According to the Commodity Market Analysis System of Shengyi Society, as of May 22, 2025, the reference price of n-butanol in Shandong Province, China is 6233 yuan/ton. Compared with May 19 (reference price of n-butanol is 6283 yuan/ton), the price has decreased by 33 yuan/ton, a decrease of 0.69%.
From the market monitoring system of Shengyi Society, it can be seen that as we enter this week, the overall n-butanol market in Shandong Province has slightly declined. The negotiation focus of the n-butanol market in Shandong Province has slightly shifted downwards, and some factories have lowered their n-butanol shipment prices within the week by about 50-100 yuan/ton. As of May 22, the reference price for the n-butanol market in Shandong Province is around 6200-6300 yuan/ton.
Analysis of Market Factors
In terms of supply and demand: Currently, the supply side of n-butanol in Shandong region is basically stable. From the demand side, downstream users mainly purchase on demand, and some users are watching the market to replenish at low prices. The overall trading atmosphere in the market is average, and the supply and demand transmission is relatively loose.
Market analysis in the future
Currently, the atmosphere in the n-butanol market is average, with weak negotiations for new orders and insufficient effective support within the market. The n-butanol data analyst from Shengyi Society predicts that in the short term, the n-butanol market in Shandong Province will mainly experience narrow adjustments in operation, and specific changes in supply and demand information need to be closely monitored.

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.