This week, PET prices have fallen. According to the price data from Shengyi Society, as of May 23rd, the average selling price of PET (polyester bottle flakes) is 6055 yuan/ton.
On the cost side, international crude oil prices have fallen, and polyester dual raw materials have both declined during the day. International oil prices were affected by OPEC+production expectations and the US Iran nuclear negotiations, with Brent crude oil falling below $70 per barrel, dragging down PTA and ethylene glycol prices. PTA spot prices fell to 4890 yuan/ton, ethylene glycol spot prices fell to 4500 yuan/ton, polymerization costs increased by 509 yuan/ton, and industry profit losses expanded to -317 yuan/ton. The cost support of PET is weak.
On the supply side, the pressure continues to increase, with the industry operating rate maintained at 87.93% and a weekly output of 365000 tons. Coupled with the addition of 2.15 million tons of new production capacity in 2025, concerns about oversupply have intensified. The current inventory days are about 16-18 days, which is at a high level during the same period. Spot circulation is tight in some areas such as Tianjin and Zhangjiagang, but the overall pattern of loose supply has not changed.
On the demand side, the operating rate of the soft drink industry has recovered to 80% -90%, but the inventory of end products is high, and replenishment is mainly based on small orders for essential needs. The export volume in February increased by 27.3% year-on-year to 487600 tons, but the global economic growth slowed down and overseas anti-dumping investigations restricted the increase in exports.
Overall, the weak support on the cost side, coupled with insufficient downstream demand follow-up, is the main reason for the decline in PET market prices. In the short term, the price of polyester bottle chips may continue to fluctuate at a low level. The actual trend still needs to pay attention to changes in external news, device changes, and demand recovery in the future.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on May 22 was 1035 yuan/ton, a decrease of 2.05% compared to the average price of 1056 yuan/ton on May 16.
2、 Market analysis
This week, the domestic ammonium sulfate market prices continued to decline. The operating rate of coke enterprises has not fluctuated much, and the operating rate of domestic enterprises has been slightly adjusted. This week, urea prices have weakened and fallen, which is bearish for the ammonium sulfate market. At present, particle manufacturers and downstream compound fertilizer enterprises are mainly in urgent need of replenishment, with a decrease in market inquiries and a strong wait-and-see attitude. As of May 22nd, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 990 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 1000-1060 yuan/ton.
3、 Future forecast
An ammonium sulfate analyst from Shengyi Society believes that the market trend of ammonium sulfate has been weak and downward recently. At present, there is no positive news emerging in the market, and the demand for ammonium sulfate is light. It is expected that the domestic ammonium sulfate market price will continue to operate weakly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market was consolidating and operating in mid May, with most brand products experiencing narrow price adjustments. As of May 21st, the mainstream offer price for wire drawing by domestic producers and traders is around 7440 yuan/ton, a decrease of -0.56% compared to the price level at the beginning of May.
price trend
In terms of raw materials:
In mid May, the US China talks released many positive signals such as the suspension of tariffs, and crude oil prices continued to rebound. At the same time, the decoupling of domestic propane trade is expected to gradually be lifted, and the cost pressure on PDH manufacturing enterprises may decrease in the future, but the differentiation of demand will hinder the growth rate. There are expectations of loose supply in the propylene sector, leading to price fluctuations and adjustments. At the same time, geopolitical conflicts in Europe have eased, the OPEC+production increase agreement continues, and the current situation of weak economy and demand still exists. Overall, in mid May, the prices of various PP raw materials fluctuated, providing moderate support for PP costs.
Supply side:
In mid May, the load of domestic PP enterprises remained stable with small fluctuations, and the market supply remained generally abundant. Overall, the industry’s overall load level is almost the same as 77% in the first half of the year, with an average weekly total output of about 750000 tons. Although companies such as Juzhengyuan and Jinneng Chemical have maintenance plans, the restart of Lanzhou Petrochemical has basically smoothed out the production capacity lost during interval maintenance. In addition, with the production of 1.4 million tons of new capacity in the next quarter, there is a clear expectation of loose supply in the future. Although the total domestic inventory has decreased to 860000 tons, it is still at a high level. Overall, there is still some suppression on the spot price of PP by the supply side.
In terms of demand:
In mid May, the demand side of PP continued to be weak, and on-site trading gradually entered the traditional off-season, while stocking maintained a weak and rigid demand situation. In terms of plastic weaving, the consumption level of terminal enterprises has returned to the off-season level first. With the passing of the small peak in material usage, the release speed of PP demand in fields such as construction and agriculture has slowed down. Under the influence of the temporary suspension of tariffs between China and the United States in the early stage, market confidence has been strengthened, and there is a high expectation of a rebound in PP export consumption in the future. The export resistance of downstream PP products in China has decreased. However, the industry still needs to go through a process of simplification to offset some of the positive factors. The current buyers’ purchasing operations are still cautious and biased towards scattered small orders, although there has not been a significant increase in new orders in the market. Overall, the performance of the PP demand side in mid May was average.
Future forecast
In mid May, the domestic PP market prices were consolidating. Fundamentally speaking, the overall performance of upstream raw materials in supporting PP is average. The industry has abundant supply, with slight inventory digestion, and consumption entering the off-season level. The current outcome of the China US talks still has a positive impact on the upstream and downstream of PP, but the market is dominated by supply and demand, and the increase is not as expected. It is expected that the PP market will enter a consolidation weak market in the short term.

According to the Commodity Market Analysis System of Shengyi Society, 85% formic acid in China has experienced a significant drop recently. As of May 20th, the benchmark price of Shengyi Society formic acid was 2500 yuan/ton, a decrease of 10.71% within 5 days and 26.47% within 30 days.
On the supply side, top companies are all operating at high rates. There is sufficient supply on site.
In terms of demand: The main demand for formate salt market is average, and there is an overall urgent need for replenishment. The demand in the leather industry is weak, with small inquiries in the terminal market being the main focus, and trading is sluggish. It is expected that the demand market will be mainly focused on consolidation and observation in the short term.
In terms of cost: The market position of methanol has been consolidated. As of May 20th, the benchmark price of methanol in Shengyi Society was 2426 yuan/ton, a decrease of 6.3% within 5 days; The sulfuric acid market is running smoothly. As of May 20th, the benchmark price of sulfuric acid in Shengyi Society is 595 yuan/ton, and there has been no increase in the past 5 days.
The formic acid data analyst of Shengyi Society believes that the recent high formic acid production rate, high inventory, and cost decline will lead to weak formic acid prices in the near future. Specific changes in market supply and demand still need to be monitored.

Last week (May 12-18, 2025), adhesive short fiber manufacturers mainly executed preliminary contracts, and the adhesive short fiber market was consolidating and operating, with prices remaining stable. The upstream raw material market is not performing well, while the downstream market is holding onto rigid demand procurement in multiple dimensions. The support from both the cost and demand sides is weak, and the release of newly signed orders in the market is limited. Operators mainly execute preliminary contracts, and the market price of adhesive short fibers is stable and organized.
According to the Commodity Market Analysis System of Shengyi Society, as of May 18th, the average market price of viscose staple fiber was 13360 yuan/ton, which was the same as the previous week’s price.
In terms of cost: Last week (May 12-18, 2025), there was little change in the market price of raw material dissolution slurry, a slight rebound in the market price of auxiliary material liquid alkali, a continuous decline in the market price of sulfuric acid, a narrow decline in the market price of raw materials, and a slight decrease in the average production cost of adhesive short fibers.
Supply demand: During the week, some adhesive short fiber manufacturers have increased their operating rates, resulting in an increase in industry supply. The tourist cotton yarn market has a strong atmosphere of observation and price stalemate. Insufficient orders have been placed in the terminal market, and downstream yarn companies still have a certain amount of raw material inventory. Coupled with high finished product inventory, a small number of orders have been signed on demand, and there has been no improvement in demand. As of May 18th, the price of 30S cotton yarn spun by ring spinning in Jiangsu region is around 17375 yuan/ton.
Future forecast
On the raw material side, the main material dissolution slurry market may operate weakly and steadily, the auxiliary material liquid alkali market may have an upward trend, and the sulfuric acid market or the overall market remains stable. Therefore, it is expected that the market price trend of adhesive short fiber raw materials will be inconsistent next week, and the cost support will be average.
Supply and demand side: The operating rate of the adhesive short fiber market equipment may not fluctuate significantly, and some manufacturers have high inventory levels. Therefore, it is expected that the supply side support of the adhesive short fiber market will be poor in the short term; Downstream yarn factories mainly consume raw material inventory and have a weak willingness to replenish raw materials. They may maintain rigid procurement, making it difficult for the demand side to improve. Therefore, it is expected that the demand side of the adhesive short fiber market will perform poorly next week.
Overall, the main raw material dissolution slurry market may experience weak consolidation, and downstream yarn market procurement enthusiasm is difficult to improve. The expected trading atmosphere in the market is flat. Business analysts predict that the domestic adhesive short fiber market will remain stable with small movements next week, and the price is expected to be around 13000-13300 yuan/ton for acceptance.