This week (May 19-23, 2025), the upstream raw material caprolactam market for nylon filament regained confidence, with prices slightly rising and good cost support, cost driven. However, downstream market shipments were not smooth, demand continued to be weak, procurement enthusiasm was not high, and some nylon filament manufacturers had high inventory levels. The nylon filament market stopped falling and rebounded, with prices rising slightly.

According to the Commodity Market Analysis System of Shengyi Society, last week (May 19-23, 2025), the price center of nylon filament slightly increased. As of May 23, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14860 yuan/ton, an increase of 80 yuan/ton compared to last week, with a weekly increase of 0.54%; Nylon POY (premium product; 86D/24F) quoted 12400 yuan/ton, an increase of 100 yuan/ton compared to last week, with a weekly increase of 0.81%; The price of nylon FDY (premium product: 40D/12F) is reported at 15400 yuan/ton, an increase of 50 yuan/ton compared to last week, with a weekly increase of 0.33%.
The raw material market has stopped falling and risen
In terms of cost: This week (May 19-23, 2025), the spot market price of caprolactam stopped falling and rose, while the market price of high-speed spun nylon PA6 chips showed an upward trend. The market price of raw materials stopped falling and rose, and the cost side was well supported. As of May 23, 2025, the benchmark price of caprolactam in Shengyi Society is 9450 yuan/ton, with a weekly increase of 0.89%. During the week, the market price of high-speed spun nylon PA6 slices slightly increased, with a 1.55% weekly increase in nylon PA6 prices, indicating good cost support.
Supply and demand: During the week, some nylon filament manufacturers have lowered their operating rates, resulting in a decline in overall market supply. However, industry inventory levels continue to increase, leading to poor performance on the supply side; The demand in the end market is weak, and some downstream manufacturers have reduced production or switched production, resulting in a decrease in demand for nylon filament. It is difficult to find favorable support from the demand side.
Future forecast
Cost aspect: In terms of caprolactam, the price range of pure benzene has been adjusted, and some units in the caprolactam market may experience a certain decline in operation. Downstream purchases are mainly cautious, and it is expected that the caprolactam market price will fluctuate and adjust next week. In terms of nylon PA6 slicing, the cost support is good, and the market supply is expected to slightly increase. Downstream manufacturers are not enthusiastic about purchasing, and it is expected that the nylon PA6 slicing market will fluctuate and consolidate next week, with prices mainly rising slightly.
Supply and demand side: Most of the nylon filament manufacturers’ facilities are operating stably, and the industry supply is relatively high. The overall inventory level in the market may still be high, and it is expected that the supply side support for the nylon filament market will be average in the short term; There is no sign of improvement in the demand of the terminal market, and downstream factories or inventory consumption are the main factors. It is difficult for the demand side to improve, so it is expected that the demand side of the nylon filament market will not change next week.
Overall, the spot market for raw material caprolactam is expected to remain stable with small fluctuations, while the market for nylon PA6 chips is expected to rise. The cost side is well supported, and downstream markets are adopting a cautious and wait-and-see attitude, purchasing according to demand. The demand side is unlikely to improve. Business analysts predict that the nylon filament market prices will mainly fluctuate and consolidate next week, with prices possibly rising slightly.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of May 21st, the reference average price of 85% industrial grade thermal phosphoric acid in China was 6740 yuan/ton, which is 1.61% lower than the reference average price of 6850 yuan/ton on May 14th.
2、 Market analysis
Market Aspects
This week, the domestic phosphoric acid market prices have weakened and fallen. The reduction in raw material prices has weakened cost support. As of May 21st, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6400-6700 yuan/ton, and in Sichuan region it is around 6500-6700 yuan/ton. The domestic market price for 85% wet process phosphoric acid is around 6600-7300 yuan/ton.
In terms of cost
In terms of raw material yellow phosphorus. This week, the market price of yellow phosphorus continued to decline. At present, the yellow phosphorus market has sufficient supply, but the terminal demand is poor, and downstream purchasing intentions have weakened. At present, the market is mainly bearish, and it is expected that the domestic yellow phosphorus market price will continue to be weak in the short term.
3、 Future forecast
The phosphoric acid analyst from Shengyi Society believes that the recent trend of the phosphoric acid market is mainly downward. The price of raw material yellow phosphorus continues to weaken, with insufficient cost support and a decrease in the transaction price of phosphoric acid. At present, the phosphoric acid market is mainly wait-and-see, with limited new transactions. It is expected that the domestic phosphoric acid market will operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the overall market for mixed xylene has risen this week. From May 12 to May 19, 2025, the price of mixed xylene has increased from 5570 yuan/ton to 5860 yuan/ton, an increase of 5.21%. The overall domestic mixed xylene market has risen in this cycle. Among them, the Shandong region was positively affected by downstream chemical industry procurement after the holiday, and refineries generally operated with low inventory levels, resulting in an increase in ex factory prices. Holders of goods had a strong mentality of supporting prices, and market prices continued to rise. The East and South China regions first rose, then fell, and finally closed up. Some of the goods arrived at the port during the week, driven by downstream chemical industry demand. The market trading situation was good, and the overall market was strong.
Cost aspect: The crude oil market rose first and then fell during this cycle, with an overall upward trend. As of May 15th, the settlement price of the main contract for WTI crude oil futures in the United States was $61.62 per barrel. The settlement price of the main Brent crude oil futures contract is $64.53 per barrel.

Supply side:
Sinopec’s xylene quotation summary shows that the company is currently operating normally, with stable production and sales. The company’s quotation remains unchanged from the previous day. As of May 19th, East China Company quoted 5800 yuan/ton, North China Company quoted 5750-5950 yuan/ton, South China Company quoted 5850-5900 yuan/ton, and Central China Company quoted 5600-5700 yuan/ton.
Demand side:
On May 16th, Sinopec Sales Company temporarily stabilized the price of xylene, with the current execution price of 6700 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably and sales are normal. An increase of 100 yuan/ton compared to May 9th. As of May 15th, the closing prices of the xylene market in Asia were $828-830/ton FOB Korea and $853-855/ton CFR China.
Market forecast: The trend of crude oil is weak in the near future, and the cost support for xylene is limited. From the perspective of supply and demand, the current xylene inventory of refineries in Shandong is generally running at a low level, and the mentality of raising prices still exists. However, the downstream PX market has been weak recently, and there may be insufficient intention to continue following up, lacking demand support. It is expected that there will be some downward space in the xylene market in the short term, and the market will operate steadily and weakly.

According to the Commodity Market Analysis System of Shengyi Society, the TDI market in East China continued to rise this week. As of May 16th, the average market price in East China was 11900 yuan/ton, and as of May 12th, the average price was 10600 yuan/ton. Within the week, it increased by 2.59% and decreased by 20.13% year-on-year.
This week, the TDI market has shown a strong trend, with prices continuing to rise. During the week, the supply side raised prices and expected a reduction in supply. However, downstream market participation remained positive, and the trading atmosphere heated up. In addition, the implementation of tariff policies has further boosted market confidence and increased trading volume.

Supply side: Fujian and Gansu are operating at medium to high loads, and BASF in Shanghai has a maintenance plan in mid May.
Cost wise: The price of toluene has stopped falling and increased, with an average price of 5340 yuan/ton at the beginning of the week and 5594 yuan/ton over the weekend, representing a 4.77% increase during the week. Downstream demand is dominant, with average enthusiasm for entering the market.
Market analysis shows that the TDI data analyst from Shengyi Society believes that the current trading atmosphere in the TDI market is still acceptable, but the market inventory is low. The maintenance of large factories is imminent, and the expected filling of goods is slowing down. It is expected that the TDI market will be strong in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of May 14, 2025, the reference price of n-butanol in Shandong Province, China is 6233 yuan/ton. Compared with May 9 (reference price of n-butanol is 6066 yuan/ton), the price has increased by 167 yuan/ton, an increase of 2.75%.

From the market monitoring system of Shengyi Society, it can be seen that as we enter this week, the domestic n-butanol market in Shandong has experienced a recovery. The focus of negotiations in the n-butanol market in Shandong has gradually warmed up, and the market price has adjusted upwards, with an adjustment range of about 50-150 yuan/ton. As of May 14th, the reference price for n-butanol in the domestic Shandong region is around 6200-6250 yuan/ton.
Analysis of Market Factors
In terms of supply and demand: Currently, the overall supply side performance of the n-butanol market is stable, the supply side pressure is still acceptable, and the factory mentality is still good. The positive macro news provides certain psychological support for downstream users of n-butanol, and the enthusiasm for replenishment and stocking of n-butanol downstream has increased. The overall demand has strengthened the support for n-butanol.
Market analysis in the future
At present, the trading atmosphere of n-butanol in the market has improved, with a mild atmosphere and good supply and demand transmission. The n-butanol data analyst from Shengyi Society predicts that in the short term, the n-butanol market in Shandong, China, will mainly remain stable and strong, and specific changes in supply and demand information need to be closely monitored.

According to the Commodity Market Analysis System of Shengyi Society, as of May 12th, the price of isooctanol was 7183.33 yuan/ton, a fluctuating decrease of 4.01% compared to the price of 7483.33 yuan/ton on May 1st. Plasticizer companies are operating at a low level, with a plasticizer operating rate of less than 60%. The demand for isooctanol is weak, and the price of isooctanol is fluctuating and falling; Isooctanol enterprises have added new production capacity, and the self-sufficiency rate of isooctanol in China has increased to over 95%. The import of isooctanol has significantly decreased, and the overall market supply of isooctanol is sufficient.

Downstream plasticizer DOP prices fluctuate and fall after the holiday
According to the Commodity Market Analysis System of Shengyi Society, as of May 12th, the DOP price was 7859.17 yuan/ton, a fluctuating decrease of 3.54% compared to the DOP price of 8147.50 yuan/ton on May 1st. The operating rate of plasticizer DOP enterprises is less than 60%, the production of plasticizer DOP has decreased, the demand for isooctanol is weak, the support for isooctanol demand has weakened, and the downward pressure of isooctanol still exists.
Future expectations
According to the data analyst of Shengyi Society’s octanol products, plasticizer companies have low operating rates and downstream demand for isooctanol is weak. In the future, the demand for isooctanol is weak, and it is expected that the price of isooctanol will fluctuate and fall.

According to the Commodity Market Analysis System of Shengyi Society, the aniline market fell sharply again after the holiday, and the buying and selling atmosphere in the market weakened. The spot price of aniline in East China is 7000-7050 yuan/ton. It is reported that the shipment of pure benzene during the festival was not smooth, and the company’s quotation was lowered. After the holiday, aniline companies have lowered their prices accordingly, and downstream market entry enthusiasm is average. The trend of weak raw materials is difficult to change, and it is expected that aniline will remain weak in the short term.

Ethylene glycol prices fell in April

The price of ethylene glycol will decrease in April 2025. According to data from Shengyi Society, as of April 30th, the average price of domestic oil to ethylene glycol was 4331.67 yuan/ton, a decrease of 5.25% from the average price of 4571.67 yuan/ton on April 1st.
On April 30, 2025, the spot contract price of ethylene glycol in Zhangjiagang remained relatively stable, with a strengthening basis after a decline in the market. Next week’s spot contract (before 5.9) will have a strong intraday basis, with quotes rising from+37 to+40 to+44 to+45; The basis quotation for spot contracts in May ranges from+48 to+50.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3950-4000 yuan/ton.
In terms of external ethylene glycol, as of April 28th, the landed price of ethylene glycol in China is 486 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 490 US dollars/ton.
Port inventory fluctuated horizontally in April
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to April, the port inventory fluctuated horizontally. On April 28, 2025, the total inventory of ethylene glycol in the main port of East China was 700900 tons, an increase of 29000 tons compared to the total inventory of 671900 tons on March 31; Compared to December 30, 2024, the total inventory was 397300 tons, an increase of 303600 tons.
Expected decrease in import volume
In April, multiple units in Saudi Arabia and the United States underwent maintenance, and there are expectations of a decrease in China’s ethylene glycol imports from March to May. However, with the recovery of subsequent units, the import volume may change.
Demand side: Stable in April, waiting to see the progress of downstream new production capacity in May
In April, the comprehensive load of polyester increased to 93.2%, and the demand for ethylene glycol remained stable. But as we enter May, on the one hand, as the May Day holiday approaches, the decline in terminal operating rates may be more pronounced, which will have a negative impact on demand for ethylene glycol; On the other hand, the polyester industry has new production capacity, and if it can be smoothly put into operation and release demand, it will provide support for ethylene glycol. However, the overall demand growth rate is expected to slow down.
Supply side: Multiple units scheduled for maintenance in April and expected to restart in May
In terms of domestic equipment, multiple sets of equipment were inspected and shut down in April. From May’s perspective, there is a possibility of restarting the pre maintenance equipment. If the device is restarted and loaded as planned, the domestic supply will increase.
Future forecast
The supply and demand variables of ethylene glycol in May are due to the uncertainty on the demand side, while the cost side focuses on changes in crude oil prices. Without the influence of sudden variables, it is expected that the probability of ethylene glycol sideways trading will increase in May.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market fluctuated slightly and rose recently (4.22-4.29). As of April 29th, the spot rubber market in China was around 14408 yuan/ton, an increase of 0.63% from 14318 yuan/ton on the 22nd, with a high point of 14488 yuan/ton during the cycle. The current domestic rubber market atmosphere is weak, and market transactions are flat. The price of raw materials has slightly increased; Domestic Tianjiao Port inventory has slightly decreased compared to the previous period, but overall remains at a high level; The downstream construction is basically stable; The Shanghai rubber market fluctuated narrowly, while the natural rubber spot market fluctuated slightly higher.

As of April 29th, the price of Thai glue was 58.25 baht/kg, a slight increase from 56.20 baht/kg on April 22nd. Currently, major overseas production areas are gradually being cut off, while Yunnan in China has already started cutting off. The expected supply of rubber raw materials at home and abroad is gradually increasing, and the price of natural rubber raw materials is expected to decline in the later stage.
Natural rubber inventory has slightly decreased, but overall it remains at a high level. As of April 27, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 608700 tons, a decrease of 3800 tons or 0.62% compared to the previous period.
Supply and demand side: Downstream tire production has slightly decreased, influenced by the international trade situation, and there is a strong wait-and-see atmosphere in the natural rubber market, resulting in flat market transactions. As of April 25th, the operating load of semi steel tires in domestic tire enterprises was around 7.8%; The construction of all steel tires by tire enterprises in Shandong region has slightly increased to around 6.3% of the load.
Market forecast: When domestic and international raw material prices rebound slightly, downstream inquiries will have a strong wait-and-see atmosphere, which will weaken support for natural rubber. In addition, the inventory of Tianjiao Port is still at a high level; Overall, it is expected that the natural rubber market will continue its weak consolidation trend in the later stage.

Ethylene glycol prices fell in April

The price of ethylene glycol will decrease in April 2025. According to data from Shengyi Society, as of April 27th, the average price of domestic oil to ethylene glycol was 4350 yuan/ton, a decrease of 4.85% from the average price of 4571.67 yuan/ton on April 1st.
On April 25, 2025, Zhangjiagang ethylene glycol spot contracts were mainly purchased at low hanging prices, with average trading. This week’s contract transaction price range is 4160-4194 yuan/ton (excluding collective transactions). This week’s spot contract basis quotation ranges from+15 to+19, May’s spot contract basis quotation ranges from+19 to+29, and June’s spot contract basis quotation ranges from+33 to+40.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 3960-4050 yuan/ton.
In terms of external ethylene glycol, as of April 25th, the landed price of ethylene glycol in China is $485/ton, and the landed price of ethylene glycol in Southeast Asia is $492/ton.
Port inventory fluctuated horizontally in April
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and from March to April, the port inventory fluctuated horizontally. On April 24, 2025, the total inventory of ethylene glycol in the main port of East China was 687700 tons, an increase of 15800 tons compared to the total inventory of 671900 tons on March 31; The total inventory as of December 30, 2024 was 397300 tons, an increase of 290400 tons.
Next week’s market forecast
From the perspective of incoming inventory, there is a clear expectation of an increase in port inventory in the near future, with frequent maintenance and restart of the synthesis gas plant. Next week, we will pay attention to the situation of the Qianxi coal chemical plant. In the short term, it is expected that the dynamic balance of synthesis gas to ethylene glycol will be achieved, and the effective recovery of load is expected in mid to late May. The supply and demand situation is relatively stable in the near future, and it is expected that there will be a high probability of horizontal fluctuations.