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.

1、 Price trend
As of May 26th, the average price quoted by domestic high-quality DMF enterprises was 5060 yuan/ton. In the past week, the domestic DMF market has shown a weak pattern of first falling and then stabilizing, with low levels of stagnation and light transactions. The price has dropped by 12% compared to early May, and the overall pressure on the market is obvious due to loose supply and demand combined with weak cost support.
2、 Cause analysis
Market supply: High production levels, inventory backlog, and prominent supply pressure. This week, the DMF market supply was loose, and high production levels combined with inventory accumulation continued to exert pressure on prices. The regional price war intensified, and the production rate remained high, with the industry operating at a rate of over 75%. Early maintenance facilities resumed production, and major facilities such as Guizhou and Anyang were operating normally. The market spot circulation continued to increase, and the supply side increment was significant.
Raw material cost: The core production cost of DMF is composed of methanol and liquid ammonia. This week, the weak operation of raw material prices has insufficient support for DMF prices, providing space for market price reduction. Methanol: fluctuated at a low level during the week, first rising and then falling, with an average price of about 2150 yuan/ton, which weakened year-on-year. The decline in methanol prices directly lowers the production cost of DMF, leaving ample room for manufacturers to lower prices and significantly reducing their willingness to raise prices. Liquid ammonia: prices fluctuate steadily and narrowly, with no significant fluctuations, and there is no additional pressure on the cost side, but no support has been formed. Industry profits: DMF prices continue to decline, and enterprise profits have significantly shrunk. Some small factories in the north have suffered losses and are forced to reduce production or shut down, but the impact on the overall cost pattern is limited. Overall, the cost line lacks sufficient protection against current prices, and the market is prone to falling but difficult to rise.
Downstream demand: Downstream core industries have weak demand, insufficient terminal orders, and downstream enterprises adhere to the strategy of “low inventory, on-demand procurement”. Market transactions are mainly small orders, lacking support from large orders, and the operating rate remains at 70% -75%. However, the terminal nylon and chemical fiber industries are in the off-season, with insufficient orders and stable demand without increment. They only purchase small orders according to demand, which has limited driving force for cyclohexane demand. The solvent industry: constrained by environmental policies, some enterprises turn to substitute products, demand continues to shrink, procurement willingness is low, and demand in industries such as electronics and coatings is flat, with no obvious signs of recovery, making it difficult to form effective support. Downstream wait-and-see sentiment is strong, resistance to high prices, rare bulk transactions, and low market activity. The overall demand side is weak and difficult to eliminate, leading to loose supply.
3、 Future forecast
DMF analysts from Shengyi Society believe that in the short term, DMF prices will mainly operate in a narrow and weak range, and the situation of oversupply in the market is difficult to alleviate in the short term. Downstream demand is average, the driving force for price increases is insufficient, and the demand for terminal orders is insufficient, resulting in a significant contraction in profits.