1、 Price trend
According to data monitored by Shengyi Society, as of March 25th, the average price of domestic industrial grade high-quality cyclohexane was 7400 yuan/ton. Recently, the market supply and demand have been relatively balanced, and the market has shown a stable and upward trend. In the short term, it is expected to mainly focus on stable and narrow consolidation.
2、 Market analysis
Market wise: Cyclohexane is mainly used for the production of cyclohexanol and cyclohexanone, and then used in fields such as nylon, coatings, synthetic fibers, etc. At present, the operating rate of downstream industries is not high, profits are under pressure, and procurement is mainly based on basic needs, lacking the motivation to replenish inventory on a large scale. Especially in the coatings and textile industries, the slow recovery of demand has suppressed the incremental demand for cyclohexane. The market mentality is cautious, and the focus of negotiations is stable. Due to weak supply and demand, industry players generally adopt a wait-and-see attitude, without significant selling pressure or strong price expectations. Business analysts have repeatedly pointed out that in the short term, the market will maintain a pattern of “supply-demand balance and stable price operation”.
In terms of supply: From the perspective of imports and exports, the overall import and export quantity of cyclohexane since 2025 is less than that of 2024, and the domestic supply is loose, showing a state of “supply exceeding demand and high inventory operation”. Although the demand for cyclohexane in Southeast Asia, the Middle East and other places has grown rapidly, providing export space for Chinese enterprises, the overall export volume has decreased year-on-year, further exacerbating the supply pressure in the domestic market. Do you need me to compile a comparison table of major cyclohexane production enterprises and supply capacity for you? I can help you sort out the production capacity distribution, product specifications, and market positioning of self use and export oriented enterprises, which will facilitate your procurement or competitive analysis.
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that in the short term, the cyclohexane market will continue to operate at its current trend, with stable prices being the main factor.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of March 24th, the average quotation price of domestic high-quality DMF enterprises was 5440 yuan/ton. Currently, the overall DMF market is stable, moderate, and strong. After a continuous sharp rise in mid March, this week it entered a stable price wait-and-see period, with manufacturers raising prices and downstream cautious procurement.
2、 Cause analysis
In terms of the market, the sharp rise in raw material methanol has driven up costs, which is the main reason for this round of price increases. Supply and demand are tight, some equipment is undergoing maintenance/load reduction, and inventory is low; Downstream demand for replenishment is urgent, but high prices are suppressing speculative purchases. The domestic DMF market has been operating with strong prices recently, with mainstream quotes ranging from 5150-5700 yuan/ton, a significant increase from the beginning of the year. Affected by the supply-demand game, the market as a whole shows a phased rebound trend after a low and narrow range oscillation. The average price at the end of February 2026 starts at 3940 yuan/ton, and DMF prices continue to rise, with an increase of over 36%. This wave of increase is mainly driven by enterprise price hikes, cost support, and short-term export orders.
Supply side: The total domestic production capacity remains at 1.77 million tons per year (2025 data), and the industry operating rate has been running at a low level of around 40% for a long time. The situation of severe overcapacity has not changed. There will be no new production capacity investment from 2025 to 2026, and many expansion projects have been put on hold, easing further downward pressure.
Demand side: The downstream main force is polyurethane slurry (accounting for over 50%), electronics, pharmaceuticals and other fields. At present, domestic demand is still weak, and downstream demand is mostly replenished on demand. However, strong exports have become an important support – the export volume will increase by 26.10% year-on-year in 2025, mainly sold to South Korea, Japan, and India.
3、 Future forecast
DMF analysts from Shengyi Society believe that the DMF market will continue to maintain a low volatility pattern, with limited upward potential and overall market supply and demand balance.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market had a “good start” in late March, with prices rising strongly. As of March 23, the benchmark price for PP wire drawing in Shengyi Society was reported at 9360 yuan/ton, a significant increase of 7.05% compared to the previous trading day, with a year-on-year increase of up to 40.96%. The market shows a typical cost driven upward trend.
price trend
Cost side: The raw material market is strengthening across the board, with strong support
After the Middle East crude oil was affected by transportation disruptions and the cancellation of long-term contracts in early March, the situation has not eased recently, and some countries have significantly reduced their crude oil production due to force majeure. Combined with the firm stance of OPEC+production cuts, international oil prices have risen at a high level recently. The uncertainty and medium-term nature of the current US Iran situation continue to raise concerns among industry players, leading to a strong trend in PP’s remote cost value. In terms of propylene, it has followed the upstream trend, coupled with the concentrated landing of enterprise equipment maintenance, some equipment has reduced load operation, and the effective supply in the market has significantly decreased, highlighting the tight pattern of spot resources. At the same time, the arrival of propane at ports has decreased synchronously, and domestic and foreign commodity prices remain high, with a high focus on spot prices. Overall, the prices of PP raw materials are positive, providing strong support for PP costs.
Supply side: Maintenance peak approaching, supply pressure easing
Entering late March, the maintenance plans of domestic PP enterprises are relatively concentrated, and the overall operating rate is not high. As of the time of writing, the overall load level of the domestic industry has dropped to around 70%. In the early stage, there were multiple sets of equipment maintenance in enterprises such as Zhejiang Petrochemical and Maoming Petrochemical. Last week, some companies also implemented maintenance plans one after another. The total production capacity of industry maintenance is at a historical high, with an average weekly output of less than 730000 tons. The inventory level has dropped to 860000 tons, and the arrival of imported materials at ports has also significantly decreased. Overall, the supply side’s support for spot prices is still acceptable.
Demand side: High prices suppress chasing after gains, cautious follow-up on transactions
Affected by high spot prices, the overall trading atmosphere in the downstream market of the industry has been cautious since the beginning of the month. In the early stage, some refineries oversold contracts and chase orders were basically delivered, but the current transaction pace has slowed down and warehouse building operations have decreased. Buyers often use and take as you go, with scattered small orders being the main focus. Some terminal small and micro enterprises have reduced production and stopped production due to high cost pressures, while large and medium-sized enterprises have stabilized their inventory. The overall demand side is in a wait-and-see situation, with performance falling short of market expectations and average support for PP.
Future forecast
The current PP market is in a game pattern of “strong cost, strong supply contraction, and weak demand”. The supply side has tightened due to high maintenance levels, but with a large production capacity base, inventory can still ensure basic market supply.
Overall, PP analysts from Shengyi Society believe that in the short term, the core driving force of the PP market will still be cost logic, and spot prices may remain in a high range of fluctuations. It is recommended to closely monitor the fluctuations in the crude oil market and the follow-up of downstream demand, and be alert to the further suppression of demand by high prices.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 8625 yuan/ton on March 16th and 8641 yuan/ton on March 20th, an increase of 0.19%. LDPE (2426H) had an average price of 10666 yuan/ton on March 16th and 10750 yuan/ton on March 20th, an increase of 0.78%. The average price of HDPE (5000S) on March 16th was 8937 yuan/ton, and on March 20th it was 9045 yuan/ton, an increase of 1.20%.
Cost side: The escalation of geopolitical conflicts in the Middle East and the severe fluctuations in international crude oil have provided strong support on the cost side.
Supply side: Domestic supply: In mid March, there was an increase in equipment maintenance, and the supply was temporarily tight. Import supply: The Middle East has a high proportion of goods, but due to shipping and geopolitical disturbances, port arrivals have been delayed and offers have decreased. It is expected that imports will significantly decrease in March and April, and external supply will tighten. Petrochemical inventory has decreased month on month, but social inventory remains high and destocking is slow.
On the demand side, the demand for spring plowing plastic film and packaging has been released, and the downstream operating rate has increased month on month, but the magnitude is limited. Downstream profits are severely squeezed, and procurement enthusiasm is not high, unable to support sustained price increases, resulting in a rapid decline after price surges.

Geopolitical conflicts still have uncertainty, crude oil prices remain high, cost support is still present, and polyethylene prices are likely to maintain a high volatility trend, making it difficult to see a significant decline; However, weak terminal demand cannot support sustained price increases, and there is still downward pressure even after a surge.

1、 Price trend
This week, the acrylic acid market showed a pulse like fluctuation trend of first rising, then falling, and then stabilizing, with prices playing around the 12750 yuan/ton range. According to data from Shengyi Society, the benchmark price of high-quality acrylic acid in East China was 12750 yuan/ton on March 11th, and rapidly rose to a stage high of 13076 yuan/ton from the beginning of the week to March 12th, with a growth rate of 2.56%; On March 15th, the price quickly fell back to 12750 yuan/ton, giving up all the stage gains; From March 16th to 18th, prices stabilized and remained unchanged from the beginning of last week, maintaining an overall trend of range consolidation.
2、 Market situation
Cost side:
The disturbance of the energy supply chain caused by the geopolitical conflict in the Middle East remains a core factor on the cost side, with high fluctuations in international crude oil and propane prices driving the rigid support of propylene raw material costs. But as market sentiment gradually cools down, the price of propylene has slightly fallen from its peak, and the driving force of the raw material side to push up acrylic acid has weakened. Cost support has shifted from “strong driving” to “bottom line support”, providing space for price decline.
Supply and demand side:
1. Supply side: The overall operating rate of the industry remains stable, with sufficient spot supply and no obvious supply gap. The tight spot circulation caused by panic hoarding in the early stage has gradually eased, and the pace of enterprise shipments has returned to stability.
2. Demand side: Downstream industries such as coatings, adhesives, and water reducers mainly rely on rigid procurement, with limited acceptance of high prices above 13000 yuan/ton. After concentrated stockpiling in the early stage, demand enters a digestion period, lacking incremental demand support, and the supply and demand sides are in a stalemate, restricting the upward space of prices.
Emotional side:
At the beginning of this week, the market was affected by geopolitical conflicts and cost transmission, and speculative sentiment and hoarding behavior drove prices higher. However, with the marginal easing of the situation and the correction of raw material prices, market panic subsided, transactions returned to rationality, and actual order negotiations focused more on fundamental matching, resulting in a narrower range of price fluctuations.
3、 Future prospects
In the short term, the supply-demand game will continue to dominate the operation of the acrylic acid market, and the price is likely to maintain a narrow range of fluctuations and consolidation pattern, with a core fluctuation range around 12500-13000 yuan/ton. Focus on three core variables:
1. Upstream raw material propylene prices fluctuate. If the raw material continues to weaken, it will further weaken the cost support of acrylic acid or trigger a slight price drop;
2. Changes in downstream industry operating rates and procurement pace, if the demand for essential goods continues to weaken, may exacerbate the risk of downward price fluctuations;
3. The dynamic geopolitical situation in the Middle East may reactivate market sentiment and drive cost and price fluctuations if there are new changes in the situation.
In the medium to long term, the industry needs to pay attention to the pace of new production capacity deployment and adjustment of device operating rates in the second quarter. If supply pressure gradually releases, the supply-demand pattern may usher in a new balance, and price trends will be more in line with fundamental changes.