In May, the price of ethylene glycol stopped falling and rebounded
The price of ethylene glycol will stop falling and rebound in May 2025. According to data from Shengyi Society, as of May 14th, the average price of domestic oil to ethylene glycol was 4536.67 yuan/ton, an increase of 4.73% compared to the average price of 4331.67 yuan/ton on May 1st.
On May 14, 2025, the trading of spot contracts for ethylene glycol at the port rebounded, with obvious follow-up buying, and a transaction range of 4580-4620 yuan/ton. In terms of basis, the intraday trading was initially strong and then weak. Yesterday night, due to the impact of device news, the pre market basis quotation for spot contracts this week was 170-200, but in night trading it fell back to 145-150. Today, the daily operating range for spot contracts this week is+115 to+150; After the close of trading, the contract basis price for this week ranges from+115 to+120. The contract basis price for May ranges from+115 to+120, the contract basis price for June ranges from+95 to+100, and the contract basis price for July ranges from+75 to+85.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 4050-4150 yuan/ton.
In terms of external ethylene glycol, as of May 12th, the landed price of ethylene glycol in China is 508 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 503 US dollars/ton.
Port inventory slightly decreased in May
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to May, the port inventory fluctuated horizontally. On May 12, 2025, the total inventory of ethylene glycol in the main port of East China was 656100 tons, a decrease of 44800 tons from the total inventory of 700900 tons on April 28; The total inventory as of December 30, 2024 was 397300 tons, an increase of 258800 tons.
The recent upward trend is driven by:
1. Macro sentiment is positive, and cost support is strengthened
The phase of China US tariff negotiations is favorable, and market sentiment is high.
On May 12th, China and the United States issued a joint statement on the China US Geneva Economic and Trade Talks, which includes the following key points: 1) The United States will reduce the 125% “equivalent tariff” imposed on China in this round to 34% when it was initially announced on April 2nd, with 24% of tariffs suspended for 90 days and the remaining 10% tariffs retained. Within 90 days of the implementation of the “equivalent tariffs”, the United States has reduced its tariffs on China by 115%. The current average tariff rate is: the weighted average tariff rate before Trump took office is about 10%+the “analgesic tariff” of 20%+the “equivalent tariff” of 10%=about 40%. The tariff rate after 90 days of the “equivalent tariff” taking effect, that is, after July 9th, depends on the negotiation process in the future.
China’s reciprocal operation will reduce the 125% tariff on US countermeasures to 34%, suspend 24% of the tariff for 90 days, and retain the remaining 10% tariff. In addition, China has suspended or cancelled non-tariff countermeasures against the United States since April 2nd. Within 90 days of the effective implementation of the countermeasures, China’s tariffs on the United States have decreased by 115%. The current average tariff rate is: the weighted average tariff rate before Trump took office is about 15%+the overall weighted analgesic countermeasures tariff is about 5%+the equivalent countermeasures tariff is 10%=about 30%.
The Ministry of Finance has announced that starting from 12:01 pm on May 14, 2025, tariffs on imported goods originating in the United States will be adjusted. The relevant matters are as follows: Adjust the additional tariff rate stipulated in the “Announcement of the State Council Tariff Commission on Imposing Additional Tariffs on Imported Goods Originating in the United States” (Tariff Commission Announcement No. 4 of 2025) from 34% to 10%, and suspend the implementation of the 24% additional tariff rate on the United States for 90 days.
Benefiting from the positive news of tariffs between China and the United States, market sentiment is high, and crude oil prices have rebounded and risen, strengthening cost support.
2. Supply side news disrupts funds, pushing up the valuation of ethylene glycol
During dinner time yesterday, there were rumors in the market that Hengli Petrochemical’s ethylene unit had unexpectedly shut down for maintenance, and the supporting ethylene glycol 1.8 million ton unit had been repaired one month in advance, resulting in a reduction of 150000 tons in monthly supply. Coupled with the follow-up maintenance plans of companies such as Satellite Petrochemical, CNOOC Shell, and Shaanxi Yulin Chemical, the supply contraction in May and June has significantly increased, and the supply-demand gap has widened. Market sentiment is high, and price influencing factors are shifting and amplifying towards the supply and demand side.
Downstream feedback
Due to the recent rapid rise in raw material prices, the three major polyester filament manufacturers have unanimously decided to immediately implement a reduction in production for loss making varieties and have begun planning the next step of production reduction plans, which will be implemented in the short term.
Future forecast
In the short term, market sentiment is still high and there is a high probability of sideways fluctuations. Focus on the support of crude oil cost and changes in downstream operating rates.

1、 Market Overview

This week, the acrylic acid market showed a supply-demand game, and the overall operation remained stable. On the supply side, some manufacturers have adjusted their production plans to cope with changes in market demand; On the demand side, downstream users also exhibit a certain degree of flexibility in their procurement strategies.
As of May 13th, the benchmark price of acrylic acid in Shengyi Society was 7500.00 yuan/ton, a decrease of -0.44% compared to the beginning of this month (7533.33 yuan/ton).. Compared to last week, the fluctuation is relatively small. Price fluctuations are mainly influenced by factors such as supply and demand, raw material prices, and market competition.
Market mentality: On the supplier side, some manufacturers are optimistic about the future market due to low inventory pressure; However, some manufacturers are cautious about the future market due to insufficient market demand. In terms of downstream users, procurement strategies exhibit a certain degree of flexibility due to factors such as procurement costs and market competition.
2、 Supply side
This week, the prices of the main raw materials for acrylic acid have remained relatively stable with minimal fluctuations. As of May 13th, the benchmark price of propylene in Shengyi Society was 6688.25 yuan/ton, an increase of 1.79% compared to the beginning of this month (6570.75 yuan/ton). The impact on the production cost of acrylic acid is limited.
3、 Demand side
Downstream demand: The overall downstream demand for acrylic acid remained stable this week, with some areas such as coatings and SAP industries showing certain growth potential. The paint industry has seen an increase in procurement volume due to the rebound of real estate completion; The SAP industry has experienced a decline in order volume due to the off-season demand for diapers.
Export situation: The export volume of acrylic acid remained stable this week, and some producers are expanding overseas markets to digest domestic overcapacity. In terms of export prices, affected by international market competition, the export price of acrylic acid has slightly decreased this week, but it still remains at a reasonable level.
4、 Future prospects
Looking ahead, the acrylic acid market will still face challenges from the supply-demand game. On the supply side, manufacturers need to continue optimizing production plans, reducing costs, and improving product quality; On the demand side, downstream users need to actively explore the market and increase product added value. Therefore, market participants need to closely monitor market dynamics and policy changes in order to develop more scientific and reasonable market strategies.
In summary, the acrylic acid market has maintained stable operation this week under the game of supply and demand. The future market will still face many challenges and uncertainties, requiring market participants to respond flexibly.

After the holiday, the phthalic anhydride market fluctuated and fell

According to the Commodity Market Analysis System of Shengyi Society, as of May 12th, the price of phthalic anhydride in neighboring countries was 7150 yuan/ton, a fluctuating decrease of 3.81% compared to the price of 7433.33 yuan/ton on April 1st. In April, the equipment production of phthalic anhydride enterprises slowly resumed, and the supply of phthalic anhydride increased; Downstream demand for plasticizers is weak, and the price of phthalic anhydride is fluctuating and falling.
Supply side: resumption of work and increased supply
The phthalic anhydride plant resumed gradually in April, and the capacity utilization rate of the domestic phthalic anhydride industry increased. The capacity utilization rate of the naphthalene phthalic anhydride industry remained stable; The utilization rate of production capacity in the domestic phthalic anhydride industry has slowly recovered, and the supply of phthalic anhydride has increased.
Demand side: DOP market is fluctuating and falling
According to the Commodity Market Analysis System of Shengyi Society, as of May 12th, the DOP price was 8166.66 yuan/ton, a fluctuating decrease of 1.47% from the April 1st DOP price of 8288.75 yuan/ton. The operating rate of plasticizer DOP enterprises has dropped to about 50%, the production of plasticizer DOP has decreased, the downstream demand for phthalic anhydride is weak, and the downward pressure on phthalic anhydride prices has increased.
Future forecast
According to the data analyst of Shengyi Society’s phthalic anhydride products, in terms of supply, phthalic anhydride manufacturers are slowly resuming production, and the supply of phthalic anhydride is increasing; In terms of demand, DOP manufacturers have low operating loads and weak demand for phthalic anhydride. In the future, with strong supply and weak demand, it is expected that the price of phthalic anhydride will fluctuate and fall.

The domestic fluorite price trend has slightly declined this week. As of the weekend, the average domestic fluorite price was 3656.25 yuan/ton, a decrease of 1.35% from the early week price of 3706.25 yuan/ton and a year-on-year decrease of 0.85%.

Supply side: Some manufacturers have started production, and the supply of fluorite has increased
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The supply of fluorite sources is still tight. However, as the temperature rises, northern enterprises are gradually starting production, and the supply of fluorite from on-site enterprises has increased. This week, the fluorite market has slightly declined.
Demand side: The price of hydrofluoric acid is temporarily stable, and the refrigerant market is still acceptable
This week, the domestic price of hydrofluoric acid has remained stable, with mainstream prices ranging from 11200-11700 yuan/ton in various regions of China. Some downstream hydrofluoric acid units are still shut down, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. They are not actively purchasing raw fluorite. Recently, some hydrofluoric acid manufacturers have shown a downward trend, which has slightly affected the price of fluorite.
The downstream refrigerant market in the terminal industry is still promising, and the terminal policy of the refrigerant industry is being strengthened. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of high price procurement is relatively slow, but the industry inventory is transmitting in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up in the terminal industry is low, and upstream products are mainly purchased on demand. The trend of refrigerant market is average, while the fluorite market has slightly declined.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. However, in some areas, the lack of active fluorite procurement has led to an increase in inventory. In addition, downstream resistance to high prices is severe, and hydrofluoric acid enterprises mainly purchase on demand, with no actual increase in demand. Overall, the fluorite market price has slightly decreased in the short term.

price trend
According to the bulk ranking data of Shengyi Society, the domestic PC market fell at a low level in April, and the spot prices of some brands decreased significantly. As of May 1st, the mixed benchmark price of Business Society PC is around 15483.33 yuan/ton, with a price increase or decrease of -1.80% compared to early April.
cause analysis
On the supply side: As we enter April, the load of domestic PC aggregation enterprises remains mainly stable. Within the interval, the loss of production capacity due to enterprise maintenance and partial restart of equipment have basically formed complementary wear and tear. As of May 1st, the industry’s average operating level has slightly decreased by 1% to 83% compared to the beginning of the month. During this period, the weekly average production remained above 60000 tons, still at a super high level, and the on-site supply was very abundant. Manufacturers and midstream inventory positions are relatively high, and shipping pressure continues to be high. The market supply side has weak support for PC prices.
In terms of raw materials, it can be seen from the above chart that the price of bisphenol A fluctuated and rose in April. Affected by the industry’s temporary low point at the end of March, low-priced orders in April boosted market momentum. At the same time, some regions are experiencing tight supply, supporting the upward trend of spot prices. Acetone and phenol remain firm after heating, forming a support for spot goods. However, the price of upstream crude oil in the middle and far ends of the month has been hit by the US tariffs, which has undermined the confidence of industry players in the future. At the end of the month, both upstream and downstream stocks experienced a decline, coupled with some companies experiencing an increase in load in the latter half of the month, which weakened the positive impact on supply. Overall, the support of raw materials for PC costs has increased in April, but the future market trend may be hindered and enter consolidation.
In terms of demand, PC consumption in April continued the pattern of rigid demand, and new orders in the market remained basically at the same level as the same period in previous years. Downstream factories are returning to normal load and stocking up as scheduled. Be cautious in purchasing logic. However, due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site sources of goods, the supply-demand imbalance tends towards destocking. Against the backdrop of the gradual decline in exports due to the impact of international news such as equivalent tariffs, businesses are showing a more cautious attitude. Buyers are resistant to high priced goods, and the pre holiday stock has been exhausted, resulting in a slow return to the speed of on-site goods circulation. Overall, the demand side has weak support for PC spot prices.
Future forecast
Entering April, the domestic PC market has experienced a decline at a low level. The upstream bisphenol A market is currently holding at a high level, providing sufficient support for the PC cost side. The load of domestic PC aggregation plants is generally stable, and the pattern of strong supply remains unchanged. The current downstream demand follows the logic of essential demand, and the impact of US tariff policies and crude oil fluctuations has left industry players with unchanged concerns about the future. Market trading has been sluggish with the end of pre holiday stocking. At the same time, the industry’s inventory is high, and there is great pressure for sellers to sell their products. Therefore, it is expected that the PC market will continue to be light and stable in the short term. It is recommended to closely monitor relevant news on the foreign trade environment.

According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell in April, with an average price of 8284 yuan/ton at the beginning of the month and 7660 yuan/ton at the end of the month, a decrease of 7.53% during the week and a year-on-year decrease of 19.41%. Entering April, it is the peak season for styrene maintenance, and the supply side is tightening. Due to the decline in pure benzene prices on the cost side, styrene is weak and declining. In mid to late April, the pure benzene market slightly rebounded, and the price of styrene slightly increased. However, due to high inventory in the downstream 3S industry, limited production, and demand constraints, the styrene market fluctuated and fell until the end of the month.

News: On April 29th, international crude oil futures closed lower. The settlement price of the main contract for WTI crude oil futures in the United States was $60.42 per barrel, a decrease of $1.63 or 2.6%. The settlement price of the main Brent crude oil futures contract was $63.28 per barrel, a decrease of $1.51 or 2.3%.
Cost wise: The market price of pure benzene fluctuated and fell in April. On April 1st, the price was 6659.67 yuan/ton; On April 29th, the price was 5785.33 yuan/ton, a decrease of 13.13% from the beginning of the month.
Supply and demand side: In April, the styrene major factory underwent planned maintenance, with strong support from the supply side. Downstream 3S has continued to accumulate inventory, with factories operating at reduced loads. At the same time, due to the impact of tariff policies, demand has further weakened, and the demand side remains weak.
Market forecast: As we enter May, styrene maintenance companies will gradually resume operations, and the supply and demand pattern will weaken. With the fluctuation of raw material pure benzene at a low level, it is expected that the styrene market will operate weakly in the short term.

The butadiene rubber market experienced a significant decline in April. According to the Commodity Market Analysis System of Shengyi Society, as of April 29th, the butadiene rubber market price in East China was 11950 yuan/ton, a decrease of 14.09% from 13910 yuan/ton at the beginning of April. The price of raw material butadiene has dropped significantly, and the cost center of butadiene rubber has shifted downwards; The production of butadiene rubber has increased, and the pressure on the supply side has slightly increased; In April, the production of semi steel tires in the downstream remained stable, while the production of all steel tires slightly decreased, which slightly weakened the support for the demand for butadiene rubber. As of April 29th, the mainstream prices for Qilu, Daqing, Sichuan, and Yangtze Shunding in East China were 11850-12250 yuan/ton.

Since April, the price of butadiene has significantly decreased, and the cost center of butadiene rubber has shifted downwards. According to the Commodity Market Analysis System of Shengyi Society, as of April 29th, the price of butadiene was 9133 yuan/ton, a decrease of 16.97% from the 11000 yuan/ton at the beginning of April.
In April, the domestic production of butadiene rubber plants slightly increased, with the overall production rate rising from around 6.00% at the beginning of the month to around 6.70%. However, there is still pressure on the supply side of butadiene rubber.
On the demand side, the slight decrease in downstream tire production in April mainly supported the rigid demand of the butadiene rubber market. As of April 29th, the operating load of semi steel tires in domestic tire enterprises was around 7.8%; The production of all steel tires by tire companies in Shandong Province has slightly decreased to around 6.3% of the load.
Market forecast: From a fundamental perspective, analysts from Shengyi Society believe that in the short term, the price of butadiene will consolidate weakly, and the cost support for butadiene rubber will still be weak; The slight fluctuation in downstream construction has provided support for the demand for butadiene rubber, but downstream inquiries are not active, resulting in weak transactions for butadiene rubber. Overall, it is expected that the butadiene rubber market will consolidate weakly in the later stage.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 8011 yuan/ton on April 1st and 7568 yuan/ton on April 27th, a decrease of 5.53% during this period. LDPE (2426H) had an average price of 9616 yuan/ton on April 1st and 9100 yuan/ton on April 27th, a decrease of 5.37% during this period. HDPE (2426H) had an average price of 8387 yuan/ton on April 1st and 8107 yuan/ton on April 27th, a decrease of 3.34% during this period.

The price of polyethylene continued to decline in April, and the market was mainly weak. The tariff war has led to a decrease in cost side oil prices, which has a certain negative impact on the polyethylene market. The pressure on the supply side is still high, and the supply volume remains at a high level; Agricultural film is in a low season of demand, with insufficient follow-up from downstream demand, and cautious procurement by end consumers; The production of packaging film and daily necessities is relatively stable, but the number of newly added orders is limited and the demand support is insufficient; The mentality of the on-site market is bearish, with production enterprises and traders mainly offering discounts for shipments, resulting in weak quotations. The domestic polyethylene plant is about to enter a period of concentrated maintenance in the second quarter, and the expected increase in maintenance losses in the later stage; Due to the impact of US tariff policies, overseas orders are expected to decrease, and supply pressure may decrease; The demand side support is limited, and it is expected that polyethylene will mainly operate weakly, but the downward space is limited.

This week (April 21-27, 2025), the upstream raw material market price trend is not good, downstream market demand is difficult to improve, on-site trading activity is not good, industry inventory levels are high, on-site high priced sources of goods are reduced, and the adhesive short fiber market price is under pressure and slightly declining.

According to the Commodity Market Analysis System of Shengyi Society, as of April 27, 2025, the average market price of viscose staple fiber was 13460 yuan/ton, a decrease of 20 yuan/ton compared to the same period last week, with a weekly decline of 0.15%.
In terms of cost: This week (April 21-27, 2025), the market price of raw material dissolution slurry remained generally stable, while the auxiliary material liquid alkali market and sulfuric acid market continued to decline. The price center of the raw material market shifted slightly downwards, and the average production cost of adhesive short fibers continued to decrease.
Supply and demand: During the week, the operating load of some adhesive short fiber facilities in Shandong and Xinjiang regions has been reduced, and the overall supply of the industry continues to decline. The operating rate of downstream cotton yarn industry is gradually declining, and prices are deadlocked. The demand in the terminal market is light, and the inventory of finished products in the downstream yarn market continues to accumulate. Manufacturers mainly consume raw material inventory, and multidimensional demand for goods is difficult to find favorable support from the demand side. The delivery speed of downstream enterprises is poor, and the overall inventory of the adhesive short fiber market is still on the rise.
Future forecast
On the raw material side, the main material dissolution slurry market may have limited fluctuations, while the auxiliary material liquid alkali and sulfuric acid markets may have a downward trend. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will be weak next week, and the cost performance will be poor.
Supply and demand side: Most of the devices in the adhesive short fiber market are expected to maintain stable operation, and some manufacturers have high inventory levels. Therefore, it is expected that the supply side of the adhesive short fiber market will have limited positive support in the short term; The demand in the terminal market is poor, and downstream enterprises have a certain degree of risk aversion. Their enthusiasm for raw material procurement has faded, and some manufacturers have plans to reduce production. Therefore, it is expected that the demand side support for the adhesive short fiber market will weaken next week.
Overall, the main raw material dissolution slurry market is expected to operate weakly and steadily, with limited demand from downstream manufacturers. There is a lack of positive news to boost the market, and some adhesive short fiber manufacturers may sell at a lower price. Business analysts predict that the domestic adhesive short fiber market may continue to decline slightly next week, with prices expected to be accepted at 13200-13400 yuan/ton.

According to the commodity analysis system of Shengyi Society, the styrene market has slightly declined this week, with an average price of 7862 yuan/ton at the beginning of the week and 7838 yuan/ton over the weekend, a decrease of 0.31% during the week.

News: On April 24th, international crude oil futures rose. The settlement price of the main contract for WTI crude oil futures in the United States was $62.79 per barrel, an increase of $0.52 or 0.8%. The settlement price of the main Brent crude oil futures contract was $66.55 per barrel, an increase of $0.43 or 0.7%.
Cost aspect: The domestic pure benzene market price has fallen. International crude oil futures closed lower, downstream styrene market declined, Shandong refineries lowered their quotes, downstream demand for gas was slightly average, and the market atmosphere was bearish.
Supply and demand side: The supply side is shifting from strong to weak, and some maintenance devices are scheduled to restart at the end of April or early May. Downstream EPS demand mutually warms up, but FS and ABS are affected by tariff policies, resulting in a buildup of finished products and constraining demand for styrene.
Styrene external market: On the 24th, the closing price of styrene in the Asian US dollar market fell by $15/ton, with FOB Korea at $880-890/ton and CFR China at $890-900/ton.
Market forecast: With repeated tariff news, pure benzene will remain weak in the future. The production of styrene is expected to rebound in the future, but the downstream 3S production improvement is limited. Under the influence of multiple factors, it is expected that the styrene market will operate weakly in the short term.