This week, the fundamentals are still weak, but inventory is still controllable. At the same time, suppliers continue to raise prices, contract demand is stable, and spot buying is still insufficient. The domestic acrylonitrile market remains deadlocked. As of July 25th, the mainstream negotiation for container self pickup at East China ports is between 8000-8100 yuan/ton, which is the same as last week; The short distance delivery to the Shandong market is negotiated at around 7900-8000 yuan/ton, which is the same as last week.
There are still expectations of supply growth in the short term:
According to statistics, as of July 24th, the weekly capacity utilization rate of domestic acrylonitrile factories was 74.77%, a decrease of -1.36% compared to last week. The weekly output was about 81600 tons, a decrease of 1400 tons from the previous cycle.
The fundamentals remain weak, with local inventories continuing to rise, but overall they are still manageable. According to statistics, as of July 23, the sample inventory of acrylonitrile factories in China was 50600 tons, an increase of+0.16 million tons from last week.
Weakening demand in small and medium-sized downstream sectors:
The capacity utilization rate of the main downstream industries of acrylonitrile varies, and the downstream acrylamide industry has seen a decrease in production, resulting in weakened demand in small and medium-sized downstream sectors. The utilization rate of ABS production capacity was 66.82%, an increase of 0.92% compared to last week; The capacity utilization rate of acrylic fiber enterprises was 68.62%, unchanged from last week; The utilization rate of acrylamide production capacity was 45.24%, which was 4.66% higher than last week.
Low volatility of propylene prices:
During the week, the price of propylene fluctuated at a low level, and the weekly production cost of acrylonitrile increased slightly. According to statistics, the average production cost of acrylonitrile this week was 8751 yuan/ton, with a month on month increase of 0.41%. The average weekly profit of acrylonitrile production during the same period was -700 yuan/ton, with a month on month decrease of -60 yuan/ton. The production loss situation continues.
Overall, cost support is slightly insufficient, supply is still expected to grow, and downstream demand is weakened. It is expected that the short-term supply and demand relationship of acrylonitrile will continue to be weak, and the market will remain stagnant and weak.

According to the Commodity Market Analysis System of Shengyi Society, since July, the domestic palm oil market has fluctuated upwards with ups and downs. On July 1st, the average market price of palm oil was 8600 yuan/ton, and on July 24th, the average market price of palm oil was 9172 yuan/ton, with a price increase of 6.65%.
Lido is still steadily rising in the palm oil market
Since July, the palm oil market has fluctuated and risen. Malaysia’s palm oil sector remains mainly bearish. Among them, from July 1st to 20th, 2025, the palm oil production in South Malaysia increased by 6.19% month on month, while the palm oil export volume in Malaysia decreased by 3.5% to 7.3% month on month. The bearish trend is dominant, and the boost effect of palm oil in the external market is limited. Supported by rigid demand for palm oil domestically, the futures market is heating up, while the spot market is steadily rising. As of July 24th, the average price of palm oil in the market was 9172 yuan/ton, with a price increase of 500 yuan/ton.
The palm oil analyst from Shengyi Society believes that at the end of July, there will be an increase in demand for terminal oils, and the palm oil market in major producing countries will continue to strengthen in the future.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, on July 23rd, the price of baking soda remained stable, with an average market price of 1253.6 yuan/ton, a decrease of 42.86% compared to the same period last year. On July 22, the Business Society Baking Soda Index was 83.20, unchanged from yesterday and hitting a historic low within the cycle, a decrease of 64.72% from the highest point of 235.84 on November 10, 2021. (Note: Cycle refers to September 1, 2020 to present)
2、 Market analysis
According to the commodity analysis system of Shengyi Society, the price of baking soda is running steadily, and the company’s shipments are still acceptable. The price of baking soda in Henan region is running weakly, with a factory price of 1200 yuan/ton in Henan region and 1200-1300 yuan/ton in Shandong region. Due to downstream demand driven procurement, it is expected that weak operations will be the main focus in the later stage. Upstream: According to the commodity analysis system of Shengyi Society, the price of soda ash is operating steadily. The current market average price is 1166 yuan/ton, a decrease of 39.46% compared to the same period last year, and downstream purchases are mostly made on demand.
Business Society analysts believe that the price of baking soda has been consolidating recently, with the upstream raw material soda ash generally operating in the near future. Downstream baking soda is mostly purchased on demand in pharmaceuticals, textiles, food, and other fields, with average demand enthusiasm. Overall, it is expected that the price of baking soda will mainly consolidate in the later stage, depending on downstream market demand.

According to the commodity analysis system of Shengyi Society, the market for locally refined petroleum coke continued to rise in mid July. As of July 21, the price of locally refined petroleum coke in the Shandong market was 2330.00 yuan/ton, an increase of 2.19% from 2280.00 yuan/ton on July 11.
The crude oil market has been fluctuating recently. The crude oil market is affected by both bullish and bearish factors. On the one hand, OPEC+has released its annual world oil outlook and lowered its energy demand expectations, putting pressure on oil prices. On the other hand, the geopolitical situation in the Middle East has led to increased sanctions against Russia by the United States, and the United States will impose a 30% tariff on most imported goods from the European Union and Mexico from August 1st, causing fluctuations in the crude oil market.
In mid July, the shipment of petroleum coke from local refineries was still acceptable, and downstream demand for carbon for aluminum remained stable. The stocking operation of negative electrode materials was active, and coupled with low inventory of petroleum coke in some refineries, it was favorable for the petroleum coke market, resulting in an overall increase in petroleum coke prices. Recently, the trading of petroleum coke at ports has been average. In the early stage, petroleum coke arriving at the port was gradually stored, and the main focus was on destocking at the port. Downstream enterprises maintained their essential procurement.
Recently, the market for calcined coke has remained stable, with an overall increase in the cost of petroleum coke. However, the price of medium and high sulfur calcined coke has been affected by negative demand, and most production enterprises have remained stable.
Market forecast: Currently, the petroleum coke market is trading well, with downstream demand purchasing supporting the petroleum coke market. Refinery inventories are not under pressure, and it is expected that petroleum coke will steadily rise in the near future.

Last week (July 14-20, 2025), the market trend for high-speed spinning of raw material nylon PA6 slices declined, with weakened cost support and high inventory levels in the market. The supply side performed well, while the demand side remained weak. Some nylon filament manufacturers had poor shipments, and low-priced sources increased in the market. Amidst mixed news in the market, the price of nylon filament continued to decline.
Nylon filament prices continue to decline
According to the Commodity Market Analysis System of Shengyi Society, last week (July 14-20, 2025), the price of nylon filament fell weakly. As of July 20, 2025, DTY (premium product) of nylon filament in Jiangsu region; 70D/24F) quoted 14460 yuan/ton, a decrease of 240 yuan/ton compared to the previous period, with a weekly decrease of 1.63%; Nylon POY (premium product; 86D/24F) quoted 12200 yuan/ton, a decrease of 200 yuan/ton compared to the previous period, with a weekly decrease of 1.61%; The price of nylon FDY (premium product: 40D/12F) is reported at 15050 yuan/ton, a decrease of 275 yuan/ton from the previous period, with a weekly decline of 1.79%.
Insufficient support on the raw material side
In terms of cost: Last week (July 14-20, 2025), the spot market price of caprolactam was weak during the week, with Sinopec’s high-end caprolactam closing price of 9095 yuan/ton. The nylon PA6 chip market experienced a slight decline, indicating insufficient support on the cost side. As of July 20, 2025, the benchmark price of caprolactam in Shengyi Society was 8943 yuan/ton, with a weak price and a weekly decline of 0.43%. During the week, the market price of high-speed spun nylon PA6 slices slightly decreased, with weak cost support being the main factor.
Supply and demand: During the week, some nylon filament manufacturers have lowered their operating rates, resulting in a decline in overall market supply. However, industry inventory levels continue to increase, leading to poor performance on the supply side; The demand in the end market is weak, and some downstream manufacturers have reduced production or switched production, resulting in a decrease in demand for nylon filament. It is difficult to find favorable support from the demand side, and many parties are following suit with rigid demand. Many industry players are adopting a cautious and wait-and-see attitude.
Future forecast
Cost aspect: In terms of caprolactam, the expectation for pure benzene is weak, and slice manufacturers have low enthusiasm for purchasing caprolactam. It is expected that the caprolactam market will continue to decline next week; In terms of PA6 slicing, cost support is limited, and the supply level of PA6 slicing market may continue to improve. Downstream market demand is weak, and it is expected that the market price of nylon PA6 slicing will decline.
Supply and demand: July belongs to the off-season of traditional demand in the market, and coupled with the lack of signs of improvement in terminal market demand, downstream market procurement enthusiasm is not high. Therefore, it is expected that the demand for nylon filament market next month may decrease. If there is no significant improvement in demand, under the pressure of large inventory, some nylon filament manufacturers may have the possibility of reducing production capacity, while the industry continues to release new production capacity. Therefore, it is expected that the supply of nylon filament market will decrease next month.

Overall, both the upstream raw material caprolactam spot market and the nylon PA6 chip market are likely to continue to decline, with a lack of cost support and difficulty in improving downstream market demand. The demand side is dragging down market trends, and under the dual negative factors, analysts from Shengyi Society predict that the short-term nylon filament market prices will continue to be weak, with a expected decline of 100-300 yuan/ton.