On April 22nd local time, US President Trump announced at a White House press conference that the high tariffs imposed on goods from China will be significantly reduced. The trade friction caused by tariff issues has eased, and market sentiment has improved, providing some support for oil prices.

On April 22nd, international crude oil futures rose. The settlement price of the main contract for WTI crude oil futures in the United States was $63.67 per barrel, an increase of $1.26 or 2.0%. The settlement price of the main Brent crude oil futures contract was $67.44 per barrel, an increase of $1.18 or 1.8%.
Under the boost of the crude oil market, the average market price in East China as of April 23 was 4366 yuan/ton, up 1.17% from the previous trading day. There has been little change in PTA load recently. The Yishanda Chemical, which was originally planned to restart last week with 3.75 million tons, will restart 50% on April 20th. Later, Hengli Huizhou’s 2 # 2.5 million tons plan to undergo maintenance on April 28th.
Under the influence of tariffs, the market fluctuates greatly, and downstream polyester factories are cautious in purchasing goods, mainly focusing on digesting inventory. The production of weaving machines in Jiangsu and Zhejiang provinces continues to decline by around 60%, and the export of terminal textiles and services is hindered due to the disturbance of tariff policies, which has a negative feedback impact on the upstream.
Business analysts believe that there is some support on the cost side, but the demand side is insufficient and the purchasing enthusiasm is limited, so they tend to adopt a wait-and-see attitude. It is expected that PTA prices will fluctuate up and down with crude oil in the short term.

Aluminum prices began to stabilize after a significant drop in April

After a significant drop in aluminum prices in April, they began to stabilize. According to the Commodity Market Analysis System of Shengyi Society, as of April 22, 2025, the average price of aluminum ingots in the East China market in China was 19893.33 yuan/ton, a decrease of 3.32% from the market average price of 20576.67 yuan/ton on April 1; Compared to the market average price of 1940 yuan/ton on April 9th, it has increased by 1.81%.
In early April, due to the impact of US tariff news, the commodity market experienced a stress response, and aluminum prices showed a significant decline. Mainly influenced by the following factors:
1. Strong expectations that the demand side may be suppressed
The imposition of tariffs has increased the cost of aluminum products. Many downstream companies in the United States, such as automobile manufacturers and aerospace companies, have started to reduce the use of aluminum or seek cheaper alternatives in order to control costs. This has directly led to a decrease in demand for aluminum, resulting in a drop in aluminum prices.
2. Risk aversion sentiment rises
The imposition of tariffs by the United States has led to increased uncertainty in the global trade landscape, and market concerns about a global economic recession are growing, resulting in a rise in risk aversion. Investors and market participants have become cautious about the prospects of the aluminum market, reducing their investment and trading in aluminum; At the same time, the unpredictable nature of US tariff policies, such as the uncertainty of temporary exemptions from tariffs on imported cars and parts, makes it difficult for the market to form stable expectations. Companies and investors are more cautious in their decision-making, which affects the supply and demand relationship and price trends of the aluminum market.

Market situation
Recently, the melamine market has indeed faced the dilemma of negative sentiment and sluggish demand, leading to overall downward pressure on the market. However, in the long run, these negative factors will inevitably have a profound impact on the market.

Affected by both sluggish demand and oversupply, the market price of melamine is showing a downward trend. As of April 21st, the benchmark price of melamine in Shengyi Society was 6000.00 yuan/ton, a decrease of -2.24% compared to the beginning of this month (6137.50 yuan/ton).
Low demand: Downstream industries associated with melamine, such as sheet metal and impregnation, have experienced reduced operating loads, resulting in an overall shortage of demand for melamine.
The real estate industry, as one of the important application areas of melamine, continues to be sluggish, with new construction areas and development investments continuing to decline, further weakening market demand.
Low raw material prices: The domestic urea market continues to operate steadily with a weak trend, with some manufacturers experiencing a slight decrease in quotes, and the overall market transaction center shifting downwards. This has reduced the production cost of melamine, but has not effectively boosted market demand. As of April 21st, the benchmark price of urea in Shengyi Society was 1924.00 yuan/ton, a decrease of -3.66% compared to the beginning of this month (1997.00 yuan/ton).
Inventory backlog: With the increase in supply and insufficient demand, some companies’ inventory begins to accumulate. This not only increases the operating costs of the enterprise, but may also have adverse effects on subsequent production and sales.
Future prospects
Adjustment of supply and demand relationship: With the gradual release of new production capacity and the gradual recovery of downstream demand (although currently sluggish), the supply and demand relationship of the melamine market is expected to be adjusted to some extent in the future. However, in the short term, the market may still face pressure from oversupply.
Low price operation: Affected by the increase in supply and weak demand, the market price of melamine is expected to continue to operate at a low level. The specific price trend still needs to be judged based on market dynamics and changes in supply and demand relationships.
In summary, the current melamine market is indeed facing the dilemma of negative sentiment and sluggish demand. However, by strictly controlling production capacity, improving product quality, expanding application areas, and strengthening international cooperation, enterprises can actively respond to market challenges and achieve sustainable development.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of April 21st, the reference average price of domestic urea market was 1913 yuan/ton, which is 2.88% lower than the reference average price of 1970 yuan/ton on April 14th.
2、 Market analysis
market conditions
This week, the domestic urea market has been weak and declining. As of April 21st, the factory price of urea in Shandong region is around 1830-1860 yuan/ton, in Hebei region it is around 1820-1860 yuan/ton, in Henan region it is around 1810-1850 yuan/ton, in Hubei region it is around 1810-1850 yuan/ton, and in Liaoning region it is around 1820-1870 yuan/ton.
Supply and demand situation
On the supply side, some urea plants underwent maintenance this week, resulting in a decrease in market supply, but the urea market inventory remains sufficient. In terms of demand, the demand for spring plowing is gradually slowing down, and downstream procurement is cautious. The operating rate of compound fertilizer enterprises has declined, and the demand for urea procurement has weakened.
3、 Future forecast
Business Society’s urea analyst believes that domestic urea prices have been weak and declining recently. At present, the demand for urea in the market has decreased, and the demand for industry and agriculture has weakened, but inventory remains high. It is expected that the short-term domestic urea market will be weak and mainly operated through consolidation.

Affected by negative costs and weak downstream demand, the price of polyester filament market fell this week. According to the Commodity Market Analysis System of Shengyi Society, on April 18th, the mainstream polyester filament factories in Jiangsu and Zhejiang Province quoted POY (150D/48F) at 6300-6600 yuan/ton, polyester DTY (150D/48F low elasticity) at 7500-8000 yuan/ton, and polyester FDY (150D/96F) at 6500-6800 yuan/ton.

In terms of cost, the crude oil market is intertwined with bullish and bearish factors, and based on the subsequent impact of current US tariff policies, crude oil may enter a new cycle in the long run. The supply-demand balance will be disrupted, and in the process of rebalancing, crude oil prices will fluctuate and adjust in the short term. As of April 16th, the settlement price of the main contract for WTI crude oil futures in the United States was $62.47 per barrel, and the settlement price of the main contract for Brent crude oil futures was $65.85 per barrel. Since April, the domestic PTA spot market has shown significant weakness, with an average market price of 4318 yuan/ton in East China as of April 17th, a decrease of 12.04% from the beginning of the month.
On the demand side, the production and sales rate of polyester filament market remained low this week, and the supply-demand contradiction intensified. Downstream users have a high demand for replenishment, with few actual transactions and continuous accumulation of inventory. The factory has a strong desire to reduce inventory. The utilization rate of polyester filament production capacity remains at a high level of 94%, but the downstream weaving operation rate is low, and the raw material stocking days have dropped to 10.8 days, resulting in a low purchasing willingness. The operating rate of weaving machines in Jiangsu and Zhejiang provinces is 68% -70%, a decrease of 2-3 percentage points compared to the previous period. The inventory of raw fabrics has increased to 24.14 days, and the printing and dyeing start-up rate has dropped to 64.38%. The lack of new orders has led to a low purchasing willingness. In terms of exports, the US policy of imposing tariffs (such as the 301 investigation on textile categories) has led to a decrease in export orders, resulting in a 5.2% year-on-year decline in textile exports in April.
Overall, the polyester filament market is under triple pressure of declining costs, weak demand, and high inventory, resulting in a weak price decline. In the short term, the market lacks favorable drivers, and prices may continue to be weak. In the future, we need to focus on the trend of crude oil, the pace of terminal order recovery, and the differentiation strategy of enterprises. In the short term, there is limited room for price rebound, and Business Society believes that the polyester filament market will maintain a weak operation in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA spot market has shown significant weakness since April. As of April 17th, the average market price in East China was 4318 yuan/ton, a decrease of 12.04% from the beginning of the month.

The crude oil market is intertwined with bullish and bearish factors, and based on the subsequent impact of current US tariff policies, crude oil may enter a new cycle in the long run. The supply-demand balance will be disrupted, and in the process of rebalancing, crude oil prices will fluctuate and adjust in the short term. As of April 16th, the settlement price of the main contract for WTI crude oil futures in the United States was $62.47 per barrel, and the settlement price of the main contract for Brent crude oil futures was $65.85 per barrel.
During the maintenance of PX facilities both domestically and internationally, the domestic PX load has decreased to 73%. In the maintenance of Yangzi, Jiujiang, and Zhejiang Petrochemicals, Hainan Refinery and Pengzhou Petrochemicals have reduced their load and improved their supply. However, under the tariff war, costs and demand are greatly affected, and the overall situation is relatively weak.
PTA is undergoing planned maintenance, and the industry’s operating rate is currently around 75%. Hengli Petrochemical plans to inspect the Huizhou 2 # 2.5 million ton PTA plant on April 28th and the Dalian 2 # 2.2 million ton PTA plant around May 10th, simultaneously reducing the contracted supply for May.
Downstream demand performance is weak, polyester load remains stable at 90% peak season level, demand uncertainty is high under the tariff war, inventory pressure is high, and cash flow surges and falls. The expectation of terminal demand is pessimistic, and there is no sign of improvement in the weaving market. There is insufficient follow-up on new orders, and there is a strong wait-and-see atmosphere.
Business analysts believe that PTA itself has limited short-term room for improvement as its supply decreases with the implementation of maintenance. However, the tariff policy continues to suppress the export of terminal textiles, leading to a pessimistic attitude towards terminal demand and concerns about a decrease in the operating rate of terminal looms, as well as a high probability of a decrease in the negative impact on the polyester end. Under the bearish game, PTA lacks a clear direction drive and may maintain a wide range of fluctuations in the short term.

According to the analysis of the Business Society’s market monitoring system, on April 16th, the reference price for the domestic silicon metal # 441 market was 10490 yuan/ton. Compared with April 1st (the market price for silicon metal # 441 was 10760 yuan/ton), the price decreased by 270 yuan/ton, a decrease of 2.51%.

From the market monitoring system of Shengyi Society, it can be seen that in early April, the overall domestic spot market for metal silicon # 441 showed a weak downward trend. The focus of negotiations in the spot market for multiple grades of metal silicon continued to move towards lower levels. In the first ten days, the cumulative decline in the spot market for metal silicon was around 200-400 yuan/ton. As of April 16th, the reference market price for metal silicon 441 in East China was 10200-10400 yuan/ton, and the reference market price for metal silicon 441 in Tianjin was 10100-10300 yuan/ton. The market price reference for metal silicon 441 # in Sichuan region is 10200~10300 yuan/ton. The market price reference for metal silicon 441 # in Huangpu Port area is 10200~10500 yuan/ton.
analysis of influencing factors
In terms of supply and demand: Currently, the overall supply and demand performance of the metal silicon market is weak. Due to poor demand performance, the overall production capacity construction of industrial silicon in the north has led to a reduction in supply, while some silicon enterprises in the southwest have resumed production in a small scale, resulting in a slight increase in supply. However, with the reduction in demand in the north, the overall supply has decreased. The downstream transactions of silicon metal are cautious, with a strong wait-and-see attitude towards stocking up, and purchases are mainly for essential needs. The transmission between supply and demand in the silicon metal market is slow.
Market analysis in the future
At present, the overall trading and inquiry atmosphere in the metal silicon market is light, and the mentality of industry players is average. There is a certain level of concern in the market. The metal silicon data analyst from Shengyi Society predicts that in the short term, the domestic metal silicon market will mainly focus on weak consolidation and operation, and specific changes in supply and demand information need to be closely monitored.

1、 Market price overview

According to data from Shengyi Society, the benchmark price of melamine has decreased this week. For example, on April 14th, the benchmark price of melamine in Shengyi Society was 6075.00 yuan/ton, a decrease of 1.02% compared to the beginning of this month (6137.50 yuan/ton). On April 15th, the benchmark price further dropped to 6062.50 yuan/ton.
Meanwhile, according to publicly released information, the market price of melamine this week varies among different regions and brands, but overall shows a downward trend.
2、 Market Trends
1. Supply and demand relationship: The supply and demand relationship in the melamine market is an important factor affecting prices. If the supply exceeds the demand, the price often decreases. This week, there may be a supply-demand imbalance and price decline due to increased production by some manufacturers or reduced market demand.
2. Raw material cost: The raw material cost of melamine will also affect its market price. If the prices of raw materials decrease and production costs decrease, the market price of melamine may also decrease accordingly. As of April 15th, the benchmark price of urea in Shengyi Society was 1970.00 yuan/ton, a decrease of -1.35% compared to the beginning of this month (1997.00 yuan/ton).
3. Market competition: The melamine market is fiercely competitive, with significant price differences between different brands. In order to compete for market share, some brands may adopt a price reduction strategy.
3、 Market outlook
The future price trend of melamine market will be influenced by various factors. On the one hand, with the continuous strengthening of environmental policies and the intensification of market competition, some manufacturers may face the risk of production stoppage or reduction, leading to a decrease in supply; On the other hand, with the gradual recovery and growth of downstream demand, the demand for melamine is also expected to increase. Therefore, the future market price trend will depend on the balance of supply and demand.
In summary, the market price of melamine remained stable with a slight downward trend this week, influenced by various factors such as supply and demand, raw material costs, market competition, and policies and regulations. The future market price trend will depend on the balance of supply and demand. It is recommended to closely monitor market trends and changes in policies and regulations in order to adjust procurement and sales strategies in a timely manner.

price trend

According to the bulk ranking data from Shengyi Society, the domestic PC market remained stable with slight declines in the first half of April, and some spot prices of certain brands were lowered. As of April 15th, the mixed benchmark price of Business Society PC was around 15633.33 yuan/ton, with a price increase or decrease of -0.85% compared to the beginning of the month.
cause analysis
On the supply side: In early April, domestic PC aggregation enterprises had a large and stable load with small fluctuations. As of April 15th, the industry average operating level has narrowly decreased by 2% to 82% compared to the beginning of the month. Within the range, the weekly average production remains above 60000 tons, still at a super high level, and the on-site supply is very abundant. The mid stream inventory position is relatively high, and there is pressure on manufacturers to ship. Enterprises are gradually implementing parking plans. Overall, the supply of the interval has tightened narrowly. At the same time, there are restart arrangements to relax expectations for future market supply. The market supply side is generally supportive of PC prices.
In terms of raw materials: As can be seen from the above chart, the price of bisphenol A rose slightly in the first half of April and then rebounded slightly. Affected by the temporary low point of the industry at the end of last month, some regions are experiencing tight supply, supporting the upward trend of spot prices. At the same time, both acetone and phenol have been warming up in the past half month, with a tendency towards bullish guidance in the field. However, as the middle of the month approaches, the prices of remote upstream crude oil have collapsed due to US tariffs, which has dealt a blow to the confidence of industry players in the future. In addition, there has been a recent increase in the workload of some enterprises, which has weakened the positive impact on supply. Downstream consumption urgently needs support, and overall, the support of raw materials for PC costs is still acceptable.
On the demand side: Since early April, the PC consumption pattern has shifted from a long-term weakness to a rigid demand pattern, and new orders in the market have basically returned to the same period in previous years. Downstream factories are returning to normal load and stocking up as scheduled. Be cautious in purchasing logic. However, due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site sources of goods, the supply-demand imbalance tends towards destocking. Under the influence of international news such as equivalent tariffs, merchants tend to be cautious and buyers are resistant to high priced goods. The circulation of goods on site is average, and the demand side is constrained in supporting PC spot prices.
Future forecast
In the first half of April, the domestic PC market experienced a slight decline. The upstream bisphenol A market is currently hindered in its upward trend, making it difficult to provide further support for the PC cost side. The load of domestic PC polymerization plants decreased steadily, and the supply was expected to increase in the second half of the month. At present, downstream demand follows the logic of rigid demand, but due to the impact of US tariff policies and crude oil fluctuations, industry concerns about the future have increased, and market trading has turned light. At the same time, the industry’s inventory is high, and there is great pressure for sellers to sell their products. Therefore, it is expected that the PC market will continue to be light and stable in the short term. It is recommended to closely monitor relevant news on the foreign trade environment.

According to the monitoring of the Commodity Market Analysis System of Shengyi Society, the US tariff policy is fermenting, and nickel prices have bottomed out. On April 9th, spot electrolytic nickel fell to a four-year low of 120875 yuan/ton. Subsequently, due to policy disturbances in Indonesia, the decline stopped and rebounded. On April 14th, spot electrolytic nickel was reported at 124650 yuan/ton, with a weekly increase of 1.6%.

Macro level: Policy disturbances dominate short-term sentiment
The US tariff policy has triggered expectations of a market economic recession, putting pressure on the prices of base metals. With the announcement of the suspension of tariffs by the United States, this measure has significantly improved the sentiment of the foreign market. Indonesia is about to implement a policy of increasing franchise fees, and the market is concerned about the rising cost of nickel mining, supporting a rebound in nickel prices.
Inventory differentiation: persistent oversupply phenomenon
On April 14th, domestic Shanghai nickel inventory was 25647 tons, a decrease of 1519 tons during the week, reflecting the easing of short-term spot pressure;
On April 14th, overseas LME nickel inventory was 204372 tons, an increase of 2064 tons during the week, and the global oversupply pattern has not changed.
Demand side: Low demand for stainless steel, weakened support for new energy
The stainless steel market is sluggish. On April 11th, the reference price of stainless steel was 13430.00, a decrease of 2.54% compared to April 1st (13780.00), mainly due to terminal rigid demand procurement and strong market wait-and-see sentiment. The profits of steel mills are under pressure, and some enterprises are reducing production, which is suppressing the demand for nickel.
The demand for nickel in ternary batteries has decreased. From January to March, the cumulative installed capacity of ternary batteries in China was 25.0GWh, a year-on-year decrease of 19.0%, accounting for 19.2% of the total installed capacity. The substitution effect of lithium iron phosphate batteries is enhanced, weakening the expected growth in nickel demand.
Market forecast: The impact of Indonesian policies will continue, and in the short term, there will be a strong consolidation trend. However, the high inventory and weak demand have limited the upward potential of nickel prices.