In May, the domestic market for maleic anhydride fluctuated and rose. As of May 31st, the average quoted price of maleic anhydride was 7962.50 yuan/ton (including tax), an increase of 1.27% from 7862.50 yuan/ton on May 1st.
In terms of supply, the overall operating load of domestic maleic anhydride plants was low in May, with multiple main plants undergoing maintenance and factories controlling their shipments, resulting in a tight supply of spot resources in the market. As of May 31st, the factory price of solid anhydride in the maleic anhydride market in Shandong region is around 7000-7400 yuan/ton, while the factory price of liquid anhydride is around 7100 yuan/ton.

Upstream: In May, the n-butane market in Shandong experienced a volatile downward trend due to geopolitical disturbances in the Middle East, limited imports to ports, and maintenance of some domestic facilities, resulting in overall tight resources; Internationally, Saudi Arabia’s CP butane remained at a high of $800 per ton in May.
Downstream: The unsaturated resin industry experienced sluggish production in May, with companies scheduling production according to orders. Terminal terminals such as building materials, bathroom products, and handicrafts have entered the traditional off-season, with light market transactions and downstream only requiring replenishment of inventory, without centralized replenishment demand, resulting in extremely low acceptance of high priced raw materials.
Business Society’s maleic anhydride product analyst believes that with the resumption of production of previous maleic anhydride maintenance facilities in June, market supply will gradually ease, and prices may continue to be under pressure due to inventory pressure from some companies. The operating rate of the downstream unsaturated resin industry is difficult to significantly increase in the short term, and enterprise procurement is still mainly based on essential needs, which has limited driving effect on the price of maleic anhydride. It is expected that the maleic anhydride market will have a downward trend in June.

In May 2026, Shandong Heavy Duty Asphalt Spot showed a narrow range fluctuation trend with no unilateral rise or fall. The mainstream quotation for the whole month was between 4360-4410 yuan/ton, with a monthly fluctuation of only 50 yuan/ton. The slight rebound of crude oil in the first half of the year led to a slight increase in prices;

Continuous rainfall in the province in mid month, coupled with the suspension of road construction, has dragged down the demand for essential goods, resulting in downward pressure on prices; In the latter half of the month, crude oil weakened and refineries slightly reduced their inventory, causing prices to hit the bottom again. However, low inventory strongly supported the bottom market, and at the end of the month, the range continued to fluctuate.
Supply side: Refineries are undergoing centralized maintenance, and the supply of goods continues to be tight. In May, the main asphalt refineries in Shandong underwent centralized maintenance, with the Landbridge unit continuously shut down and the Xinhai unit shut down, with only a few units resuming production. The regional asphalt operating rate remained low, with an average weekly operating rate of only 20.4%, a significant year-on-year decline. The profit of asphalt production is deeply inverted, and refineries have a strong willingness to actively control production and reduce output. Regional and social inventories continue to deplete, and spot circulation sources are tight, firmly holding the bottom of prices and limiting the potential for deep market declines.
On the demand side: Rainfall is dragging down construction, and terminal demand is weak. The demand in May is the core bearish factor that suppresses the price increase of asphalt. In mid to late May, there were multiple rounds of rainfall in Shandong, causing widespread suspension of outdoor road paving and maintenance projects, and causing a cliff like decline in terminal demand. The market transaction shows a trend of initially high and then low, with favorable weather in the first ten days and concentrated replenishment of engineering to support shipment; In the second half of the year, both traders and construction companies remained cautious, purchasing and selling as needed throughout the entire market, with no speculative hoarding demand. The demand for essential goods was unable to bear the driving force of price increases.
The fluctuation of crude oil drives short-term volatility, and the trend of futures and present is differentiated. International crude oil fluctuated widely in May, becoming the main cause of short-term fluctuations in asphalt prices. However, due to weak local fundamentals, the fluctuation of asphalt spot prices is far less than that of crude oil, resulting in weak cost transmission. The futures market closely follows the fluctuations of crude oil, with greater emotional fluctuations; However, Shandong’s spot market operates closely to local inventory and actual demand, with differentiated futures and spot trends, further stabilizing the volatile pattern of spot market.
In June, the rainfall in the province gradually ended, and road construction resumed in a concentrated manner. The terminal demand is expected to be repaired; At the same time, the refinery has no plans to resume production, and supply remains tight. It is expected that Shandong asphalt will experience strong fluctuations in June, with a slight upward shift in the price range. Overall, it is still difficult to shake off the volatile market, and the probability of a unilateral rise or fall is relatively low. In May, Shandong asphalt was affected by the dual effects of low supply bottoming out and weak demand topping out, coupled with the absence of unilateral crude oil prices, resulting in significant overall range fluctuations. The key focus of the subsequent market trend will be the recovery of essential demand after resuming work and the direction of international crude oil prices. These two factors will determine whether the market can break through the current volatile range in the future.

The price of ethylene oxide will decrease in May 2026. As of May 22nd, the average market price of epoxyethane in China was 7600 yuan/ton, a decrease of 15.56% from the market average price of 9000 yuan/ton at the beginning of the month (5.1).

On May 22, 2026, the ethylene oxide market in East China was executed at a price of 7600 yuan/ton to the outside world; The listed price of ethylene oxide in the South China market is 7500-7600 yuan/ton; The listed price of ethylene oxide in North China is 7500 yuan/ton; The listed price of ethylene oxide in the central China market is 7750 yuan/ton.
Analysis of the reasons for the significant drop in the price of ethylene oxide in May 2026
1、 Cost side: Geopolitical premium fades, ethylene prices plummet sharply
About 70% of the cost of ethylene oxide (EO) comes from ethylene, and the price of ethylene is highly correlated with crude oil. On the early morning of May 22nd, the draft of the US Iran agreement was reached, easing geopolitical risks in the Middle East. Brent crude oil plummeted by more than 6% within the day, driving ethylene prices to rapidly decline. The risk premium previously pushed up by geopolitical conflicts quickly squeezed out, and EO cost support completely collapsed. In April, ethylene prices remained high, and EO companies had a strong willingness to raise prices; Entering May, with abundant ethylene supply and continuous price looseness, EO lost its cost support and prices were passively adjusted.
2、 Supply side: Maintenance falls short of expectations, inventory pressure gradually emerges
In May, multiple sets of EO devices in China were scheduled for maintenance, but the actual reduction in load was limited. The industry’s operating rate remained above 53%, and the overall supply contraction fell short of market expectations. Under the stimulation of high prices in the early stage, the willingness of enterprises to ship has increased, coupled with downstream shutdowns during the May Day holiday, some sources of goods have been delayed, and the pressure of inventory accumulation has gradually emerged, forcing enterprises to lower prices and sell goods.
3、 Demand side: Traditional off-season+downstream weak demand continues to shrink
In May, we entered the traditional off-season for EO demand, with downstream industries such as polycarboxylate superplasticizers and surfactants experiencing a decline in operating rates. Coupled with a slower than expected real estate recovery and dismal terminal orders, downstream industries are resistant to high priced raw materials, and procurement is only maintained for essential needs. The related industries such as polyester and textile have weakened synchronously, indirectly dragging down EO demand. The market has a strong wait-and-see sentiment, and there is a serious lack of buying, forming a negative feedback of “weak demand → price reduction → further wait-and-see”.
4、 Funds and Emotions: High level Profit Taking and Decline Self Strengthening
In March and April, driven by geopolitical conflicts, the price of EO skyrocketed from 5500 yuan/ton to 9000 yuan/ton, accumulating a large amount of profit opportunities. The expectation of geopolitical easing in May has landed, and funds have concentrated and left. Coupled with cost breaks and pessimistic demand, market expectations have turned, and traders have panicked and lowered prices, further amplifying the decline.

In the first half of May, the dichloromethane market in Shandong showed a strong trend of unilateral upward movement and high-level stagnation, with significant gains. As of May 15th, the mixed price of dichloromethane in Shandong region was 2340 yuan/ton, an increase of 14.99% from the beginning of the month.
Core driver disassembly

Cost side: Price increase leads to cost deviation, and support gradually weakens
This round of market trend presents a typical deviation feature of “price increase, cost decrease”:
Raw material methanol: In the first half of May, the price dropped by over 5%, forming a strong contrast with the 14.99% increase in dichloromethane, indicating that cost is not the core driving force behind this round of price increases.
Liquid chlorine market: With the recovery of operating rates in chlor alkali enterprises, the center of gravity of liquid chlorine prices has slightly shifted downwards, further loosening the cost support for integrated chlor alkali enterprises.
Enterprise profit: Weakening costs and significant price increases have significantly expanded the profit margin of dichloromethane production enterprises, and their willingness to raise prices has increased in stages. However, the support of the cost side for subsequent market trends has significantly weakened.
Supply side: Maintenance+low inventory, short-term tight supply of circulating goods
The phased contraction of the supply side is the core support of this round of market trend:
Equipment maintenance: Some dichloromethane units in Shandong, Jiangsu and other places have entered routine maintenance, causing a temporary decline in industry operating rates and a reduction in market supply.
Low inventory: Social inventory continues to be at a low level in recent years, and there is not much pressure on enterprise inventory. There is a strong sentiment of reluctance to sell and price hikes, coupled with the demand for replenishment from traders, further amplifying price increases.
Mid term outlook: With the resumption of maintenance equipment, it is expected that the industry’s operating rate will gradually rise from late May, and supply side pressure will gradually be released.
Demand side: concentrated release of post holiday demand, high prices suppress transaction sustainability
The demand side presents the characteristics of “short-term concentration and long-term weakness”:
Urgent support: Downstream industries such as refrigerants (R32), coatings, and pharmaceutical intermediates have resumed work after the holiday, and procurement demand has been released in stages, providing basic support for price increases.
High price resistance: With the price rapidly breaking through the 2300 yuan/ton mark, downstream enterprises’ resistance to high prices has significantly increased. Transactions are mainly based on small orders for essential needs, and there is a lack of sustained large-scale procurement, gradually weakening the driving effect on prices.
Segmented fields: The refrigerant industry mainly focuses on supporting procurement, with limited new orders; The demand for traditional coatings and pharmaceuticals is flat, with a slight year-on-year decline and limited support for prices.
Market forecast: High volatility weak, mid-term pressure to fall back
In the first half of May, the dichloromethane market saw a unilateral upward trend of over 14% driven by a temporary imbalance between supply and demand. Although the technical outlook remained bullish, there were signals of weakened upward momentum and short-term super gains. Subsequently, with the release of supply side pressure and the manifestation of the inhibitory effect of high prices on demand, the market is likely to enter a stage of high-level oscillation and weak trend. There is downward pressure on prices in the medium term, and it is necessary to focus on the progress of equipment resumption, fluctuations in raw material prices, and changes in downstream demand.

In April, the Shandong asphalt market completed a trend of “first suppression and then rise”, and the supply and demand pattern turned at the end of the month. Combined with the current fundamentals and core variables, the future Shandong asphalt market will mainly experience strong fluctuations, with the core dominated by supply, cost, and demand, while also paying attention to uncertain factors

The tight supply side pattern will continue, which is the core of price support and difficult to alleviate in the short term. As of the end of April, the operating rate of Shandong refineries was only 21.5%, and the overall operating rate in China dropped to a low of 16.1%, indicating a tight supply of goods. The production schedule of Shandong’s local refining plan in May decreased year-on-year and month on month, indicating a clear contraction in supply. In addition, the refinery’s asphalt processing continues to suffer losses, and companies tend to switch to high profit products, making it difficult to increase short-term operating rates. The tight supply pattern dominates the future market.
The existence of cost support but increased volatility is the biggest uncertainty variable. The current high volatility of international oil prices provides cost support for asphalt. However, there is a clear game of long and short oil prices, with geopolitical tensions and low inventory supporting oil prices, while the Federal Reserve’s interest rate cuts and increased US crude oil exports suppress the upward trend, and there is a high probability of short-term fluctuations and differentiation. In the future, attention should be paid to the situation between the United States and Iran. If easing occurs, the pullback of crude oil will weaken support, while upgrading will drive asphalt upward.
The demand side is gradually recovering, but the strength is limited and only serves as auxiliary support. The rise in temperature has driven the start of road construction in Shandong, with slow release of terminal demand. However, downstream construction rates are still low, and high prices have suppressed purchasing intentions. Rainfall in East and South China has dragged down construction, and the demand in the waterproofing industry has remained stable but not increased. The overall recovery is slow, making it difficult to drive prices up significantly.
From the perspective of Shengyi Society, Shandong asphalt is expected to experience strong fluctuations in the future, with the upward trend being limited by demand and crude oil, and the downward trend being supported by supply. Focus on the US Iran situation, crude oil trends, and refinery operations in the short term, and track downstream demand in the medium to long term. The price of Jingbo # 70 in Shandong region is expected to fluctuate within the current range of 4300-4400 yuan/ton, with a focus on the volatility of crude oil. If the supply is tight and demand accelerates, there will be a slight upward trend. If crude oil rebounds or demand falls short of expectations, there will be a periodic pullback. Geography and crude oil are key factors in the market.

In the second half of April, the propylene glycol market showed high volatility and a gradual decline in focus, mainly due to loose costs and weak demand, with tight spot prices limiting the decline. As of April 29th, the average production price of propylene glycol in Shandong region was 10633 yuan/ton, with a cumulative decrease of 7% in half a month.
fundamental analysis

Cost side: High level decline in propylene oxide (PO), weakened support
Geopolitical easing, PO supply recovery, price decline, business social epoxy propane prices fell by more than 11.5% during the cycle, and propylene glycol cost support loosened.
Supply side: Production has rebounded, spot prices are tight but the increase is limited
Domestic construction: The industry’s construction rate has rebounded from less than 60% to 65-70%, and the early maintenance equipment has been gradually restarted. Inventory: Factory inventory is low, traders’ inventory is not high, and manufacturers’ willingness to raise prices still exists.
Demand side: Stable demand, high prices suppress procurement
Unsaturated resin: The demand for essential materials remains stable, but downstream customers are cautious in receiving goods at high prices. There are many small orders for essential materials, and overall demand growth is limited. Lithium battery electrolyte: Demand is supported and long-term orders are stable, but high prices suppress the enthusiasm for spot purchases. Polyether polyols: The market is weak, the supply is sufficient, manufacturers are promoting orders at low prices, and there is insufficient willingness to follow up.
Market forecast:
Overall, it is highly likely that propylene glycol will maintain a high and narrow range of fluctuations in the short term. However, with the continuous weakening of cost support and multiple pressures such as high prices suppressing procurement, the price will gradually face downward pressure, and the center of gravity in the medium and long term may slowly shift downwards. It is necessary to pay attention to the raw material market.

According to the Commodity Market Analysis System of Shengyi Society, the price of polyaluminum chloride rose in March. China’s solid (industrial grade, content ≥ 28%) polyaluminum chloride market was mainly reported at around 1745 yuan/ton on the 31st and 1720 yuan/ton on the 1st, up 1.45%.

The cost of raw materials is the core factor affecting the price of polyaluminum chloride. In March, the prices of upstream aluminum sources, hydrochloric acid and other raw materials rose, providing strong support for the price of polyaluminum chloride. The production of polyaluminum chloride mainly relies on aluminum source materials such as calcium aluminate powder and aluminum hydroxide.
In March, environmental policies continued to be high-pressure, and environmental inspections in various regions did not decrease, further promoting the structural optimization of the polyaluminum chloride industry. The environmental protection department focuses on investigating the emission of waste gas and wastewater from enterprises, and orders enterprises that do not meet environmental standards to suspend production and rectify. Small enterprises are restricted from starting production due to insufficient investment in environmental protection, resulting in reduced supply; Large enterprises have completed the upgrade of environmental protection facilities, and the comprehensive energy consumption per unit product is controlled below 180 kilograms of standard coal, which meets the green access barriers. The operating rate remains high, and the market share has further increased.
Market forecast: In March, the domestic polyaluminum chloride market will exhibit operational characteristics of “price stability with upward trend, optimized supply and demand structure, and intensified quality differentiation”. The upward trend in upstream raw material prices, the normalization of high-pressure environmental policies, and the steady release of downstream demand have jointly driven a moderate increase in market prices, continuous upgrading of industry structure, and further highlighted the advantages of leading enterprises. Looking ahead to April, the overall market will continue to show a steady upward trend, and the trend of product structure transformation towards high-end will become more apparent.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average market price of 55% powdered ammonium in China was 3966 yuan/ton on March 6th, and 3890 yuan/ton on March 1st. This week, the market price of ammonium phosphate increased by 1.97%.
2、 Market analysis
This week, the market for ammonium phosphate has shown a strong upward trend. The rise in raw material prices has led to an increase in cost support. Downstream replenishment is based on demand, with market orders being the main focus. As of March 6th, the factory price of 55 powder ammonium in Hubei region is around 3950-4000 yuan/ton, in Henan region it is around 4000-4050 yuan/ton, and in Sichuan region it is around 3850-3950 yuan/ton.
In terms of raw material sulfur. Due to the impact of geopolitical conflicts, sulfur prices have risen significantly this week. The market trading atmosphere has improved, and holders are mainly reluctant to sell. As of March 6th, the reference price for sulfur in Shandong region is around 4313 yuan/ton.
3、 Future forecast
An analyst from Shengyi Society believes that the market trend of ammonium phosphate has been on the rise recently. At present, the high cost support, coupled with the season of spring plowing and fertilizer use, makes the ammonium market mainly bullish. It is expected that the short-term market for ammonium phosphate will continue to operate strongly.

According to the Commodity Market Analysis System of Shengyi Society, the adipic acid market continued to rise in February, with prices fluctuating continuously. At the beginning of February, the average market price of adipic acid was 80663 yuan/ton. On February 28th, the average market price of adipic acid was 8300 yuan/ton, with a price increase of 2.89%.

Liduo continues to rise in the adipic acid market in February
At the beginning of February, the crude oil market surged, and the prices of pure benzene and cyclohexanone, raw materials for adipic acid, remained high. With the arrival of the Spring Festival, the terminal nylon stocking market was boosted, and manufacturers had a strong bullish mentality. The adipic acid market continued to rise, with increased market trading volume and steady warming, with a five-day increase of over 3%. As of February 5th, the average price of adipic acid in the domestic market was around 8333 yuan/ton, an increase of 300 yuan/ton.
After the Spring Festival, the boosting effect of adipic acid raw material market was limited, and terminal demand fell. After the rise of adipic acid market, it gradually decreased. As of February 28th, the average market price of adipic acid was 8300 yuan/ton, with a price drop of 200 yuan/ton. The overall price of adipic acid rose by nearly 3% in February.
The analyst of the adipic acid market at Shengyi Society believes that the terminal demand will gradually improve in March, and the adipic acid market may stop falling and usher in an upward trend in the future.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of February 27th, the reference average price of the domestic urea market was 1835 yuan/ton, an increase of 2.95% compared to the reference average price of 1782 yuan/ton on February 1st.
2、 Market analysis
Supply and demand situation
This month, the domestic urea market prices have been on a strong upward trend. The urea market supply is still sufficient this month. At the beginning of the month, the urea futures market weakened, coupled with average downstream demand, resulting in a slight decline in domestic urea market prices. As the futures market gradually rises, downstream stocking demand increases before the Spring Festival, and domestic urea prices begin to rise. During the Spring Festival, the price of urea printing labels was announced, and the price increased. After the holiday, the demand for industry and agriculture followed suit, and the urea market saw an increase in growth.
market situation
As of February 27th, the urea market prices in Shandong are around 1810-1860 yuan/ton, Hebei is around 1800-1850 yuan/ton, Henan is around 1780-1830 yuan/ton, and Liaoning is around 1780-1820 yuan/ton.
According to the weekly K-bar chart from December 1, 2025 to February 16, 2026, it can be seen that the domestic urea cycle is characterized by ups and downs. In February, there was a significant increase in domestic urea prices, with the largest increase being 0.98% in the week of February 9th.
3、 Future forecast
Business Society’s urea analyst believes that the urea market has been consolidating and operating with a strong trend in recent days. At present, spring plowing and fertilization are approaching, and the demand for urea in the market is increasing, with sufficient orders waiting to be placed in the market. It is expected that in the short term, the domestic urea market prices will remain stable with a moderate upward trend.