Aluminum prices rebound in May
Aluminum prices rebounded in May. According to the Commodity Market Analysis System of Shengyi Society, as of May 30, 2025, the average price of aluminum ingots in the East China market in China was 20303.33 yuan/ton, an increase of 1.15% from the market average price of 20073.33 yuan/ton on May 1.
Macro news aspect
International trade environment:
According to the consensus of the Geneva talks between China, the United States, and Japan, the US will lower its tariffs on China to 10% starting from May 14th and suspend the implementation of the 24% tariff measure for 90 days. This directly alleviates the pressure on domestic aluminum exports, especially benefiting the demand for transit trade such as photovoltaic modules and automotive parts. Because in 2024, although China’s direct export of aluminum materials to the United States accounted for less than 5%, the proportion of aluminum products transshipped through Mexico and Canada exceeded 30%. The tariff reduction will repair the resilience of this part of the supply chain, and the market is optimistic about the recovery of export orders in the second half of the year, thereby increasing demand expectations for aluminum ingots.
Domestic policy benefits:
The Ministry of Industry and Information Technology and ten other departments have issued the Implementation Plan for High Quality Development of the Aluminum Industry (2025-2027). The plan proposes to increase domestic bauxite resources by 3% -5% by 2027, with a production of over 15 million tons of recycled aluminum. “Aluminum saving copper” will also be a key direction for expanding aluminum consumption, promoting the large-scale application of aluminum in power, home appliances, and other fields, and assisting in the security and green transformation of industrial chain resources.
Industry operation status from January to April:

From January to April, 11945 non-ferrous metal industrial enterprises above designated size achieved a total profit of 128.17 billion yuan, a year-on-year increase of 30.3%. Among them, non-ferrous metal smelting and rolling processing industry enterprises achieved a total profit of 91.63 billion yuan, an increase of 24.5%, and the industry’s profitability is good.

In May 2025, domestic viscose staple fiber continued to operate weakly, with significant price drops in the upstream raw material market and insufficient cost support. Downstream yarn companies mostly maintained their demand for goods, resulting in poor demand performance and a weak decline in viscose staple fiber market prices.
According to the Commodity Market Analysis System of Shengyi Society, as of May 30th, the average market price of viscose staple fiber was 13360 yuan/ton, a decrease of 120 yuan/ton from the previous month, with a monthly decline of 0.89%.
In early May, the main raw material dissolution slurry market experienced a significant decline, while the auxiliary material liquid alkali and sulfuric acid markets experienced a stepwise decline, resulting in weakened cost support; In addition, due to weak terminal demand, some downstream cotton yarn manufacturers have reduced production or stopped production for holidays, resulting in a decrease in demand for adhesive short fibers. Under the dual negative factors, various adhesive short fiber manufacturers have lowered their transaction prices in a new round, but downstream manufacturers have limited new orders and are holding onto their essential procurement needs. Since mid month, the prices of auxiliary materials in the market have continued to rise. With the easing of tariffs between China and the United States, only a few downstream factories have shown improvement in their enthusiasm for picking up goods, but there has been no substantial boost to the market. Industry players have mainly executed a new round of orders, and the prices of adhesive short fibers in the market have remained stable.
In terms of cost, the market price of the main raw material dissolving slurry has significantly declined, while the market prices of auxiliary liquid alkali and sulfuric acid have risen narrowly. The cost trend is not good, and the average production cost of adhesive short fibers has significantly decreased.
Supply and demand: The operating rate of the adhesive short fiber industry in May was around 80.28%, and the market supply increased compared to the previous month. During the month, the operating load of some adhesive short fiber devices in Shandong region increased, while some adhesive short fiber devices in Xinjiang region were shut down for maintenance in the latter half of the month, resulting in a narrow increase in overall market supply.
The operating rate of downstream cotton yarn market facilities has not fluctuated significantly, and the pre shutdown facilities have not yet been restarted. Entering May, the downstream cotton yarn market is waiting for the new round of prices for viscose staple fibers to be released, and is in urgent need of signing orders. Although the mid month US China tariff policies have brought some positive news to the market, the recovery of demand in the end market is slow, and downstream yarn companies still mainly consume raw material inventory, with weak purchasing intentions. The new round of signing orders is not ideal, and the demand side is dragging down the market trend. The overall inventory in the market is still showing an increasing trend.
Future forecast
On the raw material side: Although there is an expected increase in the supply of adhesive short fibers, the weak demand in the end market makes it difficult to significantly improve the demand for dissolving pulp. Therefore, it is expected that the dissolving pulp market will operate weakly and steadily next month.
Supply and demand side: Some adhesive short fiber manufacturers in Shandong Province plan to resume full load operation next month, and there may be an increase in industry supply. Therefore, it is expected that the supply side of the adhesive short fiber market will continue to show loose performance next month; June belongs to the traditional off-season for demand, and it is difficult for the end market demand to improve. Downstream factories may maintain their demand for essential orders, so it is expected that the demand side support for the adhesive short fiber market will be poor next month.
Overall, the upstream main raw material dissolution slurry market may remain weak and stagnant, with expectations of increased supply in the industry. Downstream yarn mills may purchase on demand, and industry players lack confidence in the future. Business analysts predict that domestic viscose staple fibers will continue to operate weakly next month, and market prices will slightly decline, with prices expected to be accepted at 13000-13200 yuan/ton.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market hit bottom and rebounded in May. Due to the significant decline in the previous period, the overall price slightly increased. On May 1st, the average price of adipic acid in the domestic market was 7416 yuan/ton. On May 28th, the average price of adipic acid in the domestic market was 7433 yuan/ton, with a price increase of 0.22%.
Long Short Game: Adipic Acid Market Reaches Bottom and Rebound in May
After the May Day holiday, the prices of pure benzene and cyclohexanone raw materials for adipic acid fell, and the demand for end plastics industry was poor. The prices of adipic acid manufacturers continued to decline and hit the bottom. The domestic adipic acid market has average transactions and a weak market trend. As of May 13th, the average market price of adipic acid has fallen to 7100-7400 yuan/ton, with an overall decrease of 200-300 yuan/ton.
Starting from mid May, the market for pure benzene and cyclohexanone raw materials for adipic acid has remained strong, and the demand for end plastics industry has increased, resulting in higher prices for adipic acid manufacturers. The domestic adipic acid market has seen an improvement in transactions and a rise in the market. As the end of the month approaches, the price of adipic acid continues to operate at a high level. As of May 26th, the average market price of adipic acid has risen to around 7400 yuan/ton, with an overall increase of 100-200 yuan/ton.
An analyst from Shengyi Society believes that in June, with the increase in terminal demand and support from the raw material market, there is still room for an upward trend in the domestic adipic acid market.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the price trend of soda ash remained stable this week. As of May 25th, the average market price of soda ash was 1394 yuan/ton, which was the same as the soda ash price on May 19th and a decrease of 0.99% from the beginning of the month.
2、 Market analysis
The soda ash market has been running steadily this week. The operating rate of supply side equipment has decreased compared to last week, the supply of market goods has decreased, and the quotes of soda ash enterprises have remained firm; The enthusiasm for purchasing on the demand side is not high, the terminal trading is weak, and downstream support for soda ash is limited. Enterprises are adopting a wait-and-see attitude, and the focus of soda ash transactions is stable.
As of May 25th, the reference price for the soda ash market in East China is around 1300-1500 yuan/ton for light soda ash; The reference price for the soda ash market in Central China is around 1270-1400 yuan/ton for light soda ash.
According to the commodity analysis system of Shengyi Society, the downstream glass market is being organized and operated. From May 19th to 25th, the price of glass decreased from 14.55 yuan/square meter to 14.40 yuan/square meter, a decrease of 1.03%. The operation of glass market facilities has not changed much, downstream demand is average, and inventory consumption is the main factor. Glass inventory is weak, and market prices are weak.
Future forecast: Currently, some soda ash facilities are undergoing maintenance, and the market capacity utilization rate is not high. Soda ash companies’ quotations remain stable, but downstream demand is limited. The market transaction atmosphere is average, and there is a supply-demand game in the market. It is expected that the soda ash market will operate steadily in the later stage, and specific attention will be paid to downstream demand follow-up.

price trend
According to the bulk ranking data of Shengyi Society, the domestic PC market fell at a low level at the end of May, and the spot prices of some brands were lowered. As of May 26th, the mixed benchmark price of Business Society PC is around 14783.33 yuan/ton, with a price increase or decrease of -4.52% compared to early May.
cause analysis
On the supply side: As we enter late May, domestic PC aggregation enterprises will experience high and stable loads with small fluctuations. The current industry average operating level is 73%, which is basically the same as mid month. The weekly average production has stabilized at below 60000 tons. There is a possibility of load increase in the future market, and PC inventory has been at a high level for a long time. Only Yanhua Jucarbon has gradually arranged for parking, and the supply is at a high level. The on-site supply is very abundant. Manufacturers and midstream inventory are high, with limited improvement in shipping pressure, and the market supply side provides average support for PC prices.
In terms of raw materials, it can be seen from the above chart that the price of bisphenol A was relatively weak at the end of May. Downstream enterprises have inventory to be digested in the early and post holiday period, resulting in sluggish trading on site. At the same time, the industry load has increased recently, and the on-site supply of goods has increased. In terms of raw materials, both acetone and phenol have weakened, which has dragged down spot prices and caused fluctuations in the upstream crude oil market. Overall, bisphenol A has poor support for PC costs due to the supply-demand imbalance and cost impact.
In terms of demand, PC consumption continued to follow the pattern of rigid demand at the end of May, and new orders in the market remained basically at the same level as the same period in previous years. The downstream factories are operating normally and stocking up is proceeding as planned. Due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site supply, the contradiction between supply and demand tends to lead to destocking. Before the Dragon Boat Festival, there was no significant volume of new order purchase, and the trading performance continued the pattern of contract delivery. Merchants tend to have a wait-and-see attitude, buyers are resistant to high priced goods, and the flow of goods in the market is slow. Overall, the demand side has weak support for PC spot prices.
Future forecast
At the end of May, the domestic PC market fell at a low level. The upstream bisphenol A market is weakly consolidating, providing poor support for the cost side of PC. The load of domestic PC aggregation plants is generally flat, and the pattern of strong supply remains unchanged. However, there is a trend of supply recovery in some areas, while downstream demand follows the logic of essential demand, and industry players remain cautious about the future market. At the same time, the industry’s inventory is high, and the seller camp is willing to sell and sell at a discount. It is expected that the PC market will remain stagnant and consolidate in the short term. It is recommended to closely monitor the industry’s inventory digestion situation.