1、 Price trend
The price of soda ash fell in May, with an average market price of 1222 yuan/ton for light soda ash at the beginning of the month and around 1196 yuan/ton at the end of the month. The price dropped by 26 yuan/ton during the month, a decrease of 2.13%.
2、 Market analysis
According to data from Shengyi Society’s spot trading channel, the soda ash market experienced a weak downward trend in May. On the supply side, although the maintenance of soda ash plants was concentrated in May and the operating rate significantly declined, low-cost natural alkali production capacity such as Far Eastern Energy’s Alxa continued to be released, offsetting the reduction in maintenance supply. The total market output is still at a historical high, and supply pressure still exists; In terms of demand, the glass industry has multiple production lines undergoing cold repairs or shutdowns, with enterprises mainly consuming inventory and limited procurement of soda ash. The basic situation of soda ash shows a strong supply and weak demand pattern, which suppresses the price and causes the soda ash market to operate at a low level during the month.
As of May 31, 2026, the mainstream market price of light soda ash in East China is around 1100-1560 yuan/ton, a decrease of 50 yuan/ton compared to the previous period; The mainstream price of light soda ash in Central China is around 1050-1200 yuan/ton, a decrease of 10 yuan/ton compared to the previous period; The mainstream price of light soda ash in North China is around 1220-1300 yuan/ton, which remained stable compared to the previous month.
On the demand side: According to the commodity analysis system of Shengyi Society, glass prices have increased narrowly this month, with the average glass market price rising from 13.15 yuan/square meter to 13.25 yuan/square meter, an overall increase of 0.76%. The operating rate of the glass industry was relatively low during the month, and multiple production lines were undergoing cold repairs. Enterprises mainly raised prices, but the overall market inventory was high, and the supply performance remained loose. In addition, downstream demand was weak, and market trading was light. Under the situation of high supply and low demand, the increase in glass prices was limited, and the market fluctuated throughout the month.
Market forecast: Currently, the spot price of soda ash is mainly weak and stable, and some maintenance equipment will be restored in the later stage. The operating rate will increase, and market inventory pressure will continue to increase. Downstream glass industry consumption is slow, and the operating rate is low, which will not provide sufficient support for soda ash. In the short term, the pattern of strong supply and weak demand in the soda ash market is difficult to improve. It is expected that the soda ash market will continue to be weakly consolidated in the future, and specific attention will be paid to the market inventory consumption situation.

price trend
In May, the domestic PC market experienced narrow fluctuations, with spot prices of various brands fluctuating. As of May 31st, the mixed benchmark price of Business Society PC was around 16166.67 yuan/ton, a decrease of 1.02% from the beginning of the month.
Root cause analysis
On the supply side: During May, the operating rate of domestic PC aggregation enterprises decreased at a low level. The enterprise maintenance plan has been gradually implemented, and the industry load has dropped to around 63%, reaching a new low for the year. The loss of production continues to expand, with an average weekly output of less than 55000 tons. The shipment of polymerization plants is basically without pressure, and the willingness to raise prices is strong. Overall, the supply side’s support for PC continues to strengthen.
In terms of raw materials: As can be seen from the above chart, the domestic bisphenol A market first fluctuated and then declined in May. International crude oil experienced severe fluctuations, rebounding and then plummeting. Negative sentiment is transmitted downwards to acetone and phenol, causing varying degrees of decline in the market due to their drag. On the other hand, the supply of bisphenol A has limited changes while demand remains weak, and merchants are actively shipping, with a tendency to sell at discounted prices. The price trend within the range first stabilized and then fell, and the overall support for PC cost value weakened.
On the demand side: The sales situation of PC downstream factories is gradually entering the off-season, and the demand for sheet metal shells is weakening, resulting in low load levels for end enterprises. The current PC price remains high, and buyers are cautious in stocking up. The willingness to build a warehouse is poor, and the market is in a wait-and-see atmosphere. The liquidity of the source of goods is relatively slow, and the mentality of merchants is not strong. They offer according to the market, and there is an increase in profit sharing and order taking operations. The low-priced source of goods in the market needs to be digested, which creates a drag on the pricing focus of the aggregation factory. Overall, the demand side has poor support for PC spot prices.
Future forecast
The domestic PC market remained stable in May. The price of upstream bisphenol A weakened at the end of the month, and the cost value weakened its support for PC. Low load of domestic PC aggregation plants. On site trading is mainly based on weak demand, and buyers have a cautious mentality, taking whatever they need. Trading is mostly small orders. At present, the supply and demand of PC are weak, and the market orientation is unclear. It is expected that the consolidation market will continue in the short term.

The magnesium ingot market in Shaanxi has declined, with an average market price of 16600 yuan/ton as of now, and an average price of 16750 yuan/ton at the beginning of the month, a decrease of 0.90%.
This month’s market analysis
In May, the overall trend of domestic magnesium prices showed a fluctuating trend of “first suppression, then rise, and then fall back”. In the first half of the month, the price fell from a high level, continued to explore the bottom in the middle, and quickly rebounded in the second half due to multiple factors. At the end of the month, it was under pressure again and fell back, with significant overall fluctuations.
Supply and demand side
In early May, magnesium prices were under pressure to decline, mainly due to weak downstream demand and high supply side operating rates. Under the pressure of inventory accumulation, companies offered discounts and shipped, driving prices to continue to weaken; Mid market sentiment was bearish, and prices briefly fell to a low level during the exploration phase. In the latter half of the year, some enterprises showed an increased willingness to raise prices, coupled with periodic maintenance leading to a marginal contraction in supply. At the same time, downstream enterprises released demand for inventory replenishment at low prices, driving a rapid rebound in prices. But at the end of the month, downstream procurement returned to rationality, and demand sustainability was insufficient. Coupled with the outflow of some low-priced goods, prices fell again.
Future forecast
The short-term rebound momentum of magnesium prices has weakened, and the medium-term supply and demand pattern is still relatively loose. If there are no new positive drivers, the price may continue to fluctuate weakly in the future. It is expected that magnesium prices will mainly operate in the range of 16400-17000 yuan/ton, showing a bottom rising but weak upward trend.

In the second half of May, the industrial grade dimethyl carbonate market continued its weak downward trend. As of May 28th, the average price of industrial grade dimethyl carbonate in China was 3700 yuan/ton, a decrease of 2.42% during the period.
fundamental analysis
On the cost side, both methanol and epichlorohydrin have seen slight increases, but the price of dimethyl carbonate has unilaterally declined. The impact of cost fluctuations on dimethyl carbonate has weakened, and dimethyl carbonate is passively squeezing profits in exchange for shipments.
Supply side: The price decline is accompanied by a decrease of about 53% in operating rate, some equipment maintenance, and a certain contraction in the supply side. However, inventory pressure has not yet eased, and the benefits of supply contraction are completely offset by weak demand. Inventory pressure remains the main contradiction.
On the demand side, the overall downstream demand is weak, and the support for prices is insufficient, which is the core driving factor for the sustained weakness of the market. Downstream procurement willingness for electrolytes, PCs, and other products is sluggish, with a focus on essential needs and insufficient willingness to replenish inventory.
Market forecast:
The current price is approaching the cost line, coupled with supply contraction caused by some equipment maintenance, and the space for further significant decline is limited; However, the signal of weak demand and negative widening of the mean difference has not changed, making it difficult for prices to form a trend rebound. It is expected that dimethyl carbonate will fluctuate at a low level in the short term, and a bottoming signal is beginning to emerge.

1、 This week’s market overview
This week, the domestic acrylic acid market continued to operate weakly, with a continuous downward shift in price focus. According to data from Shengyi Society, the benchmark price of acrylic acid on May 21st was 8650.00 yuan/ton, a cumulative decrease of 14.78% compared to the beginning of the month (10150.00 yuan/ton), with no obvious signs of rebound. The industry as a whole showed a trend of “consolidation after decline and light trading”.
Fundamental 3D Decomposition: Triple Resonance of Cost, Supply, and Demand
1. Cost side: Weakening of raw material propylene, further loosening of support
The upstream propylene market has remained weak this week. As of May 27th, the benchmark price of propylene in Shengyi Society was 9067.67 yuan/ton, a decrease of 4.49% compared to the beginning of this month (9494.33 yuan/ton). The price of propylene continues to weaken its cost support for acrylic acid. The production profit of acrylic acid has narrowed to the loss zone, with only minor cost support yet to collapse, but further action is already lacking.
2. Supply side: Limited device maintenance, industry operating rate under pressure
In terms of supply, the acrylic acid units of CNOOC and Lanzhou Petrochemical have been temporarily shut down, resulting in a decrease in industry production. However, the supply of spot goods is still relatively sufficient, and there has been no significant destocking of factory inventory. Holders of goods continue to follow the market and sell at a discounted price.
It is worth noting that although the operating rates of some enterprises have declined, the overall pattern of oversupply on the supply side has not fundamentally changed. Since the beginning of the year, the industry’s operating rate has remained at a medium high level, and the current load level of 70% -75% is still above average in the same period of history. In the short term, the pressure of destocking on the supply side has not subsided.
3. Demand side: downstream load reduction across the entire line, with a focus on individual orders for essential needs
The demand side is the core driving factor in the current acrylic acid market. The overall operating rate of downstream industries of acrylic acid is declining, with insufficient terminal orders and low purchasing willingness
Butyl acrylate: As the main downstream consumer of acrylic acid, the operating rate has further decreased from 58.07% in the previous cycle to 54.97%, a decrease of 3.1 percentage points, reflecting weak demand in industries such as terminal adhesives and coatings.
SAP resin: The operating rate remained at 52.38%, unchanged from the previous level, indicating that the demand for hygiene products and other application areas is still acceptable, but there has not been an incremental pull.
Overall, the demand side is showing a cycle of “downstream negative load reduction → sporadic rigid demand → no centralized replenishment → deepening wait-and-see”, with no signs of reversal or acceleration.
4、 Outlook: Bottom signal yet to be confirmed, trend outlook for next week
Based on current technical signals, fundamentals, and macro variables, our assessment of the acrylic acid market for next week is as follows:
Technical aspect: The current moving average is in a negative narrowing stage, indicating that the downward inertia has weakened, but the bearish alignment has not broken, the moving average has not turned, and the reversal signal is not yet sufficient. If the mean difference further narrows or even turns positive, it is necessary to re-examine the market trend.
On the cost side: In the short term, the raw material propylene still faces dual pressures of increased supply and weak downstream demand, and is expected to maintain a weak oscillation pattern. The cost support for acrylic acid is difficult to strengthen, and upstream cannot provide upward momentum for prices.

Fundamental core: Whether the demand side can initiate centralized replenishment remains a decisive variable. The current operating rate of butyl acrylate is still hovering at a low level around 54%. If there is marginal improvement in downstream terminal orders or concentrated release of procurement windows, the market may gradually stabilize; On the contrary, if the demand side continues to decline, there is still a risk of further downward pressure on the price center.
Key focus: Changes in the operating rate of the acrylic acid industry, especially in the dynamic maintenance of equipment, the operating situation of core downstream products such as butyl acrylate, and the trend changes in the price of raw material propylene.
Overall, it is highly likely that the acrylic acid market will continue to fluctuate and consolidate at a low level next week, with relatively limited upper and lower space. The possibility of short-term reversal and upward trend is low, and the medium to long term recovery needs to wait for the signals of the moving average stopping the decline and turning positive, as well as the concentrated entry of downstream demand. The key support level can first focus on the emotional game situation near the 8500 yuan/ton threshold.