1、 Price trend
As of May 27th, the average price quoted by domestic high-quality DMF enterprises is 4920 yuan/ton. Currently, the DMF market has a stable operating rate, stable demand, and overall market consolidation.
2、 Cause analysis
Market supply: Currently, the DMF market has loose supply, with high equipment load, inventory accumulation, and high operating hours combined with inventory accumulation. The pressure of shipment continues to pressure prices, and regional price wars intensify. The operating rate is high, and the industry operating rate remains above 75%. The early maintenance equipment is concentrated for resumption of production, and the main equipment in Guizhou, Anyang, and other areas are operating normally. Downstream demand is insufficient.
Raw material cost: The core production cost of DMF is composed of methanol and liquid ammonia. This week, the weak operation of raw material prices has insufficient support for DMF prices, providing space for market price reduction. Methanol: fluctuated at a low level during the week, first rising and then falling, with an average price of about 2150 yuan/ton, weakening year-on-year. The downward trend of methanol prices directly lowers DMF production costs, and manufacturers have sufficient room for price reduction, greatly reducing their willingness to raise prices. Liquid ammonia: prices fluctuate steadily and narrowly, with no obvious rise or fall, and there is no additional pressure on the cost side, but it has not formed support. Industry profit: DMF prices continue to decline, and enterprise profits have significantly shrunk. Some small factories in the north have suffered losses and are forced to reduce production or shut down, but the impact on the overall cost pattern is limited. Overall, the cost line lacks sufficient protection against current prices, and the market is prone to falling but difficult to rise.
Downstream demand: The downstream core industry has weak demand, insufficient terminal orders, weak demand, cautious procurement, and market transactions are mainly small orders, lacking support from large orders. The operating rate remains at 70% -75%. However, the terminal nylon and chemical fiber industries are in the off-season, with insufficient orders and stable demand without increasing volume. They only purchase small orders according to demand, which has limited driving force on cyclohexane demand. The solvent industry: constrained by environmental policies, some enterprises turn to substitutes, and demand continues to shrink, with low purchasing willingness. The demand in industries such as electronics and coatings is flat, with no obvious signs of recovery, making it difficult to form effective support. Downstream wait-and-see sentiment is strong, resistance to high prices, and batch transactions are rare. Market activity is low, and the overall demand side is weak and difficult to eliminate, leading to loose supply.
3、 Future forecast
DMF analysts from Shengyi Society believe that in the short term, DMF prices will mainly operate in a narrow and weak range, and the situation of oversupply in the market will be difficult to alleviate in the short term. Inventory levels will remain high, and downstream procurement atmosphere will be quiet.

Recently, the lithium carbonate market has experienced a strong upward trend in the early stage, ushering in a phase of correction. The price has dropped from the highest of 200000 yuan/ton this year to 177000 yuan/ton on May 26th, a month on month increase of 2.91% and a year-on-year increase of 183%. Although the price has fallen, there has been a significant increase in spot transactions, and the supply and demand fundamentals still support the strong price trend.
The contraction trend of the supply side remains unchanged, while variables are frequent
Lithium ore spot prices continue to be tight, with large lithium salt factories accelerating delivery and locking in raw materials for the third quarter ahead of schedule. Port inventories continue to deplete and are now at historic lows. Although lithium mines in Zimbabwe have been launched, it is difficult to alleviate the shortage of spot goods in the short term. Coupled with the delay in resuming production of domestic ore bodies, supply side disturbances still exist. At the same time, mines such as Bald Hill in Australia launched a resumption plan, breaking the market’s unanimous expectation of a continued shortage of lithium resources, and market sentiment immediately adjusted.
The peak season characteristics on the demand side are prominent, and the industrial chain is imbalanced
The demand for new energy vehicles and energy storage markets continued to improve from May to June, with downstream production increasing month on month. Battery companies concentrated on purchasing at low prices, driving a surge in spot transactions. The industry expects that the supply and demand of lithium carbonate will continue to deplete in the second quarter, with demand growth rate higher than supply growth rate, and the fundamentals maintaining a strong pattern.
With the sharp rise in lithium carbonate prices, the pressure on downstream industrial chains has surged
In terms of power batteries, the cost of lithium carbonate has increased by about 8000-12000 yuan per vehicle; If transmitted to the terminal, the car price needs to be increased by 15000-25000 yuan. Starting from March this year, many new energy vehicle brands such as BYD, Tesla, Xiaomi, Changan Qiyuan, NIO, and Ideal have coincidentally raised their new car prices/pre-sale prices or tightened terminal discounts, covering multiple main models such as pure electric and hybrid, ranging from 1000 yuan to 20000 yuan.
In terms of energy storage, when the lithium price is 200000 yuan/ton, the system cost increases by 16.5% -23.1%, while the industry average gross profit margin is only 18%, and profits are basically swallowed up. This dilemma has been exposed in the wave of abandoned bids for projects in various regions. According to incomplete statistics, more than 200 energy storage projects have been cut off nationwide since 2026, and at least 6GWh projects have had their bids suspended.
Overall, the price of lithium carbonate has surged in the early stage, making it susceptible to market sentiment disturbances and frequent supply side variables, which may continue to adjust. Specific changes in market supply and demand still need to be monitored.

1、 Price trend
As of May 22nd, the reference average price of 85% industrial thermal phosphoric acid market in China is 9700 yuan/ton, which is 12.53% higher than the reference average price of 8620 yuan/ton on May 12th.
2、 Market analysis
In the past ten days, the market price of phosphoric acid has shown a strong upward trend. The price of raw material yellow phosphorus has increased, and under cost pressure, phosphoric acid continues to rise along with the price of raw materials. The operating rate of the enterprise is stable, and downstream procurement is in high demand. The main focus is on individual negotiations for each transaction. At present, the market is mainly optimistic.
market conditions
As of May 22nd, the market price of 85% industrial thermal phosphoric acid in China is around 9500-10000 yuan/ton, and the market price of 85% wet process phosphoric acid in China is around 9600-10200 yuan/ton.
In terms of cost
In the past ten days, the price trend of yellow phosphorus in the market has been strong and upward, with a production rate of about 60% in the Yunnan Guizhou region. At present, the market supply is tight, and manufacturers are mainly pushing prices. As the price of yellow phosphorus rises at a high level, downstream buyers are cautious and mainly seek low prices for transactions. As of May 22nd, the yellow phosphorus market in Yunnan Guizhou region has been operating at a high level, with a reference price of around 33962 yuan/ton, and actual transactions are subject to negotiation.
3、 Future forecast
Recently, the trend of the phosphoric acid market has been dominant. The rise in costs has driven up the price of phosphoric acid, and the market’s mentality of buying up rather than buying down has increased. It is expected that the short-term market price of phosphoric acid will continue to rise strongly.

This week (5.18-5.22), the magnesium ingot market in Shaanxi region fell, with an average market price of 16550 yuan/ton at the beginning of the week and 16350 yuan/ton at the end of the week, a decrease of 1.21%.
The following analysis is based on fundamentals:
Supply and demand side

On the supply side, most magnesium smelting enterprises in the main production areas maintain a regular production pace, and the overall supply of raw magnesium is still relatively loose. At present, some enterprises have started to arrange summer maintenance and production reduction, and the supply side of magnesium is expected to gradually tighten in the future. This week, due to the slowdown in market transaction pace, some enterprises in the main production areas have seen a slight increase in inventory, but overall it is still in the middle range of the same period in history. The attitude of big factories to support prices remains firm, with a focus on controlling quantity and prioritizing meeting long order demands; A few small and medium-sized manufacturers under financial pressure have weakened their confidence in rising prices in the light market situation, and occasional low-priced selling situations have occurred.

On the demand side, the overall market operation is stable, and the demand in traditional metallurgy, desulfurization and other fields is basically flat, with no significant fluctuations observed; The demand for magnesium alloy processing is steadily released, and the performance of orders for lightweight new energy vehicles and structural components for electric two wheelers is particularly outstanding. However, due to the mentality of “buying up and not buying down”, downstream enterprises have low enthusiasm for replenishing inventory and generally adopt the operation mode of on-demand procurement and on-demand ordering. The export performance is also stable, with a year-on-year increase of 5.68% in China’s magnesium product exports in April, continuing the growth trend since the first quarter.

Raw material end

The prices of raw and auxiliary materials remain stable with a moderate to strong trend, and the production end of Lantan continues to be mired in losses. The current market price of magnesium has dropped to near the cost line of most enterprises, and the industry’s loss area continues to expand. The space for further price decline has been completely blocked.
comprehensive forecast
The short-term technical side sends a bottom signal of “oversold at a low level, brewing a rebound”, while the supply and demand fundamentals – high supply, weak demand, and inventory accumulation – do not support a significant rebound, forming a game pattern of resonance decline and divergence rise between the two. The simultaneous action of these two forces may lead to a complex rhythm of “slowing down the decline speed – sideways oscillation – testing the low again” in the price.

In May 2026, the domestic nitrile rubber market continued to decline at a high level. According to the Commodity Market Analysis System of Shengyi Society, as of May 21, the price was at 20200 yuan/ton, a decrease of 9.11% from 22225 yuan/ton at the beginning of the month.
The cost side market has fallen from a high level, weakening support for nitrile rubber. As of May 21st, the price of butadiene was 12700 yuan/ton, a decrease of 3.79% from 13200 yuan/ton at the beginning of the month; As of May 21st, the price of acrylonitrile was 10283 yuan/ton, a decrease of 2.37% from 10533 yuan/ton at the beginning of the month.
The tight supply situation has eased to some extent. Since May, the operating rate of domestic nitrile rubber plants has remained at 70% -75%, with early maintenance units gradually resuming production and spot supply gradually easing; The easing of geopolitical conflicts in the Middle East has led to a slight increase in the volume of imported rubber from Japan and South Korea compared to the previous period. Port inventories have slowly accumulated, easing the tight domestic spot market situation; The manufacturer’s inventory is low, and the trader’s inventory has slightly increased. The overall inventory pressure is controllable, and there is no obvious risk of inventory accumulation.
The weak demand has a bearish impact on nitrile rubber. Although the increase in penetration rate of new energy vehicles has driven certain demand in downstream industries such as seals and rubber hoses, the demand for traditional fuel vehicles is sluggish, and the overall recovery is slow. Large transactions of nitrile rubber are rare. On the one hand, the engineering and industrial products industry has weak domestic demand, and on the other hand, exports are under pressure due to India’s anti-dumping policies, resulting in limited demand growth. Overall, in May, the downstream demand for nitrile rubber was mainly small orders, and high price acceptance was weak.
As of May 20th, the nitrile rubber spread index showed a trend from strong to weak since mid April, and continued to weaken after falling below the 0 axis. Although it briefly recovered in early May, it turned downwards again in mid May, and the current negative direction has expanded, restarting the downward trend. Combining supply and demand with cost, raw material support has weakened, demand recovery is weak, and the market is in a weakly balanced pattern. Short term prices are prone to decline but difficult to rise, with the center of gravity shifting downwards in the medium term and operating under pressure throughout the year.
From the fundamental perspective of the industrial chain, the prices of raw materials such as butadiene and acrylonitrile are fluctuating at a high level with a narrow range, and cost support is still present; But downstream demand is weak, with rigid procurement as the main focus, increasing pressure on manufacturers to ship, and prices are prone to decline but difficult to rise.