According to the Commodity Market Analysis System of Shengyi Society, as of June 5, 2025, the reference price of n-butanol in Shandong Province, China is 6250 yuan/ton. Compared with June 1 (reference price of n-butanol is 6400 yuan/ton), the price has decreased by 150 yuan/ton, a decrease of 2.34%.
From the market monitoring system of Shengyi Society, it can be seen that in the first week after the holiday (6.01-6.05), the overall n-butanol market in Shandong, China, showed a weak downward trend. During the week, the focus of negotiations in the n-butanol market shifted towards lower levels, with some n-butanol factories in Shandong province continuously lowering their n-butanol shipment prices by around 100-150 yuan per ton. As of June 5th, the reference price for n-butanol in the domestic Shandong region is around 6200-6300 yuan/ton.
Analysis of Market Factors
On the supply side: After the holiday, some units in the n-butanol plant resumed operation, and the overall supply of n-butanol increased. Some factories actively shipped to maintain low inventory and adjusted the n-butanol price downwards. The market support provided by the supply side for n-butanol weakened, and the n-butanol market was under pressure to decline.
On the demand side: After the holiday, the boost in demand for n-butanol was average, and downstream stage procurement has not yet started significantly. Overall, demand is cautious and rigid procurement is the main focus, and the demand side provides moderate support for the n-butanol market.
Market analysis in the future
At present, the inquiry atmosphere in the n-butanol market is mild, and the mentality of the industry is average. There is a certain wait-and-see sentiment downstream. The n-butanol data analyst from Shengyi Society predicts that in the short term, the n-butanol market in Shandong Province will mainly adjust within a certain range, and specific changes in supply and demand information need to be closely monitored.

In May, the domestic phenol market first rose and then fell, with the market mainly experiencing a downturn. According to data monitored by Business Society, the domestic phenol market price was 6712 yuan/ton on May 1st and 6680 yuan/ton on May 30th, a decrease of 0.4%.
After the May Day holiday, crude oil fell below the 60 mark during the holiday season, and pure benzene fell sharply. However, the next day, pure benzene was driven by crude oil and macro factors, and prices quickly rose. Phenol traders also took the opportunity to actively boost the market, and downstream suppliers actively replenished their stocks. However, there were signs of high reports and low prices, and the overall market still showed a steady upward trend.
In the latter half of the month, there was a lack of support on the cost side, and the participation of phenol traders was limited. Considering the high monthly average price, traders had weak willingness to offer discounts. However, with the low atmosphere at the end of the month and insufficient follow-up on trading, the market also fell into a stalemate.
As of the 30th, the phenol offers in various mainstream markets across the country are as follows:
Region./30 day quotation /May’s ups and downs
East China region / 6600./ 0
Shandong region / 6750./ -50
Surrounding areas of Yanshan Mountain / 6750./ -50
South China region / 6700./ -50
In terms of equipment in May, the first and second phase phenol ketone units of Huizhou Zhongxin were shut down and switched on May 6th, and the 350000 tons/year phenol ketone unit of Zhongsha Tianjin Petrochemical was shut down on April 21st, with an expected maintenance period of 45 days; Shandong Fuyu 250000 tons/year phenol ketone plant will shut down from May 18th to 27th; The 150000 tons/year phenol ketone plant of Blue Star Harbin will shut down for one week at the end of the month.
Business Society predicts that the market will fluctuate within a certain range in June. Looking at the planned reduction in contracts between Yangzhou Shiyou and Jiangsu Ruiheng in June, it is expected that the supply pressure will not be significant; In terms of demand, the downstream phenolic resin industry has been impacted by the high temperature off-season, resulting in a decrease in operating rates; In late June, Zhenhai Refining and Chemical plans to sell phenol externally. It is expected that the market will rise first and then fall in June, with an overall price of 6500-6800 yuan/ton.

The epoxy propane market showed a trend of first rising and then falling in May. According to the monitoring and analysis system of Shengyi Society, the mainstream price in Shandong was 7325 yuan/ton at the beginning of May. On May 16th, the price had reached a high point of 7725 yuan/ton, an increase of 5.46% compared to the beginning of the month. In late May, the trading atmosphere of epoxy propane gradually weakened, and the price fell. As of May 29th, the mainstream price in Shandong was 7343.33 yuan/ton, an increase of 0.25% from the beginning of the month. At present, the market lacks favorable factors, and it is expected that the epoxy propane market price will remain stable with a narrow range of consolidation next month.
Price influencing factors:
Supply side: Due to the continuous losses of many epoxy propane production enterprises last month, some enterprises reduced their losses and stopped production, resulting in tight spot supply after the May Day holiday. In addition, in mid May, the mentality of epoxy propane manufacturers improved due to the reduction of “equivalent tariffs” between China and the United States, and the willingness of enterprises to raise prices remained strong, leading to a continuous upward trend in the market. However, in late May, there was significant pressure on epoxy propane shipments, high inventory levels were under pressure, and destocking pressure was high, resulting in a downward trend in the price center.
Raw material side: The market price of raw material propylene has fluctuated downward, providing weak support for the cost of epoxy propane. According to the market analysis system of Shengyi Society, as of May 29th, the benchmark price of propylene in Shengyi Society was 6560.75 yuan/ton, a decrease of -0.15% compared to the beginning of this month (6570.75 yuan/ton).
Demand side: The downstream polyether market has a good trading atmosphere after the May Day holiday, and the enthusiasm for replenishment has increased. In the middle of the month, due to the impact of tariff policies and the peak season of terminal demand, procurement enthusiasm has increased, and the market center of gravity has risen. After the centralized replenishment of terminals in the latter half of the year, they are in a state of clearing inventory, and the enthusiasm for market inquiries has decreased, with the market focus mainly declining.
Market forecast:
Business Society’s epoxy propane analyst believes that currently, downstream demand growth is limited, market trading atmosphere is cold, and demand support is insufficient. In addition, the cost side propylene market is showing a weak consolidation trend, and it is expected that the epoxy propane market will continue to be mainly weakly consolidated in June. More attention should be paid to changes in raw material prices and downstream supply and demand.

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.