Price trend: Indonesian mineral prices support, nickel price center shifts upward
According to the monitoring of the commodity market analysis system of Shengyi Society, on June 9th, spot electrolytic nickel was reported at 124133 yuan/ton, with a weekly increase of 1.40%, showing a fluctuating upward trend. The benchmark price of nickel ore for domestic trade in Indonesia remains strong, with stable mining subsidies and limited downward space.
Macro: US policy disturbance, non farm payroll data exceeds expectations
1. Increased steel and aluminum tariffs: The United States has raised steel and aluminum tariffs from 25% to 50%, and policy uncertainty may affect global metal trade flows.
2. Strong job market: In May, the United States added 139000 non farm jobs (expected to be 130000), and the unemployment rate remained stable at 4.2%. Hourly wages increased by 0.4% month on month (previously 0.2%), with a year-on-year growth rate of 3.9%, indicating that inflationary pressure still exists. Trump calls for the Federal Reserve to cut interest rates by 100 basis points, but strong data may delay expectations of easing.
Supply side: Strong mineral prices vs. overcapacity
The supply of nickel ore still fluctuates, and the main mining areas in the Philippines have gradually emerged from the impact of the rainy season, but the shipment volume is still affected to some extent. The benchmark price of nickel ore for domestic trade in Indonesia is relatively strong, and the price of nickel ore at the markup in June is basically stable, with limited downward space in the future.
Global inventory changes: LME nickel inventory decreased by 288 tons per week (to 199092 tons), domestic Shanghai nickel inventory decreased by 865 tons per week (to 21192 tons), and the pattern of oversupply has not been reversed.
Capacity expansion: Macquarie analysts point out that the market is already in a state of oversupply, and multiple nickel projects in Indonesia are about to start production. Macquarie expects the oversupply to continue until 2027-2028.
Demand side: Low demand for stainless steel and insufficient support for new energy
Stainless steel market: On June 6th, the spot price of stainless steel was reported at 13175 yuan/ton, unchanged from the beginning of the month. Some manufacturers in China and India have reduced production, but the pressure of accumulated inventory has not dissipated, and terminal demand is sluggish.
In the field of new energy, car companies are turning to vigorously build lithium iron phosphate (LFP) battery factories, and the growth rate of demand for ternary batteries (NMC) is slowing down.
Market forecast: Indonesian mineral prices are supported, but demand is slowing down, inventory is under pressure, and nickel prices are hindered from rising. It is expected that nickel prices will remain in a range of fluctuations.

Market Overview: This week, the overall supply of acrylonitrile in the domestic market is abundant, but there is a lack of purchasing power. The planned production of facilities such as Zhenhai Refining and Chemical has suppressed market sentiment, and prices continue to decline. As of June 6th, the mainstream negotiation for container self pickup at East China ports remains at 8250-8350 yuan/ton, a decrease of 50-150 yuan/ton compared to last week; Short distance delivery to the Shandong market remains at around 8150-8250 yuan/ton, a decrease of 150 yuan/ton compared to last week.
Supply side: According to statistics, as of June 5th, the average capacity utilization rate of the domestic acrylonitrile industry reached 75.27%, an increase of 1.30% compared to the same period last week, with a weekly output of approximately 75800 tons.
Abundant inventory: Overall supply is abundant. According to statistics, as of June 4, 2025, the sample inventory of acrylonitrile factory was 44800 tons, an increase of+0.18 million tons from last week, and the inventory gradually accumulated.
Demand side: The capacity utilization rate of major downstream industries of acrylonitrile in China has not changed much, and the overall load of acrylic fiber has reached over 60%; The ABS industry has maintained a production rate of around 60%. As of June 5th, the ABS capacity utilization rate was 64.02%, an increase of 1.7% compared to the same period last week. Raw materials are purchased on demand, and the overall demand performance is average.
Overall, the current domestic acrylonitrile market is weak, and Zhenhai Refinery is about to start production with increased supply, but the demand remains flat. However, there has been a temporary demand in the South China region recently, which has to some extent slowed down the market downturn.

Latest price: The average market price on June 5th was 7970 yuan/ton, a decrease of 0.87% from the previous trading day.
According to the Commodity Analysis System of Shengyi Society, the domestic price of styrene has been weak and declining. In terms of cost, crude oil fluctuates within the range, pure benzene is weakly consolidated, and the raw material side lacks support for styrene. In terms of supply and demand, the recent profit of styrene is still acceptable, and some units have plans to restart in advance. The downstream demand side remains stable with limited increment. Overall, the supply and demand side is expected to weaken. Under the bearish fundamentals, it is expected that the styrene market will operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of the 30th, the price of ethyl acetate was 5456.67 yuan/ton, an increase of 0.43% compared to the price of 5433.33 yuan/ton on May 25th, and a decrease of 1.09% compared to the beginning of the month. The upstream market is experiencing strong fluctuations, while the downstream is following up on demand. Market transactions are still acceptable, and ethyl acetate companies are actively shipping, with a strong upward trend in price focus.
This week, the utilization rate of domestic ethyl acetate production capacity has decreased, and the market supply pressure has weakened. At the beginning of the week, raw materials rose and the supplier’s mentality was optimistic. Ethyl acetate enterprises followed suit and increased their prices. Downstream demand mainly entered the market according to demand, and there were many low-priced inquiries in the market. Some enterprises had smooth transactions, and the price of ethyl acetate remained firm. The partial price reduction of upstream acetic acid in the later part of the week has a negative impact on the market of ethyl acetate.
Looking at the future market, the ethyl acetate market is running steadily, with manufacturers having a strong mentality and downstream following up on demand. Enterprise sales are still acceptable, but the decline in raw material prices has weakened market support. It is expected that the price of ethyl acetate may be slightly lower in the later stage, and specific attention should be paid to changes in supplier equipment and downstream follow-up.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market in May was consolidating and operating, with some brand products experiencing narrow price reductions. As of May 31st, the mainstream offer price for wire drawing by domestic producers and traders is around 7393.33 yuan/ton, a decrease of -1.18% compared to the price level at the beginning of May.
price trend
In terms of raw materials:
From April to early May, 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. With the release of many positive signals such as the suspension of tariffs during the mid May China US talks, crude oil prices have continued to rebound. In addition, the tense geopolitical situation in the Middle East and Eastern Europe has increased the risk of crude oil supply, and prices have remained firm. At the same time, the decoupling of domestic propane trade is expected to gradually be lifted, and the cost pressure on PDH manufacturing enterprises may decrease in the future, but the differentiation of demand will hinder the growth rate. There is a certain degree of loose supply in the propylene sector, coupled with average digestion speed, resulting in price fluctuations and downward adjustments. Overall, the prices of PP raw materials fluctuated in May, with mixed ups and downs, providing moderate support for PP costs.
Supply side:
In May, the load of domestic PP enterprises remained stable with small fluctuations, rising and then falling back, and the market supply remained generally abundant. Overall, the current industry’s overall load level has increased by 1% to around 77% compared to the end of April, and the weekly average total output of about 750000 tons has also remained flat. The capacity loss caused by the maintenance plan of interval enterprises has been basically smoothed out by the restart of enterprises such as Lanzhou Petrochemical. At the same time, the new production capacity of 1.4 million tons in the next quarter is approaching, and there is a clear expectation of loose supply in the future. The total domestic inventory has narrowly decreased to below 820000 tons, but remains at a high level. Overall, there is still some suppression on the spot price of PP by the supply side.
In terms of demand:
In May, the demand for PP continued to be weak, and on-site trading gradually entered the traditional off-season. The goods were basically ready before the Dragon Boat Festival, and the market remained weak and rigid. The consumption level of plastic weaving terminal enterprises has returned to the off-season level ahead of schedule. With the passing of the small peak in material usage, the release speed of PP demand in fields such as construction and agriculture has slowed down. The news of the temporary suspension of tariffs between China and the United States in the early stage stimulated market sentiment, and consumption briefly increased. At the end of the month, the impact has cooled down, and although the export resistance of downstream PP products in China has decreased, the incremental delivery of export orders still needs time. At the same time, there is still supply pressure in the industry, and inventory still needs to be cleared, offsetting some positive factors. The current buyers are cautious in their purchasing operations to maintain production, leaning towards scattered small orders, and the market’s new order transactions are returning to a flat state. Overall, the performance of PP demand side in May was average.
Future forecast
In May, the domestic PP market price consolidation was weak. From a fundamental perspective, fluctuations in upstream raw material prices have provided average overall support for PP. The industry has abundant supply, inventory continues to be digested, and consumption has entered the off-season level. At present, the positive sentiment of macroeconomic policies is being digested, and the market is returning to supply-demand dominance. It is expected that the PP market will continue to consolidate in early June, and it is recommended to closely monitor the new production situation in the industry.