1、 Price trend
As of June 12th, the average price quoted by domestic high-quality DMF enterprises was 4760 yuan/ton. This week, the operating rate of the DMF industry in China was 65% -70%, slightly lower than last week. Some small and medium-sized enterprises experienced negative or short-term maintenance due to profit inversion. The DMF market remained stable this week.
2、 Cause analysis
Market supply: Currently, DMF is at a high inventory level with operating rates maintained at 65% -70%. Small and medium-sized production capacity may continue to decline, and the loose supply pattern is difficult to change. The overall market supply is relatively loose, and there is insufficient driving force for price increases. Inventory consumption is slow, and mainstream prices fluctuate in the range of 4600-4900 yuan/ton. High end products are resistant to decline, but there is insufficient driving force for a significant increase.
In terms of the market, downstream demand for small orders is low, bulk purchasing willingness is low, upstream inventory pressure is high, low-priced shipments are the main focus, negotiation focus is weak, price stability is weak, transaction volume is light, and the game is intensifying. This week, DMF prices fluctuated narrowly and the focus was weak, spot transactions were light, and the upstream and downstream games were intense.
In terms of demand, the off-season in traditional fields continues, and the demand for PU slurry is difficult to improve. The demand for pharmaceutical and electronic materials remains stable with no significant increase. In the third quarter, during the peak season for shoes and clothing, there is a marginal improvement in the demand for PU slurry. The demand for pharmaceutical and electronic materials is steadily increasing, and the demand for lithium batteries is increasing.
3、 Future forecast
DMF analysts believe that the DMF market is expected to experience low volatility in the short term, with sufficient market supply and limited downstream demand, resulting in a narrow and weak operation.

Cobalt prices fell sharply in June
On June 12th, the cobalt price was 398200 yuan/ton, which fluctuated and fell by 6.00% compared to the cobalt price of 423600 yuan/ton on June 1st. In early June 2026, the domestic cobalt market experienced a significant sharp decline, with a daily drop of 8000 yuan/ton for electrolytic cobalt and a cumulative drop of 6% in cobalt prices in June. After the rapid decline in prices, most traders suspended their quotations. In terms of demand, the continuous decline in the market has suppressed downstream purchasing intentions. Alloy and magnetic material enterprises have chosen to temporarily suspend their purchases and maintain a wait-and-see attitude under the mentality of “buying up instead of buying down”. As a result, some funds were forced to stop losses and leave, further exacerbating the price drop.
Supply side: The price of cobalt raw materials has fallen
The prices of cobalt salts and cobalt raw materials slightly weakened in June. The quota approval for the first quarter of 2026 is still hindered by complex processes and slow progress, coupled with the tight local transportation capacity in the Democratic Republic of Congo and the low priority of cobalt raw material transportation. As a result, the arrival time of a large number of goods at the port continues to be delayed, and the arrival time of bulk goods at the port is delayed until the second to third quarters. The demand side support is weak, and the support for the rise in cobalt raw material prices is insufficient.
As the mid year point approaches, some companies are offering discounts to cope with performance and capital flow pressure, exacerbating market bearish sentiment. However, weak terminal orders and insufficient downstream stocking power have not led to substantial growth in demand orders due to price reductions. Top enterprises have a strong willingness to raise prices and are unwilling to sell at low prices, forming a bottom support for prices. The overall downward trend of cobalt prices intensified in June, but the bottom support for cobalt prices still exists.
With the concentration of cobalt intermediate products accumulated in the early stage of the Democratic Republic of Congo, the supply and demand balance of cobalt raw materials will temporarily reverse to a state of accumulated inventory, and cobalt prices will face downward pressure. June is the last month of the second quarter, and the increase in the arrival of cobalt raw materials from the Democratic Republic of Congo has suppressed the decline in cobalt prices.
Demand side: Demand is under pressure and growth is slower than expected
In the consumer electronics field (high-end smartphones, laptops), due to high costs of key components, the expected annual shipment growth has been generally lowered, directly suppressing the demand for lithium cobalt oxide cathode materials.
The production and loading volume of ternary batteries have slowed down compared to the previous month, and the substitution effect of lithium iron phosphate continues to emerge. Downstream purchases are mainly for essential needs, and individual transactions are light. The demand for cobalt in ternary batteries is lower than expected.
The rapid development of low altitude economy industries represented by drones and eVTOLs has opened up an incremental market for high-end cobalt oxide. However, the growth of emerging markets is not good in 2026, and the support for cobalt prices is limited.
Market Overview and Future Outlook
Business Society data analysts believe that the current sharp drop in cobalt prices has caused market concerns, but the supply gap continues to exist in the second half of the year. The short-term correction in June is closer to a stage adjustment, and the downward space is limited. The approval of quotas in the Democratic Republic of Congo and the actual arrival time of intermediate goods provide low price support for cobalt prices; Whether the demand for consumer electronics and new energy vehicles during the peak season can rebound as scheduled will determine the high trend of cobalt prices; The release of new production capacity in Indonesia has eased the rise in cobalt prices, but it is difficult to change the trend of cobalt prices. Expected to see a slight fluctuation and decline in cobalt prices in the future.

On June 11, 2026, the reference market price for domestic silicon metal # 441 was 9440 yuan/ton, which increased by 20 yuan/ton or 0.21% compared to May 31 (the market price for silicon metal # 441 was 9420 yuan/ton).
1、 Trend Review
At the beginning of June, the market price of metal silicon 441 # rose slightly, with some areas experiencing slight price increases. Among them, the price of metal silicon 441 # in Tianjin Port increased by 50 yuan/ton compared to the end of May, and the price of metal silicon 441 # in Huangpu Port increased by 50 yuan/ton compared to the end of May. As of June 11th, the domestic market price of metal silicon 441 # was referenced at 9200-9700 yuan/ton.
Market influencing factors
In terms of cost: Recently, with the support of strong coking coal prices, the overall trend of the silicon metal market has fluctuated slightly upwards. The narrow increase in cost side silicon coal prices has driven up the costs of northern silicon enterprises. In early June, the market price center of industrial silicon 441 # was relatively strong, and downstream wait-and-see sentiment increased. The market transaction atmosphere was average.
In terms of demand, the overall demand for downstream polycrystalline silicon from metallic silicon is still acceptable, and the weekly production of polycrystalline silicon has slightly increased compared to the previous week. Within the month, some factories in regions such as Sichuan and Inner Mongolia may have plans to increase production of polycrystalline silicon. Therefore, it is predicted that the production of polycrystalline silicon will continue to increase in the later period. Therefore, the downstream demand for polycrystalline silicon will bring certain benefits to metal silicon. The demand for downstream organic silicon is generally average. In early June, the weekly operating rate of organic silicon enterprises was basically stable. Currently, under the background of joint emission reduction, it is expected that the operating rate of the organic silicon industry may slightly decrease in the later period. The downstream demand for aluminum alloys has performed poorly, and currently the weekly operating rate of aluminum alloy enterprises remains weak. Among them, the operating rate of primary alloys is basically stable, while the operating rate of recycled aluminum alloys is weak.
Market analysis in the future
At present, the overall trading atmosphere in the silicon metal market is average, and there is a certain wait-and-see sentiment in the market. The positive support provided by the supply side to the market is limited, and whether there is a significant positive release from the demand side still needs to be monitored. It is expected that in the short term, the market will mainly operate in a range of fluctuations, and specific changes in supply and demand as well as production needs to be closely monitored.

1、 Market Overview: The price center of gravity has shifted downwards, with a significant decline
On June 9, 2026, the benchmark price of acrylic acid was 8350.00 yuan/ton. Compared with 8650.00 yuan/ton at the beginning of the month (June 1st), the cumulative price has decreased by 3.47% since the beginning of this month. From a long-term trend perspective, the acrylic acid market has experienced a significant downward trend since mid March. Although there was a brief stabilization from late April to early May, the price once again bottomed out after entering June and is currently in the low range of nearly three months.
Fundamental analysis: Cost support collapses, supply and demand game intensifies
1. Raw material end:
The main driving force for the weakening of the acrylic acid market this week comes from the collapse of the cost side. The continuous decline in upstream raw material propylene prices has led to a shift in the production cost center of acrylic acid. The cost line, which was originally used as a support, has become a negative factor dragging down prices. Manufacturers’ willingness to raise prices has weakened, and in order to recoup funds or seize market share, they have to follow the raw materials and lower their ex factory prices.
2. Supply and demand side:
On the supply side: Although some devices may face maintenance or load adjustments, overall supply pressure still exists in the context of profit compression.
In terms of demand, the downstream acrylic ester and related derivative industries have shown a lackluster performance, with low acceptance of high priced sources and a tendency to adopt rigid procurement strategies. This mentality of ‘buying up, not buying down’ has exacerbated the sluggish atmosphere in the market.
Under the pressure of high cost reduction and weak demand, the result of the game between supply and demand is that the price center of gravity continues to shift downwards, and the market mainly operates in a volatile and weak manner.
Future outlook:
Overall, the acrylic acid market lacks a strong positive boost in the short term.
It is expected that the market will continue to maintain a weak and volatile pattern next week. If the raw material propylene cannot stop falling and stabilize, there is still a risk of further exploration of the price of acrylic acid to find a new equilibrium point. It is necessary to closely monitor whether the 10 day moving average can level and turn upwards, as this is a key signal for short-term stabilization.
Summary: This week, the acrylic acid market continued to decline under the guidance of cost bearish sentiment. Technical indicators show that bearish forces are dominant, and it is difficult to reverse in the short term. The market is waiting for confirmation of bottom signals.

At the beginning of June, 85% of the domestic formic acid market showed a sustained weakness and a downward trend, with prices fluctuating and falling overall. As of June 8th, the benchmark price of formic acid in Shengyi Society was 2400 yuan/ton, which remained unchanged on a month on month basis and decreased by 2% year-on-year. The formic acid market in early June can be divided into three clear stages, with the overall decline gradually increasing and worsening.
The first stage is the first round of correction on June 1st, when the mainstream average price of 85% formic acid was reported at 2550 yuan/ton, a decrease of 2% from the previous day, opening a weak market for this week. The core cause of this round of decline is the concentration of production enterprises offering discounts and adjusting prices in the early stage, which has driven the overall market quotation downward. At the same time, the terminal demand side continues to be weak, and downstream enterprises are affected by the expected price decline, leading to a cautious purchasing attitude and weak market demand transactions, setting the tone for the weak market trend throughout the week.
The second stage is the sideways oscillation and dark decline accumulation phase from June 3rd to June 5th. On June 2nd, the formic acid market price remained unchanged from the previous trading day, at 2550 yuan/ton, which was a short-term consolidation and repair after a sharp decline in the previous period. There was no signal of market recovery, and the weak demand pattern did not improve. Downstream purchasing confidence was insufficient, and overall transaction volume continued to decline. On June 3rd, the market broke through the level again and fell downwards, with the mainstream average price falling to 2500 yuan/ton, a daily decline of 2%. The market further weakened, and manufacturers in the industry began to engage in covert competition to seize orders. The market pricing model began to change, generally implementing a case by case, single pricing model. From June 4th to 5th, the mainstream average price of formic acid remained stable at 2500 yuan/ton for two consecutive trading days. The market price seemed stable, but the actual transaction end of the market continued to weaken, with undercurrents surging. The competition among manufacturers in the industry has intensified, and most manufacturers have introduced low price preferential policies of varying degrees in order to compete for limited market orders. The widespread adoption of a flexible pricing model based on single negotiation has directly led to chaotic market transaction prices and obvious range differentiation. The surface level stable quotations cannot reflect the real weak market situation, and the overall trading atmosphere in the market continues to be sluggish.
The third stage is the deep decline phase on June 8th, which further intensified the weak market situation. On that day, the mainstream average price of 85% formic acid fell sharply to 2400 yuan/ton, a decrease of 4% from the previous working day, setting a record for the largest single day decline of the week. At this stage, the contradiction between supply and demand in the market has completely intensified, with weak support for terminal demand and high pressure on production and shipment. Major manufacturers continue to increase their profit margins, and market transaction prices have become increasingly differentiated. The overall price dispersion characteristics are prominent, and the phenomenon of low prices and high volume in the industry has become normalized.
Future price forecast:
At present, the short-term moving average of formic acid is above the long-term moving average, indicating a downward trend in price.
The price position is at a low level, with limited room for decline.
Based on the core logic of the market, the current supply and demand of formic acid are weak, and the situation is difficult to change. It is expected to fluctuate downward in the short term, and specific changes in market supply and demand still need to be monitored.