On the first working day after the holiday, the domestic phenol market generally declined. According to data monitored by Shengyi Society, in the East China region, for example, the price of phenol was quoted at 6450 yuan/ton, a decrease of 100 yuan/ton from before the holiday.
The raw material pure benzene has dropped significantly, with a bearish impact on the cost side. Terminal factories are mainly observing, with limited participation and a weak market trading atmosphere.
The domestic phenol ketone production rate is 75%, and the Sinopec Mitsui phenol ketone plant is operating at a reduced capacity after the holiday. Other factors are relatively stable. In the short term, both the cost and demand sides have performed poorly. It is expected that the phenol market will continue to be weak after the holiday, and there is a large upside down space in the market. This week, we will pay attention to the factory price adjustment situation.

In April 2025, the upstream raw material market price trend of viscose staple fiber will decline, the cost side support will be weak, the purchasing enthusiasm of downstream cotton yarn enterprises will fade, the demand side fatigue will be difficult to change, the inventory level of viscose staple fiber market will continue to increase, the low-priced supply in the market will continue to increase, and the market price of viscose staple fiber will be lowered.
According to the Commodity Market Analysis System of Shengyi Society, as of April 30th, the average market price of viscose staple fiber was 13480 yuan/ton, a decrease of 120 yuan/ton from the previous month, with a monthly decline of 0.88%.
In terms of cost: During the month, the main raw material dissolution slurry market experienced a stepped decline, while the auxiliary material liquid alkali market and sulfuric acid market both entered a downward channel, and the cost center of gravity fell; The average production cost of viscose staple fibers has decreased.
Supply and demand: Some adhesive short fiber manufacturers have high inventory levels, and the operating load of their equipment has been reduced. The overall supply of the industry has significantly decreased, and the performance of the supply side is average; The demand in the terminal market has not shown any improvement, and the inventory of finished products in downstream yarn factories continues to accumulate, which slows down the consumption rate of raw materials. The operating rate of downstream cotton yarn market equipment continues to decline, and prices are falling. During the month, yarn factories mainly consumed raw material inventory, but limited orders were placed in the end market. As orders were delivered one after another, some yarn companies had plans to reduce production or switch production, resulting in a gradual decrease in demand for adhesive short fibers. Good support from the demand side was difficult to find, and the demand side dragged down the market trend.
Future forecast
Cost side: There is an expectation of reduced supply in the downstream adhesive short fiber market, which may lead to a decrease in demand for dissolving pulp. Therefore, it is expected that the dissolving pulp market will lack favorable support next month, and prices will run weakly.
On the supply and demand side: Currently, most regions have insufficient production of adhesive short fiber equipment. If the inventory on site remains high, it is expected that the supply of adhesive short fiber in the market may still decrease next month; Some downstream factories plan to stop production for the May Day holiday. If terminal demand remains weak, the holiday period for yarn factories may be extended, and there is a possibility of further reduction in demand for adhesive short fibers.
Overall, the upstream main raw material dissolution slurry market may not change much, and the industry inventory level is relatively high. In addition, there is no sign of improvement in downstream market demand. Under multiple negative factors, analysts from Shengyi Society predict that the domestic adhesive short fiber market prices will continue to be weak next month, with prices expected to be accepted at 12800-13400 yuan/ton.

In April 2025, the upstream raw material market prices continued to decline, while the downstream market held multiple rigid demand orders, with weak support from both the cost and demand sides. The nylon filament market experienced poor shipments and high finished product inventory, with bearish factors prevailing in the market. The nylon filament market prices were under pressure and fell sharply.
According to the Commodity Market Analysis System of Shengyi Society, the monthly average price of nylon filament will continue to decline in April 2025. As of April 30, 2025, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 15040 yuan/ton, a decrease of 640 yuan/ton from the previous month, a monthly decrease of 4.08%; Nylon POY (premium product; 86D/24F) is priced at 12500 yuan/ton, a decrease of 825 yuan/ton or 6.19% compared to the previous month; The price of nylon FDY (premium: 40D/12F) is reported at 15650 yuan/ton, a decrease of 625 yuan/ton or 3.84% compared to the previous month.
The raw material market has experienced a significant decline
In terms of cost, the sharp decline in crude oil and pure benzene market prices has driven the continuous decline of the caprolactam market. The settlement price of Sinopec’s high-end caprolactam in April was 9984 yuan/ton (liquid premium products accepted for self pickup in June), a decrease of 806 yuan/ton from the previous month’s settlement. The market for nylon PA6 chips is weak and declining, with prices on the raw material side trending downwards and costs continuing to decline. As of April 30, 2025, the benchmark price of caprolactam in Shengyi Society was 9360 yuan/ton, with a monthly decline of 9.10%. Nylon PA6 experienced a monthly decline of 7.32%.
Supply and demand: In April, the traditional peak season for textiles was not prosperous, and the downstream market’s purchasing willingness was not strong. Demand did not improve, and more raw material inventory was mainly consumed, creating a strong atmosphere of wait-and-see in the market. Part of the nylon filament manufacturers have reduced their operating loads, resulting in a narrow decline in industry supply. The overall inventory level in the field is high, and the performance of the supply side is poor; The demand in the terminal market has not improved, foreign trade orders are insufficient, domestic demand is limited, downstream manufacturers’ finished product inventory continues to accumulate, and the demand for nylon filament market is gradually decreasing, making it difficult to find favorable support on the demand side.
Future forecast
Cost aspect: In terms of caprolactam, cost support may weaken, and the supply of caprolactam in the market will further decrease. Downstream demand is unlikely to improve, and it is expected that the caprolactam market will have a lower focus next month; In terms of PA6 slicing, the cost support is poor, downstream market demand is weak, and the overall inventory level of aggregation factories is high. It is expected that the market price of PA6 slicing will decline next month. Therefore, it is expected that the market price of nylon filament raw materials will decline next month, and the cost trend will be weak.
Supply side: Some nylon filament manufacturers plan to park and vacation during the May Day holiday. If the inventory level on site remains high, some manufacturers have plans to reduce their equipment load. Therefore, it is expected that the supply of nylon filament in the market may decrease next month.
On the demand side: The terminal market demand is weak, and some downstream factories plan to reduce production or shut down for holidays. The demand for nylon filament may continue to decrease, so it is expected that the demand side of the nylon filament market will remain sluggish next month.
Overall, there are downward expectations in the spot market for raw material caprolactam and the market for nylon PA6 chips. There is insufficient cost support, downstream market equipment operating rates may decline, demand may slow down, and industry confidence in the future is insufficient. Business analysts predict that the nylon filament market price will decline slightly next month, with a decline of 100-300 yuan/ton.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of April 11th, the price of 0 # zinc was 22720 yuan/ton, a decrease of 0.94% from the zinc price of 22936 yuan/ton on April 7th.
This week’s market analysis
Zinc prices have been weak this week, fluctuating and falling.
Raw material end
During April, mines in northern China were still in the stage of resuming production, which led to a gradual increase in domestic zinc concentrate production. Looking back at March, the zinc concentrate import window was basically closed. Based on this situation, it is expected that the quantity of imported zinc concentrate will decrease in April. In this context, it is important to pay close attention to the arrival dynamics of zinc concentrates that have already locked in prices when the import window is opened in the early stage. Overall, the domestic supply of zinc concentrate remained relatively loose in April, and there is a possibility of further increase in zinc concentrate processing fees.
Supply and demand side
Despite the downward trend in zinc prices, both domestic and imported zinc concentrate processing fees are currently at a high level. At the same time, the by-product income is considerable, and the overall zinc price remains relatively high. Under the combination of multiple factors, domestic smelters have basically achieved profitability, with high production enthusiasm and sustained high operating rates. From the production data, the domestic refined zinc production in March achieved a month on month increase. Looking ahead to April, based on the current favorable production situation and market environment, it is expected that the domestic refined zinc production will continue to grow month on month.
On the demand side, zinc prices have shown a downward trend, and downstream enterprises have keenly captured this price fluctuation, with a strong willingness to replenish inventory at low prices. At the beginning of the week, there was a significant increase in price operations and delivery behavior, resulting in a steady increase in raw material inventory in the factory.
Inventory end
The total inventory of zinc ingots has decreased compared to April 7th. LME zinc inventory has decreased compared to last week.
comprehensive analysis
At present, although zinc inventory levels both domestically and internationally are in a relatively low range, considering the market’s expectation of a significant increase in future zinc supply and the many uncertain factors brought about by changes in the macroeconomic environment, zinc prices may continue to fluctuate downward in the future due to multiple negative factors.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China region rose this week (4.21-4.27), with an average market price of 258920 yuan/ton at the beginning of the week and 263010 yuan/ton at the end of the week, with a weekly increase of 1.58%.
From a macro perspective, the United States announced the imposition of tariffs on Chinese goods, covering key areas of tin consumption such as home appliances and consumer electronics. This measure has led to a weakening trend in export expectations for related products.
On the supply side, Alphamine officially announced that its Bisie mine is resuming production and operation in an orderly and phased manner as planned. However, given the significant delay in the resumption of tin ore production in Myanmar, the market’s expectation of overall tin ore supply tightening still persists.
On the demand side, the current trading performance of the tin ingot market is relatively quiet, and the trading heat has not significantly increased. Downstream enterprises’ procurement behavior is based on rigid demand, and when prices are in the low range, the demand for replenishment is timely released, driving a small amount of trading activity. However, as the price of tin ingots gradually rises, the trading activity in the spot market has significantly decreased, and the willingness of buyers and sellers to trade has cooled down. The procurement strategy of downstream solder enterprises also shows the dominant feature of rigid demand, meeting daily production needs while moderately replenishing inventory in combination with market price fluctuations. It is worth noting that the “trade in” policy continues to exert efforts, forming positive incentives for consumers’ purchasing intentions and indirectly driving demand for end products such as household appliances; In addition, the production schedule of the home appliance industry is running at a high level, and the production scale continues to expand. The combined effect of the two provides potential support for the demand side of tin ingots, and the potential for future demand release is worth paying attention to.
comprehensive analysis
The progress of resuming tin ore production in Myanmar is significantly lagging behind market expectations, coupled with limited recovery of Indonesian exports. The supply gap is difficult to effectively fill through internal adjustments or external supplements in the short term, and the global tin resource supply shortage is expected to continue in the short term. Expected to fluctuate widely within the tin price range.