According to the analysis system of Shengyi Society, as of April 22, the benchmark price of hydrofluoric acid in Shengyi Society was 12450 yuan/ton, an increase of 1.63% compared to the beginning of this month (12250 yuan/ton).
On the raw material side, the fluorite sulfuric acid market continues to operate weakly, and the cost pressure on anhydrous hydrogen fluoride production enterprises has eased to some extent. According to the analysis system of Shengyi Society, as of April 22, the benchmark price of Shengyi Society’s fluorite was 3718.75 yuan/ton, a decrease of -1.49% compared to the beginning of this month (3775.00 yuan/ton).
On the demand side: Although downstream refrigerants are in the traditional peak season, due to high raw material prices, downstream procurement is cautious and mainly based on demand. The market trading atmosphere is average, and some companies have reduced their raw material demand due to profit losses.
Market forecast: In the near future, there will be a slight downward trend in the market price of raw material fluorite sulfuric acid, which will alleviate the cost pressure on anhydrous hydrogen fluoride production enterprises. However, it is expected that the decline in raw material prices will not be too large. Downstream refrigerant demand is average, and on-demand procurement is the main focus. It is expected that the anhydrous hydrogen fluoride market will operate weakly in the later stage, and more attention should be paid to the news of leading enterprises and market supply and demand.

According to the Commodity Market Analysis System of Shengyi Society, the mixed xylene market fluctuated downward this week, and from April 14 to April 21, 2025, the price of mixed xylene decreased from 6000 yuan/ton to 5850 yuan/ton, a decrease of 2.5%. On Thursday of this week, refinery prices in Shandong region generally decreased, and downstream procurement enthusiasm was generally biased towards rigid demand, with overall trading being relatively light. Sinopec’s price reduction in the South China region has affected market sentiment, resulting in an overall decline in prices, weak market transactions, and limited purchasing enthusiasm.
On the cost side: International oil prices have fluctuated upwards this cycle, with the settlement price of the main contract for US WTI crude oil futures as of April 18th at $63.98 per barrel. The settlement price of the main Brent crude oil futures contract is $67.26 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 April 21st, East China Company quoted 5950 yuan/ton, North China Company quoted 5600-5850 yuan/ton, South China Company quoted 5850-5900 yuan/ton, and Central China Company quoted 5750-5950 yuan/ton.
Demand side:
On April 21st, Sinopec Sales Company temporarily stabilized the price of xylene, with a current price of 6800 yuan/ton. This price is being implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other facilities are operating stably with normal sales, and the price is unchanged from April 12th. As of April 17th, the closing prices of the xylene market in Asia were $715-717/ton FOB Korea and $740-742/ton CFR China, a decrease of $6/ton from the 11th price.
Market forecast: Crude oil prices are expected to rise, and there is still room for upward movement in the market. Cost support is still acceptable. Recently, the inventory in Shandong region has been low on the supply side, and refineries are actively shipping. The overall supply of goods from ports in East and South China is still acceptable, and the overall supply side is relatively stable. The overall downstream procurement on the demand side tends to be rigid, and the support on the demand side is limited. Overall, the supply and demand situation is still slightly bearish, and it is expected to operate weakly in the short term.

This week, the domestic fluorite price trend has slightly declined. As of the weekend, the average price of fluorite in China was 3725 yuan/ton, a decrease of 0.5% from the beginning of the week price of 3743.75 yuan/ton, and a year-on-year increase of 4.93%.

Supply side: Some manufacturers have started production, and the supply of fluorite has increased
The current situation of the game in the domestic fluorite industry still exists. Overall, the operating rate of enterprises has not changed much. Upstream mining is tight, backward mines will continue to be eliminated, and new mines will be added. Mineral investigation work is still difficult. In addition, national departments need to rectify fluorite mines, and fluorite mining enterprises are facing increasingly strict safety and environmental protection requirements. The difficulty of operating fluorite mines has increased, and the shortage of raw materials has limited the operation of fluorite enterprises. The supply of fluorite sources is still tight. However, as the temperature rises, northern enterprises are gradually starting production, and the supply of fluorite from on-site enterprises has increased. This week, the fluorite market has slightly declined.
Demand side: The price of hydrofluoric acid is temporarily stable, and the refrigerant market is still acceptable
This week, the domestic price of hydrofluoric acid has remained stable, and the mainstream price for hydrofluoric acid negotiations in various regions of China is 11700-12200 yuan/ton. Some downstream hydrofluoric acid units are still shut down, and there is little change in the spot supply of hydrofluoric acid. Manufacturers mainly purchase hydrofluoric acid on demand, and the overall production of hydrofluoric acid remains at more than 50%. Fluorine enterprises maintain essential orders, and hydrofluoric acid enterprises are in a loss making state. They are not actively purchasing raw fluorite. Recently, some hydrofluoric acid manufacturers have shown a downward trend, which has slightly affected the price of fluorite.
The downstream refrigerant market in the terminal is still promising, and the terminal policy of the refrigerant industry is being strengthened. Demand is expected to achieve substantial improvement. Fluorine chemical enterprises within quota control have strong confidence in raising prices in the refrigerant market. Currently, the pace of purchasing at high prices is relatively slow, but the industry inventory is transmitting in a positive and orderly manner. Due to high prices, the enthusiasm for stocking up in April is low, and upstream products are mainly purchased on demand. The refrigerant market trend is temporarily stable, while the fluorite market trend has slightly declined.
In addition to the traditional demand in the refrigerant industry, fluorite, as an important mineral raw material for modern industry, is constantly developing in emerging fields. It is also applied in strategic emerging industries such as new energy and new materials, as well as in national defense, nuclear industry and other fields, including lithium hexafluorophosphate, PVDF、 Graphite negative electrodes, photovoltaic panels, etc., have received certain support in the application of fluorite due to the demand for new energy and semiconductors.
Market forecast: In the near future, it is difficult to improve the supply of domestic fluorite mines, and some mines have stopped production and undergone safety inspections. The tight supply of fluorite mines is a positive support for the fluorite market. However, in some areas, the lack of active fluorite procurement has led to an increase in inventory. In addition, downstream resistance to high prices is severe, and hydrofluoric acid enterprises mainly purchase on demand, with no actual increase in demand. Overall, the fluorite market price is prone to decline but difficult to rise in the short term.

According to the Commodity Market Analysis System of Shengyi Society, 85% of industrial formic acid prices in China have been running steadily. As of April 14th, the average price of formic acid was 3400 yuan/ton, with no change from the beginning of the month.

This week, the overall market price of industrial grade 85% formic acid in China remained stable, with the mainstream price around 3400 yuan/ton. The raw material sulfuric acid market is mostly on the sidelines, with some regions experiencing slight price fluctuations. Under the influence of crude oil and policies, the raw material methanol fell sharply at the beginning of the month. After falling to a low level, many downstream and trading companies restocked at the low price. In addition, some major production areas experienced equipment failures and reduced production, supporting the low rebound of the domestic methanol market. The methanol market is fluctuating and running.
The formic acid analyst from Shengyi Society believes that the current cost impact of formic acid is not significant, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides are following up on demand when entering the market. The market atmosphere is still good, and it is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term. Specific changes in market supply and demand still need to be monitored.

According to the monitoring of the commodity market analysis system of Shengyi Society, the price of activated carbon at the beginning of the week was 11833 yuan/ton, and the price of activated carbon at the end of the week was 11866/ton, with a price increase of 0.28%.

Domestic activated carbon manufacturers have seen some price increases this week, while most have remained stable. The ex factory price of activated carbon for coconut shell water purification in East China is between 8800-13000 yuan/ton, and market demand is accelerating. Industry insiders are mostly optimistic about the future market and are focusing on market transactions.
The shipment of coconut shell charcoal for applications such as gold extraction, water purification, and filter cartridges has accelerated, especially for gold charcoal, which has received more inquiries from the African market; The shipment of fruit shell charcoal is smooth. There is a recent rebound trend in imported carbide materials, so pay more attention to the transaction situation.
Prediction: The trading atmosphere in the activated carbon market is active, and it is expected that the price of activated carbon will mainly fluctuate with a strong trend in the short term.

1、 Trend analysis
As shown in the above figure, copper prices rose first and then fell this week. As of this weekend, the spot copper quotation is 79100 yuan/ton, a decrease of 1.09% from 79970 yuan/ton at the beginning of the week, an increase of 7.14% from the beginning of the year, and a year-on-year increase of 7.81%.
Copper weekly fluctuation chart
According to the weekly rise and fall chart of Shengyi Society, in the past three months, copper prices have fallen 3 times and risen 8 times, with a slight decline this week.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory fluctuated narrowly, with 211875 tons of LME copper inventory as of the weekend, down 0.24% from the beginning of the month.
Macro wise: US President Trump announced on Wednesday that he will impose a 10% benchmark tariff on all imported goods, as the escalation of the trade war has boosted risk aversion and put pressure on the copper market to sell funds.
Supply side: The global copper mine expansion cycle is coming to an end, with scarce new projects and extreme weather shocks. The growth rate of mineral resources (2.2%) is significantly lower than that of refined copper consumption (2.9%); The processing fee for copper concentrate continues to be under pressure (domestic rough refining fee of -24.32 USD/ton, long order processing fee of 21.3 USD/ton), and the operating rate of Chinese smelters has dropped to the critical value of 80%. The pressure of production reduction has forced the expansion of spot premium.
On the demand side: China’s power grid investment increased by 13%, and the US manufacturing industry needs to restructure the power system (copper consumption may increase from 1.8 million tons/year to 2.5 million tons/year); The copper consumption of a single AI server has increased by 30% compared to traditional models, and the penetration rate of new energy vehicles has increased, coupled with the expansion of photovoltaic/wind power installations. Despite the rebound in domestic demand and the narrowing decline in real estate prices boosting the market, the implementation of US tariffs has driven up risk aversion and dominated the market.
In summary, the tension in the copper mining sector continues, but the current market is more concerned about whether terminal demand has improved. It is a fact that the peak season of Gold Three is not prosperous, while the consumption prospects of Silver Four are questionable. Coupled with the increase in arrivals in some regions, the depletion of domestic refined copper social inventory has been suspended, the increase in regenerated smelting production, and the high production schedule in April, the supply pressure has become apparent. In addition, weak market transactions, insufficient replenishment during the Qingming Festival holiday, and increased pressure on copper prices. It is expected that copper prices will mainly fluctuate at high levels.

According to the commodity analysis system of Shengyi Society, the overall domestic market for maleic anhydride rose in March. As of March 31st, the average quoted price of maleic anhydride was 6790.00 yuan/ton (including tax), an increase of 3.19% from 6580.00 yuan/ton on March 1st.

Supply side: In March, the spot supply of maleic anhydride in the market was tight, and downstream unsaturated resin manufacturers of maleic anhydride mainly maintained stable production. Due to the rise in raw material prices, unsaturated resins slightly increased, and the replenishment of maleic anhydride was mainly for urgent needs. At present, the increase in spot supply in the maleic anhydride market is limited. As of March 31st, the factory price of solid anhydride in Shandong region is around 6700 yuan/ton, and the factory price of liquid anhydride is around 6400 yuan/ton.
Upstream: The market price of pure benzene has fallen. Since the beginning of the month, the price of pure benzene has almost been declining one by one. On March 1st, the price was 7518 yuan/ton; On March 31st, the price was 6634.67 yuan/ton, a decrease of 11.57% from the beginning of the month. In the short term, the market price of pure benzene continued to fluctuate and consolidate.
In March, the international crude oil market fluctuated downwards, and the price of n-butane fluctuated upwards. As of March 31st, the price in Shandong was around 5300-5350 yuan/ton.
Downstream: Currently, unsaturated resin companies are mainly operating steadily, but due to the impact of rising raw material prices and subsequent declines, the unsaturated resin market remains stable, and there is a strong wait-and-see sentiment in the market.
The analyst of Shengyi Society’s maleic anhydride products believes that the recent replenishment of downstream resin demand for maleic anhydride has ended, and new order signings are limited; At present, the prices of the main factories producing maleic anhydride have fallen, and it is expected that the maleic anhydride market will mainly consolidate weakly in the near future.

According to the Commodity Market Analysis System of Shengyi Society, the domestic ethanol market was weak and volatile in March. From March 1st to 31st, the average price of domestic ethanol producers decreased from 5275 yuan/ton to 5262 yuan/ton, with a price drop of 0.24% during the period and a year-on-year price drop of 14.43%.
In the first half of the month, the domestic edible ethanol market price remained stable with some increase, but the upward trend slowed down. The price of raw material corn continues to operate strongly, and the production cost of corn ethanol is under pressure. Holders have a strong mentality of supporting prices and a strong focus.

In mid month, the domestic edible ethanol market experienced narrow fluctuations in prices, with a balanced supply and demand performance. In some regions, with strong support from corn on the cost side, production companies have raised their quotations.
At the end of the month, the domestic edible ethanol market prices slightly adjusted, and the raw material corn prices were narrow and strong, with strong cost support. After the price rose, it remained stable. The downstream market has a strong wait-and-see attitude, with a focus on stocking up for urgent needs, resulting in lukewarm transactions.
As the end of the month approaches, the domestic edible ethanol market prices have slightly declined, and the price of raw material corn is running weakly, putting pressure on production costs and increasing the willingness to raise prices; Downstream customized procurement based on demand, with cargo holders accompanying the shipment, resulting in an average transaction atmosphere.
On the cost side, in the first half of the month, the price of raw material corn remained stable but slightly strong, and the cost side provided some support for alcohol prices. With the boost of favorable costs, enterprises have a strong mentality of supporting prices. At the end of the month, the demand in the corn market is currently slightly average, and the corn market prices are running weakly. The cost support of ethanol is still acceptable.
Supply side, stable operation of supply side. The maintenance of the biological fermentation ethanol plant is concentrated in April, and the on-site supply side is stable and organized. The stable operation of cassava corn ethanol supply side. Coal to ethanol production: Anhui Carbon Xin and Hengxin facilities are temporarily shut down, while other facilities are producing steadily. There are unlikely to be major favorable factors in the supply of ethanol.
On the demand side, from the demand side, Baijiu consumption support is limited; The operating rates of downstream methyl ethyl carbonate and ethyl acetate do not change significantly, and their consumption of ethanol remains stable; Other downstream chemical industries are accompanied by regular procurement, with a focus on stocking up for essential needs, resulting in limited demand boost. The short-term demand for ethanol has a moderate impact.
In the future, the price of raw corn is expected to fluctuate and stabilize, putting pressure on production costs; The mentality of the demand side is cautious, with a focus on purchasing essential needs. Business Society’s ethanol analyst predicts that the domestic ethanol market will consolidate and operate in the short term.

In March 2025, the market trend of the main raw material for viscose staple fiber dissolution pulp was weak, and the demand in the terminal market was sluggish. Downstream yarn factories mainly purchased according to demand, and the actual negotiation focus fluctuated and declined. The viscose staple fiber market operated weakly, and prices were slightly lowered.

According to the Commodity Market Analysis System of Shengyi Society, as of March 31st, the average market price of viscose staple fiber was 13600 yuan/ton, a decrease of 120 yuan/ton from the previous month, with a monthly decline of 0.87%.
The trend of the main raw material dissolution slurry market is downward
In March 2025, the upstream main raw material dissolution pulp market experienced a weak decline. As of March 31, the price of domestically produced dissolution pulp was around 7600 yuan/ton, the price of outer broad-leaved pulp was around 930 US dollars/ton, and the price of coniferous pulp was around 1030 US dollars/ton. The auxiliary liquid alkali market and sulfuric acid market continue to maintain stable prices. Overall, the upstream main raw material dissolution slurry market is trending downward, while the auxiliary liquid alkali market and sulfuric acid market continue to maintain stable prices. The price center of the raw material market has fallen, and the cost support of adhesive short fibers is weak.
Good supply and demand are hard to find
In March 2025, some adhesive short fiber parking and maintenance facilities in Jiangsu have not yet restarted, while some adhesive short fiber facilities in Shandong and Xinjiang have increased their operating loads, resulting in a gradual increase in on-site supply; Downstream yarn manufacturers are experiencing poor shipments, resulting in low enthusiasm for picking up adhesive short fibers. The overall inventory level of the adhesive short fiber market has increased narrowly, and the positive support from the supply side is limited.
The downstream cotton yarn market equipment has basically resumed normal operation, with little price change. As of March 31st, the price of 30S cotton yarn spun by ring spinning in Jiangsu region was around 17550 yuan/ton, a decrease of 75 yuan/ton from the beginning of the month. However, due to insufficient orders in the end market, the shipment situation of yarn factories is not ideal, and there is still a certain amount of raw material inventory and finished product inventory, resulting in a weak willingness to purchase adhesive short fibers, and it is difficult to find favorable support from the demand side.
Future forecast
From a cost perspective, the main material dissolution slurry market is dominated by consolidation; From the perspective of supply and demand, there are plans to increase the operating rate of some adhesive short fiber facilities in Jiangsu Province. The on-site supply may increase slightly, and the industry inventory may remain at a normal level. The downstream market or consumption of raw material inventory is the main focus, and there has been no significant improvement on the demand side. Overall, the market lacks good news to boost it. Business analysts predict that the domestic adhesive short fiber market will be mainly weak in the short term, with prices expected to be accepted at 13400-13600 yuan/ton.

Analysis: This week (3.24-28), the liquid ammonia market in Shandong region showed weak performance, with prices reversing last week’s upward trend and turnover declining. According to the Commodity Market Analysis System of Shengyi Society, the main production area of Shandong experienced a weekly decline of 5.43%. The main reason is that the supply has shifted from tight to loose, increasing supply pressure. The early maintenance equipment has gradually resumed, and the operating rate of manufacturers has increased. Coupled with the poor performance of the urea market, some manufacturers have switched to ammonia, which has further exacerbated the contradiction of oversupply in the ammonia market. From the beginning of the week to the weekend, some mainstream large factories in Shandong generally lowered their prices by 100-200 yuan/ton. Distributors mainly underreport shipments. And downstream procurement enthusiasm is not high, agricultural demand is still in the off-season, industrial demand remains rigid, and the overall demand side is bearish. At present, the mainstream quotation in Shandong region is 2500-2700 yuan/ton.

Prediction: The peak season for spring plowing has ended, agricultural demand has weakened, downstream procurement is more rational, market atmosphere is light, downstream operating rates have significantly decreased, and industrial demand is urgently following suit. However, the supply of liquid ammonia is relatively sufficient, and the pressure of supply and demand is prominent. It is expected that there is still room for ammonia prices to decline before the Qingming Festival.