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.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market in the first half of May showed weak consolidation, with most brand products experiencing narrow price fluctuations. As of May 14th, the mainstream offer price for wire drawing by domestic producers and traders is around 7440 yuan/ton, a decrease of -0.56% compared to the price level at the beginning of May.
price trend
In terms of raw materials:
The previous US tariff policy had a huge impact on the global economy, and crude oil prices plummeted as a heavily affected area. At present, the US China talks have released many positive signals such as the suspension of tariffs, and crude oil prices have continued to rebound. At the same time, the decoupling of domestic propane trade is expected to be lifted, and the future price may fall. The cost pressure on PDH manufacturing enterprises may be reduced. The propylene market is strong due to the rise in raw materials, but the differentiation of demand has hindered the increase. Overall, in the first half of May, the prices of various raw materials provided weak and then strong support for PP costs.
Supply side:
In the first half of May, the load of domestic PP enterprises remained stable with a slight decrease, and the market supply remained generally abundant. Overall, the industry’s overall load level has decreased by 3% to 76% compared to the pre holiday period, with an average weekly total output of approximately 780000 tons. However, the total domestic inventory continues to rise to a high of 900000 tons. The supply side still exerts certain pressure on the spot price of PP.
In terms of demand:
In the first half of May, the demand side of PP continued to be weak, and on-site trading maintained a weak and rigid demand situation. The consumption level of end enterprises in plastic weaving has returned to the off-season level. 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. However, under the recent suspension of tariffs between China and the United States, market confidence has been strengthened, and there is a high expectation of a rebound in PP consumption in the future. The export resistance of downstream PP products in China has decreased. However, the transmission of positive news still takes time. Currently, buyers’ purchasing operations are still cautious and biased towards scattered small orders. Although there has not been a significant increase in new orders in the market. Overall, the performance of the PP demand side was average in the first half of May.
Future forecast
In the first half of May, the domestic PP market prices were consolidating. Fundamentally speaking, the comprehensive support of upstream raw materials for PP initially weakened and then strengthened. The industry has abundant supply, inventory pressure, and weak consumption continues. The results of the current China US talks have a positive impact on both the upstream and downstream of PP, injecting a stimulant into the market atmosphere and raising expectations for future prices. At present, some merchants in the market are trying to raise prices, but the market still needs to go through the process of de stocking. It is recommended to closely monitor the circulation of goods.

Last week (May 5-11, 2025), the price center of the upstream raw material market for nylon filament fell, cost support weakened, downstream market shipments were not smooth, procurement enthusiasm was not high, and some nylon filament manufacturers had high inventory levels. Under multiple negative factors, the nylon filament market price was under pressure and declined.
According to the Commodity Market Analysis System of Shengyi Society, last week (May 5-11, 2025), the price of nylon filament continued to decline under pressure. As of May 11, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14920 yuan/ton, a decrease of 120 yuan/ton from last week, with a weekly decrease of 0.80%; Nylon POY (premium product; 86D/24F) quoted 12375 yuan/ton, a decrease of 125 yuan/ton compared to last week, with a weekly decrease of 1.00%; The price of nylon FDY (premium product: 40D/12F) is reported at 15500 yuan/ton, a decrease of 150 yuan/ton from last week, with a weekly decline of 0.96%.
The raw material market continues to decline
In terms of cost: Last week (May 5-11, 2025), Sinopec’s high-end caprolactam weekly closing price was executed at 9360 yuan/ton. During the week, the spot market price of caprolactam and the market price of high-speed spinning nylon PA6 slices both showed a downward trend, and the market price of raw materials continued to decline, with poor cost support. As of May 11, 2025, the benchmark price of caprolactam in Shengyi Society was 9053 yuan/ton, with a weekly decline of 2.25%. During the week, the market price of high-speed spun nylon PA6 chips saw a slight decline, with a weekly drop of 0.61%, 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 production. Downstream procurement is mainly cautious, and it is expected that the caprolactam market price will remain weak and stagnant next week. In terms of nylon PA6 slicing, the cost support is weak, 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 slightly decline next week.
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 may experience a decline. Cost support is limited, and downstream markets tend to adopt a cautious and wait-and-see attitude, purchasing on demand. Demand is unlikely to improve, and analysts from Business Society predict that the nylon filament market price will remain stagnant next week.

Since May, the domestic ABS market has continued to decline, with most spot prices of various grades decreasing. According to the Commodity Market Analysis System of Shengyi Society, as of May 12th, the average price of ABS sample products was 10437.50 yuan/ton, with a price level increase or decrease of -2.68% compared to early May.
Fundamental analysis
Supply level: In May, domestic ABS industry companies such as Yulong Petrochemical restarted, with an increase in operating rates. The overall load level has rebounded from 65% at the end of April to around 70% currently. The average weekly output is close to 130000 tons, and the inventory level of aggregation enterprises is high, stable, and fluctuating. The on-site supply is still at a relatively abundant level. At the same time, in the second half of the month, two companies planned to launch new equipment production capacity. Except for Liaoning Jinfa, there are few maintenance arrangements in the industry in the short term, and the supply-demand contradiction pattern is profound. Overall, there has been no improvement in the supply side’s support for ABS spot prices.
Cost factor: In early May, the trend of ABS upstream materials was mainly stagnant, and the support for ABS cost side was average. In terms of acrylonitrile, the local supply contraction in China before and after the May Day holiday has led to a temporary weak balance in the market, coupled with continued cost pressures. Suppliers are maintaining high prices, and the overall market is in a stalemate and consolidation. In the long run, considering the gradual release of new production capacity, but in the short term, the industry inventory is controllable and the overall situation is temporarily stable.

The domestic butadiene market has fluctuated within a range since May. Last month, the price of butadiene significantly declined in the middle of the month. At the end of the month, some downstream enterprises purchased on dips, and the market trading atmosphere slightly improved, leading to a rebound in the market. Under the influence of various news such as crude oil, tariffs, and consumption, the butadiene market is experiencing both long and short positions, with prices mainly consolidating.
After the May Day holiday, the domestic styrene market fluctuated within a certain range. Overall, the supply of raw material pure benzene is not smooth, and the price has been lowered. The maintenance of the styrene supply side has ended and entered the restart stage. The low port inventory has provided support for prices, while the demand side remains weak. Under the game of supply and demand, styrene has fluctuated. The weak demand and raw materials in the future are difficult to change, and it is expected that the styrene market will operate weakly in the short term.
On the demand side: As we enter May, the load of downstream ABS factories in the ABS terminal has generally flattened, and the purchasing logic tends to lean towards buying at the bottom and supplementing orders for urgent needs. But there is still inventory that needs to be digested, resulting in sluggish new order trading. The confidence in the market is weak, the stocking atmosphere is cautious, and the flow of goods is slow. Overall, the demand side has poor support for the ABS market.
Future forecast
The domestic ABS market continued to decline in early May. The sorting and running of the upstream three material intervals provides average comprehensive support for the cost side of ABS. The production load of ABS polymerization plant has rebounded, and the high supply level has been relaxed. The weak consumption pattern on the demand side has not improved. Business analysts believe that ABS has fallen to near cost price, and the market has long had strong supply and weak demand. Coupled with the impact of international news such as equivalent tariffs, pessimistic expectations for the future are biased. The bullish trend within the market is hard to find, and there is still a possibility that the market may continue to decline in the short term.

Price Trend Review
According to the monitoring of the commodity market analysis system of Shengyi Society, on May 9th, spot electrolytic nickel was reported at 124758 yuan/ton, with a weekly decline of 0.33%, showing an overall trend of “first rising and then falling, with range oscillation”. The specific phased performance is as follows:
Short term rebound after the holiday
Support for replenishment demand: After the May Day holiday, some downstream enterprises restocked at low prices, coupled with a rebound in market sentiment, resulting in a slight increase in nickel prices.
Macro sentiment improvement: The Federal Reserve maintains interest rates unchanged, easing market concerns about aggressive rate hikes and providing short-term support for the metal sector.
Falling back under pressure
Fundamental suppression is evident: Indonesia’s nickel ore supply is tight but nickel iron production capacity remains high, and the global nickel market surplus pattern has not changed, suppressing price rebound.
Weak demand side: The stainless steel industry is cautious in procurement, the growth rate of new energy demand is slowing down, spot transactions are light, and nickel prices are fluctuating and weakening.
Macro level: intensifying overseas policy competition and interest rate differentiation
The implementation of the UK US trade agreement: The Trump administration has reached a new agreement with the UK, retaining the 10% benchmark tariff and eliminating steel and aluminum tariffs, but implementing tiered tariffs on automobile imports, and the risk of trade frictions still exists.
Global central bank policy divergence: The Federal Reserve maintains interest rates, but the Bank of England cuts interest rates by 25 basis points to 4.25%, indicating differences in global monetary policy. The US dollar index is stronger, suppressing nickel prices.
The tariff game between China and the United States: If the United States imposes tariffs on new energy metals in China, it may further affect the flow of nickel trade and requires continuous attention.
Supply side: Indonesian policy disturbance, inventory depletion but surplus remains unchanged
Indonesia’s nickel ore supply is tight: The rainy season in May has affected mining, coupled with the addition of a 1.5% nickel product royalty fee, which has pushed up costs in the short term, but nickel iron prices are still under pressure.
Global inventory changes: LME nickel inventory decreased by 3648 tons per week (to 197670 tons), and overseas spot pressure slightly eased. Domestic nickel inventory in Shanghai decreased by 882 tons per week (to 23426 tons), and the pattern of oversupply has not been reversed.
Demand side: Low demand for stainless steel and insufficient support for new energy
The stainless steel market is weak: On May 9th, the spot price of stainless steel was reported at 13042.50 yuan/ton, a decrease of 0.06% from the beginning of the month. Steel mills’ profits are under pressure, production schedules have decreased month on month, and nickel demand has been suppressed. Terminal consumption (construction, home appliances) has not shown any improvement, and the market’s willingness to purchase is sluggish.
Weakening demand for new energy: weak growth in orders from ternary precursor enterprises, followed by a decline in nickel sulfate prices, and the driving effect of new energy on nickel prices weakened.
Market forecast: Weakness in downstream demand, high inventory pressure, and macroeconomic uncertainty will hinder the upward trend; Cost support, overseas destocking, bottom support. Long and short positions are intertwined, and it is expected that nickel prices will maintain a range of fluctuations.