According to the Commodity Market Analysis System of Shengyi Society, after a wide decline in the TDI market in East China in April, it rebounded slightly and the overall trend declined. At the beginning of the month, the average TDI market price was 12066 yuan/ton. On April 29th, the TDI price was 10700 yuan/ton, a decrease of 11.33% during the month and a year-on-year decrease of 30.97%.

In April, the TDI market in East China was negatively affected by both supply and demand as well as news, causing prices to fall to a low level before rebounding slightly. In early April, the supply of goods was filled quickly and the supply was loose. Affected by the news of tariff policies, the export market is hindered, and downstream market entry is cautious. Domestic demand is relatively flat, with limited demand pull. The market lacks favorable support, and the mainstream price of TDI has fallen to 10000-10500 yuan/ton. In late April, suppliers gathered strength and increased prices, with low-end quotations probing the rise. At the same time, major manufacturers had frequent maintenance plans, but due to demand constraints, the increase was limited.
Supply side: Fujian Wanhua, Xinjiang Juli, Gansu Yinguang operate at medium to high loads. BASF’s 160000 tons/year TDI plant in Shanghai has a maintenance plan in May, while Japan’s Tosa has a maintenance plan from May to July. Other devices maintain stable operation.
In April, the upstream toluene market experienced a wide downward trend. From April 1st to 27th, the domestic toluene market price fell from 6120 yuan/ton to 5490 yuan/ton, with a price drop of 10.29% during the period. Crude oil prices fell sharply this month, and the market sentiment was weak. Downstream purchases were made on dips. The overall performance of the aromatic hydrocarbon market is weak, and the toluene market is dragged down by weak prices.
In the future analysis, TDI data analysts from Shengyi Society believe that the current TDI market demand is average, and although suppliers are actively promoting it, the upward trend is weak. Pay close attention to the changes in market supply and demand in May, and expect the TDI market to consolidate and operate within a certain range in the short term.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market was 1073 yuan/ton on April 28th, and 926 yuan/ton on April 1st. The market price of ammonium sulfate has increased by 15.83% this month.
2、 Market analysis
The market price of ammonium sulfate has continued to rise this month, with an increase of over 15%. In the first half of this month, the price of ammonium sulfate in the domestic market increased significantly. Part of the caprolactam enterprises have undergone equipment maintenance, resulting in a decrease in market supply. The purchasing enthusiasm of downstream particle factories has increased, leading to an increase in market demand. In the second half of this month, the upward trend of the domestic ammonium sulfate market has been temporarily suspended. The operating rate of coking enterprises remains stable, and the operating rate of their internal equipment is at a low level. After the continuous rise in ammonium sulfate prices, downstream restocking enthusiasm weakened, and there was resistance to high prices. The ammonium sulfate market began to consolidate and operate. As of April 28th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 1010 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1060-1090 yuan/ton.
According to the weekly K-bar chart from February 3, 2025 to April 21, 2025, it can be seen that the domestic ammonium sulfate cycle is fluctuating. The domestic price of ammonium sulfate increased significantly in April, with the largest increase being 4.45% in the week of April 7th.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the domestic price of ammonium sulfate has been steadily consolidating and operating in recent days. The caprolactam plant is expected to reduce production, and market supply may decrease. Downstream essential procurement is the main focus, with limited market transactions at present. It is expected that the domestic ammonium sulfate market will experience a narrow consolidation and operation in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated downward this week. From April 20 to April 27, 2025, the price of mixed xylene decreased from 5850 yuan/ton to 5750 yuan/ton, a decrease of 1.71%. This week, the overall performance of the xylene market is weak, with market prices falling overall and slight differences in various markets. Due to the rise in crude oil prices at the beginning of the week and active downstream procurement, prices in Shandong region first rose and then fell this week. The port cargo supply in East and South China is relatively sufficient this week, which has affected the weak operation of prices this week.

On the cost side: The international oil price range fluctuated this cycle, and as of April 25th, the settlement price of the main contract of WTI crude oil futures in the United States was $63.02 per barrel. The settlement price of the main Brent crude oil futures contract is $66.87 per barrel.
Supply side:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of April 27th, East China Company quoted 5750 yuan/ton, North China Company quoted 5550-5650 yuan/ton, South China Company quoted 5850-5900 yuan/ton, and Central China Company quoted 5600-5700 yuan/ton.
Demand side:
According to the Commodity Market Analysis System of Shengyi Society, as of April 27, 2025, the price of xylene sold by Sinopec Sales Company has remained stable, with a current execution price of 6800 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Units such as Yangzi Petrochemical and Zhenhai Petrochemical are operating stably with normal sales, and the price is unchanged from April 21. As of April 24th, the closing prices of the xylene market in Asia were 719-721 US dollars/ton FOB Korea and 744-746 US dollars/ton CFR China, an increase of 2 US dollars/ton from the 17th.
Market forecast: The market expects that there is still upward potential for crude oil in the future, and the cost support is still acceptable. Recently, the inventory in Shandong region has been low on the supply side, and refineries are actively shipping. The overall supply of goods from ports in East and South China is still acceptable, and the overall supply side is relatively stable. The overall downstream procurement on the demand side tends to be rigid, and the support on the demand side is limited. It is expected to experience narrow fluctuations in the short term.

The market price of epichlorohydrin has been consistently declining in April. According to the monitoring and analysis system of Business Society, the mainstream price in Shandong was 7987.5 yuan/ton at the beginning of April, and the price had reached a low point of 7450 yuan/ton in mid April, a decrease of -6.73% compared to the beginning of the month. In late April, the price of epichlorohydrin continued to decline. As of April 25th, the mainstream price in Shandong was 7150 yuan/ton, a decrease of -10.49% from the beginning of the month and the lowest point this year.
Price influencing factors:

Supply side: Due to the continuous decline in epoxy propane prices, many epoxy propane production enterprises are in a state of sustained losses, and some enterprises have reduced their losses and stopped production. Overall, the supply side has weak support for the epoxy propane market.
Raw material side: The market price of raw material propylene has shown a downward trend, which provides weak support for the cost of epoxy propane. According to the market analysis system of Shengyi Society, as of April 25th, the benchmark price of propylene in Shengyi Society was 6710.75 yuan/ton, a decrease of -0.52% compared to the beginning of this month (6745.75 yuan/ton).
On the demand side, the downstream polyether market’s capacity utilization rate has decreased, inventory has accumulated, and most enterprises have experienced a negative load reduction phenomenon. Pre May Day, stocking up on demand is the main focus, and the trading atmosphere is cold. The downstream terminal market is affected by tariff policies, resulting in a significant decrease in export orders and limited procurement of raw materials. Overall, the demand is facing insufficient support from the epoxy propane market, and it is expected that the price of epoxy propane will continue to decline in the later stage.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the downstream demand side of epoxy propane is weak, and pre holiday stocking is mainly based on demand. The market trading atmosphere is cold, and the demand support is insufficient. It is expected that the epoxy propane market will continue to bottom out in the later stage, and more attention should be paid to changes in raw material prices and downstream supply and demand.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has rebounded and stopped falling this week. The average market price at the beginning of the week was 805 yuan/ton, and the average market price over the weekend was 815 yuan/ton, with a price increase of 1.24% and a year-on-year increase of 2.39%. On April 17th, the Business Social Chemical Index was 802 points, a decrease of 4 points from yesterday, a decrease of 42.71% from the highest point of 1400 points during the cycle (2021-10-23), and an increase of 34.11% from the lowest point of 598 points on April 8th, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of caustic soda has been rising this week. The price of caustic soda in Shandong region is around 790-890 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 880-980 yuan/ton. The price of caustic soda in Inner Mongolia region is temporarily stable, and the mainstream market price of 32% ion-exchange membrane alkali is around 2900-3000 yuan/ton (converted to 100%). The price of caustic soda has stopped falling and rebounded, with previous price increases and downstream resistance. Downstream stage replenishment leads to an increase in caustic soda prices.
Business analysts believe that in recent times, the price of caustic soda has been rising, and some domestic alumina companies have implemented maintenance and production plans, while downstream companies are restocking in stages. The comprehensive prediction of supply and demand game is that caustic soda will maintain an upward trend in the later stage, depending on downstream market demand.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on April 14th was 1035 yuan/ton, an increase of 6.34% compared to the average price of 973 yuan/ton on April 7th.

2、 Market analysis
The price of ammonium sulfate in the domestic market has risen significantly this week. The operating rate of coking enterprises remains stable, while the operating rate of their own facilities has decreased. Part of the caprolactam enterprises have undergone equipment maintenance, resulting in a decrease in market supply. The purchasing enthusiasm of downstream particle factories has increased, leading to an increase in market demand. Recently, the price of urea has risen, which is favorable for the domestic and international ammonium sulfate market. As of April 14th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 1010 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1040-1080 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the ammonium sulfate market has been trending upwards recently. At present, the spot supply of ammonium sulfate market is tight, downstream demand is following up, and manufacturers are mainly pushing prices. It is expected that in the short term, the domestic ammonium sulfate market will continue to experience strong upward movements.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China continued to decline this week. As of April 11th, the average market price in East China was 11766 yuan/ton, and as of April 7th, the average price was 12066 yuan/ton. It fell 2.49% within the week and 25.53% year-on-year.

This week, the TDI market continued its downward trend. Affected by the news of tariff policies, the export market is hindered, and downstream market entry is cautious. Domestic demand is relatively flat, with limited demand pull. The market lacks favorable support, leading to further price declines.
Supply side: The source of goods is filled quickly and the supply is loose.
Cost wise: The price of toluene has decreased, with an average price of 6230 yuan/ton at the beginning of the week and 5860 yuan/ton over the weekend, a decrease of 5.84% during the week. Affected by tariff policies, prices have fallen sharply.
According to the analysis of the future market, the TDI data analyst from Shengyi Society believes that the TDI market currently has sufficient supply. In the uncertain macro situation, it is expected that the TDI market will operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the price of acetic acid remained stable on March 31st, with a market average price of 2810.00 yuan/ton, unchanged from yesterday’s price and an increase of 0.36% compared to the beginning of the month.

The domestic acetic acid market remains stable, with market prices unchanged in various regions. The production rate of acetic acid on the supply side is relatively high, and the enterprise has accumulated inventory, mainly maintaining active shipment. The downstream market entry enthusiasm is not high, and overall follow-up is needed. The market trading atmosphere is weak, and the acetic acid market is running steadily.
On March 31st, the market prices of acetic acid in various regions are as follows:
Region/ On March 28th/ March 31st/ rise and fall
South China region/ 2800 yuan/ton/ 2800 yuan/ton/ 0
North China region/ 2710 yuan/ton/ 2710 yuan/ton/ 0
Shandong region/ 2750 yuan/ton/ 2750 yuan/ton/ 0
Jiangsu region/ 2625 yuan/ton/ 2625 yuan/ton/ 0
Zhejiang region/ 2850 yuan/ton/ 2850 yuan/ton/ 0
The price of upstream raw material methanol has weakened and decreased. On March 31st, the average price in the domestic market was 2590.0 yuan/ton, a decrease of 2.42% compared to yesterday’s price of 2654.17 yuan/ton. The supply side has shown sufficient supply of goods, with traders actively reducing inventory. Downstream demand is not high, and new orders in the market have decreased. Enterprises have accumulated inventory, and the methanol market is consolidating weakly.
On March 31st, the downstream acetic anhydride market remained stable, with an average factory price of 4800.00 yuan/ton, unchanged from yesterday’s price. The upstream acetic acid market remains stable, with average cost support for acetic anhydride. Downstream market entry follows suit as needed, and the trading atmosphere in the market is weak. The supply and demand balance in the market is maintained, and the acetic anhydride market is running steadily and cautiously.
Market forecast: Business Society’s acetic acid analyst believes that domestic facilities are operating stably, the market operating rate is at a high level, and there is sufficient supply in the market. However, downstream demand for acetic acid is lukewarm, and there is a lack of market benefits. It is expected that the acetic acid market will consolidate weakly, and attention will be paid to downstream follow-up in the future.

According to the Commodity Market Analysis System of Shengyi Society, from March 21 to 28, the domestic ethanol price fell from 5282 yuan/ton to 5250 yuan/ton, a decrease of 0.62% during the cycle and a year-on-year decrease of 14.63%. The domestic market price of edible ethanol has slightly declined, and the price of raw material corn is running weakly, putting pressure on production enterprises’ costs and increasing their willingness to raise prices; Downstream customized procurement based on demand, with cargo holders accompanying the shipment, resulting in an average transaction atmosphere.

In terms of cost, the demand for corn market is currently slightly average, and the price of corn market is running weakly. The cost support for ethanol is relatively weak.

Supply side, stable operation of supply side. The maintenance of the biological fermentation ethanol plant is concentrated in April, and the on-site supply side is stable and organized. The stable operation of cassava corn ethanol supply side. Coal to ethanol production: Anhui Carbon Xin and Hengxin facilities are temporarily shut down, while other facilities are producing steadily. There are unlikely to be major favorable factors in the supply of ethanol.
On the demand side, from the demand side, Baijiu consumption support is limited; The operating rates of downstream methyl ethyl carbonate and ethyl acetate do not change significantly, and their consumption of ethanol remains stable; Other downstream chemical industries are accompanied by regular procurement, with a focus on stocking up for essential needs, resulting in limited demand boost. The short-term demand for ethanol has a moderate impact.

According to the Commodity Market Analysis System of Shengyi Society, the overall domestic aggregated MDI market was weak in March, with a unilateral decline. From March 1st to 28th, the domestic market price of aggregated MDI increased from 18500 yuan/ton to 16633 yuan/ton, with a price drop of 10.09% during the month and a price increase of 0.71% year-on-year.

In the first half of the month, following the downward trend in late February, the supply of goods in the market was relatively fast, and the enthusiasm for downstream market entry was not high. The willingness of suppliers to sell goods was strong, and the price of MDI continued to decline.
In mid to late month, the market price of aggregated MDI continued to fall, but there was no improvement in transactions. At the same time, the guidance prices of major factories have been lowered, further suppressing the mentality of industry players. Although some large factories have reduced their losses in the later stage, the price boost is limited. Throughout March, under the game of supply and demand, the MDI market weakened and fell to a low level.
On the supply side, Ningbo Wanhua will take turns to conduct maintenance for one month starting from March 20th. The 70000 ton/year MDI plant of Japan’s Covestro will begin maintenance in early March and is expected to be serviced around January. BASF’s 400000 tons/year MDI plant in the United States will begin maintenance in early March and is expected to be completed around January. Huntsman Netherlands’ 470000 tons/year MDI plant underwent maintenance on March 12th, lasting approximately 40 days.
On the cost side, the raw material pure benzene: In March, the pure benzene market experienced a wide decline due to multiple factors such as international oil prices, external markets, and demand. The average price of pure benzene on March 1st was 7518 yuan/ton, and the average price at the end of the month was 6800 yuan/ton, with a monthly decline of up to 9.56%. Raw material aniline: The domestic aniline market is weak and declining. As of March 28th, the benchmark price of aniline in Shengyi Society was 8362 yuan/ton, a decrease of 8.73% in March.
On the demand side, downstream urgent procurement, entering the market at low prices. In an atmosphere of buying up and not buying down, it is difficult to increase demand.
Future forecast: The current MDI market atmosphere is relatively quiet, with intermediary prices following the market and market news being relatively calm. It is expected that the aggregated MDI market will operate weakly in the short term.