In the first half of June, the domestic ABS market continued to decline, with most grades of spot prices decreasing. According to data from Shengyishe Spot News, as of June 15th, the average price of ABS sample products was 9266.67 yuan/ton, a decrease of 4.63% from the beginning of the month.

Fundamental analysis
Supply level: As we enter June, the equipment load of the domestic ABS industry has decreased at a low level, and the overall operating rate within the range has slightly dropped to around 58%. The current weekly average production is less than 125000 tons. At the same time, the inventory of finished products has not decreased but increased, currently approaching around 230000 tons. The shipment situation of the aggregation plant remained sluggish within half a month, and the short-term production trend in the future was stable with a small increase. Overall, the ABS supply side provided sufficient support for spot prices in the first half of June.
Cost factor: Since June, there have been frequent reports of preliminary peace agreements between the United States and Iran in the Middle East. As the middle of the month approaches, high-level officials from both sides are intensively releasing positive signals. Although it will take some time for shipping in the Strait of Hormuz to resume, the market predicts that the Middle East conflict is easing and oil prices are once again plummeting. Affected by it, the cost value of the upstream three materials of ABS, which belong to the petrochemical chain, has been dragged. The cost value of acrylonitrile has decreased, and downstream consumption is weak. However, the industry’s capacity utilization rate has once again declined, and the supply side continues to shrink. Low price spot resources on the market are also gradually being digested. The buying trend in the spot market has been followed up, and prices have stopped falling and stabilized, reaching a temporary bottom. However, without positive guidance, the rebound momentum is still insufficient.
The domestic butadiene market experienced a decline after consolidation in the first half of June. Although some companies have fulfilled their maintenance obligations, downstream end products have poor profits and there is a lack of inventory expansion operations. Butadiene is also dragged by the current market trend of synthetic rubber, and it is expected that the butadiene market will continue to consolidate at a low level.
For the past half month, the styrene market has continued to decline. From the perspective of raw materials, although the decline of pure benzene has slowed down compared to the end of May, it still maintains a negative trend. However, the domestic supply of goods has shifted from tight to balanced, and coupled with the lack of effective driving force for styrene consumption, the market lacks upward momentum. In the second half of the month, there are plans to restart multiple sets of styrene plants in China. In the medium to long term, the supply and demand of styrene will weaken and prices will be under pressure.
On the demand side: In the first half of June, there were limited changes in the start-up situation of downstream ABS enterprises. The main terminal appliance industry has officially entered the off-season, with poor consumption of appliance casings and no improvement in the profitability of terminal enterprises. The atmosphere inside the venue is buying up instead of buying down, and there has been a significant reduction in replenishing and building positions. However, merchants engage in low price buyback operations, while the buyer camp has a high resistance to high priced goods. Overall, the demand side has poor support for the ABS market.
Future forecast
In the first half of June, the domestic ABS market continued to decline. The production load of the aggregation plant has fluctuated narrowly at a low level, but inventory has accumulated and the on-site supply remains within a sufficient range. The overall trend of cost and material is weak. The current supply-demand contradiction of ABS is still prominent, with a loose focus on spot prices and relatively quiet trading on the market.

1、 Trend analysis

This week, copper prices first fell and then rose. As of June 12th, copper prices were reported at 104683.33 yuan/ton, up 0.47% from the beginning of the week and up 32.34% year-on-year.
In the past three months, copper prices have fallen three times and risen nine times, with a slight increase this week.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory has slightly decreased, with 367300 tons of LME copper inventory as of the weekend, down 2.5% from the beginning of the week.
Macroscopically, the US PPI surged to 6.5% year-on-year in May (with a core PPI of 4.9%), completely reversing the market’s fantasy of the Federal Reserve cutting interest rates this year and even triggering interest rate bets. However, the dramatic reversal of the “dawn of peace” in the Middle East geopolitical situation quickly reshaped the market’s risk appetite. The weakening of the US dollar, the increasing expectation of interest rate cuts, and the easing of the geopolitical situation have all contributed to the concentrated realization of the triple positive. Market risk appetite has sharply increased, and funds are running into the market to purchase goods.
Supply side: The shortage in the mining sector has not changed, and the domestic spot TC index has dropped to below -110 US dollars per dry ton. Coupled with the global “acid shortage” suppressing the production capacity of wet copper smelting, the supply rigidity has become prominent.
On the demand side: Although the current market is in a hot and off-season (with a slowdown in outdoor infrastructure and weak new terminal orders), the high momentum of new energy vehicle production and sales, as well as the structural increment brought by AI data centers, have built a solid bottom for copper prices. Copper prices have fallen to around 103000 yuan, stimulating downstream inventory replenishment and accelerating the depletion of copper inventories. This week, spot premiums have continued to widen slightly (Changjiang 1 # copper reported 103770 yuan/ton, with a premium of 100-140 yuan), confirming that “where there is ore, there is buying”. High priced goods (>105000 yuan) are still difficult to stock up, and downstream consumers generally “buy low and not chase high”.
In summary, the copper market has recently shown a pattern of multiple intertwined factors. On a macro level, although the high PPI data in the United States once raised concerns about tightening, the easing of the situation in the Middle East, the weakening of the US dollar, and the resurgence of expectations of interest rate cuts have collectively boosted market sentiment, and the willingness of funds to enter the market has significantly increased. The supply side is still tight, and the deep negative value of ore processing fees reflects the shortage of mineral resources. Coupled with the global acid shortage, which inhibits wet copper smelting, the supply elasticity is extremely low. In terms of demand, although it is in the traditional off-season with a slowdown in outdoor construction and few new orders, new energy vehicles and AI data centers continue to bring structural growth, providing bottom support for copper prices. After the copper price dropped to around 103000 yuan per ton, downstream companies took the opportunity to replenish inventory, leading to a rapid decline in inventory and an expansion of spot premiums; However, once the price rises above 105000 yuan, downstream consumers are generally watching and unwilling to chase higher prices. Overall, copper prices have strong support below, but the upward potential is limited by high prices suppressing demand.

In June 2026, the domestic 1 # lead ingot market fluctuated at a low level, with an average price of 16500 yuan/ton at the beginning of the month. As of June 10, the average price was 16045 yuan/ton, a decrease of 2.75%.
Since the beginning of June, lead prices have shown a three-stage trend of “sideways – breaking – sharp decline”: June 1-3: lead prices fluctuated narrowly, and the market was in a “calm before the storm”. June 4-5: Prices continued to plummet, and the production of recycled lead resumed, with supply pressure becoming apparent. June 8-10: The decline suddenly accelerated and hit a new low since March 2024. The Wanliu Pass is in imminent danger.
Fundamental analysis of the reasons for the sharp decline in this round: concentrated release of supply vs “vacuum period” of demand

The expected resumption of production of recycled lead has created pressure on supply growth: as of June 4th, the operating rate of recycled lead has been rising for four consecutive weeks, while the operating rate of downstream lead-acid batteries has been declining against the trend, forming a typical supply-demand mismatch of one rise and one fall.
The shortage of raw material supply provides cost support. Lead ore processing fees continue to decline, with domestic and imported processing fees decreasing weekly, and processing fees remaining in the negative range, forming rigid cost support for lead prices. Although the price of waste batteries has slightly fallen, it is still at a high level. With the expansion of losses for recycled lead enterprises, refineries are reluctant to sell at low prices, which has a bottoming effect on lead prices and limits the potential for deep price declines.
demand side
Downstream ‘buy up, not buy down’: The finished inventory of battery companies is at a relatively high level, and the pace of raw material procurement is slowing down, making it difficult to form an effective driving force for lead prices. Although there is some support for the demand in the energy storage field, the overall volume is limited, making it difficult to offset the seasonal decline in traditional demand.
Inventory end
LME lead inventory has reached a temporary high after consecutive large deliveries, with a cumulative decrease of 3650 tons in the past week, showing a trend of destocking. There is still a shortage of high-quality lead ingots in Southeast Asia, and spot lead maintains premium trading. However, there was a signal of accumulated lead inventory in the previous period; As the delivery date approaches, implicit inventory turns into explicit inventory, further highlighting the pressure of accumulated inventory. The intertwining of long and short signals of a decrease and an increase in dual reserves indicates that overall, the loose supply and demand pattern in China has not fundamentally changed.
Overall summary
In the short term, lead prices are facing multiple pressures, but there are strong cost support barriers around Wan Liu. The short-term swing indicator has entered the oversold zone, and the random indicator may have a bottom deviation, and a technical rebound is imminent. But the rebound requires the ability to match the quantity. If the rebound is not substantial, it will still be a continuation of the decline. In the mid-term, there is usually a 3-5 week inertia decline or low-level oscillation. The core operating range is expected to be between 15800-16400 yuan/ton, with 16000 yuan below being an important psychological barrier and technical support level.

This week, the melamine market continued to remain sluggish, with prices continuing to run weakly. According to data from Shengyi Society, as of June 10th, the benchmark price of melamine in Shengyi Society was 6087.50 yuan/ton, a decrease of 0.61% compared to the beginning of this month (6125.00 yuan/ton), and the market trading atmosphere was light.
Cost side: Weak support
The price of urea, the raw material for melamine, has remained stable overall recently, with some regions experiencing a slight decline. The support of production costs for the current price is limited. At the same time, the industry’s operating rate remains at a medium to high level, and some early parking facilities have resumed production one after another. The pressure on the market supply side still exists, and the cost side has not formed an effective bottom line. As of June 10th, the benchmark price of urea in Shengyi Society was 1812.50 yuan/ton, a decrease of 0.41% compared to the beginning of this month (1820.00 yuan/ton).
Supply and demand side: dominated by weak demand
In terms of supply, the overall operating rate of domestic melamine enterprises is not low, and the market supply of goods is sufficient. Some enterprises have accumulated inventory pressure; In terms of demand, downstream industries such as sheet metal and coatings have entered the traditional off-season, with insufficient terminal orders and procurement mainly focused on essential needs. The market lacks centralized replenishment actions, and weak demand dominates the current cold market atmosphere in the supply-demand game.
Future prospects
In the short term, the melamine market lacks a clear upward driving force, and prices are likely to continue to fluctuate at a low level. Special attention should be paid to the impact of fluctuations in raw material urea prices on the cost side, as well as the marginal improvement signals in demand brought about by changes in downstream industry operating rates.

In early June, the domestic PP market remained stable with some gains. The prices of various brand products remain firm. As of June 10th, the benchmark price for PP drawing offered by Shengyi Society was 9656.67 yuan/ton, an increase of 0.87% compared to the beginning of the month.

price trend
In terms of raw materials:
In early June, high-level peace talks between the United States and Iran in the Middle East were deadlocked, with divergent attitudes. The fluctuation of premium within the range has put pressure on the demand side, causing the market to rise first and then fall, which has limited support for the far end cost value of PP. The demand for propylene in the market remains stable, but last month, the restart of enterprise facilities and increased supply suppressed spot prices, resulting in a continuation of the recent correction trend. Overall, the PP raw material market is fluctuating, providing moderate support for PP costs.
Supply side:
In early June, some domestic PP companies still had some maintenance plans implemented, and the overall operating rate decreased at a low level. As of the time of writing, the overall load of the domestic industry is about 65%, and the weekly output is less than 680000 tons. The current inventory position is around 600000 tons, and the overall supply performance remains tight. Overall, the supply side has sufficient support for spot prices.
In terms of demand:
The current consumption of polypropylene is gradually entering the off-season level, and the downstream market of the industry remains resistant to high prices, resulting in a cautious overall trading atmosphere. The buyer camp picks up goods on demand, and the warehouse building operation is average, often with scattered small orders that can be picked up as needed. Meanwhile, due to the high cost pressure, the improvement in operating rates of small and micro end enterprises is limited, while large and medium-sized enterprises continue to stabilize and acquire goods. The demand side is generally in a wait-and-see situation, with average support for PP.
Future forecast
In early June, the domestic PP market prices remained stable with a slight increase. Fundamentally speaking, the industry load remained low in June, with limited changes in port imports and limited availability of spot resources in the market. The cost side is fluctuating, while the demand side is entering the off-season market, making it difficult to increase volume in the short term. Business Society PP analysts believe that the current PP market is weak in both supply and demand, and the upward momentum in the future is hindered. The magnitude of this increase may not be significant.

price trend

In early June, the domestic PC market experienced a significant decline, with spot prices of various brands experiencing a significant drop. As of June 9th, the mixed benchmark price of Business Society PC was around 14633.33 yuan/ton, a decrease of 8.73% from the beginning of the month.
Root cause analysis
On the supply side: In June, the operating rate of domestic PC aggregation enterprises rebounded from a low level. Cohen Chuang has recently resumed work, and Luxi Chemical has increased the load of three facilities, with the industry load rising to over 65%. And there are still plans to restart multiple aggregation plants in the future, with production losses gradually shrinking. Currently, the weekly average production is close to 60000 tons, and the smoothness of aggregation plant shipments has declined, leading to a loosening of the willingness to raise prices. Overall, the supply side’s support for PC is showing a trend of weakening.
In terms of raw materials, it can be seen from the above chart that the domestic bisphenol A market stabilized after a decline in early June. International crude oil has experienced severe fluctuations, with raw materials acetone and phenol showing mixed ups and downs. On the other hand, after a decline from the end of last month to the beginning of this month, the spot price of bisphenol A has reached a temporary low. At the same time, with limited supply changes and weak demand, the market has entered a stalemate, and overall support for PC cost values is weak.
On the demand side: The sales situation of PC downstream factories is gradually entering the off-season, and the demand for sheet metal shells is weakening, resulting in low load levels for end enterprises. The current PC prices are falling at a high level, and there is a strong wait-and-see atmosphere in the market. The buyer is cautious in stocking up and has poor willingness to build a warehouse. The liquidity of the supply of goods has slowed down, and merchants’ offers have followed the market trend, resulting in an increase in profit sharing and order taking operations. The low-priced source of goods in the market needs to be digested, which creates a drag on the pricing focus of the aggregation factory. Overall, the demand side has poor support for PC spot prices.
Future forecast
The domestic PC market experienced a sharp decline in early June. The price of upstream bisphenol A has stabilized after falling, and the cost value is difficult to support PC. The load of domestic PC aggregation plants has been raised at a low level, and there are still expectations of relaxed supply in the future. On site trading is dominated by weak demand, with buyers chasing after gains and killing losses. Stocking is cautious, and trading is mainly focused on small orders. At present, the supply and demand of PC are weak, and the market orientation is relatively negative. It is expected to maintain a weak trend in the short term

1、 Analysis of PA66 market trend in the past week

In the past week, the domestic PA66 market has shown an overall trend of weak and stagnant trading after a slight rise, with a narrow range of price fluctuations. The market core presents a game pattern of “cost support and weak supply and demand”, and the overall market trading atmosphere is flat, with no significant unilateral rise or fall.
（1） Cost side: Weakened marginal support, bottom support still exists
This week, the overall cost of PA66 raw materials remained stable but slightly weak, and the support for spot prices has fallen slightly, but there has been no significant collapse, forming a rigid bottom support. In terms of core raw materials, after a significant increase in the price of adipic acid in the early stage, it has continued to experience a narrow downward trend recently, with a considerable cumulative decline, directly alleviating the cost pressure on the PA66 production end; At the same time, the newly added production capacity of hexamethylenediamine in China has been smoothly put into operation, and the incremental supply of hexamethylenediamine in the market has been released. The tight situation of raw material supply has been completely alleviated, and the price of hexamethylenediamine has remained stable with a slight downward trend, further weakening the cost support logic of PA66. However, the price premium formed on the energy side since the beginning of the year has not completely dissipated, and the overall cost baseline of the industry is in a relatively stable range, with limited room for significant decline, eliminating the possibility of a deep drop in PA66 prices. The overall cost side presents the characteristics of “weak support and difficult to fall”.
（2） Supply and demand side: loose and controllable supply, sustained sluggish demand
On the supply side, the operating rate of domestic PA66 production enterprises remained stable this week, and the overall supply of goods in the industry was sufficient. The pressure on manufacturers’ inventory was moderate and accumulated. The early equipment maintenance has affected the basic digestion, coupled with sufficient raw material supply, stable production rhythm of the enterprise, abundant spot goods in the market, normal circulation of conventional goods by traders, and some low-priced goods impacting the market, suppressing the high price market.
The demand side is the core factor contributing to the weak market this week. Downstream modification, injection molding, textile, and tire matching terminal industries still have obvious resistance to the current PA66 price, and high prices suppress terminal procurement enthusiasm. Downstream enterprises generally continue the conservative procurement strategy of “small orders are just needed, and purchases are made as needed”, resulting in sparse market transactions for large orders and overall sluggish trading. The operating load of the terminal industry remains low without centralized replenishment actions, and the demand side is unable to effectively stimulate the market, resulting in a weak overall supply-demand pattern of loose supply and weak demand.
2、 Future forecast
In the short term, the domestic PA66 market is likely to continue its trend of high and narrow fluctuations, with a slight downward shift in the center of gravity. The overall situation is dominated by a weak stalemate, and significant fluctuations are unlikely to occur. In terms of cost, there is currently no expectation of significant fluctuations in raw materials such as hexamethylenediamine and adipic acid. The stable bottom support of costs will limit the extent of market decline; However, the shortcomings on the supply and demand side are difficult to quickly repair, and the weak downstream demand situation is difficult to reverse in the short term, resulting in significant resistance to high price transactions in the market. The overall market will continue to be in a game state of cost bottoming out and demand suppression, with a high probability of maintaining a weak pattern of having value but no market, and adjusting to a short-term core operating rhythm of oscillation.

This week, the demand for acrylonitrile in the domestic market has remained weak, with some suppliers facing sales pressure and overall price reductions. As of June 5th, the mainstream tank discharge price in East China ports has increased by 10200-10300 yuan/ton, a decrease of 300-400 yuan/ton compared to last week’s 10500-10700 yuan/ton; Short distance delivery to the Shandong market is 9950-10050 yuan/ton, a decrease of 350 yuan/ton from last week’s 10300-10400 yuan/ton.

Market Overview: In June, the domestic acrylonitrile market prices continued to decline, and the decline slightly expanded compared to before. Although large factories in East China still maintain low load operation, overall supply remains loose, domestic demand is insufficient, and export negotiations have also declined. The quotes of major manufacturers have been adjusted downwards as a whole; Although the prices in the Shandong market have declined synchronously, the decrease is limited compared to the East China market. On the one hand, enterprise inventory is relatively controllable, and on the other hand, factories in the region mostly source raw materials from external sources, resulting in more prominent cost pressures. Therefore, there is a certain willingness to raise prices. At present, the spot price in the Shandong market has dropped to below 10000 yuan, with major manufacturers in the region quoting 9900 yuan/ton for factory delivery. In the short term, the overall supply is significantly loose, and the supply-demand gap in the industry has also widened. Local sales pressure has led to some companies accumulating inventory, resulting in a continuous decline in the market.
Supply side:
This week (May 29 June 4), the weekly capacity utilization rate of domestic acrylonitrile factories was 71.04%, which was -3.42% compared to the previous cycle; The weekly output is about 82900 tons, which is 0.4 million tons higher than the previous cycle. During the week, supply continued to be loose while demand remained weak. Local inventory has increased, but overall it is still controllable. According to statistics, as of June 4th, the total inventory was around 48000 tons, an increase of+0.120 million tons from last week.
Demand side:
This week, the overall utilization rate of downstream major industries’ production capacity has increased, with ABS production capacity utilization rate at 59%, unchanged from last week; The capacity utilization rate of acrylic fiber enterprises is 60.63%, an increase of 14.3% compared to last week; The utilization rate of acrylamide production capacity was 54.18%, which was -2.13% compared to last week. Manufacturers purchase raw materials on demand, and overall, the demand for acrylonitrile has slightly increased, but the increase is limited.
Cost aspect:
During the week, the price of raw material propylene slightly fell, and although the price of acrylonitrile also continued to decline, due to the limited decrease in raw material propylene prices, the price difference between acrylonitrile and acrylonitrile narrowed, indicating more significant production losses. According to statistics, as of June 5th, the market price of propylene in Shandong was 9055 yuan/ton, a decrease of 100 yuan/ton from last week’s 9150 yuan/ton. The average production cost of acrylonitrile was 11379 yuan/ton, a month on month decrease of -0.51%. The average production profit of acrylonitrile during the same period was -959 yuan/ton, a month on month decrease of -212 yuan/ton.
In the later forecast, the current weak demand has led to significant sales pressure for some suppliers, resulting in an overall decrease in quotations and a gradual decline in the trading focus of the spot market. However, cost pressure also persists, with limited upstream propylene price decline and weak intention to continue to lower prices in the face of increasing losses in acrylonitrile factories. It is also possible that some units will take production reduction measures in the later stage. Therefore, under cost pressure, the market downturn will be temporarily postponed, and the downward exploration space will still be limited.

This week, the market price of epoxy propane first fell and then rose. As of June 4th, the benchmark price of epoxy propane in Shengyi Society was 9000 yuan/ton, an increase of 1.12% compared to June 1st.
Raw material side: This week, the raw material propylene market was mainly affected by the concentrated return of maintenance equipment, resulting in weak price consolidation and limited support for the cost side of epoxy propane. As of June 4th, the benchmark price of propylene in Shengyi Society was 9004.33 yuan/ton, a decrease of 1.42% compared to the beginning of this month (9134.33 yuan/ton).
Supply side: The contraction of the supply side this week is the core factor driving the market to stabilize and recover. The centralized parking and load reduction operation of the equipment have led to a temporary tightening of spot supply, and the willingness of production enterprises to control quantity and ship has increased after the easing of inventory pressure, providing fundamental support for the price to stop falling and recover.
Demand side: Downstream consumption of epichlorohydrin is still dominated by polyether polyols, accounting for over 75%. At the beginning of this week, the downstream continued to adopt a cautious wait-and-see attitude, with average feedback on new orders and only a small increase in volume to follow up; As the market continues to decline and the risk of further decline is released, the wait-and-see sentiment has eased, and downstream buyers have followed suit, leading to a slight recovery in market trading atmosphere. However, overall, the increase in operating load of major downstream polyether factories during the off-season of traditional demand is limited, mainly focused on rigid procurement, and the support from the demand side still needs to be further strengthened.
Comprehensive forecast: Business Society’s epoxy propane analyst believes that the epoxy propane market has completed a phase of bottoming out this week driven by the concentrated reduction of supply side equipment, and the price has rebounded from the low point. However, due to the overall weak downstream demand and light production and sales of polyether chains, the market reversal momentum is not yet sufficient, and the subsequent trend still needs to focus on changes in operating rates and the recovery of terminal orders.

1、 Market price overview:
As of June 3rd, data shows that the benchmark price of propylene is 9004.33 yuan/ton. Looking back at this week’s trend, propylene prices have shown a fluctuating downward trend, with a decrease of about 1.42% compared to the beginning of the month (9134.33 yuan/ton). Based on recent data, the price has been fluctuating within the range of 9000-9150 yuan/ton, with the center of gravity slowly shifting downwards.
Fundamentals and Macro Environment:
Despite the weak performance of spot prices, this may indicate that national level economic stimulus policies or industry expectations are brewing, providing some bottom support for the commodity market and limiting the potential for deep price declines.
The repeated fluctuations of prices around the 9000 yuan mark reflect the game between upstream and downstream. On the one hand, insufficient follow-up of downstream demand may lead to price pressure; On the other hand, cost support or macro expectations make holders unwilling to ship at low prices, leading to a stalemate in the market.
Future outlook:
Overall, the propylene market has shown a “macro bottoming out and weak technical performance” this week.
Short term trend: It is expected that propylene prices will continue to maintain a consolidation pattern. Due to the still negative and low average deviation index, the market lacks significant upward momentum and is likely to seek support around 9000 yuan/ton.
Summary: The propylene market is currently in the bottom grinding stage, and technical indicators show that the adjustment has not yet ended. However, strong macro guidance provides a safety cushion for the market. Next week, we need to focus on whether the 10 day moving average can turn upwards as an observation window for the market to warm up.