Price trend: (8.9-8.15)
This week, nickel prices showed a trend of rising and falling. According to the monitoring of the commodity market analysis system of Shengyi Society, on August 15th, spot electrolytic nickel was reported at 121850 yuan/ton, with a weekly increase of 0.58%, but still a year-on-year decrease of 5.40%. At the beginning of the week, nickel prices surged due to macroeconomic favorable factors such as the expected increase in interest rate cuts by the Federal Reserve and the temporary suspension of tariffs between China and the United States. However, they later fell back due to factors such as high inventory suppression and weak demand for stainless steel, maintaining an overall volatile consolidation pattern.
In terms of market transactions, there has been an increase in demand purchases after prices have fallen. Traders have reported that some downstream companies have hit low prices, but the overall market is still mainly on a wait-and-see basis, and the sustainability remains to be observed.
Macro: Loose expectations support, but policy uncertainty still exists
The expectation of the Federal Reserve’s interest rate cut has strengthened: the US CPI in July was 2.7% year-on-year, lower than the expected 2.8%. The market’s probability of a rate cut in September has risen to 94%, and the US dollar index has fallen to around 98, supporting metal prices.
Suspension of Sino US trade friction: Both sides continue to agree to suspend the 24% tariff for 90 days to alleviate market concerns, but the 10% benchmark tariff still exists and there are still variables in subsequent negotiations.
Geopolitical tensions ease: US and Russian heads of state meet to discuss a ceasefire in Ukraine, leading to a cooling of market risk aversion. However, Zelensky refuses a “territorial exchange,” and further progress remains to be observed.
Domestic industrial demand remains stable: In July, the added value of industries above designated size increased by 5.7% year-on-year and 0.38% month on month, indicating stable demand in the manufacturing industry, but the direct boost to nickel prices is limited.
Macro summary: Short term liquidity easing expectations support nickel prices, but high inventory and weak demand limit the rebound height, and the market is still waiting for clearer policy signals.
Supply side: inventory pressure remains high, mineral prices are differentiated
Nickel ore supply: Indonesian nickel ore prices remain stable (1.8% Ni FOB $78/wet ton), with stable supply. The low-grade nickel ore in the Philippines continues to decline (0.9% Ni CIF $42/wet ton, down 2.3% weekly), mainly due to the end of the rainy season and an increase in shipping volume.
Inventory pressure still exists: LME nickel inventory decreased by 570 tons per week to 211662 tons. Shanghai nickel inventory increased by 1520 tons to 22141 tons per week, and remains at a high level overall.
Smelting profit pressure: The production profit margin of nickel pig iron (NPI) has dropped to 3.2%, and some enterprises have reduced production, but it has not yet formed a significant constraint on the supply side.
Demand side: weak recovery of stainless steel, slowing growth of new energy
Stainless steel demand: Production scheduled for August was 3.3041 million tons, a month on month increase of 2.29% and a year-on-year decrease of 1.64%, indicating a transition from off-season to peak season, but slow destocking and average market transactions. On August 15th, the benchmark price of stainless steel in Shengyi Society was 12264.29 yuan/ton, an increase of 1.42% per week, but terminal procurement remains cautious.

New energy demand: The production of ternary precursors increased by 5.71% month on month in July, but considering the digestion of pre orders in August, the growth rate is expected to slow down to 5.4%. The production of ternary materials increased by 5.75% month on month in July, and the expected growth rate in August is expected to drop to 3.07%, with a marginal slowdown in demand growth. In terms of spot purchases, when the price drops below 121000 yuan/ton, there is an increase in demand purchases, but the overall market is still dominated by destocking, and the sustainability is questionable.
Future outlook:
The expectation of interest rate cuts by the Federal Reserve and progress in US China trade may support a slight increase in nickel prices due to liquidity, but geopolitical uncertainty and high inventory pressure are restraining the rise in nickel prices. It is expected that nickel prices will continue to fluctuate.

price trend
According to the bulk ranking data from Shengyi Society, the domestic PC market was mainly consolidating in the first half of August, with most spot prices of certain brands showing narrow fluctuations. As of August 13th, the mixed benchmark price of Business Society PC is around 14316.67 yuan/ton, with a price fluctuation of -0.12% compared to early August.
cause analysis
Supply side: In the first half of August, the load of domestic PC aggregation enterprises increased. The on-site supply is abundant, with high inventory levels remaining stagnant, and the pattern of ample PC supply remains unchanged. After the addition, there is a shortage of maintenance news in the market, and the pressure on shipments has not decreased. The market supply side has poor support for PC prices.
In terms of raw materials, it can be seen from the above chart that bisphenol A dominated the horizontal trend in the first half of August. The changes in upstream acetone and phenol are relatively small, which limits the guidance for bisphenol A. On the other hand, there is a trend of relaxed supply of bisphenol A, while weak demand remains unchanged, and the market lacks upward momentum. Overall, the bisphenol A market is stable with some weakness, and its support for PC costs is average.
On the demand side: Currently, we are still in the traditional off-season period for PC, with low downstream factory loads and weak stock availability, mainly due to rigid demand. We have not seen any early warehouse construction operations. Due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site supply, the supply-demand contradiction within the range has not improved. At present, terminal enterprises are cautious in purchasing new orders and are resistant to high priced goods. The financial pressure on merchants has increased, and there has been an increase in the practice of offering discounts on actual orders. The circulation speed of on-site goods is slow, and the trading performance continues to be dominated by contract delivery. Overall, the demand side has weak support for PC spot prices.
Future forecast
The domestic PC market fluctuated and consolidated in the first half of August. The upstream bisphenol A market is stable with some weakness, providing average support for PC cost values. The load of domestic PC aggregation plants has increased, but the pattern of strong supply remains unchanged. The off-season characteristics of downstream demand remain unchanged, and market benefits are difficult to materialize. Industry players are adopting a wait-and-see attitude towards the future market. Although the current PC price is at a historical low, the market momentum is unlikely to improve in the short term, and it is expected that the PC market will continue to search for a bottom in the future.

Last week (August 4-10, 2025), the market trend of upstream nylon PA6 chips for nylon filament gradually stabilized, with limited cost support and high inventory levels in the market. The supply side performed well, but the demand side did not improve. Downstream manufacturers’ purchasing enthusiasm was difficult to increase, and the market trading atmosphere was average. The price trend of nylon fiber market was weak and stable.
According to the Commodity Market Analysis System of Shengyi Society, the price of nylon filament remained weak and stable last week (August 4-10, 2025). As of August 10, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14320 yuan/ton; Nylon POY (premium product; 86D/24F) quoted 12050 yuan/ton; The price of nylon FDY (premium: 40D/12F) is quoted at 14900 yuan/ton, which is the same as the previous period.
Weak and stable support on the raw material side
In terms of cost: Last week (August 4-10, 2025), the spot market price of caprolactam remained weak and stable. The weekly settlement price of caprolactam by Sinopec was 9050 yuan/ton (interest free for six-month acceptance). The market price of nylon PA6 slices was weak and stagnant, with weak cost support. As of August 10, 2025, the benchmark price of caprolactam in Shengyi Society is 9070 yuan/ton, mainly due to weak price consolidation. During the week, the market price of high-speed spun nylon PA6 chips remained weak, stable, and fluctuating, with weak cost support being the main factor.
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, and many parties are following suit with rigid demand. Many industry players are adopting a cautious and wait-and-see attitude.
Future forecast
Cost aspect: In terms of caprolactam, the expectation for pure benzene is weak, and slice manufacturers have low enthusiasm for purchasing caprolactam. It is expected that the caprolactam market will be dominated by weak and low-level consolidation next week; In terms of PA6 slicing, cost support is limited, and the supply level of PA6 slicing market may continue to improve. Downstream market demand is weak, and it is expected that the market price of nylon PA6 slicing will weakly decline.
Supply and demand: August belongs to the off-season of traditional demand in the market, coupled with the lack of signs of improvement in terminal market demand and low purchasing enthusiasm in downstream markets. Therefore, it is expected that the demand for nylon filament market may decrease next month. If there is no significant improvement in demand, under the pressure of large inventory, some nylon filament manufacturers may have the possibility of reducing production capacity, while the industry continues to release new production capacity. Therefore, it is expected that the supply of nylon filament market will decrease next month.
Overall, both the upstream raw material caprolactam spot market and the nylon PA6 chip market are likely to continue to decline, with a lack of cost support and difficulty in improving downstream market demand. The demand side is dragging down market trends, and under the dual negative factors, analysts from Shengyi Society predict that the short-term nylon filament market price will mainly consolidate weakly.

This week, some facilities in East China have reduced their load, leading to a decrease in industry capacity utilization. The supply has gradually decreased to alleviate excess pressure. At the same time, downstream large factories have stable contract demand, and major manufacturers have continued to raise prices. Market offers have followed suit. As of August 8th, the mainstream negotiation for container self pickup at East China ports is between 8000-8100 yuan/ton, which is the same as last week; The short distance delivery to the Shandong market is negotiated at around 7900-8000 yuan/ton, which is the same as last week.
Partial device load reduction supply phased reduction:
During the week, the 520000 ton acrylonitrile unit of Zhejiang Petrochemical reduced its load to around 60-70% due to related equipment failures; A 130000 ton acrylonitrile production line of Sinochem Quanzhou has been shut down, leading to a decrease in industry capacity utilization and a temporary reduction in supply. Relieve the pressure of oversupply in the early stage, while maintaining stable contract demand from downstream large factories and no pressure on industry inventory. Under cost pressure and controllable inventory support, major manufacturers are gradually exploring ways to push up prices.
However, overall supply remains abundant, and spot buying remains cautious. According to statistics, as of August 7th, the weekly capacity utilization rate of domestic acrylonitrile factories was 74.34%, a decrease of -1.59% compared to the same period last week. The weekly output was about 81100 tons, a decrease of 0.17 million tons from the previous cycle. The total inventory was about 44500 tons, a decrease of 0.42 million tons from last week.
Small and medium-sized downstream buyers are still weak:
The capacity utilization rate of major downstream industries of acrylonitrile varies, with ABS capacity utilization rate at 71.10%, an increase of 5.20% compared to last week; Capacity utilization rate of acrylic fiber enterprises: 77.34%, up from last week+8.72; Acrylamide production capacity utilization rate: 47.99%, compared to last week -0.12%. Overall, the buying momentum of small and medium-sized downstream is still weak, and the spot trading atmosphere in the market is still average, with upward potential still suppressed.
Low volatility of propylene prices:
The price of propylene fell during the week, and the cost of raw materials for acrylonitrile production decreased. At the same time, the price of acrylonitrile increased, further improving the production loss situation this week. According to statistics, the average production cost of acrylonitrile this week was 8688 yuan/ton, with a month on month decrease of -0.82%. The average profit of acrylonitrile production during the same period was -418 yuan/ton, with a month on month increase of 232 yuan/ton.
Overall, although the cost support is slightly insufficient, Fushun Petrochemical’s 92000 ton acrylonitrile plant plans to shut down for maintenance for about 45 days in mid August. There is still an expectation of reduced supply, coupled with an increase in capacity utilization in downstream industries and an expected increase in demand. In the short term, major manufacturers are expected to continue to raise prices. However, considering that the overall supply is still abundant, spot buying is still cautious, and there may still be resistance to pushing up prices.

This week, the market price of epichlorohydrin remained high and stable. According to the monitoring and analysis system of Shengyi Society, as of August 7th, the benchmark price of Shengyi Society’s epichlorohydrin was 11500 yuan/ton, an increase of 0.88% compared to early August.
Price influencing factors:
On the raw material side: The external price of raw material glycerol remains high and firm, with tight market supply. Most domestic glycerol factories are operating under capacity, and there is a risk of production reduction. The cost pressure of epichlorohydrin is high, and some enterprises have a strong atmosphere of price increase in order to avoid losses. The price of raw material propylene has risen. Overall, the high cost pressure on the raw material side has provided strong support for the cost of epichlorohydrin, resulting in a slight increase in prices. According to the market analysis system of Shengyi Society, as of August 7th, the benchmark price of propylene in Shengyi Society was 6413.25 yuan/ton, a decrease of 0.31% compared to the beginning of this month (6433.25 yuan/ton).
Demand side: The downstream epoxy resin market is under high cost pressure, with weak terminal demand and a slight decrease in market focus. The main focus is on meeting the urgent needs of purchasing epichlorohydrin, and the trading atmosphere is cold. It is expected that the epichlorohydrin market will continue to operate steadily in the near future.
Market forecast: Analysts from Shengyi Society believe that the prices of glycerol and propylene on the cost side remain strong at high levels, downstream demand is weak, and the trading atmosphere is cold. It is expected that the epoxy chloropropane market will remain stable in the near future, and more attention still needs to be paid to changes in raw material prices and market supply and demand.