and the recovery of the manufacturing industry was slow. Nickel demand only maintained basic demand.
Weakening demand for new energy: The growth of ternary precursor orders is weak, nickel sulfate prices are falling, and the marginal driving effect of new energy on nickel consumption continues to weaken.
Market forecast: Macro sentiment improves, cost support strengthens, supporting nickel prices to rise; However, the pressure of oversupply still exists, the recovery of demand is weak, and the long short game continues. It is expected that the nickel price range will fluctuate upward.

Market Overview
At the beginning of the week, the dichloromethane market in Shandong continued to be under pressure and fell, with light trading and manufacturers offering discounts on shipments. Dichloromethane fell to a five-year low. On May 13th, the average price of dichloromethane dispersed water in Shandong region was 2035 yuan/ton. Subsequently, the tariff policies of China and the United States, as well as domestic financial policies, stimulated market vitality and boosted confidence in market recovery. The upward trend of raw material methanol supported the rebound of dichloromethane. According to the monitoring of the commodity market analysis system of Shengyi Society, as of May 15th, the average price of dichloromethane dispersed water in Shandong Province was 2120 yuan/ton, an increase of 2.66% during the week.
analysis of influencing factors
Supply side: Partial negative price reduction to stabilize prices, overall still loose
Device dynamics: Shandong Jinling Chemical is operating at a reduced load, with an overall industry operating rate of around 75% and a relatively stable supply.
Enterprise inventory: With the recovery of market sentiment and the strengthening of downstream buying sentiment, the pressure on enterprise inventory has eased to some extent.
Cost side: methanol strengthens, liquid chlorine weakens
Methanol: The market has seen a significant increase, with spot prices rising and shipment transactions improving. Methanol prices rebounded by 4.94% during the week, providing stronger support for the cost of dichloromethane. Today, there was a slight decline. As of May 15th, the spot price of methanol in Shandong was reported at 2426.25 yuan/ton, with a weekly increase of 0.99%.
Liquid chlorine: The price of liquid chlorine in Shandong has slightly fallen, weakening the cost support of dichloromethane.
Demand side:
The downstream market of refrigerants is in the traditional peak season, and the market continues to have a high atmosphere. R32 is consolidating at a high level, and due to quota restrictions, dichloromethane is purchased on demand. There has been no significant improvement in other areas.
Future prospects
Policy benefits continue to ferment: the adjustment of tariffs between China and the United States, as well as domestic policies to stabilize growth, may continue to boost market sentiment.
Enhanced cost support: If methanol prices remain high, the profit margin of dichloromethane will be compressed, and manufacturers’ willingness to raise prices will increase.
Seasonal support for demand: The refrigerant industry is still in peak season, and if R32 prices remain firm, it may drive demand for dichloromethane replenishment.
It is expected that the short-term dichloromethane market will experience strong fluctuations.