This week, the domestic epoxy propane market as a whole showed a narrow range of fluctuations and weak transactions, with limited price fluctuations and a strong wait-and-see sentiment in the market. The upstream and downstream game characteristics were obvious. According to the monitoring system of Shengyi Society, as of May 22, the benchmark price of Shengyi Society’s epoxy propane was 9200 yuan/ton, a decrease of -10.39% compared to the first day.
Raw material side: This week, the spot supply of raw material propylene is relatively loose, and the shipment rhythm of refineries is stable. The price has slightly fallen, which has loosened the support for the cost side of epoxy propane. At the same time, the price of liquid chlorine remains relatively stable and operates at a low level overall, easing the overall production cost pressure of epichlorohydrin. The lack of significant fluctuations in raw material prices has caused epoxy propane to lose its strong cost drive, making it difficult to form a sustained upward trend. As a result, the overall trend is mainly based on small adjustments following the raw materials, and the guiding role of the cost side in the market is relatively weak. According to the monitoring system of Shengyi Society, as of May 22, the benchmark price of propylene in Shengyi Society was 9134.33 yuan/ton, a decrease of 3.79% compared to the beginning of this month (9494.33 yuan/ton).
Supply side: The overall supply of epoxy propane in China remained stable this week, with some units operating normally and few undergoing maintenance. The overall operating rate of the industry is at a moderate level. Partial integrated enterprises have stable shipments and normal regional supply circulation; Due to inventory pressure, a small number of manufacturers offer moderate discounts on shipments. Regionally, the main production areas in Shandong and East China have sufficient supply of goods, with no significant backlog or shortage of enterprise inventory. Overall, there were no concentrated production cuts or sudden equipment failures on the supply side this week, and the market supply is sufficient. The loose pattern has not changed, which has significantly suppressed price increases.
Demand side: The downstream polyether polyol industry is mainly in urgent need of procurement. Recently, downstream terminal industries such as home furnishings, soft furniture, and automotive interiors have been operating at a moderate pace, with insufficient orders. Polyether manufacturers are picking up goods as needed and unwilling to stock up in large quantities. The demand for small downstream industries such as fine chemicals and pharmaceutical intermediates is stable but limited in scale, making it difficult to drive overall demand. The overall downstream market has a low willingness to chase after price increases, and many adopt a “buy as you go” model. The market transactions are light, and low-priced goods are shipped relatively smoothly. High priced transactions are weak, and the weak demand directly leads to insufficient action in the epoxy propane market.
Comprehensive forecast: Business Society’s epoxy propane analyst believes that this week’s epoxy propane market will be mainly affected by three factors: limited raw material support, stable and loose supply, and weak downstream demand, with overall weak fluctuations. In the short term, the fluctuation space of raw material propylene is limited, and there is no obvious contraction plan on the supply side. However, downstream terminal demand is slowly recovering, and the market lacks positive stimulation. It is expected that the short-term epoxy propane market will continue to maintain a narrow consolidation pattern, with prices unlikely to fluctuate significantly. In the future, the focus will be on the trend of upstream raw materials, the dynamics of main production areas, and changes in downstream polyether industry operations. The market will still be dominated by supply and demand games.

In May, silver prices first rose and then fell, with a wide range of fluctuations moving forward. As of the 22nd, the monthly amplitude was 18.81%. According to the Commodity Market Analysis System of Shengyi Society, the silver market quoted 18667 yuan/kg on May 22, 2026, an increase of 3.52% compared to the spot price of 18031.67 yuan/kg at the beginning of this month (5.1); Compared to the high of 21424 yuan/kg on May 14th, it decreased by 12.87%.
The general logic of silver operation in May is as follows:
This month, silver has shown a pattern of first strength and then weakness, dominated by financial expectations and supported by industrial demand. Its price volatility is significantly greater than that of gold, reflecting its high elasticity and volatility attributes. From the beginning to the middle of the month, the market game showed a weak downward trend in the expectation of Fed interest rate cuts, coupled with repeated geopolitical conflicts in the Middle East and rising global inflation expectations, leading to a collective strengthening of precious metals; At the same time, the rigid demand for silver in industries such as photovoltaics and semiconductors, coupled with low overseas spot inventory, drove silver prices to quickly rise, reaching a high point for the month on May 14th.
After mid month, the market reversed, with the core driving force being the unexpected US inflation data, the significant cooling of the Federal Reserve’s interest rate cut expectations, the strengthening of the US dollar and US bond yields, and the pressure on precious metal valuations. At the same time, the excessive increase in the early stage triggered capital profit taking, coupled with institutions lowering their expectations for silver prices, and market sentiment turned cautious. Although there is a strong demand for photovoltaic power in the industrial sector, high prices have suppressed some purchases, and there is insufficient follow-up on physical consumption, which has not prevented prices from falling.
In terms of rhythm, there was a volatile upward trend at the beginning of the month, and the resonance between geopolitical factors and expectations of interest rate cuts pushed up prices; Strong surge from May 7th to 14th, with financial attributes dominating the market; After May 15th, the market continued to decline, with macroeconomic expectations reversing and funds leaving, causing prices to quickly retreat to near the beginning of the month level. Overall, silver exhibits a typical “expectation correction” trend in the game between financial expectations and industrial demand, with short-term fluctuations amplified, but still constrained by the supply-demand gap and the direction of monetary policy in the medium to long term.

1、 Price trend
As of May 21st, the average price of domestic industrial grade high-quality cyclohexane is 7383 yuan/ton. Currently, cyclohexane is mainly operating in a narrow range, and weak demand is suppressing its upward trend.
2、 Market analysis
In terms of the market, terminal demand is relatively weak, with on-demand procurement being the main focus. Downstream caprolactam/adipic acid production rates remain at 70% -75%, with insufficient orders. Demand remains stable but without any increase, while downstream demand insists on low inventory and on-demand procurement, resisting high prices. Batch transactions are rare, and traders are cautious. The nylon and chemical fiber industries are in the off-season, with weak textile demand, which is transmitted to the cyclohexane sector, and the demand side lacks driving force.
In terms of supply, the production of the equipment is stable, with sufficient spot supply and an average operating rate of 75% -80% for domestic cyclohexane plants. Large factories are operating at full capacity, with stable and loose supply. The inventory of enterprises is moderately high, and the inventory of ports in East China is about 12000 tons, with increasing shipping pressure.
In terms of cost, the price of pure benzene has weakened, cost support has loosened, and raw material pure benzene has continued to fall since May. Today, Shandong pure benzene is 6800 yuan/ton, with a monthly decline of more than 5%. The production cost of cyclohexane has decreased, benzene prices have weakened, and the gross profit of cyclohexane tons has been restored to 800-1000 yuan. Manufacturers lack the confidence to raise prices, and their willingness to sell at high prices has weakened. The cost decline has been transmitted to the spot market, resulting in a short-term price stalemate, which may continue to be under pressure with benzene prices in the future.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the market price of cyclohexane lacks upward momentum, downstream demand is insufficient, and upstream cost support is lacking, with narrow fluctuations being the main factor.

Recently, the domestic formic acid market has shown an overall trend of sideways consolidation, with stable prices and no significant fluctuations. The market supply and demand are in a weak balance pattern. As of May 18th, the benchmark price of 85% industrial grade formic acid in China was 2400 yuan/ton, a month on month decrease of 14.29% and a year-on-year decrease of 4%.

Supply and demand pattern: dominated by weak balance, inventory is above the median level
The current supply-demand balance in the domestic formic acid market is weak, which is the core reason for maintaining price stability. On the supply side, the overall supply of goods in the market is sufficient, and there has been no significant reduction in production capacity. Most production enterprises have stable equipment operation, providing basic support for price stability and not forming a driving force for price increase. However, it is worth noting that the overall inventory of the industry is in the upper middle range. Starting from May 13th, the market began to have expectations of inventory accumulation, further suppressing the upward space of prices.
The demand side has become the core weakness of the current market, with downstream manufacturers generally holding a bearish attitude and low purchasing willingness, mainly focusing on purchasing for essential needs and replenishing a small amount of inventory, without centralized stocking behavior, resulting in insufficient market transaction activity. Formic acid has a wide range of downstream applications, covering multiple fields such as rubber, pharmaceuticals, textile printing and dyeing, leather, pesticides, etc. However, in recent times, the operating rates of most downstream industries have remained at a low level, and the weak demand trend is obvious, which cannot form an effective demand pull, resulting in the overall market being in a weak balance state, making it difficult to promote price increases.

Price Prediction: Maintenance Expectations Exist, Expected to Break the Horizontal Pattern
During the sideways trading cycle from May 11th to 15th, core market variables emerged, with the most noteworthy being the expected maintenance of supply side equipment, which may become a key factor in breaking the current sideways pattern.
On May 13th, market news showed that some formic acid manufacturers planned to carry out equipment maintenance work in mid month; Subsequently, on May 14th and 15th, industry sources further clarified that some companies will officially launch maintenance plans by the end of this week and this weekend. According to past market patterns, equipment maintenance by enterprises will directly lead to a reduction in the scale of the market supply side, alleviate the current pressure of inventory accumulation, and thus support prices, and even potentially drive prices up slightly.
Based on the spot trading of Shengyi Society, the current 10 day moving average is below the 20 day moving average, with a negative narrowing and a decrease in the moving average, indicating a slowdown in the decline, and an upward crossing signal is about to appear, indicating the start of an upward trend. Moreover, the current formic acid price is at a low level and there is room for upward movement.
Overall, the domestic formic acid market is currently in a weak and stable operation stage, and maintenance expectations have become the main positive support for the short-term market. It is expected that the price will show a slight upward trend in the short term, but the long-term trend still needs to rely on substantial improvement in the supply and demand pattern.

1、 Market Review
Recently, the PA66 market has shown a slight downward trend after fluctuating at a high level. On May 8th, the benchmark price was 23666.67 yuan/ton, which dropped to 22666.67 yuan/ton on May 14th, a decrease of 3.55% from the beginning of the month (23500.00 yuan/ton), and the short-term trend shifted from upward to downward. The current price is in the mid to high range of the one-year statistical cycle, with a drop of about 2400 yuan/ton from the one-year high.
2、 Cause analysis
On the cost side, in terms of adipic acid, the increase in the first quarter exceeded 50%, but since April, the market has turned into a narrow range oscillation, with some periods experiencing a decline of up to 2000 yuan/ton, and the marginal cost support has weakened. Although there was a significant increase in the price of hexamethylenediamine at the beginning of the year (with the bulk water price in East China rising from 16300 yuan/ton to 28000 yuan/ton), the recent upward trend has slowed down, which has reduced the driving force for PA66 prices. Although the energy premium still exists and the short-term cost center is difficult to shift downwards, the overall raw materials have entered a period of adjustment.
On the supply side, the decrease in imported goods has led to a tight spot market, low inventory levels among manufacturers and traders, and a strong reluctance to sell, resulting in certain price support.
On the demand side, downstream industries such as textiles have low acceptance of high prices and generally adopt the strategy of “small orders for immediate demand and on-demand procurement”. Large orders are rare, trading is light, and high prices suppress production, forming a stalemate pattern of “supply side control and demand suppression”.
3、 Future forecast
In the future, it is expected that the PA66 market will maintain high volatility in the short term, and there is little possibility of significant unilateral fluctuations. The price trend will highly depend on changes in raw materials and the progress of downstream order recovery. If there is no significant improvement in demand, high prices may continue or the situation of “having price but no market” may persist.