This week (6.12-18), PVC showed a pattern of futures volatility and weakness, spot price decline and volume increase, weak supply and demand, high inventory suppression, and cost bottoming out. The core contradiction in the market is the sustained low demand during the off-season, the slight resumption of supply and the worsening of export expectations. Prices are prone to fall but difficult to rise, and the downward space is limited by production costs.
1、 Futures market
The center of gravity continued to shift downwards during the week, falling continuously from Monday to Thursday. On June 18th, it closed at 4521 yuan/ton, with a high point of 4691 and a low point of 4486. The cumulative decline for the whole week exceeded 170 yuan; The main position maintains a net short position, with long positions continuously reducing their holdings and short positions dominating. The monthly price difference is weak, and the far month premium has narrowed.
2、 Spot market
Mainstream in East China: The SG-5 model of carbide method is reported at 4520-4630 yuan/ton, with a weekly decrease of 80-120 yuan/ton; According to the commodity analysis system of Shengyi Society, the SG-5 weekly decline of East China Dianshi Method was 2.84%. Traders offered discounts to sell their goods, and downstream only needed small batches of replenishment without centralized stocking. Market transactions were light, and spot prices rose slightly compared to futures, with a basis difference of 30-60 yuan/ton.
3、 Factor analysis
Supply side: slight increase in production, limited increase in maintenance, marginal amplification of supply pressure
This week, the overall capacity utilization rate of PVC is close to 70%, slightly recovering from last week. The Northwest Calcium Carbide Plant has slightly increased the start of production, with sporadic restarts of previous parking facilities; The operating rate of ethylene method is still not high, about 50%. Several maintenance facilities along the coast are gradually recovering, and the start of ethylene production is also gradually stabilizing, without further decline, but still at a low level in previous years.
Raw material cost: Slightly supported by the cost of electrical aggregate materials
Calcium carbide: The mainstream price of calcium carbide in the northwest region is around 2400 yuan/ton, with a slight increase of 100 yuan within the week. The production loss of calcium carbide method has narrowed to a certain extent, but the industry as a whole is still in the loss range; According to the commodity analysis system of Shengyi Society, the price of calcium carbide rebounded in the middle of this week, with a rebound rate of 0.87% within the week.
Ethylene: The international price of ethylene this week is between 1140-1150 US dollars/ton, and the weakening of crude oil has dragged down the cost of ethylene production, further compressing the profit of ethylene production; The comprehensive cost has formed a pattern of having a bottom and no upper strength, and the significant downward space is locked in by raw material costs.
Demand side: Weakening of internal and external demand, market entering off-season
The domestic downstream product production has fallen across the board, and the downstream production rate this week is still relatively low, generally around 40%, significantly lower than the same period in history. The downstream real estate market is sluggish, and industries such as profiles and pipes are generally impacted. In addition, terminal doors and windows, as well as home decoration, have also been dragged down, resulting in a decline in upstream PVC demand. Terminal distributors are reducing inventory and generally slowing down raw material procurement.
In terms of exports, the data is also not ideal. India’s zero tariff exemption expires on June 30th, and there is an expected effect of the 7.5% import tariff recovery. The export performance has declined, and external procurement is generally cautious, especially with a significant decrease in Indian orders.
4、 Future forecast
In the short term, supply side maintenance is gradually slowing down, and production is expected to increase; But the domestic downstream demand is relatively weak, and the two will form a game, with negative and positive factors offsetting each other to some extent in the future. Inventory remains an important factor that cannot be ignored, as weak demand leads to ongoing accumulation of inventory. Overall, the weak supply-demand pattern will continue next week, with the market maintaining a narrow range of weak fluctuations.

1、 Price trend
This week, the spot price of acrylic acid rebounded from the previous decline. Monitoring data shows that as of June 16th, the benchmark price of acrylic acid in Shengyi Society was 8516.67 yuan/ton, an increase of 2.00% compared to the beginning of this week (8350.00 yuan/ton). The market center of gravity has slightly shifted upwards.
2、 Supply and demand and cost fundamentals
1. Cost side
The upstream raw material propylene market has fallen, and the production cost of acrylic acid lacks strong support. The industry’s production profit recovery space is limited, and the willingness of factories to actively and significantly increase spot prices is not strong. This round of price increase is not cost driven. As of June 16th, the benchmark price of propylene in Shengyi Society was 8667.67 yuan/ton, a decrease of 5.11% compared to the beginning of this month (9134.33 yuan/ton).
2. Demand side
The core driving force behind the slight increase in prices in this round comes from downstream demand follow-up. Downstream acrylic ester and special ester enterprises mainly consume long-term contract goods in the early stage, and some terminal enterprises replenish inventory at low prices. The spot market transactions have rebounded, and holders have adjusted their offers according to the market, driving the market price center to rise; But there is no large-scale centralized replenishment action downstream, and the demand increment is limited, making it difficult to drive the market to soar significantly.
Future prospects
In the short term, the positive news of downstream demand replenishment still has continuity, coupled with the bottom reversal signal of the moving average, acrylic acid spot may maintain a slightly strong operation; However, there is no support on the raw material side, and there is no significant increase in overall downstream production. The market lacks the core driving force for sustained growth.

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.